UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 15, 1999
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
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
(State or other jurisdiction of incorporation)
33-55865 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
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
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On November 15 and 22, 1999, Registrant made available the Monthly
Servicer Certificates for the Period of October 1999 for the specified
Owner Trusts, which are attached as Exhibit 20 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements 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 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)
Date: November 30, 1999 By:/s/ P. E. COCHRAN
- ---------------------------- --------------------------
P. E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1996-A Owner Trust
20.1 Monthly Servicer Certificate, dated November 15, 1999
Navistar Financial 1996-B Owner Trust
20.2 Monthly Servicer Certificate, dated November 22, 1999
Navistar Financial 1997-A Owner Trust
20.3 Monthly Servicer Certificate, dated November 15, 1999
Navistar Financial 1997-B Owner Trust
20.4 Monthly Servicer Certificate, dated November 15, 1999
Navistar Financial 1998-A Owner Trust
20.5 Monthly Servicer Certificate, dated November 15, 1999
Navistar Financial 1999-A Owner Trust
20.6 Monthly Servicer Certificate, dated November 15, 1999
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of October 1999
Distribution Date of November 15, 1999
Servicer Certificate #42
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $67,117,369.24
Beginning Pool Factor 0.1459251
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,808,532.76
Interest Collected $458,197.86
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $40,276.84
Total Additional Deposits $40,276.84
Repos / Chargeoffs $31,627.11
Aggregate Number of Notes Charged Off 68
Total Available Funds $5,202,709.95
Ending Pool Balance $62,381,506.88
Ending Pool Factor 0.1356285
Servicing Fee $55,931.14
Repayment of Servicer Advances $104,297.51
Reserve Account:
Beginning Balance (see Memo Item) $9,755,533.91
Target Percentage 5.00%
Target Balance $3,119,075.34
Minimum Balance $9,658,821.26
(Release) / Deposit ($96,712.65)
Ending Balance $9,658,821.26
Current Weighted Average APR: 8.951%
Current Weighted Average Remaining Term (months): 15.19
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <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
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $41,821.08
+ Excess Serv. $54,891.57
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,755,533.91
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of October 1999
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $67,117,369.24
Ending Pool Balance $62,381,506.88
Collected Principal $4,704,235.25
Collected Interest $458,197.86
Charge - Offs $31,627.11
Liquidation Proceeds / Recoveries $40,276.84
Servicing $55,931.14
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $5,146,778.81
Beginning Balance $67,117,369.24 $0.00 $60,220,259.41 $6,897,109.83
Interest Due $356,024.88 $0.00 $318,665.54 $37,359.34
Interest Paid $356,024.88 $0.00 $318,665.54 $37,359.34
Principal Due $4,735,862.36 $0.00 $4,522,748.55 $213,113.81
Principal Paid $4,735,862.36 $0.00 $4,522,748.55 $213,113.81
Ending Balance $62,381,506.88 $0.00 $55,697,510.86 $6,683,996.02
Note / Certificate Pool Factor 0.0000 0.1604 0.3229
(Ending Balance / Original Pool Amount)
Total Distributions $5,091,887.24 $0.00 $4,841,414.09 $250,473.15
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $54,891.57
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,755,533.91
(Release) / Draw ($96,712.65)
Ending Reserve Acct Balance $9,658,821.26
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of Octobe 1999
Trigger Events:
A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $93,880,094.85 $86,602,446.04 $82,209,017.41 $76,686,469.51 $72,004,628.02 $67,117,369.24
A) Loss Trigger:
Principal of Contracts
Charged Off $35,040.30 $20,995.93 $29,396.46 $29,281.81 $26,119.71 $31,627.11
Recoveries $188,222.53 $110,721.64 $48,949.05 $218,219.04 $247,754.39 $40,276.84
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $79,674.20 Total Charged off (Months 1 - 6) $172,461.32
Total Recoveries (Months 3, 2, 1) $506,250.27 Total Recoveries (Months 1 - 6) $854,143.49
Net Loss / (Recoveries) for 3 Mos ($426,576.07)(a) Net Loss/(Recoveries) for 6 Mos. ($681,682.17)(c)
Total Balance (Months 5, 4, 3) $245,497,932.96 (b) Total Balance (Months 1 - 6) $478,500,025.07 (d)
Loss Ratio Annualized [(a/b) * (12)] -2.0851% Loss Ratio Annualized [(c/d) (12)] -1.7095%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $697,674.90 $639,306.47 $412,877.71
