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) February 16, 1999
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 AND
NAVISTAR FINANCIAL 1998-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 February 16 and 22, 1999, Registrant made available the Monthly
Servicer Certificates for the Period of December 1998 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 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 AND
NAVISTAR FINANCIAL 1998-A OWNER TRUST
(Registrant)
Date: March 11, 1999 By:/s/ P. E. COCHRAN
- ------------------------ --------------------------
P. E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1995-A Owner Trust
20.1 Monthly Servicer Certificate, dated February 22, 1999
Navistar Financial 1995-B Owner Trust
20.2 Monthly Servicer Certificate, dated February 16, 1999
Navistar Financial 1996-A Owner Trust
20.3 Monthly Servicer Certificate, dated February 16, 1999
Navistar Financial 1996-B Owner Trust
20.4 Monthly Servicer Certificate, dated February 22, 1999
Navistar Financial 1997-A Owner Trust
20.5 Monthly Servicer Certificate, dated February 16, 1999
Navistar Financial 1997-B Owner Trust
20.6 Monthly Servicer Certificate, dated February 16, 1999
Navistar Financial 1998-A Owner Trust
20.7 Monthly Servicer Certificate, dated February 16, 1999
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of January 1999
Distribution Date of February 22, 1999
Servicer Certificate #45
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $32,116,120.88
Beginning Pool Factor 0.0755888
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,476,065.29
Interest Collected $264,322.87
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $31,100,000.00
Liquidation Proceeds / Recoveries $1,500.00
Total Additional Deposits $31,101,500.00
Repos / Chargeoffs $7,717.66
Aggregate Number of Notes Charged Off 29
Total Available Funds $34,841,888.16
Ending Pool Balance $28,632,337.93
Ending Pool Factor 0.0673893
Servicing Fee $26,763.43
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,480,763.44
Target Percentage 6.00%
Target Balance N/A
Minimum Balance N/A
(Release) / Deposit ($11,480,763.44)
Ending Balance $0.00
Current Weighted Average APR: 10.295%
Current Weighted Average Remaining Term (months): 11.93
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,235,721.02 401
31 - 60 days $122,302.02 93
60+ days $52,214.59 31
Total: $1,410,237.63 416
Balances: 60+ days $449,288.22 31
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $36,056.18
+ Excess Serv. $2,522,242.34
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,480,763.44
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of January 1999
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$424,879,281.80 $80,000,000.00 $330,000,000.00 $14,879,281.80
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 3.50%
Coupon 5.900% 6.550% 6.850%
Beginning Pool Balance $32,116,120.88
Ending Pool Balance $28,632,337.93
Collected Principal $34,576,065.29
Collected Interest $264,322.87
Charge - Offs $7,717.66
Liquidation Proceeds / Recoveries $1,500.00
Servicing $26,763.43
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $34,815,124.73
Beginning Balance $32,116,120.88 $0.00 $26,272,081.64 $5,844,039.24
Interest Due $176,761.50 $0.00 $143,401.78 $33,359.72
Interest Paid $176,761.50 $0.00 $143,401.78 $33,359.72
Principal Due $32,116,120.88 $0.00 $26,272,081.64 %5,844,039.24
Principal Paid $32,116,120.88 $0.00 $26,272,081.64 $5,844,039.24
Ending Balance ($0.00) $0.00 $0.00 $0.00
Note / Certificate Pool Factor 0.0000 0.0000 0.0000
(Ending Balance / Original Pool Amount)
Total Distributions $32,292,882.38 $0.00 $26,415,483.42 $5,877,398.96
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 $2,522,242.34
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,480,763.44
(Release) / Draw ($11,480,763.44)
Ending Reserve Acct Balance $0.00
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of January 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $48,298,120.37 $44,316,400.83 $39,708,377.38 $36,373,189.47 $32,116,120.88
A) Loss Trigger:
Principal of Contracts Charged Off $64,426.55 $64,317.23 $0.00 $0.00 $7,717.66
Recoveries $114,848.58 $90,319.88 $15,742.17 $14,097.79 $1,500.00
Total Charged Off (Months 5, 4, 3) $128,743.78
Total Recoveries (Months 3, 2, 1) $31,339.96
Net Loss / (Recoveries) for 3 Mos $97,403.82 (a)
