UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
----------
Commission File Number 33-50291
----------
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1995-A OWNER
TRUST, NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST AND
NAVISTAR FINANCIAL 1999-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware 51-0337491
- ----------------------------------------- ----------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2850 West Golf Road
Rolling Meadows, Illinois 60008
- ----------------------------------------- ---------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 734-4000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
<PAGE>
PART I
Item 1. Business
The Navistar Financial 1995-A Owner Trust, Navistar Financial 1995-B Owner
Trust, Navistar Financial 1996-A Owner Trust, Navistar Financial 1996-B Owner
Trust, Navistar Financial 1997-A Owner Trust, Navistar Financial 1997-B Owner
Trust, Navistar Financial 1998-A Owner Trust and Navistar Financial 1999-A Owner
Trust (the "Trusts") were formed pursuant to eight separate Trust Agreements
dated as of May 25, 1995; November 1, 1995; May 30, 1996; November 6, 1996; May
7, 1997; November 5, 1997; June 4, 1998 and June 3, 1999, respectively, among
Navistar Financial Retail Receivables Corporation, ("NFRRC"), as seller (the
"Seller") and Chase Manhattan Bank Delaware (formerly known as Chemical Bank
Delaware), as owner trustee (the "Trustee"). Retail notes (the "Retail Notes")
and security interests in the vehicles financed thereby were transferred to the
Trusts in exchange for fixed rate notes (the "Notes") and fixed rate
pass-through certificates (the "Certificates") which were registered on
Registration Statement Nos. 33-55865, 33-64249 and 333-62445 and sold to the
public in reliance on Rule 415 under the Securities Act of 1933.
NFRRC is a wholly-owned subsidiary of Navistar Financial Corporation.
Pursuant to a Pooling and Servicing Agreement (the "Agreement") for each Trust,
Navistar Financial Corporation acts as servicer (the "Servicer") and, in that
capacity, manages, services, administers and makes collections on the Retail
Notes. Each Agreement provides that collections shall be distributed to
noteholders and certificateholders and otherwise used in accordance with the
priorities set forth therein. Pursuant to each Agreement, the Seller established
a reserve account as credit enhancement for each Trust. Amounts on deposit in
each reserve account after payments to security holders and the Servicer are
paid to the Seller to the extent that such amounts exceed a specified reserve
account target balance. The specified reserve account target balance cannot,
however, be less than a specified minimum of the initial aggregate receivables
balance for each Trust. There is no cross collateralization between the Trusts.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Retail Notes or the Trustee, or the Seller or Servicer in respect of
the Trusts.
<PAGE>
PART I
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of holders of the Certificates during the
period of this report.
PART II
Item 5. Market for the Registrant's Common Equity and
Related Stockholder Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
As of October 31, 1999, balances in the Trusts were as follows:
Reserve
Principal Account
Dollar amounts in millions
- -------------------------------------------------------------------------------
Navistar Financial 1995-A Owner Trust $0.0 $0.0
Navistar Financial 1995-B Owner Trust $0.0 $0.0
Navistar Financial 1996-A Owner Trust $62.4 $9.7
Navistar Financial 1996-B Owner Trust $79.1 $9.7
Navistar Financial 1997-A Owner Trust $123.2 $10.5
Navistar Financial 1997-B Owner Trust $186.7 $10.0
Navistar Financial 1998-A Owner Trust $259.2 $13.6
Navistar Financial 1999-A Owner Trust $605.4 $31.6
Note: Balances include the effect of the November 1999 distribution in
accordance with the Owner Trust Agreements.
<PAGE>
PART II
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations (cont'd.)
As of October 31, 1999, the aggregate shelf registration available to NFRRC
for issuance of asset-backed securities is $2,257 million.
During 1999, Navistar Financial 1995-A Owner Trust and Navistar Financial
1995-B Owner Trust were repurchased in February and October, respectively.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary for each of the Owner Trusts listed below is
an annualized version of the monthly Servicer Certificates
prepared by the Servicer.
13(a) - Navistar Financial 1995-A Owner Trust
13(b) - Navistar Financial 1995-B Owner Trust
13(c) - Navistar Financial 1996-A Owner Trust
13(d) - Navistar Financial 1996-B Owner Trust
13(e) - Navistar Financial 1997-A Owner Trust
13(f) - Navistar Financial 1997-B Owner Trust
13(g) - Navistar Financial 1998-A Owner Trust
13(h) - Navistar Financial 1999-A Owner Trust
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1999:
(i) Form 8-K dated August 16, 1999
(ii) Form 8-K dated September 15, 1999
(iii) Form 8-K dated October 15, 1999
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST,
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST AND
NAVISTAR FINANCIAL 1999-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ PHYLLIS E. COCHRAN December 23, 1999
---------------------------------
Phyllis E. Cochran
Vice President and Controller
(Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Sequential
Exhibit No. Exhibit Page No.
3 Articles of Incorporation and By-Laws 7
10 Material Contracts 8
13(a) Annual Summary
- Navistar Financial 1995-A Owner Trust 12
13(b) Annual Summary
- Navistar Financial 1995-B Owner Trust 15
13(c) Annual Summary
- Navistar Financial 1996-A Owner Trust 18
13(d) Annual Summary
- Navistar Financial 1996-B Owner Trust 22
13(e) Annual Summary
- Navistar Financial 1997-A Owner Trust 26
13(f) Annual Summary
- Navistar Financial 1997-B Owner Trust 29
13(g) Annual Summary
- Navistar Financial 1998-A Owner Trust 32
13(h) Annual Summary
- Navistar Financial 1999-A Owner Trust 35
<PAGE>
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial Retail
Receivables Corporation (as amended and in effect on June 5,
1995). Filed on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables Corporation.
