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, 1998
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 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
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 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 1994-B Owner Trust, Navistar Financial 1994-C Owner
Trust, 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 (the "Trusts") were formed
pursuant to nine separate Trust Agreements dated as of August 3, 1994; December
15, 1994; May 25, 1995; November 1, 1995; May 30, 1996; November 6, 1996; May 7,
1997; November 5, 1997 and June 4, 1998, 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. 33-50291, 33-55865 and 33-64249 and sold to the public in
reliance on Rule 415 under the Securities Act of 1933. The Seller retained
ownership of approximately 1% of the initial Certificate balance with the
formation of each Trust.
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, 1998, balances in the Trusts were as follows:
<TABLE>
<CAPTION>
Reserve
Principal Account
Dollar amounts in millions
- ---------------------------------------- ------------- ------------
<S> <C> <C>
Navistar Financial 1994-B Owner Trust $0.0 $0.0
Navistar Financial 1994-C Owner Trust $0.0 $0.0
Navistar Financial 1995-A Owner Trust $39.7 $8.9
Navistar Financial 1995-B Owner Trust $91.1 $11.0
Navistar Financial 1996-A Owner Trust $138.9 $9.7
Navistar Financial 1996-B Owner Trust $170.8 $9.7
Navistar Financial 1997-A Owner Trust $240.9 $12.6
Navistar Financial 1997-B Owner Trust $320.3 $16.8
Navistar Financial 1998-A Owner Trust $416.4 $21.9
</TABLE>
Note: Balances include the effect of the November 1998 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.)
On August 28, 1998, NFRRC filed a shelf registration with the Securities
and Exchange Commission which provides for the issuance of an additional $2,500
million of asset-backed securities. The aggregate shelf registration available
to NFRRC for issuance of asset-backed securities is $2,972 million.
During 1998, Navistar Financial 1994-B Owner Trust and Navistar Financial
1994-C Owner Trust were repurchased in March and June, 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 1994-B Owner Trust
13(b) - Navistar Financial 1994-C Owner Trust
13(c) - Navistar Financial 1995-A Owner Trust
13(d) - Navistar Financial 1995-B Owner Trust
13(e) - Navistar Financial 1996-A Owner Trust
13(f) - Navistar Financial 1996-B Owner Trust
13(g) - Navistar Financial 1997-A Owner Trust
13(h) - Navistar Financial 1997-B Owner Trust
13(i) - Navistar Financial 1998-A Owner Trust
13(j) - Report of Independent Certified Public Accountants
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1998:
(i) Form 8-K dated August 17, 1998
(ii) Form 8-K dated September 15, 1998
(iii) Form 8-K dated October 15, 1998
<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 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST,
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)
By: /s/ PHYLLIS E. COCHRAN January 28, 1999
Phyllis E. Cochran
Vice President and Controller
(Principal Accounting Officer)
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT INDEX
Sequential
Exhibit No. Exhibit Page No.
<S> <C> <C>
3 Articles of Incorporation and By-Laws 7
10 Material Contracts 8
13(a) Annual Summary
- Navistar Financial 1994-B Owner Trust 12
13(b) Annual Summary
- Navistar Financial 1994-C Owner Trust 15
13(c) Annual Summary
- Navistar Financial 1995-A Owner Trust 18
13(d) Annual Summary
- Navistar Financial 1995-B Owner Trust 21
13(e) Annual Summary
- Navistar Financial 1996-A Owner Trust 24
13(f) Annual Summary
- Navistar Financial 1996-B Owner Trust 28
13(g) Annual Summary
- Navistar Financial 1997-A Owner Trust 32
13(h) Annual Summary
- Navistar Financial 1997-B Owner Trust 35
13(i) Annual Summary
- Navistar Financial 1998-A Owner Trust 38
13(j) Report of Independent Certified Public Accountants 41
</TABLE>
<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 August 3, 1994 between Navistar Financial
Corporation and Navistar Financial Retail Receivables Corporation, as
Purchaser, with respect to Navistar Financial 1994-B Owner Trust. Filed
on Registration No. 33-50291.
10.2 Pooling and Servicing Agreement dated as of August 3, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial 1994-B
Owner Trust, as Issuer. Filed on Registration No. 33-50291.
10.3 Trust Agreement dated as of August 3, 1994 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 1994-B Owner Trust. Filed on
Registration No. 33-50291.
10.4 Indenture dated as of August 3, 1994 between Navistar Financial 1994-B
Owner Trust and The Bank of New York, as Indenture Trustee, with respect
to Navistar Financial 1994-B Owner Trust. Filed on Registration No.
33-50291.
Purchase Agreement dated as of December 15, 1994 between Navistar
Financial Corporation and Navistar Financial Retail Receivables
Corporation, as Purchaser, with respect to Navistar Financial 1994-C
Owner Trust. Filed on Registration No. 33-55865.
10.6 Pooling and Servicing Agreement dated as of December 15, 1994 among
Navistar Financial Corporation, as Servicer, and Navistar Financial
Retail Receivables Corporation, as Seller, and Navistar Financial 1994-C
Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.7 Trust Agreement dated as of December 15, 1994 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 1994-C Owner Trust. Filed on
Registration No. 33-55865.