Balance delinquency 60+ days 0.90978% 0.88787% 0.61516%
As % of Beginning Pool Balance 0.82224% 0.89719% 0.80427%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.1000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
Navistar Financial Corporation
</TABLE>
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of October 1999
Distribution Date of November 22, 1999
Servicer Certificate #37
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $84,732,259.10
Beginning Pool Factor 0.1741644
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $5,669,618.55
Interest Collected $665,206.23
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $132,807.84
Total Additional Deposits $132,807.84
Repos / Chargeoffs $35,333.50
Aggregate Number of Notes Charged Off 72
Total Available Funds $6,439,255.26
Ending Pool Balance $79,055,684.41
Ending Pool Factor 0.1624964
Servicing Fee $70,610.22
Repayment of Servicer Advances $28,377.36
Reserve Account:
Beginning Balance (see Memo Item) $10,009,861.65
Target Percentage 2.50%
Target Balance $1,976,392.11
Minimum Balance $9,730,147.26
(Release) / Deposit ($279,714.39)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.601%
Current Weighted Average Remaining Term (months): 18.60
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <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
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $40,894.65
+ Excess Serv. $238,819.74
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,009,861.65
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of October 1999
<TABLE>
<CAPTION>
NOTES
CLASS B CLASS C
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 2 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
$486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 93.50% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $84,732,259.10
Ending Pool Balance $79,055,684.41
Collected Principal $5,641,241.19
Collected Interest $665,206.23
Charge - Offs $35,333.50
Liquidation Proceeds/Recoveries $132,807.84
Servicing $70,610.22
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $6,368,645.04
Beginning Balance $84,732,259.11 $0.00 $0.00 $72,317,778.10 $6,693,361.22 $5,721,119.79
Interest Due $453,250.61 $0.00 $0.00 $381,476.28 $36,255.71 $35,518.62
Interest Paid $453,250.61 $0.00 $0.00 $381,476.28 $36,255.71 $35,518.62
Principal Due $5,676,574.69 $0.00 $0.00 $5,307,597.34 $198,680.11 $170,297.24
Principal Paid $5,676,574.69 $0.00 $0.00 $5,307,597.34 $198,680.11 $170,297.24
Ending Balance $79,055,684.42 $0.00 $0.00 $67,010,180.76 $6,494,681.11 $5,550,822.55
Note / Certificate Pool Factor 0.0000 0.0000 0.2833 0.3814 0.3807
(Ending Balance / Original Pool Amount)
Total Distributions $6,129,825.30 $0.00 $0.00 $5,689,073.62 $234,935.82 $205,815.86
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 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $238,819.74
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,009,861.65
(Release) / Draw ($279,714.39)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of October 1999
Trigger Events:
A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $119,977,701.12 $111,481,970.11 $103,981,623.99 $97,015,550.78 $90,087,940.62 $84,732,259.10
A) Loss Trigger:
Principal of Contracts
Charged Off $165,900.72 $119,160.25 $16,755.11 $196,802.77 $143,474.79 $35,333.50
Recoveries $224,790.10 $315,798.67 $282,932.29 $247,699.76 $362,129.56 $132,807.84
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $332,718.13 Total Charged off (Months 1 - 6) $677,427.14
Total Recoveries (Months 3, 2, 1) $742,637.16 Total Recoveries (Months 1 - 6) $1,566,158.22
Net Loss / (Recoveries) for 3 Mos ($409,919.03)(a) Net Loss/(Recoveries) for 6 Mos. ($888,731.08)(c)
Total Balance (Months 5, 4, 3) $312,479,144.88 (b) Total Balance (Months 1 - 6) $607,277,045.72 (d)
Loss Ratio Annualized [(a/b) * (12)] -1.5742% Loss Ratio Annualized [(c/d) (12)] -1.75616%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,277,627.65 $856,462.88 $718,707.33
Balance delinquency 60+ days 1.31693% 0.95070% 0.84821%
As % of Beginning Pool Balance 1.09573% 1.06674% 1.03861%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of October 1999
Distribution Date of November 15, 1999
Servicer Certificate #31
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $411,613,980.45
Subsequent Receivables (transferred 5/9/97) $76,128,743.83
Subsequent Receivables (transferred 5/23/97) $12,254,010.44
Beginning Pool Balance $132,134,086.39
Beginning Pool Factor 0.2709094
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,777,252.47
Interest Collected $1,027,391.53
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $315,981.59
Total Additional Deposits $315,981.59