Filed on Registration No. 33-50291.
<PAGE>
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
10.1 Purchase Agreement dated as of May 25, 1995, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1995-A Owner Trust. Filed on Registration No. 33-55865.
10.2 Pooling and Servicing Agreement dated as of May 25, 1995, among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1995-A Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.3 Trust Agreement dated as of May 25, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1995-A Owner
Trust. Filed on Registration No. 33-55865.
10.4 Indenture dated as of May 25, 1995, between Navistar Financial
1995-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-A Owner Trust. Filed on
Registration No. 33-55865.
10.5 Purchase Agreement dated as of November 1, 1995, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1995-B Owner Trust. Filed on Registration No. 33-55865
10.6 Pooling and Servicing Agreement dated as of November 1, 1995, among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1995-B Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.7 Trust Agreement dated as of November 1, 1995, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1995-B Owner
Trust. Filed on Registration No. 33-55865.
10.8 Indenture dated as of November 1, 1995, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1995-B Owner Trust. Filed on
Registration No. 33-55865.
10.9 Purchase Agreement dated as of May 30, 1996, between Navistar
Financial Corporation and Navistar Financial Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1996-A Owner Trust. Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.10 Pooling and Servicing Agreement dated as of May 30, 1996, among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial
1996-A Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.11 Trust Agreement dated as of May 30, 1996, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1996-A Owner
Trust. Filed on Registration No. 33-55865.
10.12 Indenture dated as of November 6, 1996, between Navistar Financial
1995-B Owner Trust and the Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1996-A Owner Trust. Filed on
Registration No. 33-55865.
10.13 Purchase Agreement dated as of November 6, 1996, between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial
1996-B Owner Trust. Filed on Registration No. 33-55865.
10.14 Pooling and Servicing Agreement dated as of November 6, 1996, among
the Corporation, as servicer, and Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1996-B
Owner Trust, as issuer. Filed on Registration No. 33-55865.
10.15 Trust Agreement dated as of November 6, 1996, between Navistar
Financial Retail Receivables Corporation, as Seller, and The Chase
Manhattan Bank Delaware (formerly known as Chemical Bank Delaware),
as Owner Trustee, with respect to Navistar Financial 1996-B Owner
Trust. Filed on Registration No. 33-55865.
10.16 Indenture dated as of November 6, 1996, between Navistar Financial
1995-B Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1996-B Owner Trust. Filed on
Registration No. 33-55865.
10.17 Purchase Agreement dated as of May 7, 1997, between the Corporation
and Navistar Financial Retail Receivables Corporation, as
Purchaser, with respect to Navistar Financial 1997-A Owner Trust,
as Issuer. Filed on Registration No. 33-55865.
10.18 Pooling and Servicing Agreement dated as of May 7, 1997, among the
Corporation, as Servicer, Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1997-A Owner Trust,
as Issuer. Filed on Registration No. 33-55865.
10.19 Trust Agreement dated as of May 7, 1997, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chase Manhattan Bank
Delaware, as Owner Trustee, with respect to Navistar Financial
1997-A Owner Trust. Filed on Registration No. 33-55865.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.20 Indenture dated as of May 7, 1997, between Navistar Financial
1997-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1997-A Owner Trust. Filed on
Registration No. 33-55865.
10.21 Purchase Agreement dated as of November 5, 1997, between the
Corporation and Navistar Financial Retail Receivables Corporation,
as Purchaser, with respect to Navistar Financial 1997-B Owner
Trust, as Issuer. Filed on Registration No. 33-64249.
10.22 Pooling and Servicing Agreement dated as of November 5, 1997,
among the Corporation, as Servicer, Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1997-B
Owner Trust, as Issuer. Filed on Registration No. 33-64249.
10.23 Trust Agreement dated as of November 5, 1997, between Navistar
Financial Retail Receivables Corporation, as Seller, and Chase
Manhattan Bank Delaware, as owner Trustee, with respect to Navistar
Financial 1997-B Owner Trust. Filed on Registration No. 33-64249.
10.24 Indenture dated as of November 5, 1997, between Navistar Financial
1997-B Owner Trust and the Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1997-B Owner Trust. Filed on
Registration No. 33-64249.
10.25 Purchase Agreement dated as of June 4, 1998, between the
Corporation and Navistar Financial Retail Receivables Corporation,
as Purchaser, with respect to Navistar Financial 1998-A Owner
Trust, as Issuer. Filed on Registration No. 33-64249.
10.26 Pooling and Servicing Agreement dated as of June 4, 1998, among the
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1998-A Owner
Trust, as Issuer. Filed on Registration No. 33-64249.
10.27 Trust Agreement dated as of June 4, 1998, between Navistar
Financial Retail Receivables Corporation, as Seller, and Chase
Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar
Financial 1998-A Owner Trust. Filed on Registration No. 33-64249.
10.28 Indenture dated as of June 4, 1998, between Navistar Financial
1998-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1998-A Owner Trust. Filed on
Registration No. 33-64249.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.29 Purchase Agreement dated as of June 3, 1999, between the
Corporation and Navistar Financial Retail Receivables Corporation,
as Purchaser, with respect to Navistar Financial 1999-A Owner
Trust, as Issuer. Filed on Registration No. 333-62445.
10.30 Pooling and Servicing Agreement dated as of June 3, 1999, among the
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1999-A Owner Trust
as Issuer. Filed on Registration No. 333-62445.
10.31 Trust Agreement dated as of June 3, 1999, between Navistar
Financial Retail Receivables Corporation, as Seller, and Chase
Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar
Financial 1999-A Owner Trust. Filed on Registration No. 333-62445.
10.32 Indenture dated as of June 3, 1999, between Navistar Financial
1999-A Owner Trust and The Bank of New York, as Indenture Trustee,
with respect to Navistar Financial 1999-A Owner Trust. Filed on
Registration No. 333-62445.