10.8 Indenture dated as of December 15, 1994 between Navistar Financial
1994-C Owner Trust and The Bank of New York, as Indenture Trustee, with
respect to Navistar Financial 1994-C Owner Trust. Filed on Registration
No. 33-55865.
10.9 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.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.10 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.
10.11 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.
10.12 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.
10.13 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
10.14 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.
10.15 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.
10.16 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.
10.17 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.
10.18 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.
10.19 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.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.20 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.
10.21 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.
10.22 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.
10.23 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.
10.24 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.
10.25 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.
10.26 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.
10.27 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.
10.28 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.
10.29 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.
<PAGE>
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.30 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.
10.31 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.
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.
10.33 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.
10.34 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.
10.35 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.
10.36 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 13(a)
Page 1 of 3
ANNUAL SUMMARY
<TABLE>
<S> <C>
Navistar Financial 1994-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
Cut-off Date 07/01/94
Original Pool Amount at Cut-off date $215,029,773.64
Beginning Pool Balance as of 11/1/97 $27,489,579.50
Beginning Pool Factor as of 11/1/97 0.1278408
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $8,939,663.68
Interest Collected $685,219.73
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $19,200,000.00
Liquidation Proceeds/Recoveries $50,963.39
Total Additional Deposits $19,250,963.39
Repos/Chargeoffs $84,547.50
Aggregate Number of Notes Charged Off 100
Total Available Funds $28,578,050.59
Ending Pool Balance as of 10/31/98 $0.00
Ending Pool Factor as of 10/31/98 0.0000000
Servicing Fee $80,387.29
Repayment of Servicer Advances $297,796.21
Reserve Account:
Beginning Balance as of 11/1/97 $4,300,595.47
Investment Income Earned during the year $72,374.86
Target Percentage N/A
Target Balance as of 10/31/98 N/A
Minimum Balance (2% of Initial Balance) N/A
Transfer from/(to) Collections Account $905,319.89
(Release)/Deposit - Includes Investment Income ($5,278,290.22)
Ending Balance as of 10/31/98 $0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days00 $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 1994-B Owner Trust
For the Months November 1997 thru October 1998
Fiscal Year 1998
<TABLE>
<CAPTION>
TOTAL NOTES CERTIFICATES
<S> <C> <C> <C>
Original Pool Amount
Distributions: $215,029,773.64 $207,503,000.00 $7,526,773.64
Distribution Percentages 96.50% 3.50%
Coupon 6.400% 6.625%
Beginning Pool Balance $27,489,579.50
Ending Pool Balance $0.00
Collected Principal $27,841,867.47
Collected Interest $685,219.73
Charge-Offs $84,547.50
Liqus/Recoveries $50,963.39
Servicing $80,387.29
Cash Transfer from Reserve Account $2,754.17
Total Collections Available
for Debt Service $28,500,417.47
Beginning Balance as of 11/1/97 $27,085,854.60 $26,137,118.12 $948,736.48
Interest Due $506,488.81 $488,144.90 $18,343.91
Interest Paid $506,488.81 $488,144.90 $18,343.91
Principal Due $27,085,854.60 $26,137,118.12 $948,736.48
Principal Paid $27,085,854.60 $26,137,118.12 $948,736.48
Ending Balance as of 10/31/98 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.00000000 0.00000000
Total Distributions $27,592,343.41 $26,625,263.02 $967,080.39
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 $908,074.06
Beginning Reserve Account Balance $4,300,595.47
Investment Income Earned during the year $72,374.86
Transfer from/(to) collections Account $905,319.89
(Release)/Draw ($5,278,290.22)
Ending Reserve Account Balance $0.00
</TABLE>
<PAGE>
Exhibit 13(a)
Page 3 of 3
Navistar Financial 1994-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C>
November 1997 (.3483)%
December 1997 (.2137)%
January 1998 (.2549)%
February 1998 (.2237)%
</TABLE>
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:
<TABLE>
<S> <C> <C>
November 1997 2.07908%
December 1997 2.03459%