Total Balance (Months 5, 4, 3) $132,322,898.58 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.8833%
Trigger: Is Ratio > 1.5% No
Nov-98 Dec-98 Jan-99
B) Delinquency Trigger: $524,429.97 $415,756.07 $449,288.22
Balance delinquency 60+ days 1.32070% 1.14303% 1.39895%
As % of Beginning Pool Balance 1.23127% 1.28467% 1.28756%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 0.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% N/A
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of January 1999
Distribution Date of February 16, 1999
Servicer Certificate #40
<TABLE>
<S> <C>
Original Pool Amount Initial Receivables $454,499,683.43
Subsequent Receivables (transferred 11/10/95) $70,451,789.39
Beginning Pool Balance $78,776,227.46
Beginning Pool Factor 0.1500638
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,547,484.85
Interest Collected $614,296.41
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $95,465.41
Total Additional Deposits $95,465.41
Repos / Chargeoffs $3,166.41
Aggregate Number of Notes Charged Off 67
Total Available Funds $7,257,246.67
Ending Pool Balance $72,225,576.20
Ending Pool Factor 0.1375852
Servicing Fee $65,646.86
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,308,100.58
Target Percentage 5.50%
Target Balance $3,972,406.69
Minimum Balance $11,023,980.93
(Release) / Deposit ($284,119.65)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.702%
Current Weighted Average Remaining Term (months): 16.65
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,077,163.56 680
31 - 60 days $354,527.35 222
60+ days $105,395.41 53
Total: $1,537,086.32 707
Balances: 60+ days $981,806.51 53
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $41,565.89
+ Excess Serv. $242,553.76
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,308,100.58
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of January 1999
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CERTIFICATES
<S> <C> <C> <C> <C> <C>
$525,000,000.00 $122,300,000.00 $100,000,000.00 $284,325,000.00 $18,375,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 96.50% 3.50%
Coupon 5.750% 5.940% 6.050% 6.220%
Beginning Pool Balance $78,776,227.46
Ending Pool Balance $72,225,576.20
Collected Principal $6,547,484.85
Collected Interest $614,296.41
Charge - Offs $3,166.41
Liquidation Proceeds / Recoveries $95,465.41
Servicing $65,646.86
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $7,191,599.81
Beginning Balance $78,776,227.46 $0.00 $0.00 $70,084,613.48 $8,691,613.98
Interest Due $398,394.79 $0.00 $0.00 $353,343.26 $45,051.53
Interest Paid $398,394.79 $0.00 $0.00 $353,343.26 $45,051.53
Principal Due $6,550,651.26 $0.00 $0.00 $6,321,378.47 $229,272.79
Principal Paid $6,550,651.26 $0.00 $0.00 $6,321,378.47 $229,272.79
Ending Balance $72,225,576.20 $0.00 $0.00 $63,763,235.01 $8,462,341.19
Note / Certificate Pool Factor 0.0000 0.0000 0.2243 0.4605
(Ending Balance / Original Pool Amount)
Total Distributions $6,949,046.05 $0.00 $0.00 $6,674,721.73 $274,324.32
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 $242,553.76
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,308,100.58
(Release) / Draw ($284,119.65)
Ending Reserve Acct Balance $11,023,980.93
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of January 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $105,809,154.42 $98,177,121.95 $91,146,191.22 $85,074,812.76 $78,776,227.46
A) Loss Trigger:
Principal of Contracts Charged Off $41,554.42 $57,127.09 $22,705.25 $36,767.64 $3,166.41
Recoveries $125,145.16 $33,287.88 $94,952.19 $47,943.66 $95,465.41
Total Charged Off (Months 5, 4, 3) $121,386.76
Total Recoveries (Months 3, 2, 1) $238,361.26
Net Loss / (Recoveries) for 3 Mos ($116,974.50)(a)
Total Balance (Months 5, 4, 3) $295,132,467.59(b)
Loss Ratio Annualized [(a/b) * (12)] -0.4756%
Trigger: Is Ratio > 1.5% No
Nov-98 Dec-98 Jan-99
B) Delinquency Trigger: $1,388,860.14 $547,121.84 $981,806.51
Balance delinquency 60+ days 1.52377% 0.64311% 1.24632%
As % of Beginning Pool Balance 1.37147% 1.13397% 1.13773%
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 20.3
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of January 1999
Distribution Date of February 16, 1999
Servicer Certificate #33
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $122,443,437.79
Beginning Pool Factor 0.2662139
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,752,186.16
Interest Collected $934,067.46