<PAGE>
Exhibit 13(a)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-A Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<S> <C>
Cut-off Date 05/01/95
Original Pool Amount $424,879,281.80
Beginning Pool Balance as of 11/1/98 $39,708,377.38
Beginning Pool Factor as of 11/1/98 0.0934580
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $11,159,728.55
Interest Collected $899,304.78
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $31,100,000.00
Liquidation Proceeds/Recoveries $31,339.96
Total Additional Deposits $31,131,339.96
Repos/Chargeoffs $7,717.66
Aggregate Number of Notes Charged Off 88
Total Available Funds $43,098,966.54
Ending Pool Balance as of 10/31/99 $0.00
Ending Pool Factor as of 10/31/99 0.0000000
Servicing Fee $90,164.73
Repayment of Servicer Advances $91,406.76
Reserve Account:
Beginning Balance as of 11/1/98 $8,922,464.92
Investment Income Earned during the year $109,254.67
Target Percentage N/A
Target Balance as of 10/31/99 N/A
Minimum Balance (2% of Initial Balance) N/A
Transfer from/(to) Collections Account $2,705,358.67
(Release)/Deposit - Includes Investment Income ($11,737,078.26)
Ending Balance as of 10/31/99 $0.00
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 0.00 0
31-60 days 0.00 0
60+ days 0.00 0
Total 0.00 0
Balances: 60+ days 0.00 0
</TABLE>
<PAGE>
Exhibit 13(a)
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2
CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Distribution Percentage
Following A-1 Payoff 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $39,708,377.38
Ending Pool Balance $0.00
Collected Principal $42,168,321.79
Collected Interest $899,304.78
Charge-Offs $7,717.66
Liquidation Proceeds/Recoveries $31,339.96
Servicing $90,164.73
Total Collections Available
for Debt Service $43,008,801.80
Beginning Balance as of 11/1/98 $39,708,377.38 $0.00 $33,598,609.16 $6,109,768.22
Interest Due $595,065.75 $0.00 $492,619.19 $102,446.56
Interest Paid $595,065.75 $0.00 $492,619.19 $102,446.56
Principal Due $39,708,377.38 $0.00 $33,598,609.16 $6,109,768.22
Principal Paid $39,708,377.38 $0.00 $33,598,609.16 $6,109,768.22
Ending Balance as of 10/31/99 $0.00 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000 0.0000000000
Total Distributions $40,303,443.13 $0.00 $34,091,228.35 $6,212,214.78
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $2,705,358.67
Beginning Reserve Account Balance $8,922,464.92
Investment Income Earned during the period $109,254.67
Transfer from/(to) collections Account $2,705,358.67
(Release)/Draw
- Includes Investment Income ($11,737,078.26)
Ending Reserve Account Balance $0.00
</TABLE>
<PAGE>
Exhibit 13(a)
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 (0.6853)%
December 1998 0.2133 %
January 1999 0.8833 %
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 1.23127%
December 1998 1.28467%
January 1999 1.28756%
<PAGE>
Exhibit 13(b)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-B Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<S> <C>
Cut-off Date 10/01/95
Original Pool Amount at Cut-off Date $454,499,683.43
Cut-off Date 11/01/95
Subsequent Receivables (Transferred 11/10/95) $70,451,789.39
Beginning Pool Balance as of 11/1/98 $91,146,191.22
Beginning Pool Factor as of 11/1/98 0.1736278
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $60,171,199.24
Interest Collected $5,223,967.60
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $33,781,910.92
Liquidation Proceeds/Recoveries $691,439.21
Total Additional Deposits $34,473,350.13
Repos/Chargeoffs $371,536.93
Aggregate Number of Notes Charged Off 749
Total Available Funds $96,690,061.10
Ending Pool Balance as of 10/31/99 $0.00
Ending Pool Factor as of 10/31/99 0.0000000
Servicing Fee $568,167.48
Repayment of Servicer Advances $3,178,455.87
Reserve Account:
Beginning Balance as of 11/1/98 $11,023,980.93
Investment Income Earned during the Year $480,156.90
Target Percentage N/A
Target Balance as if 10/31/99 N/A
Minimum Balance (2% of Initial Balance) N/A
Transfer from/(to) Collections Account $1,525,660.66
(Release)/Deposit -Includes Investment Income ($13,029,798.49)
Ending Balance as of 10/31/99 $0.00
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 0.00 0
31-60 days 0.00 0
60+ days 0.00 0
Total 0.00 0
Balances: 60+ days 0.00 0
</TABLE>
<PAGE>
Exhibit 13(b)
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
-----------------------------NOTES------------------------
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
Original Pool Amount Distributions: $525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Distribution Percentages 0.000% 0.00% 96.50% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $91,146,191.22
Ending Pool Balance $0.00
Collected Principal $90,774,654.29
Collected Interest $5,223,967.60
Charge-Offs $371,536.93
Liquidation Proceeds/Recoveries $691,439.21
Servicing $568,167.48
Total Collections Available
for Debt Service $96,121,893.62
Beginning Balance as of 11/1/98 $91,146,191.22 $0.00 $0.00 $82,021,628.50 $9,124,562.72
Interest Due $3,450,041.74 $0.00 $0.00 $2,987,989.35 $462,052.39
Interest Paid $3,450,041.74 $0.00 $0.00 $2,987,989.35 $462,052.39
Principal Due $91,146,191.22 $0.00 $0.00 $82,021,628.50 $9,124,562.72
Principal Paid $91,146,191.22 $0.00 $0.00 $82,021,628.50 $9,124,562.72
Ending Balance as of 10/31/99 $0.00 $0.00 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.000000000 0.0000000000 0.0000000000