January 1998 1.86295%
February 1998 1.49007%
</TABLE>
<PAGE>
Exhibit 13(b)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1994-C Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<S> <C>
Cut-off Date 11/01/94
Original Pool Amount at Cut-off Date $315,029,921.60
Beginning Pool Balance as of 11/1/97 $56,533,530.58
Beginning Pool Factor as of 11/1/97 0.1794545
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $31,190,569.86
Interest Collected $2,726,184.95
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $27,500,000.00
Liquidation Proceeds/Recoveries $945,891.13
Total Additional Deposits $28,445,891.13
Repos/Chargeoffs $598,417.16
Aggregate Number of Notes Charged Off 291
Total Available Funds $60,356,112.84
Ending Pool Balance as of 10/31/98 $0.00
Ending Pool Factor as of 10/31/98 0.0000000
Servicing Fee $279,140.98
Repayment of Servicer Advances $2,006,533.10
Reserve Account:
Beginning Balance as of 11/1/97 $6,615,628.35
Investment Income Earned during the year $225,305.18
Target Percentage N/A
Target Balance as of 10/31/98 N/A
Minimum Balance (2% of Initial Balance) N/A
Transfer from/(to) Collections Account $1,633,763.06
(Release)/Deposit - Includes Investment Income ($8,474,696.59)
Ending Balance as of 10/31/98 $0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
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 1994-C Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<CAPTION>
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
<S> <C> <C> <C> <C>
Original Pool Amount Distributions: $315,029,921.60 $207,000,000.00 $97,000,000.00 $11,029,921.60
Distribution Percentages
Following A-1 Payoff 0.00% 96.50% 3.50%
Coupon 7.650% 8.000% 8.300%
Beginning Pool Balance $56,533,530.58
Ending Pool Balance $0.00
Collected Principal $56,684,036.76
Collected Interest $2,726,184.95
Charge-Offs $598,417.16
Liquidation Proceeds/Recoveries $945,891.13
Servicing $279,140.98
Cash Transfer from Reserve Account $306,711.94
Total Collections Available
for Debt Service $60,383,683.80
Beginning Balance as of 11/1/97 $56,220,507.41 $0.00 $52,573,209.29 $3,647,298.12
Interest Due $2,222,701.39 $0.00 $2,049,280.38 $173,421.01
Interest Paid $2,222,701.39 $0.00 $2,049,280.38 $173,421.01
Principal Due $56,220,507.41 $0.00 $52,573,209.29 $3,647,298.12
Principal Paid $56,220,507.41 $0.00 $52,573,209.29 $3,647,298.12
Ending Balance as of 10/31/98 $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 $58,443,208.80 $0.00 $54,622,489.67 $3,820,719.13
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 $1,940,475.00
Beginning Reserve Account Balance $6,615,628.35
Investment Income Earned during the year $225,305.18
Transfer from/(to) collections Account $1,633,763.06
(Release)/Draw Includes Investment Income ($8,474,696.59)
Ending Reserve Account Balance $0.00
</TABLE>
<PAGE>
Exhibit 13(b)
Page 3 of 3
Navistar Financial 1994-C Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 (1.3460)% May 1998 (1.2718)%
December 1997 .2460 % June 1998 (4.8711)%
January 1998 .6154 %
February 1998 .2420 %
March 1998 .6368 %
April 1998 (1.4398)%
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 1.93952% May 1998 .71640%
December 1997 1.42072% June 1998 .61950%
January 1998 1.51306%
February 1998 1.53147%
March 1998 1.20383%
April 1998 1.06931%
</TABLE>
<PAGE>
Exhibit 13(c)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-A Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<S> <C>
Cut-off Date 05/01/95
Original Pool Amount $424,879,281.80
Beginning Pool Balance as of 11/1/97 $110,699,693.64
Beginning Pool Factor as of 11/1/97 0.2605439
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $73,756,957.92
Interest Collected $7,629,219.26
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,707,746.54
Total Additional Deposits $2,707,746.54
Repos/Chargeoffs $938,031.21
Aggregate Number of Notes Charged Off 506
Total Available Funds $80,390,250.85
Ending Pool Balance as of 10/31/98 $39,708,377.38
Ending Pool Factor as of 10/31/98 0.0934580
Servicing Fee $728,920.40
Repayment of Servicer Advances $3,703,672.87
Reserve Account:
Beginning Balance as of 11/1/97 $8,922,464.92
Investment Income Earned during the year $463,190.24
Target Percentage 6.00%
Target Balance as of 10/31/98 $2,382,502.64
Minimum Balance (2% of Initial Balance) $8,922,464.92
Transfer from/(to) Collections Account $3,873,771.77
(Release)/Deposit - Includes Investment Income ($4,336,962.01)
Ending Balance as of 10/31/98 $8,922,464.92
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $573,170.90 350
31-60 days $118,696.95 92
60+ days $60,480.59 34
Total $752,348.44 361
Balances: 60+ days $616,116.56 34
</TABLE>
<PAGE>
Exhibit 13(c)
Page 2 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<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 $110,699,693.64
Ending Pool Balance $39,708,377.38
Collected Principal $70,053,285.05
Collected Interest $7,629,219.26
Charge-Offs $938,031.21
Liquidation Proceeds/Recoveries $2,707,746.54
Servicing $728,920.40
Cash Transfer from Reserve Account $132,752.06
Total Collections Available