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $105,498.66
Total Additional Deposits $105,498.66
Repos / Chargeoffs $101,589.06
Aggregate Number of Notes Charged Off 64
Total Available Funds $7,791,752.28
Ending Pool Balance $115,589,662.57
Ending Pool Factor 0.2513125
Servicing Fee $102,036.20
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,892,357.14
Target Percentage 5.00%
Target Balance $5,779,483.13
Minimum Balance $9,658,821.26
(Release) / Deposit ($233,535.88)
Ending Balance $9,658,821.26
Current Weighted Average APR: 9.253%
Current Weighted Average Remaining Term (months): 22.51
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,156,035.74 842
31 - 60 days $384,568.45 274
60+ days $193,612.67 96
Total: $1,734,216.86 876
Balances: 60+ days $2,855,133.19 96
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $46,698.22
+ Excess Serv. $186,837.66
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,892,357.14
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of January 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 $122,443,437.79
Ending Pool Balance $115,589,662.57
Collected Principal $6,752,186.16
Collected Interest $934,067.46
Charge - Offs $101,589.06
Liquidation Proceeds / Recoveries $105,498.66
Servicing $102,036.20
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $7,689,716.08
Beginning Balance $122,443,437.79 $0.00 $113,056,654.87 $9,386,782.92
Interest Due $649,103.20 $0.00 $598,258.13 $50,845.07
Interest Paid $649,103.20 $0.00 $598,258.13 $50,845.07
Principal Due $6,853,775.22 $0.00 $6,545,355.34 $308,419.88
Principal Paid $6,853,775.22 $0.00 $6,545,355.34 $308,419.88
Ending Balance $115,589,662.57 $0.00 $106,511,299.53 $9,078,363.04
Note / Certificate Pool Factor 0.0000 0.3067 0.4386
(Ending Balance / Original Pool Amount)
Total Distributions $7,502,878.42 $0.00 $7,143,613.47 $359,264.95
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 $186,837.66
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,892,357.14
(Release) / Draw ($233,535.88)
Ending Reserve Acct Balance $9,658,821.26
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of January 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
Aug-98 Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $165,506,037.27 $156,645,290.26 $148,008,327.60 $138,919,395.95 $130,955,860.52 $122,443,437.79
A) Loss Trigger:
Principal of Contracts
Charged Off $155,755.20 $163,166.49 $5,444.97 $141,209.95 $128,166.30 $101,589.06
Recoveries $167,414.42 $312,391.83 $602,074.14 $64,762.04 $87,642.38 $105,498.66
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $309,821.41 Total Charged off (Months 1 - 6) $695,331.97
Total Recoveries (Months 3, 2, 1) $257,903.08 Total Recoveries (Months 1 - 6) $1,339,783.47
Net Loss/(Recoveries) for 3 Mos $51,918.33 (a) Net Loss/(Recoveries) for 6 Mos. ($644,451.50)(c)
Total Balance (Months 5, 4, 3) $443,573,013.81 (b) Total Balance (Months 1 - 6) $862,478,349.39(d)
Loss Ratio Annualized [(a/b) * (12)] 0.1405% Loss Ratio Annualized [(c/d) (12)] -0.8967%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,675,483.04 $1,580,884.32 $2,855,133.19
Balance delinquency 60+ days 1.20608% 1.20719% 2.33180%
As % of Beginning Pool Balance 1.23921% 1.10742% 1.58169%
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 1996 - B Owner Trust
For the Month of January 1999
Distribution Date of February 22, 1999
Servicer Certificate #28
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $151,886,233.62
Beginning Pool Factor 0.3121972
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,956,736.80
Interest Collected $1,250,298.56
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $209,822.28
Total Additional Deposits $209,822.28
Repos / Chargeoffs $107,497.16
Aggregate Number of Notes Charged Off 79
Total Available Funds $9,416,857.64
Ending Pool Balance $143,821,999.66
Ending Pool Factor 0.2956214
Servicing Fee $126,571.86
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,201,293.71
Target Percentage 2.50%
Target Balance $3,595,549.99
Minimum Balance $9,730,147.26
(Release) / Deposit ($471,146.45)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.831%
Current Weighted Average Remaining Term (months): 25.40
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,368,545.26 1,147
31 - 60 days $389,530.34 341
60+ days $153,350.21 103
Total: $1,911,425.81 1,166
Balances: 60+ days $2,518,530.90 103