Repos / Chargeoffs $181,143.52
Aggregate Number of Notes Charged Off 103
Total Available Funds $10,120,625.59
Ending Pool Balance $123,175,690.40
Ending Pool Factor 0.2525423
Servicing Fee $110,111.74
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,851,172.55
Target Percentage 5.25%
Target Balance $6,466,723.75
Minimum Balance $10,499,931.43
(Release) / Deposit ($351,241.12)
Ending Balance $10,499,931.43
Current Weighted Average APR: 9.829%
Current Weighted Average Remaining Term (months): 23.94
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <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
Memo Item - Reserve Account
Prior Month $10,499,931.43
+ Invest. Income $45,294.17
+ Excess Serv. $305,946.95
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,851,172.55
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of October 1999
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
$500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 100.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $132,134,086.39
Ending Pool Balance $123,175,690.40
Collected Principal $8,777,252.47
Collected Interest $1,027,391.53
Charge - Offs $181,143.52
Liquidation Proceeds/Recoveries $315,981.59
Servicing $110,111.74
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $10,010,513.85
Beginning Balance $132,134,086.39 $0.00 $0.00 $114,634,086.39 $17,500,000.00
Interest Due $746,170.91 $0.00 $0.00 $644,816.74 $101,354.17
Interest Paid $746,170.91 $0.00 $0.00 $644,816.74 $101,354.17
Principal Due $8,958,395.99 $0.00 $0.00 $8,958,395.99 $0.00
Principal Paid $8,958,395.99 $0.00 $0.00 $8,958,395.99 $0.00
Ending Balance $123,175,690.40 $0.00 $0.00 $105,675,690.40 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0000 0.6004 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $9,704,566.90 $0.00 $0.00 $9,603,212.73 $101,354.17
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 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $305,946.95
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,851,172.55
(Release) / Draw ($351,241.12)
Ending Reserve Acct Balance $10,499,931.43
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of October 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-99 Jul-99 Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $165,624,131.84 $156,684,111.52 $147,729,016.51 $139,373,167.71 $132,134,086.39
A) Loss Trigger:
Principal of Contracts Charged Off $23,478.92 $411,315.55 $394,307.18 $207,162.45 $181,143.52
Recoveries $405,430.69 $317,595.46 $442,341.22 $579,271.02 $315,981.59
Total Charged Off (Months 5, 4, 3) $829,101.65
Total Recoveries (Months 3, 2, 1) $1,337,593.83
Net Loss / (Recoveries) for 3 Mos ($508,492.18)(a)
Total Balance (Months 5, 4, 3) $470,037,259.87 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.2982%
Trigger: Is Ratio > 1.5% No
Aug-99 Sep-99 Oct-99
B) Delinquency Trigger: $2,045,635.22 $2,020,916.92 $1,284,418.50
Balance delinquency 60+ days 1.38472% 1.45000% 0.97206%
As % of Beginning Pool Balance 1.42840% 1.39757% 1.26893%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.1000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of October 1999
Distribution Date of November 15, 1999
Servicer Certificate #25
<TABLE>
<S> <C>
Original Pool amount Initial Receivables $408,527,638.36
Subsequent Receivables (transferred 11/13/97) $91,466,751.20
Beginning Pool Balance $197,220,858.73
Beginning Pool Factor 0.3944461
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,162,165.49
Interest Collected $1,342,205.45
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $316,372.50
Total Additional Deposits $316,372.50
Repos / Chargeoffs $383,560.70
Aggregate Number of Notes Charged Off 114
Total Available Funds $11,820,743.44
Ending Pool Balance $186,675,132.54
Ending Pool Factor 0.3733545
Servicing Fee $164,350.72
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,479,602.67
Target Percentage 5.25%
Target Balance $9,800,444.46
Minimum Balance $9,999,887.79
(Release) / Deposit ($479,714.88)
Ending Balance $9,999,887.79
Current Weighted Average APR: 9.666%
Current Weighted Average Remaining Term (months): 29.86
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <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
Memo Item - Reserve Account
Prior Month $10,354,095.08
+ Invest. Income $46,849.05
+ Excess Serv. $78,658.54
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,479,602.67
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of October 1999
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 96.50% 0.00% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $197,220,858.73
Ending Pool Balance $186,675,132.54
Collected Principal $10,162,165.49
Collected Interest $1,342,205.45
Charge - Offs $383,560.70