for Debt Service $79,794,082.51
Beginning Balance as of 11/1/97 $110,699,693.64 $0.00 $102,105,229.35 $8,594,464.29
Interest Due $4,796,242.42 $0.00 $4,298,165.46 $498,076.96
Interest Paid $4,796,242.42 $0.00 $4,298,165.46 $498,076.96
Principal Due $70,991,316.26 $0.00 $68,506,620.19 $2,484,696.07
Principal Paid $70,991,316.26 $0.00 $68,506,620.19 $2,484,696.07
Ending Balance as of 10/31/98 $39,708,377.38 $0.00 $33,598,609.16 $6,109,768.22
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.1018000000 0.4106000000
Total Distributions $75,787,558.68 $0.00 $72,804,785.65 $2,982,773.03
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 $4,006,523.83
Beginning Reserve Account Balance $8,922,464.92
Investment Income Earned during the period $463,190.24
Transfer from/(to) collections Account $3,873,771.77
(Release)/Draw
- Includes Investment Income ($4,336,962.01)
Ending Reserve Account Balance $8,922,464.92
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(c)
Page 3 of 3
Navistar Financial 1995-A Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 (1.7891)% May 1998 (3.0426)%
December 1997 (1.4298)% June 1998 (5.4063)%
January 1998 (1.5174)% July 1998 (1.6275)%
February 1998 (1.5547)% August 1998 (1.1845)%
March 1998 .3210 % September 1998 (.7654)%
April 1998 (2.5880)% October 1998 (1.3557)%
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 1.34523% May 1998 .86061%
December 1997 1.26021% June 1998 .92508%
January 1998 1.09130% July 1998 .81298%
February 1998 1.00682% August 1998 .93380%
March 1998 .76808% September 1998 .95386%
April 1998 .81189% October 1998 1.21819%
</TABLE>
<PAGE>
Exhibit 13(d)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1995-B Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<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 11/1/97 $197,825,082.32
Beginning Pool Factor as of 11/1/97 0.3768445
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $108,480,717.18
Interest Collected $14,354,697.92
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,891,200.88
Total Additional Deposits $2,891,200.88
Repos/Chargeoffs $1,501,638.97
Aggregate Number of Notes Charged Off 884
Total Available Funds $122,423,150.93
Ending Pool Balance as of 10/31/98 $91,146,191.22
Ending Pool Factor as of 10/31/98 0.1736278
Servicing Fee $1,459,964.81
Repayment of Servicer Advances $3,303,465.05
Reserve Account:
Beginning Balance as of 11/1/97 $11,023,980.93
Investment Income Earned during the Year $564,502.85
Target Percentage 5.50%
Target Balance as if 10/31/98 $5,013,040.52
Minimum Balance (2% of Initial Balance) $11,023,980.93
Transfer from/(to) Collections Account $5,432,732.62
(Release)/Deposit -Includes Investment Income ($5,997,235.47)
Ending Balance as of 10/31/98 $11,023,980.93
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $1,291,975.77 641
31-60 days $255,876.26 156
60+ days $163,151.39 58
Total $1,681,003.42 654
Balances: 60+ days $1,212,524.77 58
</TABLE>
<PAGE>
Exhibit 13(d)
Page 2 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<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 $197,825,082.32
Ending Pool Balance $91,146,191.22
Collected Principal $105,177,252.13
Collected Interest $14,354,697.92
Charge-Offs $1,501,638.97
Liquidation Proceeds/Recoveries $2,891,200.88
Servicing $1,459,964.81
Total Collections Available
for Debt Service $120,963,186.12
Beginning Balance as of 11/1/97 $197,825,082.32 $0.00 $0.00 $184,966,758.40 $12,858,323.92
Interest Due $8,851,562.40 $0.00 $0.00 $8,164,605.51 $686,956.89
Interest Paid $8,851,562.40 $0.00 $0.00 $8,164,605.51 $686,956.89
Principal Due $106,678,891.10 $0.00 $0.00 $102,945,129.90 $3,733,761.20
Principal Paid $106,678,891.10 $0.00 $0.00 $102,945,129.90 $3,733,761.20
Ending Balance as of 10/31/98 $91,146,191.22 $0.00 $0.00 $82,021,628.50 $9,124,562.72
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.000000000 0.2885000000 0.4966000000
Total Distributions $115,530,453.50 $0.00 $0.00 $111,109,735.41 $4,420,718.09
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 $5,432,732.62
Beginning Reserve Account Balance $11,023,980.93
Investment Income Earned during the
year $564,502.85
Transfer from/(to) collections Account $5,432,732.62
(Release)/Draw
-Includes Investment Income ($5,997,235.47)
Ending Reserve Account Balance $11,023,980.93
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(d)
Page 3 of 3
Navistar Financial 1995-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 ( .4691)% May 1998 (1.2637)%
December 1997 ( .1479)% June 1998 ( .6156)%
January 1998 .0577 % July 1998 ( .9349)%
February 1998 ( .0451)% August 1998 ( .5587)%
March 1998 (1.1928)% September 1998 ( .6218)%
April 1998 ( .8449)% October 1998 ( .0819)%
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 .84479% May 1998 .91362%
December 1997 .63850% June 1998 .88142%
January 1998 .78204% July 1998 .84790%
February 1998 .80118% August 1998 .75655%
March 1998 .76661% September 1998 1.00114%
April 1998 .82846% October 1998 1.10653%
</TABLE>
<PAGE>
Exhibit 13(e)
Page 1 of 4
ANNUAL SUMMARY