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $54,795.74
+ Excess Serv. $416,350.71
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,201,293.71
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of January 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 $151,886,233.62
Ending Pool Balance $143,821,999.66
Collected Principal $7,956,736.80
Collected Interest $1,250,298.56
Charge - Offs $107,497.16
Liquidation Proceeds/Recoveries $209,822.28
Servicing $126,571.86
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,290,285.78
Beginning Balance $151,886,233.63 $0.00 $0.00 $135,106,744.26 $9,043,750.33 $7,735,739.03
Interest Due $809,701.11 $0.00 $0.00 $712,688.08 $48,986.98 $48,026.05
Interest Paid $809,701.11 $0.00 $0.00 $712,688.08 $48,986.98 $48,026.05
Principal Due $8,064,233.96 $0.00 $0.00 $7,540,058.75 $282,248.19 $241,927.02
Principal Paid $8,064,233.96 $0.00 $0.00 $7,540,058.75 $282,248.19 $241,927.02
Ending Balance $143,821,999.66 $0.00 $0.00 $127,566,685.51 $8,761,502.14 $7,493,812.01
Note / Certificate Pool Factor 0.0000 0.0000 0.5394 0.5145 0.5140
(Ending Balance / Original Pool Amount)
Total Distributions $8,873,935.07 $0.00 $0.00 $8,252,746.83 $331,235.17 $289,953.07
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 $416,350.71
(See Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,201,293.71
(Release) / Draw ($471,146.45)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of January 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
Aug-98 Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $203,072,269.50 $193,913,492.49 $182,373,160.00 $170,823,403.34 $162,309,561.84 $151,886,233.62
A) Loss Trigger:
Principal of Contracts
Charged Off $737,488.15 $168,833.38 ($28,273.17) $215,780.40 $315,828.47 $107,497.16
Recoveries $627,933.71 $592,855.90 $296,774.69 $297,069.82 $93,295.92 $209,822.28
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $356,340.61 Total Charged off (Months 1 - 6) $1,517,154.39
Total Recoveries (Months 3, 2, 1) $600,188.02 Total Recoveries (Months 1 - 6) $2,117,752.32
Net Loss / (Recoveries) for 3 Mos ($243,847.41)(a) Net Loss/(Recoveries) for 6 Mos. ($600,597.93)(c)
Total Balance (Months 5, 4, 3) $547,110,055.83(b) Total Balance (Months 1 - 6) $1,064,378,120.79(d)
Loss Ratio Annualized [(a/b) * (12)] -0.5348% Loss Ratio Annualized [(c/d) (12)] -0.67713%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,686,964.97 $1,893,471.25 $2,518,530.90
Balance delinquency 60+ days 1.57295% 1.16658% 1.65817%
As % of Beginning Pool Balance 1.41464% 1.27615% 1.46590%
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 20.5
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of January 1999
Distribution Date of February 16, 1999
Servicer Certificate #22
<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 $217,928,630.54
Beginning Pool Factor 0.4468106
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,541,974.47
Interest Collected $1,792,023.16
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $619,965.12
Total Additional Deposits $619,965.12
Repos / Chargeoffs $766,089.07
Aggregate Number of Notes Charged Off 124
Total Available Funds $11,953,962.75
Ending Pool Balance $207,620,567.00
Ending Pool Factor 0.4256764
Servicing Fee $181,607.19
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,749,178.24
Target Percentage 5.25%
Target Balance $10,900,079.77
Minimum Balance $10,499,931.43
(Release) / Deposit ($849,098.47)
Ending Balance $10,900,079.77
Current Weighted Average APR: 10.018%
Current Weighted Average Remaining Term (months): 31.17
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,933,967.07 1,329
31 - 60 days $674,067.27 486
60+ days $227,531.77 126
Total: $2,835,566.11 1,454
Balances: 60+ days $2,623,141.48 126
Memo Item - Reserve Account
Prior Month $11,441,253.10
+ Invest. Income $64,255.46
+ Excess Serv. $243,669.68
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,749,178.24
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of January 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% 100.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $217,928,630.54
Ending Pool Balance $207,620,567.00
Collected Principal $9,541,974.47
Collected Interest $1,792,023.16
Charge - Offs $766,089.07
Liquidation Proceeds / Recoveries $619,965.12
Servicing $181,607.19
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $11,772,355.56