Total Distributions $94,596,232.96 $0.00 $0.00 $85,009,617.85 $9,586,615.11
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,525,660.66
Beginning Reserve Account Balance $11,023,980.93
Investment Income Earned during the
year $480,156.90
Transfer from/(to) collections Account $1,525,660.66
(Release)/Draw
-Includes Investment Income ($13,029,798.49)
Ending Reserve Account Balance $0.00
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(b)
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 ( .0934)% May 1999 .1283 %
December 1998 ( .1549)% June 1999 .4664 %
January 1999 ( .4756)% July 1999 .4394 %
February 1999 ( .5419)% August 1999 ( .5371)%
March 1999 ( .9135)% September 1999 (1.1973)%
April 1999 ( .5267)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 1.37147% May 1999 .79870%
December 1998 1.13397% June 1999 .85556%
January 1999 1.13773% July 1999 .85902%
February 1999 .99332% August 1999 .87511%
March 1999 1.01097% September 1999 .92349%
April 1999 .89867%
<PAGE>
Exhibit 13(c)
Page 1 of 4
ANNUAL SUMMARY
<TABLE>
<S> <C>
Navistar Financial 1996-A Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
Cut-off Date 04/30/96
Original Pool Amount at Cut-off Date $459,943,869.53
Beginning Pool Balance as of 11/1/98 $138,919,395.95
Beginning Pool Factor as of 11/1/98 0.3020355
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $77,902,402.25
Interest Collected $8,689,485.87
Additional Deposits:
Repurchase Amounts $103,022.00
Liquidation Proceeds/Recoveries $1,382,996.12
Total Additional Deposits $1,486,018.12
Repos/Chargeoffs $1,121,857.61
Aggregate Number of Notes Charged Off 842
Total Available Funds $85,488,513.45
Ending Pool Balance as of 10/31/99 $62,381,506.88
Ending Pool Factor as of 10/31/99 0.1356285
Servicing Fee $995,100.63
Repayment of Servicer Advances $2,589,392.79
Reserve Account:
Beginning Balance as of 11/1/98 $9,658,821.26
Investment Income Earned during the Year $457,156.79
Target Percentage 5.00%
Target Balance as of 10/31/99 $3,119,075.34
Minimum Balance (2% of Initial Balance) $9,658,821.26
Transfer from/(to) Collections Account $1,624,102.62
(Release)/Deposit - Includes Investment Income ($2,081,259.41)
Ending Balance as of 10/31/99 $9,658,821.26
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 749,637.20 545
31-60 days 195,870.52 132
60+ days 40,019.31 31
Total 985,527.03 550
Balances: 60+ days 412,877.71 31
</TABLE>
<PAGE>
Exhibit 13(c)
Page 2 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
------------NOTES------------
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentages
Following A-1 Payoff 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $138,919,395.95
Ending Pool Balance $62,381,506.88
Collected Principal $75,416,031.46
Collected Interest $8,689,485.87
Charge-Offs $1,121,857.61
Liquidation Proceeds/Recoveries $1,382,996.12
Servicing $995,100.63
Cash Transfer from Reserve Account $314,772.53
Total Collections Available
for Debt Service $84,808,185.35
Beginning Balance as of 11/1/98 $138,919,395.95 $0.00 $128,791,194.92 $10,128,201.03
Interest Due $6,331,421.13 $0.00 $5,788,360.38 $543,060.75
Interest Paid $6,331,421.13 $0.00 $5,788,360.38 $543,060.75
Principal Due $76,537,889.07 $0.00 $73,093,684.06 $3,444,205.01
Principal Paid $76,537,889.07 $0.00 $73,093,684.06 $3,444,205.01
Ending Balance as of 10/31/99 $62,381,506.88 $0.00 $55,697,510.86 $6,683,996.02
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.1604000000 0.3229000000
Total Distributions $82,869,310.20 $0.00 $78,882,044.44 $3,987,265.76
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,938,875.15
Beginning Reserve Account Balance $9,658,821.26
Investment Income Earned during the period $457,156.79
Transfer from/(to) collections Account $1,624,102.62
(Release)/Draw
- Includes Investment Income ($2,081,259.41)
Ending Reserve Account Balance $9,658,821.26
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(c)
Page 3 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 (1.1441)% May 1999 .8946 %
December 1998 (1.0978)% June 1999 .6549 %
January 1999 .1405 % July 1999 ( .8031)%
February 1999 ( .0909)% August 1999 (1.0485)%
March 1999 .2985 % September 1999 (1.9620)%
April 1999 1.3861 % October 1999 (2.0851)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining
gross balances of all outstanding receivables which are 61
days or more past due as of the last day of the related
monthly period and the denominator of which is equal to the
aggregate remaining gross balances of all outstanding
receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 1.23921% May 1999 .89631%
December 1998 1.10742% June 1999 .71863%
January 1999 1.58169% July 1999 .77349%
February 1999 1.66515% August 1999 .82224%
March 1999 1.66145% September 1999 .89719%
April 1999 1.12729% October 1999 .80427%
<PAGE>
Exhibit 13(c)
Page 4 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 6.0%, a Certificate Lockout Event will be deemed
to have occurred.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate
Losses minus Liquidation Proceeds for each of the latest six
consecutive Monthly Periods ended prior to such Distribution
Date, and the denominator of which is the sum of the Remaining
Gross Balances of all outstanding Receivables as of the last
day of each of the latest six consecutive Monthly Periods
ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 ( .7168)% May 1999 .3416 %
December 1998 ( .9170)% June 1999 .1162 %