Navistar Financial 1996-A Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<S> <C>
Cut-off Date 04/30/96
Original Pool Amount at Cut-off Date $459,943,869.53
Beginning Pool Balance as of 11/1/97 $254,984,770.87
Beginning Pool Factor as of 11/1/97 0.5543824
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $117,537,532.38
Interest Collected $18,603,103.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $4,471,826.83
Total Additional Deposits $4,471,826.83
Repos/Chargeoffs $3,274,733.25
Aggregate Number of Notes Charged Off 926
Total Available Funds $135,865,572.45
Ending Pool Balance as of 10/31/98 $138,919,395.95
Ending Pool Factor as of 10/31/98 0.3020355
Servicing Fee $1,991,096.30
Repayment of Servicer Advances $4,746,890.74
Reserve Account:
Beginning Balance as of 11/1/97 $12,749,238.54
Investment Income Earned during the Year $574,332.37
Target Percentage 5.00%
Target Balance as of 10/31/98 $6,945,969.80
Minimum Balance (2% of Initial Balance) $9,658,821.26
Transfer from/(to) Collections Account $5,146,384.50
(Release)/Deposit - Includes Investment Income ($8,811,134.15)
Ending Balance as of 10/31/98 $9,658,821.26
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $1,172,280.75 804
31-60 days $294,520.35 219
60+ days $130,372.33 63
Total $1,597,173.43 820
Balances: 60+ days $1,345,397.47 63
</TABLE>
<PAGE>
Exhibit 13(e)
Page 2 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<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 $254,984,770.87
Ending Pool Balance $138,919,395.95
Collected Principal $112,790,641.64
Collected Interest $18,603,103.98
Charge-Offs $3,274,733.25
Liquidation Proceeds/Recoveries $4,471,826.83
Servicing $1,991,096.30
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $133,874,476.15
Beginning Balance as of 11/1/97 $254,984,770.87 $0.00 $239,633,627.95 $15,351,142.92
Interest Due $12,662,716.73 $0.00 $11,828,327.22 $834,389.51
Interest Paid $12,662,716.73 $0.00 $11,828,327.22 $834,389.51
Principal Due $116,065,374.92 $0.00 $110,842,433.03 $5,222,941.89
Principal Paid $116,065,374.92 $0.00 $110,842,433.03 $5,222,941.89
Ending Balance as of 10/31/98 $138,919,395.95 $0.00 $128,791,194.92 $10,128,201.03
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.3709000000 0.4893000000
Total Distributions $128,728,091.65 $0.0 $122,670,760.25 $6,057,331.40
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 $5,146,384.50
Beginning Reserve Account Balance $12,749,238.54
Investment Income Earned during the period $574,332.37
Transfer from/(to) collections Account $5,146,384.50
(Release)/Draw
- Includes Investment Income ($8,811,134.15)
Ending Reserve Account Balance $9,658,821.26
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(e)
Page 3 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 (.5898)% May 1998 ( .8094)%
December 1997 (.5497)% June 1998 (1.1486)%
January 1998 .6394 % July 1998 ( .2503)%
February 1998 (.2312)% August 1998 .7286 %
March 1998 (.2021)% September 1998 .9417 %
April 1998 (.7522)% October 1998 ( .5428)%
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 1.45966% May 1998 .96162%
December 1997 1.28848% June 1998 .91188%
January 1998 1.34129% July 1998 .89068%
February 1998 1.06100% August 1998 1.01295%
March 1998 .92753% September 1998 1.26402%
April 1998 .89472% October 1998 1.28958%
</TABLE>
<PAGE>
Exhibit 13(e)
Page 4 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 (1.0919)% May 1998 (.5950)%
December 1997 (1.2274)% June 1998 (.3642)%
January 1998 ( .7642)% July 1998 (.6434)%
February 1998 ( .4455)% August 1998 (.5896)%
March 1998 ( .8320)% September 1998 (.4963)%
April 1998 ( .5484)% October 1998 (.6721)%
</TABLE>
<PAGE>
Exhibit 13(f)
Page 1 of 4
ANNUAL SUMMARY
Navistar Financial 1996-B Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<S> <C>
Cut-off Date 10/01/96
Original Pool Amount at Cut-off Date $486,507,362.75
Beginning Pool Balance as of 11/1/97 $317,634,491.42
Beginning Pool Factor as of 11/1/97 0.6528873
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $143,543,243.38
Interest Collected $24,211,522.53
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $9,818,440.39
Total Additional Deposits $9,818,440.39
Repos/Chargeoffs $8,409,469.48
Aggregate Number of Notes Charged Off 1,311
Total Available Funds $172,431,581.52
Ending Pool Balance as of 10/31/98 $170,823,403.34
Ending Pool Factor as of 10/31/98 0.3511219
Servicing Fee $2,453,455.02
Repayment of Servicer Advances $5,141,624.78
Reserve Account:
Beginning Balance as of 11/1/97 $9,730,147.26
Investment Income Earned during the Year $501,056.53
Target Percentage 2.50%
Target Balance as of 10/31/98 $4,270,585.08
Minimum Balance (2% of Initial Balance) $9,730,147.26
Transfer from/(to) Collections Account $7,542,958.24
(Release)/Deposit - Includes Investment Income ($8,044,014.77)
Ending Balance as of 10/31/98 $9,730,147.26
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $1,182,839.31 961
31-60 days $332,801.73 265
60+ days $194,792.29 83
Total $1,710,433.33 982
Balances: 60+ days $1,985,905.69 83
</TABLE>