Beginning Balance $217,928,630.54 $0.00 $24,428,630.54 $176,000,000.00 $17,500,000.00
Interest Due $1,220,622.34 $0.00 $129,268.17 $990,000.00 $101,354.17
Interest Paid $1,220,622.34 $0.00 $129,268.17 $990,000.00 $101,354.17
Principal Due $10,308,063.54 $0.00 $10,308,063.54 $0.00 $0.00
Principal Paid $10,308,063.54 $0.00 $10,308,063.54 $0.00 $0.00
Ending Balance $207,620,567.00 $0.00 $14,120,567.00 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0637 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $11,528,685.88 $0.00 $10,437,331.71 $990,000.00 $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 $243,669.68
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,749,178.24
(Release) / Draw ($849,098.47)
Ending Reserve Acct Balance $10,900,079.77
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of January 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $266,877,870.48 $254,755,489.66 $240,890,570.76 $230,016,203.77 $217,928,630.54
A) Loss Trigger:
Principal of Contracts
Charged Off $591,540.28 $460,785.95 $590,222.43 $488,784.67 $766,089.07
Recoveries $905,389.47 $1,240,533.25 $382,660.21 $176,389.85 $619,965.12
Total Charged Off (Months 5, 4, 3) $1,642,548.66
Total Recoveries (Months 3, 2, 1) $1,179,015.18
Net Loss / (Recoveries) for 3 Mos $463,533.48 (a)
Total Balance (Months 5, 4, 3) $762,523,930.90 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.7295%
Trigger: Is Ratio > 1.5% No
Nov-98 Dec-98 Jan-99
B) Delinquency Trigger: $2,938,228.13 $3,106,967.70 $2,623,141.48
Balance delinquency 60+ days 1.21974% 1.35076% 1.20367%
As % of Beginning Pool Balance 1.20659% 1.15451% 1.25806%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.2348%
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 1997 - B Owner Trust
For the Month of January 1999
Distribution Date of February 16, 1999
Servicer Certificate #16
<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 $295,700,809.42
Beginning Pool Factor 0.5914083
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $11,072,299.93
Interest Collected $2,392,379.83
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $562,558.89
Total Additional Deposits $562,558.89
Repos / Chargeoffs $427,173.09
Aggregate Number of Notes Charged Off 136
Total Available Funds $14,027,238.65
Ending Pool Balance $284,201,336.40
Ending Pool Factor 0.5684091
Servicing Fee $246,417.34
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $16,353,911.98
Target Percentage 5.25%
Target Balance $14,920,570.16
Minimum Balance $9,999,887.79
(Release) / Deposit ($1,433,341.82)
Ending Balance $14,920,570.16
Current Weighted Average APR: 9.844%
Current Weighted Average Remaining Term (months): 37.10
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,082,734.34 1,626
31 - 60 days $634,845.00 491
60+ days $166,928.05 102
Total: $2,884,507.39 1,677
Balances: 60+ days $3,090,762.65 102
Memo Item - Reserve Account
Prior Month $15,524,292.49
+ Invest. Income $89,870.76
+ Excess Serv. $739,748.73
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $16,353,911.98
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of January 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% 33.49% 63.01% 0.00% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $295,700,809.42
Ending Pool Balance $284,201,336.40
Collected Principal $11,072,299.93
Collected Interest $2,392,379.83
Charge - Offs $427,173.09
Liquidation Proceeds/Recoveries $562,558.89
Servicing $246,417.34
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,780,821.31
Beginning Balance $295,700,809.42 $0.00 $3,851,281.09 $132,000,000.00 $149,500,000.00 $10,349,528.33
Interest Due $1,541,599.56 $0.00 $20,389.54 $682,000.00 $784,875.00 $54,335.02
Interest Paid $1,541,599.56 $0.00 $20,389.54 $682,000.00 $784,875.00 $54,335.02
Principal Due $11,499,473.02 $0.00 $3,851,281.09 $7,245,710.37 $0.00 $402,481.56
Principal Paid $11,499,473.02 $0.00 $3,851,281.09 $7,245,710.37 $0.00 $402,481.56
Ending Balance $284,201,336.40 $0.00 $0.00 $124,754,289.63 $149,500,000.00 $9,947,046.77
Note / Certificate Pool Factor 0.0000 0.0000 0.9451 1.0000 0.5684
(Ending Balance / Original Pool Amount)
Total Distributions $13,041,072.58 $0.00 $3,871,670.63 $7,927,710.37 $784,875.00 $456,816.58
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 $739,748.73
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $16,353,911.98
(Release) / Draw ($1,433,341.82)
Ending Reserve Acct Balance $14,920,570.16