January 1999 ( .8967)% July 1999 .0922 %
February 1999 ( .4116)% August 1999 (1.0923)%
March 1999 ( .2352)% September 1999 (1.6407)%
April 1999 .7052 % October 1999 (1.7095)%
<PAGE>
Exhibit 13(d)
Page 1 of 4
ANNUAL SUMMARY
<TABLE>
<S> <C>
Navistar Financial 1996-B Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
Cut-off Date 10/01/96
Original Pool Amount at Cut-off Date $486,507,362.75
Beginning Pool Balance as of 11/1/98 $170,823,403.34
Beginning Pool Factor as of 11/1/98 0.3511219
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $91,712,601.78
Interest Collected $11,963,086.90
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,707,548.17
Total Additional Deposits $2,707,548.17
Repos/Chargeoffs $1,730,534.91
Aggregate Number of Notes Charged Off 970
Total Available Funds $104,707,819.09
Ending Pool Balance as of 10/31/99 $79,055,684.41
Ending Pool Factor as of 10/31/99 0.1624964
Servicing Fee $1,249,006.31
Repayment of Servicer Advances $1,675,417.76
Reserve Account:
Beginning Balance as of 11/1/98 $9,730,147.26
Investment Income Earned during the Year $473,206.19
Target Percentage 2.50%
Target Balance as of 10/31/99 $1,976,392.11
Minimum Balance (2% of Initial Balance) $9,730,147.26
Transfer from/(to) Collections Account $3,693,542.06
(Release)/Deposit - Includes Investment Income ($4,166,748.25)
Ending Balance as of 10/31/99 $9,730,147.26
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,008,703.66 734
31-60 days 244,946.03 193
60+ days 107,320.82 62
Total 1,360,970.51 757
Balances: 60+ days 718,707.33 62
</TABLE>
<PAGE>
Exhibit 13(d)
Page 2 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
Original Pool Amount
<S> <C> <C> <C> <C> <C> <C>
Distributions: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentages 0.00% 0.0090% 93.50% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $170,823,403.34
Ending Pool Balance $79,055,684.41
Collected Principal $90,037,184.02
Collected Interest $11,963,086.90
Charge-Offs $1,730,534.91
Liquidation Proceeds/Recoveries $2,707,548.17
Servicing $1,249,006.31
Cash Transfer from Reserve Acct. $0.00
Total Collections Available
for Debt Service $103,458,812.78
Beginning Balance as of 11/1/98 $170,823,403.34 $0.00 $0.00 $152,812,997.95 $9,706,551.27 $8,303,854.12
Interest Due $7,997,551.79 $0.00 $0.00 $6,955,100.54 $526,451.53 $515,999.72
Interest Paid $7,997,551.79 $0.00 $0.00 $6,955,100.54 $526,451.53 $515,999.72
Principal Due $91,767,718.93 $0.00 $0.00 $85,802,817.20 $3,211,870.16 $2,753,031.57
Principal Paid $91,767,718.93 $0.00 $0.00 $85,802,817.20 $3,211,870.16 $2,753,031.57
Ending Balance as of 10/31/99 $79,055,684.41 $0.00 $0.00 $67,010,180.75 $6,494,681.11 $5,550,822.55
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.0000000000 0.2833000000 0.3814000000 0.3807000000
Total Distributions $99,765,270.72 $0.00 $0.00 $92,757,917.74 $3,738,321.69 $3,269,031.29
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $3,693,542.06
Beginning Reserve Acct. Balance $9,730,147.26
Investment Income Earned
during the Period $473,206.19
Transfer from/(to)
collections Account $3,693,542.06
(Release)/Draw
Included Investment Income $(4,166,748.25)
Ending Reserve Account Balance $9,730,147.26
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(d)
Page 3 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 .4463 % May 1999 ( .9293)%
December 1998 .3954 % June 1999 ( .7868)%
January 1999 ( .5348)% July 1999 (1.1811)%
February 1999 .1686 % August 1999 (1.1515)%
March 1999 .0694 % September 1999 (2.1140)%
April 1999 .0397 % October 1999 (1.5742)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 1.41464% May 1999 1.01003%
December 1998 1.27615% June 1999 1.00972%
January 1999 1.46590% July 1999 .98284%
February 1999 1.41855% August 1999 1.09573%
March 1999 1.37589% September 1999 1.06674%
April 1999 1.16090% October 1999 1.03861%
<PAGE>
Exhibit 13(d)
Page 4 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 6.0%, a Certificate Lockout Event will be deemed
to have occurred.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate
Losses minus Liquidation Proceeds for each of the latest six
consecutive Monthly Periods ended prior to such Distribution
Date, and the denominator of which is the sum of the Remaining
Gross Balances of all outstanding Receivables as of the last
day of each of the latest six consecutive Monthly Periods
ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 (1.27318)% May 1999 ( .09404)%
December 1998 ( .90029)% June 1999 ( .73692)%
January 1999 ( .67713)% July 1999 (1.04951)%
February 1999 ( .84160)% August 1999 (1.21706)%
March 1999 ( .62187)% September 1999 (1.31873)%
April 1999 ( .11883)% October 1999 (1.75616)%
<PAGE>
Exhibit 13(e)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
<TABLE>
<S> <C>
Cut-off Date 04/01/97
Original Pool Amount at Cut-off Date $411,613,980.45
Cut-off Date 05/01/97
Subsequent Receivables (Transferred 5/9/97) $76,128,743.83
Cut-off Date 05/17/97
Subsequent Receivables (Transferred 5/23/97) $12,254,010.44
Beginning Pool Balance as of 11/1/98 $240,890,570.76
Beginning Pool Factor as of 11/1/98 0.4938886
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $114,951,805.16
Interest Collected $18,058,200.27
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $5,329,785.92
Total Additional Deposits $5,329,785.92
Repos/Chargeoffs $4,226,736.22
Aggregate Number of Notes Charged Off 1,400