Liquidation Proceeds/Recoveries $316,372.50
Servicing $164,350.72
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,656,392.72
Beginning Balance $197,220,858.73 $0.00 $0.00 $40,818,128.70 $149,500,000.00 $6,902,730.03
Interest Due $1,032,007.99 $0.00 $0.00 $210,893.66 $784,875.00 $36,239.33
Interest Paid $1,032,007.99 $0.00 $0.00 $210,893.66 $784,875.00 $36,239.33
Principal Due $10,545,726.19 $0.00 $0.00 $10,176,625.77 $0.00 $369,100.42
Principal Paid $10,545,726.19 $0.00 $0.00 $10,176,625.77 $0.00 $369,100.42
Ending Balance $186,675,132.54 $0.00 $0.00 $30,641,502.93 $149,500,000.00 $6,533,629.61
Note / Certificate Pool Factor 0.0000 0.0000 0.2321 1.0000 0.3734
(Ending Balance / Original Pool Amount)
Total Distributions $11,577,734.18 $0.00 $0.00 $10,387,519.43 $784,875.00 $405,339.75
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 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $78,658.54
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,479,602.67
(Release) / Draw ($479,714.88)
Ending Reserve Acct Balance $9,999,887.79
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of October 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-99 Jul-99 Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $237,160,920.52 $223,628,279.43 $215,198,969.48 $205,970,930.43 $197,220,858.73
A) Loss Trigger:
Principal of Contracts
Charged Off $619,513.55 $242,359.00 $506,853.12 $436,941.54 $383,560.70
Recoveries $483,272.01 $511,977.44 $539,942.09 $1,373,371.01 $316,372.50
Total Charged Off (Months 5, 4, 3) $1,368,725.67
Total Recoveries (Months 3, 2, 1) $2,229,685.60
Net Loss / (Recoveries) for 3 Mos ($860,959.93)(a)
Total Balance (Months 5, 4, 3) $675,988,169.43 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.52836%
Trigger: Is Ratio > 1.5% No
Aug-99 Sep-99 Oct-99
B) Delinquency Trigger: $2,035,322.29 $3,946,353.32 3,532,084.21
Balance delinquency 60+ days 0.94579% 1.91598% 1.79093%
As % of Beginning Pool Balance 0.99630% 1.32177% 1.55090%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.00000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of October 1999
Distribution Date of November 15, 1999
Servicer Certificate #18
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $269,652,556.73
Beginning Pool Factor 0.538374404
Principal and Interest Collections:
Principal Collected $9,744,273.84
Interest Collected $2,018,424.99
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $536,724.81
Total Additional Deposits $536,724.81
Repos / Chargeoffs $922,868.12
Aggregate Number of Notes Charged Off 122
Total Available Funds $12,133,673.70
Ending Pool Balance $259,151,164.71
Ending Pool Factor 0.5174079
Servicing Fee $224,710.46
Repayment of Servicer Advances $165,749.94
Reserve Account:
Beginning Balance (see Memo Item) $14,292,293.23
Target Percentage 5.25%
Target Balance $13,605,436.15
Minimum Balance $10,017,287.40
(Release) / Deposit ($686,857.08)
Ending Balance $13,605,436.15
Current Weighted Average APR: 9.338%
Current Weighted Average Remaining Term (months): 35.30
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <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
Memo Item - Reserve Account
Prior Month $14,156,759.23
+ Invest. Income $64,001.33
+ Excess Serv. $71,532.67
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $14,292,293.23
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of October 1999
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A CLASS B
<S> <C> <C> <C>
$500,864,370.04 $483,334,000.00 $17,530,370.04
Original Pool Amount
Distributions:
Distribution Percentages 96.50% 3.50%
Coupon 5.94% 6.10%
Beginning Pool Balance $269,652,556.73
Ending Pool Balance $259,151,164.71
Collected Principal $9,578,523.90
Collected Interest $2,018,424.99
Charge - Offs $922,868.12
Liquidation Proceeds / Recoveries $536,724.81
Servicing $224,710.46
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,908,963.24
Beginning Balance $269,652,556.73 $260,214,600.15 $9,437,956.58
Interest Due $1,336,038.55 $1,288,062.27 $47,976.28
Interest Paid $1,336,038.55 $1,288,062.27 $47,976.28
Principal Due $10,501,392.02 $10,133,843.30 $367,548.72
Principal Paid $10,501,392.02 $10,133,843.30 $367,548.72
Ending Balance $259,151,164.71 $250,080,756.85 $9,070,407.86
Note / Certificate Pool Factor 0.5174 0.5174
(Ending Balance / Original Pool Amount)
Total Distributions $11,837,430.57 $11,421,905.57 $415,525.00
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $71,532.67
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $14,292,293.23
(Release) / Draw ($686,857.08)
Ending Reserve Acct Balance $13,605,436.15
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of October 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-99 Jul-99 Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $315,427,555.68 $303,217,968.07 $292,641,114.30 $279,636,388.77 $269,652,556.73
