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) December 15, 1998
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 December 15 and 21, 1998, Registrant made available the Monthly
Servicer Certificates for the Period of November 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: January 14, 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 December 21, 1998
Navistar Financial 1995-B Owner Trust
20.2 Monthly Servicer Certificate, dated December 15, 1998
Navistar Financial 1996-A Owner Trust
20.3 Monthly Servicer Certificate, dated December 15, 1998
Navistar Financial 1996-B Owner Trust
20.4 Monthly Servicer Certificate, dated December 21, 1998
Navistar Financial 1997-A Owner Trust
20.5 Monthly Servicer Certificate, dated December 15, 1998
Navistar Financial 1997-B Owner Trust
20.6 Monthly Servicer Certificate, dated December 15, 1998
Navistar Financial 1998-A Owner Trust
20.7 Monthly Servicer Certificate, dated December 15, 1998
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of November 1998
Distribution Date of December 21, 1998
Servicer Certificate #43
<TABLE>
<S> <C>
Original Pool Amount $424,879,281.80
Beginning Pool Balance $39,708,377.38
Beginning Pool Factor 0.0934580
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $3,335,187.91
Interest Collected $355,608.68
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $15,742.17
Total Additional Deposits $15,742.17
Repos / Chargeoffs $0.00
Aggregate Number of Notes Charged Off 30
Total Available Funds $3,706,538.76
Ending Pool Balance $36,373,189.47
Ending Pool Factor 0.0856083
Servicing Fee $33,090.31
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,076,239.66
Target Percentage 6.00%
Target Balance $2,182,391.37
Minimum Balance $8,922,464.92
(Release) / Deposit ($153,774.74)
Ending Balance $8,922,464.92
Current Weighted Average APR: 10.348%
Current Weighted Average Remaining Term (months): 13.92
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $644,906.05 437
31 - 60 days $197,516.43 99
60+ days $55,615.02 33
Total: $898,037.50 451
Balances: 60+ days $524,429.97 33
Memo Item - Reserve Account
Prior Month $8,922,464.92
+ Invest. Income $33,783.20
+ Excess Serv. $119,991.54
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,076,239.66
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of November 1998
<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 $39,708,377.38
Ending Pool Balance $36,373,189.47
Collected Principal $3,335,187.91
Collected Interest $355,608.68
Charge - Offs $0.00
Liquidation Proceeds / Recoveries $15,742.17
Servicing $33,090.31
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $3,673,448.45
Beginning Balance $39,708,377.38 $0.00 $33,598,609.16 $6,109,768.22
Interest Due $218,269.00 $0.00 $183,392.41 $34,876.59
Interest Paid $218,269.00 $0.00 $183,392.41 $34,876.59
Principal Due $3,335,187.91 $0.00 $3,218,456.33 $116,731.58
Principal Paid $3,335,187.91 $0.00 $3,218,456.33 $116,731.58
Ending Balance $36,373,189.47 $0.00 $30,380,152.83 $5,993,036.64
Note / Certificate Pool Factor 0.0000 0.0921 0.4028
(Ending Balance / Original Pool Amount)
Total Distributions $3,553,456.91 $0.00 $3,401,848.74 $151,608.17
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 $119,991.54
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,076,239.66
(Release) / Draw ($153,774.74)
Ending Reserve Acct Balance $8,922,464.92
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1995 - A Owner Trust
For the Month of November 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $56,826,065.47 $52,334,256.96 $48,298,120.37 $44,316,400.83 $39,708,377.38
A) Loss Trigger:
Principal of Contracts Charged Off $49,392.39 $17,175.65 $64,426.55 $64,317.23 $0.00
Recoveries $75,478.05 $113,251.22 $114,848.58 $90,319.88 $15,742.17
Total Charged Off (Months 5, 4, 3) $130,994.59
Total Recoveries (Months 3, 2, 1) $220,910.63
Net Loss / (Recoveries) for 3 Mos ($89,916.04)(a)
Total Balance (Months 5, 4, 3) $157,458,442.80 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.6853%
Trigger: Is Ratio > 1.5% No
Sep-98 Oct-98 Nov-98
B) Delinquency Trigger: $474,686.84 $616,116.56 $524,429.97
Balance delinquency 60+ days 0.98283% 1.39027% 1.32070%