Total Available Funds $136,876,130.33
Ending Pool Balance as of 10/31/99 $123,175,690.40
Ending Pool Factor as of 10/31/99 0.2525423
Servicing Fee $1,831,583.88
Repayment of Servicer Advances $1,463,661.02
Reserve Account:
Beginning Balance as of 11/1/98 $12,646,754.96
Investment Income Earned during the Year $537,468.59
Target Percentage 5.25%
Target Balance as of 10/31/99 $6,466,723.75
Minimum Balance (2% of Initial Balance) $10,499,931.43
Transfer from/(to) Collections Account $4,973,268.55
(Release)/Deposit - Includes Investment Income ($7,657,560.67)
Ending Balance as of 10/31/99 $10,499,931.43
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,457,497.20 1,049
31-60 days 402,900.30 273
60+ days 158,310.10 86
Total 2,018,707.60 1,076
Balances: 60+ days 1,284,418.50 86
</TABLE>
<PAGE>
Exhibit 13(e)
Page 2 of 3
Navistar Financial 1997-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS B NOTES
----- --------- --------- --------- -------------
Original Pool Amount
<S> <C> <C> <C> <C> <C>
Distributions: $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Distribution Percentages 0.0000% 100.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance as of 11/1/98 $240,890,570.76
Ending Pool Balance as of 10/31/99 $123,175,690.40
Collected Principal $113,488,144.14
Collected Interest $18,058,200.27
Charge-Offs $4,226,736.22
Liquidation Proceeds/Recoveries $5,329,785.92
Servicing $1,831,583.88
Transfer from Negative Carry Account $0.00
Total Collections Available
for Debt Service $135,044,546.45
Beginning Balance as of 11/1/98 $240,890,570.76 $0.00 $47,390,570.76 $176,000,000.00 $17,500,000.00
Interest Due $12,356,397.54 $0.00 $663,475.98 $10,476,671.52 $1,216,250.04
Interest Paid $12,356,397.54 $0.00 $663,475.98 $10,476,671.52 $1,216,250.04
Principal Due $117,714,880.36 $0.00 $47,390,570.76 $70,324,309.60 $0.00
Principal Paid $117,714,880.36 $0.00 $47,390,570.76 $70,324,309.60 $0.00
Ending Balance as of 10/31/99 $123,175,690.40 $0.00 $0.00 $105,675,690.40 $17,500,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.0000000000 0.600400000 1.000000000
Total Distributions $130,071,277.90 $0.00 $48,054,046.74 $80,800,981.12 $1,216,250.04
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $4,973,268.55
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $12,646,754.96
Investment Income Earned during the period $537,468.59
Transfer from/(to) collections Account $4,973,268.55
(Release)/Draw
Included Investment Income ($7,657,560.67)
Ending Reserve Account Balance $10,499,931.43
Note; Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(e)
Page 3 of 3
Navistar Financial 1997-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 ( .7182)% May 1999 ( .1680)%
December 1998 .3669 % June 1999 ( .5750)%
January 1999 .7295 % July 1999 ( .7780)%
February 1999 .2184 % August 1999 (1.3683)%
March 1999 ( .0975)% September 1999 (1.6144)%
April 1999 ( .0568)% October 1999 (1.2982)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or
more past due as of the last day of the related monthly period
and the denominator of which is equal to the aggregate remaining
gross balances of all outstanding receivables on the last day of
such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 1.20659% May 1999 .84364%
December 1998 1.15451% June 1999 1.06444%
January 1999 1.25806% July 1999 1.24543%
February 1999 1.19533% August 1999 1.42840%
March 1999 1.03843% September 1999 1.39757%
April 1999 .90889% October 1999 1.26893%
<PAGE>
Exhibit 13(f)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-B Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
<TABLE>
<S> <C>
Cut-off Date 11/5/97
Original Pool Amount at Cut-off Date $408,527,638.36
Cut-off Date 11/13/97
Subsequent Receivables (Transferred 11/13/97) $91,466,751.20
Beginning Pool Balance as of 11/1/98 $320,265,624.12
Beginning Pool Factor as of 11/1/98 0.6405384
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $128,668,850.77
Interest Collected $24,644,821.96
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $6,473,451.06
Total Additional Deposits $6,473,451.06
Repos/Chargeoffs $6,246,650.48
Aggregate Number of Notes Charged Off 1,564
Total Available Funds $158,462,114.12
Ending Pool Balance as of 10/31/99 $186,675,132.54
Ending Pool Factor as of 10/31/99 0.3733545
Servicing Fee $2,562,395.61
Repayment of Servicer Advances $1,325,009.67
Reserve Account:
Beginning Balance as of 11/1/98 $16,813,945.27
Investment Income Earned during the Year $675,365.94
Target Percentage 5.25%
Target Balance as of 10/31/99 $9,800,444.46
Minimum Balance (2% of Initial Balance) $9,999,887.79
Transfer from/(to) Collections Account $6,274,196.14
(Release)/Deposit - Includes Investment Income ($13,763,619.56)
Ending Balance as of 10/31/99 $9,999,887.79
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,900,593.39 1,319
31-60 days 478,339.71 348
60+ days 198,198.76 86
Total 2,577,131.86 1,331
Balances: 60+ days 3,532,084.21 86
</TABLE>
<PAGE>
Exhibit 13(f)
Page 2 of 3
Navistar Financial 1997-B Owner Trust
For the Months of November 1998 to October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS B NOTES
Original Pool
<S> <C> <C> <C> <C> <C> <C>
Amount Distributions: $500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Distribution Percentages 0.00% 96.50% 0.00% 0.00% 3.50%
Coupon 5.722% 5.956% 6.200% 6.200% 6.300%
Beginning Pool Balance $320,265,624.12
Ending Pool Balance $186,675,132.54