<PAGE>
Exhibit 13(f)
Page 2 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<CAPTION>
---------------------NOTES--------------------- CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
Original Pool Amount
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 $317,634,491.41
Ending Pool Balance $170,823,403.34
Collected Principal $138,401,618.60
Collected Interest $24,211,522.53
Charge-Offs $8,409,469.48
Liquidation Proceeds/Recoveries $9,818,440.39
Servicing $2,453,455.02
Cash Transfer from Reserve Acct. $1,076,949.63
Total Collections Available
for Debt Service $171,055,076.13
Beginning Balance as of 11/1/97 $317,634,491.41 $0.00 $53,581,365.31 $236,500,000.00 $14,844,939.35 12,708,186.76
Interest Due $15,624,080.18 $0.00 $671,097.51 $13,367,325.04 $800,463.60 $785,194.03
Interest Paid $15,624,080.18 $0.00 $671,097.51 $13,367,325.04 $800,463.60 $785,194.03
Principal Due $146,811,088.08 $0.00 $53,581,365.31 $83,687,002.05 $5,138,388.08 $4,404,332.64
Principal Paid $146,811,088.08 $0.00 $53,581,365.31 $83,687,002.05 $5,138,388.08 $4,404,332.64
Ending Balance as of 10/31/98 $170,823,403.34 $0.00 $0.00 $152,812,997.95 $9,706,551.27 $8,303,854.12
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.0000000000 0.6461000000 0.5700000000 0.5696000000
Total Distributions $162,435,168.26 $0.00 $54,242,462.82 $97,054,327.09 $5,938,851.68 $5,189,526.67
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 $8,619,907.87
Beginning Reserve Account Balance $9,730,147.26
Investment Income Earned
during the Period $501,056.53
Transfer from/(to)
collections Account $7,542,958.24
(Release)/Draw
Included Investment Income $(8,044,014.77)
Ending Reserve Account Balance $9,730,147.26
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(f)
Page 3 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 (1.2550)% May 1998 (2.8306)%
December 1997 ( .7085)% June 1998 (2.0419)%
January 1998 1.0087 % July 1998 ( .2588)%
February 1998 2.1027 % August 1998 ( .3618)%
March 1998 1.2620 % September 1998 ( .7607)%
April 1998 ( .8893)% October 1998 .6113 %
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 1.19608% May 1998 1.11245%
December 1997 1.49362% June 1998 1.14213%
January 1998 1.59183% July 1998 1.17150%
February 1998 1.60505% August 1998 1.24045%
March 1998 1.15267% September 1998 1.39109%
April 1998 1.10866% October 1998 1.37107%
</TABLE>
<PAGE>
Exhibit 13(f)
Page 4 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 ( .7251)% May 1998 ( .1082)%
December 1997 .2215 % June 1998 (1.6067)%
January 1998 .6321 % July 1998 (2.4373)%
February 1998 .4081 % August 1998 (2.3228)%
March 1998 ( .1341)% September 1998 (2.1705)%
April 1998 ( .1238)% October 1998 (1.1819)%
</TABLE>
<PAGE>
Exhibit 13(g)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-A Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
<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 11/1/97 $403,038,476.23
Beginning Pool Factor as of 11/1/97 0.8263342
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $154,743,777.86
Interest Collected $33,158,735.38
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $9,660,386.94
Total Additional Deposits $9,660,386.94
Repos/Chargeoffs $9,441,964.41
Aggregate Number of Notes Charged Off 1,280
Total Available Funds $195,525,063.38
Ending Pool Balance as of 10/31/98 $240,890,570.76
Ending Pool Factor as of 10/31/98 0.4938886
Servicing Fee $3,276,608.52
Repayment of Servicer Advances $2,037,836.80
Reserve Account:
Beginning Balance as of 11/1/97 $21,159,520.00
Investment Income Earned during the Year $944,915.32
Target Percentage 5.25%
Target Balance as of 10/31/98 $12,646,754.96
Minimum Balance (2% of Initial Balance) $10,499,931.43
Transfer from/(to) Collections Account $8,485,085.36
(Release)/Deposit - Includes Investment Income ($17,942,765.72)
Ending Balance as of 10/31/98 $12,646,754.96
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $1,969,369.65 1,349
31-60 days $494,495.74 368
60+ days $206,668.31 95
Total $2,670,533.70 1,376
Balances: 60+ days $2,275,065.26 95
</TABLE>
<PAGE>
Exhibit 13(g)
Page 2 of 3
Navistar Financial 1997-A Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
<TABLE>
<CAPTION>
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
Original Pool Amount
Distributions: $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Distribution Percentages 0.0090% 100.00% 0.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance as of 11/1/97 $403,038,476.23
Ending Pool Balance as of 10/31/98 $240,890,570.76
Collected Principal $152,705,941.06
Collected Interest $33,158,735.38
Charge-Offs $9,441,964.41
Liquidation Proceeds/Recoveries $9,660,386.94
Servicing $3,276,608.52
Transfer from Negative Carry Account $0.00
Total Collections Available
for Debt Service $192,248,454.86
Beginning Balance as of 11/1/97 $403,038,476.23 $0.00 $209,538,476.23 $176,000,000.00 $17,500,000.00
Interest Due $21,615,464.03 $0.00 $8,519,213.99 $11,880,000.00 $1,216,250.04
Interest Paid $21,615,464.03 $0.00 $8,519,213.99 $11,880,000.00 $1,216,250.04