As % of Beginning Pool Balance 0.95386% 1.21819% 1.23127%
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 20.2
Page 1 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of November 1998
Distribution Date of December 15, 1998
Servicer Certificate #38
<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 $91,146,191.22
Beginning Pool Factor 0.1736278
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,048,673.21
Interest Collected $709,566.58
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $94,952.19
Total Additional Deposits $94,952.19
Repos / Chargeoffs $22,705.25
Aggregate Number of Notes Charged Off 72
Total Available Funds $6,853,191.98
Ending Pool Balance $85,074,812.76
Ending Pool Factor 0.1620622
Servicing Fee $75,955.16
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,313,435.16
Target Percentage 5.50%
Target Balance $4,679,114.70
Minimum Balance $11,023,980.93
(Release) / Deposit ($289,454.23)
Ending Balance $11,023,980.93
Current Weighted Average APR: 9.742%
Current Weighted Average Remaining Term (months): 18.37
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,226,369.48 750
31 - 60 days $574,045.63 197
60+ days $133,338.05 63
Total: $1,933,753.16 776
Balances: 60+ days $1,388,860.14 63
Memo Item - Reserve Account
Prior Month $11,023,980.93
+ Invest. Income $44,417.23
+ Excess Serv. $245,037.00
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,313,435.16
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1995 - B Owner Trust
For the Month of November 1998
<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 $91,146,191.22
Ending Pool Balance $85,074,812.76
Collected Principal $6,048,673.21
Collected Interest $709,566.58
Charge - Offs $22,705.25
Liquidation Proceeds / Recoveries $94,952.19
Servicing $75,955.16
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $6,777,236.82
Beginning Balance $91,146,191.22 $0.00 $0.00 $82,021,628.50 $9,124,562.72
Interest Due $460,821.36 $0.00 $0.00 $413,525.71 $47,295.65
Interest Paid $460,821.36 $0.00 $0.00 $413,525.71 $47,295.65
Principal Due $6,071,378.46 $0.00 $0.00 $5,858,880.21 $212,498.25
Principal Paid $6,071,378.46 $0.00 $0.00 $5,858,880.21 $212,498.25
Ending Balance $85,074,812.76 $0.00 $0.00 $76,162,748.29 $8,912,064.47
Note / Certificate Pool Factor 0.0000 0.0000 0.2679 0.4850
(Ending Balance / Original Pool Amount)
Total Distributions $6,532,199.82 $0.00 $0.00 $6,272,405.92 $259,793.90
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 $245,037.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,313,435.16
(Release) / Draw ($289,454.23)
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 November 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $120,655,534.13 $112,885,760.51 $105,809,154.42 $98,177,121.95 $91,146,191.22
A) Loss Trigger:
Principal of Contracts
Charged Off $67,007.09 $118,414.21 $41,554.42 $57,127.09 $22,705.25
Recoveries $197,832.59 $178,202.18 $125,145.16 $33,287.88 $94,952.19
Total Charged Off (Months 5, 4, 3) $226,975.72
Total Recoveries (Months 3, 2, 1) $253,385.23
Net Loss / (Recoveries) for 3 Mos ($26,409.51)(a)
Total Balance (Months 5, 4, 3) $339,350,449.06(b)
Loss Ratio Annualized [(a/b) * (12)] -0.0934%
Trigger: Is Ratio > 1.5% No
Sep-98 Oct-98 Nov-98
B) Delinquency Trigger: $1,434,353.53 $1,212,524.77 $1,388,860.14
Balance delinquency 60+ days 1.35560% 1.23504% 1.52377%
As % of Beginning Pool Balance 1.00114% 1.10653% 1.37147%
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 November 1998
Distribution Date of December 15, 1998
Servicer Certificate #31
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $138,919,395.95
Beginning Pool Factor 0.3020355
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,822,325.48
Interest Collected $1,046,394.15
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $64,762.04
Total Additional Deposits $64,762.04
Repos / Chargeoffs $141,209.95
Aggregate Number of Notes Charged Off 54
Total Available Funds $8,933,481.67
Ending Pool Balance $130,955,860.52
Ending Pool Factor 0.2847214
Servicing Fee $115,766.16
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,817,755.06
Target Percentage 5.00%
Target Balance $6,547,793.03
Minimum Balance $9,658,821.26