Collected Principal $127,343,841.10
Collected Interest $24,644,821.96
Charge-Offs $6,246,650.48
Liquidation Proceeds/Recoveries $6,473,451.06
Servicing $2,562,395.61
Cash Transfer (to) Reserve Acct. $106,040.52
Total Collections Available
for Debt Service $156,005,759.03
Beginning Balance as of 11/1/98 $320,265,624.12 $0.00 $27,556,327.27 $132,000,000.00 $149,500,000.00 $11,209,296.85
Interest Due $16,035,030.79 $0.00 $236,453.27 $5,815,069.29 $9,418,500.00 $565,008.23
Interest Paid $16,035,030.79 $0.00 $236,453.27 $5,815,069.29 $9,418,500.00 $565,008.23
Principal Due $133,590,491.58 $0.00 $27,556,327.27 101,358,497.07 $0.00 $4,675,667.24
Principal Paid $133,590,491.58 $0.00 $27,556,327.27 101,358,497.07 $0.00 $4,675,667.24
Ending Balance as of 10/31/99 $186,675,132.54 $0.00 $0.00 $30,641,502.93 $149,500,000.00 $6,533,629.61
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000 0.2321000000 1.0000000000 0.3734000000
Total Distributions $149,625,522.37 $0.00 27,792,780.54 $107,173,566.36 $9,418,500.00 $5,240,675.47
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $6,380,236.66
Beginning Reserve Acct. Balance $16,813,945.27
Investment Income Earned
during the Period $675,365.94
Transfer from/(to)
collections Account $6,274,196.14
(Release)/Draw
Included Investment Income $(13,763,619.56)
Ending Reserve Account Balance $9,999,887.79
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(f)
Page 3 of 3
Navistar Financial 1997-B Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Year 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 ( .12149)% May 1999 ( .21999)%
December 1998 .47092 % June 1999 .98572 %
January 1999 .60098 % July 1999 .40418 %
February 1999 .77215 % August 1999 .61303 %
March 1999 ( .09198)% September 1999 (1.94118)%
April 1999 .24602 % October 1999 (1.52836)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or
more past due as of the last day of the related monthly period
and the denominator of which is equal to the aggregate remaining
gross balances of all outstanding receivables on the last day of
such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 .96384% May 1999 1.09001%
December 1998 .88793% June 1999 .94827%
January 1999 .92623% July 1999 1.01352%
February 1999 1.11483% August 1999 .99630%
March 1999 1.28869% September 1999 1.32177%
April 1999 1.24289% October 1999 1.55090%
<PAGE>
Exhibit 13(g)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1998-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Period 1999
<TABLE>
<S> <C>
Cut-off Date 06/4/98
Original Pool Amount at Cut-off Date $500,864,370.04
Beginning Pool Balance as of 11/1/98 $416,392,846.87
Beginning Pool Factor as of 11/1/98 0.8313485
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $149,981,971.40
Interest Collected $31,852,268.14
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $7,810,109.61
Total Additional Deposits $7,810,109.61
Repos/Chargeoffs $8,936,116.93
Aggregate Number of Notes Charged Off 1,399
Total Available Funds $187,967,942.98
Ending Pool Balance as of 10/31/99 $259,151,164.71
Ending Pool Factor as of 10/31/99 0.5174079
Servicing Fee $3,425,111.35
Repayment of Servicer Advances $1,676,406.17
Reserve Account:
Beginning Balance as of 11/1/98 $21,860,624.46
Investment Income Earned during the Year $900,389.50
Target Percentage 5.25%
Target Balance as of 10/31/99 $13,605,436.15
Minimum Balance (2% of Initial Balance) $10,017,287.40
Transfer from/(to) Collections Account $6,936,807.28
(Release)/Deposit - Includes Investment Income ($16,092,385.09)
Ending Balance as of 10/31/99 $13,605,436.15
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 1,889,061.45 1,681
31-60 days 371,404.61 327
60+ days 84,512.15 67
Total 2,344,978.21 1,690
Balances: 60+ days 1,768,830.56 67
</TABLE>
<PAGE>
Exhibit 13(g)
Page 2 of 3
Navistar Financial 1998-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Period 1999
<TABLE>
<CAPTION>
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2
<S> <C> <C> <C>
Original Pool Amount Distributions: $500,864,370.04 $483,334,000.00 $17,530,370.04
Distribution Percentages
Following A-1 Payoff 96.50% 3.50%
Coupon 5.940% 6.100%
Beginning Pool Balance $416,392,846.87
Ending Pool Balance $259,151,164.71
Collected Principal $148,305,565.23
Collected Interest $31,852,268.14
Charge-Offs $8,936,116.93
Liquidation Proceeds/Recoveries $7,810,109.61
Servicing $3,425,111.35
Cash Transfer from Reserve Account $125,041.44
Total Collections Available
for Debt Service $184,667,873.07
Beginning Balance as of 11/1/98 $416,392,846.87 $401,818,980.14 $14,573,866.73
Interest Due $20,364,342.19 $19,633,073.76 $731,268.43
Interest Paid $20,364,342.19 $19,633,073.76 $731,268.43
Principal Due $157,241,682.16 $151,738,223.29 $5,503,458.87
Principal Paid $157,241,682.16 $151,738,223.29 $5,503,458.87
Ending Balance as of 10/31/99 $259,151,164.71 $250,080,756.85 $9,070,407.86
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.5174000000 0.5174000000
Total Distributions $177,606,024.35 $171,371,297.05 $6,234,727.30
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00
Excess Servicing $7,061,848.72
Beginning Reserve Account Balance $21,860,624.46
Investment Income Earned during the year $900,389.50
Transfer from/(to) collections Account $6,936,807.28
(Release)/Draw Includes Investment Income ($16,092,385.09)
Ending Reserve Account Balance $13,605,436.15
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(g)