Principal Due $162,147,905.47 $0.00 $162,147,905.47 $0.00 $0.00
Principal Paid $162,147,905.47 $0.00 $162,147,905.47 $0.00 $0.00
Ending Balance as of 10/31/98 $240,890,570.76 $0.00 $47,390,570.76 $176,000,000.00 $17,500,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.2140000000 1.000000000 1.000000000
Total Distributions $183,763,369.50 $0.00 $170,667,119.46 $11,880,000.00 $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 $8,485,085.36
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $21,159,520.00
Investment Income Earned during the period $944,915.32
Transfer from/(to) collections Account $8,485,085.36
(Release)/Draw
Included Investment Income ($17,942,765.72)
Ending Reserve Account Balance $12,646,754.96
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(g)
Page 3 of 3
Navistar Financial 1997-A Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 .3191 % May 1998 .8751 %
December 1997 .3346 % June 1998 (.0534)%
January 1998 .4358 % July 1998 (.5297)%
February 1998 .3401 % August 1998 (.4749)%
March 1998 .5074 % September 1998 (.5276)%
April 1998 .6368 % October 1998 (.6603)%
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 .83122% May 1998 .98712%
December 1997 .81744% June 1998 1.05763%
January 1998 1.09815% July 1998 1.07292%
February 1998 1.23526% August 1998 1.16608%
March 1998 1.12759% September 1998 1.30340%
April 1998 1.03180% October 1998 1.24197%
</TABLE>
<PAGE>
Exhibit 13(h)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
<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 11/13/97 $500,000,000.00
Beginning Pool Factor as of 11/13/97 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $172,480,015.13
Interest Collected $43,746,423.50
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $6,603,014.59
Total Additional Deposits $6,603,014.59
Repos/Chargeoffs $8,789,325.75
Aggregate Number of Notes Charged Off 927
Total Available Funds $221,294,488.22
Ending Pool Balance as of 10/31/98 $320,265,624.12
Ending Pool Factor as of 10/31/98 0.6405384
Servicing Fee $4,453,308.93
Repayment of Servicer Advances $1,534,965.00
Reserve Account:
Beginning Balance as of 11/13/97 $26,249,705.46
Investment Income Earned during the Year $1,065,830.60
Target Percentage 5.25%
Target Balance as of 10/31/98 $16,813,945.27
Minimum Balance (2% of Initial Balance) $9,999,887.79
Transfer from/(to) Collections Account $10,737,956.78
(Release)/Deposit - Includes Investment Income ($21,239,547.57)
Ending Balance as of 10/31/98 $16,813,945.27
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $1,808,523.22 1,421
31-60 days $430,835.30 352
60+ days $172,346.24 97
Total $2,411,704.76 1,423
Balances: 60+ days $3,121,555.66 97
</TABLE>
<PAGE>
Exhibit 13(h)
Page 2 of 4
Navistar Financial 1997-B Owner Trust
For the Months of November 1997 to October 1998
Fiscal Year 1998
<TABLE>
<CAPTION>
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
Original Pool 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 $500,000,000.00
Ending Pool Balance $320,265,624.12
Collected Principal $170,945,050.13
Collected Interest $43,746,423.50
Charge-Offs $8,789,325.75
Liquidation Proceeds/Recoveries $6,603,014.59
Servicing $4,453,308.93
Cash Transfer (to) Reserve Acct. $0.00
Total Collections Available
for Debt Service $216,841,179.29
Beginning Balance as of 11/13/97 $500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Interest Due $26,363,236.20 $1,926,807.17 $5,228,522.48 $8,456,800.00 $9,732,450.00 $1,018,656.55
Interest Paid $26,363,236.20 $1,926,807.17 $5,228,522.48 $8,456,800.00 $9,732,450.00 $1,018,656.55
Principal Due $179,734,375.88 $107,000,000.00 $66,443,672.73 $0.00 $0.00 $6,290,703.15
Principal Paid $179,734,375.88 $107,000,000.00 $66,443,672.73 $0.00 $0.00 $6,290,703.15
Ending Balance as of 10/31/98 $320,265,624.12 $0.00 $27,556,327.27 $132,000,000.00 $149,500,000.00 $11,209,296.85
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.2932000000 1.0000000000 1.0000000000 0.6405000000
Total Distributions $206,097,612.08 $108,926,807.17 $71,672,195.21 $8,456,800.00 $9,732,450.00 $7,309,359.70
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 $10,743,567.21
Beginning Reserve Account Balance $26,249,705.46
Investment Income Earned
during the Period $1,065,830.60
Transfer from/(to)
collections Account $10,737,956.78
(Release)/Draw
Included Investment Income $(21,239,547.57)
Ending Reserve Account Balance $16,813,945.27
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(h)
Page 3 of 3
Navistar Financial 1997-B Owner Trust
For the Months of November 1997 thru October 1998
Fiscal Year 1998
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 N/A May 1998 .2023 %
December 1997 N/A June 1998 (.0400)%
January 1998 N/A July 1998 .2574 %
February 1998 .5893 % August 1998 .4425 %
March 1998 .5477 % September 1998 .0875 %
April 1998 (.3901)% October 1998 (.0226)%
</TABLE>
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:
<TABLE>
<S> <C> <C> <C> <C> <C>
November 1997 N/A May 1998 .74461%
December 1997 N/A June 1998 .75022%
January 1998 .38110% July 1998 .84949%