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $354,559,225.94 $335,527,907.90 $320,265,624.12 $308,652,044.75 $295,700,809.42
A) Loss Trigger:
Principal of Contracts
Charged Off $613,498.37 $526,039.91 $618,452.66 $754,822.81 $427,173.09
Recoveries $1,062,542.11 $569,873.83 $427,883.59 $261,548.54 $562,558.89
Total Charged Off (Months 5, 4, 3) $1,757,990.94
Total Recoveries (Months 3, 2, 1) $1,251,991.02
Net Loss / (Recoveries) for 3 Mos $505,999.92(a)
Total Balance (Months 5, 4, 3) $1,010,352,757.96(b)
Loss Ratio Annualized [(a/b) * (12)] 0.60098%
Trigger: Is Ratio > 1.5% No
Nov-98 Dec-98 Jan-99
B) Delinquency Trigger: $2,851,210.80 $2,602,492.58 $3,090,762.65
Balance delinquency 60+ days 0.89026% 0.84318% 1.04523%
As % of Beginning Pool Balance 0.96384% 0.88793% 0.92623%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.98415%
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 20.7
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of January, 1999
Distribution Date of February 16, 1999
Servicer Certificate #9
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $392,783,974.90
Beginning Pool Factor 0.784212251
Principal and Interest Collections:
Principal Collected $12,041,666.20
Interest Collected $3,099,967.63
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $530,279.31
Total Additional Deposits $530,279.31
Repos / Chargeoffs $492,708.04
Aggregate Number of Notes Charged Off 111
Total Available Funds $15,671,913.14
Ending Pool Balance $380,249,600.66
Ending Pool Factor 0.7591868
Servicing Fee $327,319.98
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $21,601,748.97
Target Percentage 5.25%
Target Balance $19,963,104.03
Minimum Balance $10,017,287.40
(Release) / Deposit ($1,638,644.94)
Ending Balance $19,963,104.03
Current Weighted Average APR: 9.470%
Current Weighted Average Remaining Term (months): 42.81
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,215,096.20 1,931
31 - 60 days $565,464.61 478
60+ days $203,195.57 107
Total: $2,983,756.38 1,942
Balances: 60+ days $4,235,335.14 107
Memo Item - Reserve Account
Prior Month $20,621,158.68
+ Invest. Income $116,485.05
+ Excess Serv. $864,105.24
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $21,601,748.97
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of January 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 $392,783,974.90
Ending Pool Balance $380,249,600.66
Collected Principal $12,041,666.20
Collected Interest $3,099,967.63
Charge - Offs $492,708.04
Liquidation Proceeds / Recoveries $530,279.31
Servicing $327,319.98
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $15,344,593.16
Beginning Balance $392,783,974.90 $379,036,418.69 $13,747,556.21
Interest Due $1,946,113.68 $1,876,230.27 $69,883.41
Interest Paid $1,946,113.68 $1,876,230.27 $69,883.41
Principal Due $12,534,374.24 $12,095,671.14 $438,703.10
Principal Paid $12,534,374.24 $12,095,671.14 $438,703.10
Ending Balance $380,249,600.66 $366,940,747.55 $13,308,853.11
Note / Certificate Pool Factor 0.7592 0.7592
(Ending Balance / Original Pool Amount)
Total Distributions $14,480,487.92 $13,971,901.41 $508,586.51
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 $864,105.24
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $21,601,748.97
(Release) / Draw ($1,638,644.94)
Ending Reserve Acct Balance $19,963,104.03
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of January 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Sep-98 Oct-98 Nov-98 Dec-98 Jan-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $446,829,125.54 $432,013,776.99 $416,392,846.87 $405,277,347.39 $392,783,974.90
A) Loss Trigger:
Principal of Contracts
Charged Off $644,924.62 $1,056,920.96 $363,730.65 $812,876.15 $492,708.04
Recoveries $528,631.29 $638,135.36 $730,241.38 $344,118.82 $530,279.31
Total Charged Off (Months 5, 4, 3) $2,065,576.23
Total Recoveries (Months 3, 2, 1) $1,604,639.51
Net Loss / (Recoveries) for 3 Mos $460,936.72(a)
Total Balance (Months 5, 4, 3) $1,295,235,749.40(b)
Loss Ratio Annualized [(a/b) * (12)] 0.42705%
Trigger: Is Ratio > 1.5% No
Nov-98 Dec-98 Jan-99
B) Delinquency Trigger: $3,658,197.81 $3,424,912.24 $4,235,335.14
Balance delinquency 60+ days 0.87854% 0.84508% 1.07829%
As % of Beginning Pool Balance 0.78510% 0.79346% 0.93397%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.98573%
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