Page 3 of 3
Navistar Financial 1998-A Owner Trust
For the Months of November 1998 thru October 1999
Fiscal Period 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 1998 .59767 % May 1999 .81564 %
December 1998 .98004 % June 1999 1.13873 %
January 1999 .42705 % July 1999 1.32803 %
February 1999 .56545 % August 1999 .11142 %
March 1999 ( .18950)% September 1999 .07282 %
April 1999 .36490 % October 1999 ( .65622)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of
all outstanding receivables which are 61 days or more past due as of the
last day of the related monthly period and the denominator of which is equal
to the aggregate remaining gross balances of all outstanding receivables on
the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
November 1998 .78510% May 1999 .82197%
December 1998 .79346% June 1999 .87517%
January 1999 .93397% July 1999 .97921%
February 1999 .92069% August 1999 .99842%
March 1999 .92616% September 1999 1.01187%
April 1999 .82622% October 1999 .86700%
<PAGE>
Exhibit 13(h)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1999-A Owner Trust
For the Months of June 3, 1999 thru October 1999
Fiscal Period 1999
<TABLE>
<S> <C>
Cut-off Date 06/3/99
Original Pool Amount at Cut-off Date $714,764,750.47
Beginning Pool Balance as of 6/3/99 $714,764,750.47
Beginning Pool Factor as of 6/3/99 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $103,447,131.77
Interest Collected $28,321,197.33
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $1,563,142.66
Total Additional Deposits $1,563,142.66
Repos/Chargeoffs $6,407,779.71
Aggregate Number of Notes Charged Off 246
Total Available Funds $132,860,410.79
Ending Pool Balance as of 10/31/99 $605,380,899.96
Ending Pool Factor as of 10/31/99 0.8469652
Servicing Fee $3,332,310.18
Repayment of Servicer Advances $471,060.97
Reserve Account:
Beginning Balance as of 6/3/99 $28,590,590.02
Investment Income Earned during the Year $568,367.23
Target Percentage 5.25%
Target Balance as of 10/31/99 $31,782,497.25
Minimum Balance (2% of Initial Balance) $14,295,295.01
Transfer from/(to) Collections Account $3,010,216.88
(Release)/Deposit - Includes Investment Income ($568,367.23)
Ending Balance as of 10/31/99 $31,600,806.90
<CAPTION>
Delinquencies as of 10/31/99: Dollars Notes
<S> <C> <C>
Installments:
1-30 days 2,511,352.50 2,277
31-60 days 515,417 390
60+ days 86,745.41 46
Total 3,113,515.8 2,277
Balances: 60+ days 2,238,503.42 46
</TABLE>
<PAGE>
Exhibit 13(h)
Page 2 of 4
Navistar Financial 1999-A Owner Trust
For the Months of June 3, 1999 thru October 1999
Fiscal Year 1999
<TABLE>
<CAPTION>
NOTES CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
Original Pool
<S> <C> <C> <C> <C> <C> <C>
Amount Distributions: $714,764,750.47 $147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Distribution Percentages 100.00% .00% 0.00% 0.00% 0.00%
Coupon 5.003% 5.550% 5.9500% 6.130% 6.220%
Beginning Pool Balance $714,764,750.47
Ending Pool Balance $605,380,899.96
Collected Principal $102,976,070.80
Collected Interest $28,321,197.33
Charge-Offs $6,407,779.71
Liquidation Proceeds/Recoveries $1,563,142.66
Servicing $3,332,310.18
Cash Transfer from Reserve Acct. $181,582.88
Total Collections Available
for Debt Service $129,709,683.49
Beginning Balance as of 6/3/99 $714,764,750.47 $147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Interest Due $17,134,033.22 $2,138,279.55 $4,920,075.00 $5,355,000.02 $4,020,375.82 $700,302.83
Interest Paid $17,134,033.22 $2,138,279.55 $4,920,075.00 $5,355,000.02 $4,020,375.82 $700,302.83
Principal Due $109,383,850.51 $109,383,850.51 $0.00 $0.00 $0.00 $0.00
Principal Paid $109,383,850.51 $109,383,850.51 $0.00 $0.00 $0.00 $0.00
Ending Balance as of 10/31/98 $605,380,899.96 $37,616,149.49 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.383000000 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Total Distributions $126,517,883.73 $111,522,130.06 $4,920,075.00 $5,355,000.02 $4,020,375.82 $700,302.83
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $3,191,799.76
Beginning Reserve Act. Balance $28,590,590.02
Investment Income Earned
during the Period $568,367.23
Transfer from/(to)
collections Account $3,010,216.88
(Release)/Draw
Included Investment Income $(568,367.23)
Ending Reserve Account Balance $31,600,806.90
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(h)
Page 3 of 3
Navistar Financial 1999-A Owner Trust
For the Months of June 3, 1999 thru October 1999
Fiscal Period 1999
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
May 1999 N/A
June 1999 N/A
July 1999 N/A
August 1999 N/A
September 1999 .7868%
October 1999 .0734%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or
more past due as of the last day of the related monthly period
and the denominator of which is equal to the aggregate remaining
gross balances of all outstanding receivables on the last day of
such monthly period.
The three month rolling averages reported at each Distribution Date are as
follows:
May 1998 N/A
June 1998 N/A
July 1998 .33269%
August 1998 .35880%
September 1998 .42116%
October 1998 .40815%
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE IS NOT APPLICABLE AS THE ANNUAL SUMMARIES ATTACHED AS
EXHIBIT 13 ARE ANNUALIZED VERSIONS OF THE MONTHLY SERVICER CERTIFICATES
PREPARED BY THE SERVICER AND ARE NOT FINANCIAL STATEMENTS OF THE TRUSTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