February 1998 .52806% August 1998 .83061%
March 1998 .62880% September 1998 .94725%
April 1998 .66488% October 1998 .93618%
</TABLE>
<PAGE>
Exhibit 13(i)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1998-A Owner Trust
For the Months of June 1998 thru October 1998
Fiscal Period 1998
<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 6/4/98 $500,864,370.04
Beginning Pool Factor as of 6/4/98 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $79,909,879.65
Interest Collected $21,993,015.02
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,036,889.69
Total Additional Deposits $2,036,889.69
Repos/Chargeoffs $4,804,505.31
Aggregate Number of Notes Charged Off 272
Total Available Funds $103,696,922.57
Ending Pool Balance as of 10/31/98 $416,392,846.87
Ending Pool Factor as of 10/31/98 0.8313485
Servicing Fee $2,334,397.73
Repayment of Servicer Advances $242,861.79
Reserve Account:
Beginning Balance as of 6/4/98 $17,530,252.95
Investment Income Earned during the Year $379,370.32
Target Percentage 5.25%
Target Balance as of 10/31/98 $21,860,624.46
Minimum Balance (2% of Initial Balance) $10,017,287.40
Transfer from/(to) Collections Account $4,583,296.52
(Release)/Deposit - Includes Investment Income ($632,295.33)
Ending Balance as of 10/31/98 $21,860,624.46
</TABLE>
<TABLE>
<CAPTION>
Delinquencies as of 10/31/98: Dollars Notes
Installments:
<S> <C> <C>
1-30 days $1,629,613.25 1,418
31-60 days $362,845.35 293
60+ days $117,624.63 75
Total $2,110,083.23 1,419
Balances: 60+ days $2,837,240.02 75
</TABLE>
<PAGE>
Exhibit 13(i)
Page 2 of 3
Navistar Financial 1998-A Owner Trust
For the Months of June 1998 thru October 1998
Fiscal Period 1998
<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 $500,864,370.04
Ending Pool Balance $416,392,846.87
Collected Principal $79,667,017.86
Collected Interest $21,993,015.02
Charge-Offs $4,804,505.31
Liquidation Proceeds/Recoveries $2,036,889.69
Servicing $2,334,397.73
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $101,362,524.84
Beginning Balance as of 6/4/98 $500,864,370.04 $483,334,000.00 $17,530,370.04
Interest Due $12,307,705.15 $11,865,745.72 $441,959.43
Interest Paid $12,307,705.15 $11,865,745.72 $441,959.43
Principal Due $84,471,523.17 $81,515,019.86 $2,956,503.31
Principal Paid $84,471,523.17 $81,515,019.86 $2,956,503.31
Ending Balance as of 10/31/98 $416,392,846.87 $401,818,980.14 $14,573,866.73
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.8313000000 0.8313000000
Total Distributions $96,779,228.32 $93,380,765.58 $3,398,462.74
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 $4,583,296.52
Beginning Reserve Account Balance $17,530,252.95
Investment Income Earned during the year $379,370.32
Transfer from/(to) collections Account $4,583,296.52
(Release)/Draw Includes Investment Income ($632,295.33)
Ending Reserve Account Balance $21,860,624.46
Note: Ending principal balance includes the effect of the November distribution.
</TABLE>
<PAGE>
Exhibit 13(i)
Page 3 of 3
Navistar Financial 1998-A Owner Trust
For the Months of June 1998 thru October 1998
Fiscal Period 1998
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:
<TABLE>
<S> <C> <C>
May 1998 N/A
June 1998 N/A
July 1998 N/A
August 1998 N/A
September 1998 .4933%
October 1998 .5149%
</TABLE>
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:
<TABLE>
<S> <C> <C>
May 1998 N/A
June 1998 N/A
July 1998 .28088%
August 1998 .40105%
September 1998 .60196%
October 1998 .69264%
</TABLE>
<PAGE>
Exhibit 13(j)
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors
Navistar Financial Corporation
Rolling Meadows, Illinois
We have examined management's assertion about Navistar Financial Corporation's
("NFC") compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP") as of and for the year ended October 31, 1998 included
in the accompanying management assertion. Management is responsible for NFC's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about NFC's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about NFC's compliance with the applicable
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on NFC's compliance with the minimum servicing standards.
In our opinion, management's assertion that NFC complied with the aforementioned
minimum servicing standards as of and for the year ended October 31, 1998 is
fairly stated, in all material respects.
/s/ ELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
Chicago, Illinois
December 14, 1998
MANAGEMENT'S ASSERTION
As of and for the period ended October 31, 1998, Navistar Financial Corporation
has complied in all material respects with the applicable minimum servicing
standards set forth in the Mortgage Banker's Association of America's Uniform
Single Attestation Program for Mortgage Bankers.
/S/ P.E. Cochran
P.E. Cochran
Vice President and Controller
(Principal Accounting Officer)
December 14, 1998
<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-31-1998
<PERIOD-END> OCT-31-1998
<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-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