A) Loss Trigger:
Principal of Contracts
Charged Off $624,948.81 $1,173,801.86 $488,305.19 $416,686.00 $922,868.12
Recoveries $666,796.29 $435,605.66 $1,238,162.09 $1,010,509.68 $536,724.81
Total Charged Off (Months 5, 4, 3) $2,287,055.86
Total Recoveries (Months 3, 2, 1) $2,785,396.58
Net Loss / (Recoveries) for 3 Mos ($498,340.72)(a)
Total Balance (Months 5, 4, 3) $911,286,638.05 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.65622%
Trigger: Is Ratio > 1.5% No
Aug-99 Sep-99 Oct-99
B) Delinquency Trigger: $2,585,697.88 $2,968,199.24 $1,768,830.56
Balance delinquency 60+ days 0.88357% 1.06145% 0.65597%
As % of Beginning Pool Balance 0.99842% 1.01187% 0.86700%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.71639%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of October 1999
Distribution Date of November 15, 1999
Servicer Certificate #6
<TABLE>
<S> <C>
Original Pool Amount $714,764,750.47
Subsequent Receivables (transferred 6/3/99) $0.00
Beginning Pool Balance $624,065,598.60
Beginning Pool Factor 0.8731063
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $17,416,883.76
Interest Collected $4,209,647.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $669,976.68
Total Additional Deposits $669,976.68
Repos / Chargeoffs $1,267,814.88
Aggregate Number of Notes Charged Off 84
Total Available Funds $22,296,508.42
Ending Pool Balance $605,380,899.96
Ending Pool Factor 0.8469652
Servicing Fee $520,054.67
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $31,747,776.91
Target Percentage 5.25%
Target Balance $31,782,497.25
Minimum Balance $14,295,295.01
(Release) / Deposit ($146,970.01)
Ending Balance $31,600,806.90
Current Weighted Average APR: 8.613%
Current Weighted Average Remaining Term (months): 44.98
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,511,352.50 2,277
31 - 60 days $515,417.89 390
60+ days $86,745.41 46
Total: $3,113,515.80 2,277
Balances: 60+ days $2,238,503.42 46
Memo Item - Reserve Account
Prior Month $31,528,570.84
+ Invest. Income $146,970.01
+ Excess Serv. $72,236.06
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $31,747,776.91
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of October 1999
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$714,764,750.47 $147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Original Pool Amount
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.0025% 5.5500% 5.9500% 6.1300% 6.2200%
Beginning Pool Balance $624,065,598.60
Ending Pool Balance $605,380,899.96
Collected Principal $17,416,883.76
Collected Interest $4,209,647.98
Charge - Offs $1,267,814.88
Liquidation Proceeds / Recoveries $669,976.68
Servicing $520,054.67
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $21,776,453.75
Beginning Balance $624,065,598.60 $56,300,848.13 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Interest Due $3,019,519.05 $242,527.63 $911,125.00 $991,666.67 $744,514.04 $129,685.71
Interest Paid $3,019,519.05 $242,527.63 $911,125.00 $991,666.67 $744,514.04 $129,685.71
Principal Due $18,684,698.64 $18,684,698.64 $0.00 $0.00 $0.00 $0.00
Principal Paid $18,684,698.64 $18,684,698.64 $0.00 $0.00 $0.00 $0.00
Ending Balance $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 0.2559 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $21,704,217.69 $18,927,226.27 $911,125.00 $991,666.67 $744,514.04 $129,685.71
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 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $72,236.06
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $31,747,776.91
(Release) / Draw ($146,970.01)
Ending Reserve Acct Balance $31,600,806.90
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of October 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jun-99 Jul-99 Aug-99 Sep-99 Oct-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $690,784,778.67 $673,818,001.04 $655,869,913.06 $639,469,177.30 $624,065,598.60
A) Loss Trigger:
Principal of Contracts
Charged Off $894,496.43 $1,018,503.85 $1,026,225.43 $1,857,217.81 $1,267,814.88
Recoveries $0.00 $107,215.28 $37,759.71 $748,190.99 $669,976.68
Total Charged Off (Months 5, 4, 3) $2,939,225.71
Total Recoveries (Months 3, 2, 1) $1,455,927.38
Net Loss / (Recoveries) for 3 Mos $1,483,298.33 (a)
Total Balance (Months 5, 4, 3) $2,020,472,692.77 (b)
Loss Ratio Annualized [(a/b) * (12)] $0.01
Trigger: Is Ratio > 1.5% No
Aug-99 Sep-99 Oct-99
B) Delinquency Trigger: $2,484,386.81 $3,114,050.81 $2,238,503.42
Balance delinquency 60+ days 0.37879% 0.48697% 0.35870%
As % of Beginning Pool Balance 0.35880% 0.42116% 0.40815%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.42115%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