(Release) / Deposit ($158,933.80)
Ending Balance $9,658,821.26
Current Weighted Average APR: 9.307%
Current Weighted Average Remaining Term (months): 24.20
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,414,945.18 990
31 - 60 days $420,937.18 275
60+ days $146,797.90 70
Total: $1,982,680.26 1,011
Balances: 60+ days $1,675,483.04 70
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $41,134.88
+ Excess Serv. $117,798.92
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,817,755.06
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of November 1998
<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 $138,919,395.95
Ending Pool Balance $130,955,860.52
Collected Principal $7,822,325.48
Collected Interest $1,046,394.15
Charge - Offs $141,209.95
Liquidation Proceeds / Recoveries $64,762.04
Servicing $115,766.16
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,817,715.51
Beginning Balance $138,919,395.95 $0.00 $128,791,194.92 $10,128,201.03
Interest Due $736,381.16 $0.00 $681,520.07 $54,861.09
Interest Paid $736,381.16 $0.00 $681,520.07 $54,861.09
Principal Due $7,963,535.43 $0.00 $7,605,176.34 $358,359.09
Principal Paid $7,963,535.43 $0.00 $7,605,176.34 $358,359.09
Ending Balance $130,955,860.52 $0.00 $121,186,018.58 $9,769,841.94
Note / Certificate Pool Factor 0.0000 0.3490 0.4720
(Ending Balance / Original Pool Amount)
Total Distributions $8,699,916.59 $0.00 $8,286,696.41 $413,220.18
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 $117,798.92
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,817,755.06
(Release) / Draw ($158,933.80)
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 November 1998
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
Jun-98 Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $183,840,293.25 $174,108,661.77 $165,506,037.27 $156,645,290.26 $148,008,327.60 $138,919,395.95
A) Loss Trigger:
Principal of Contracts
Charged Off $502,205.30 $187,160.28 $155,755.20 $163,166.49 $5,444.97 $141,209.95
Recoveries $340,779.26 $245,162.77 $167,414.42 $312,391.83 $602,074.14 $64,762.04
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $506,081.97 Total Charged off (Months 1 - 6) $1,154,942.19
Total Recoveries (Months 3, 2, 1) $979,228.01 Total Recoveries (Months 1 - 6) $1,732,584.46
Net Loss / (Recoveries) for 3 Mos ($473,146.04)(a) Net Loss/(Recoveries) for 6 Mos. ($577,642.27)(c)
Total Balance (Months 5, 4, 3) $496,259,989.30 (b) Total Balance (Months 1 - 6) $967,028,006.10(d)
Loss Ratio Annualized [(a/b) * (12)] -1.1441% Loss Ratio Annualized [(c/d) (12)] -0.7168%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $2,510,295.50 $1,345,397.47 $1,675,483.04
Balance delinquency 60+ days 1.60253% 0.90900% 1.20608%
As % of Beginning Pool Balance 1.26402% 1.28958% 1.23921%
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 November 1998
Distribution Date of December 21, 1998
Servicer Certificate #26
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $170,823,403.34
Beginning Pool Factor 0.3511219
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,298,061.10
Interest Collected $1,323,755.61
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $297,069.82
Total Additional Deposits $297,069.82
Repos / Chargeoffs $215,780.40
Aggregate Number of Notes Charged Off 78
Total Available Funds $9,918,886.53
Ending Pool Balance $162,309,561.84
Ending Pool Factor 0.3336220
Servicing Fee $142,352.84
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,128,246.62
Target Percentage 2.50%
Target Balance $4,057,739.05
Minimum Balance $9,730,147.26
(Release) / Deposit ($398,099.36)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.878%
Current Weighted Average Remaining Term (months): 27.20
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,409,561.38 1,168
31 - 60 days $404,312.10 314
60+ days $218,796.81 98
Total: $2,032,670.29 1,184
Balances: 60+ days $2,686,964.97 98
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $45,625.97
+ Excess Serv. $352,473.39
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,128,246.62
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of November 1998
<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 $170,823,403.34
Ending Pool Balance $162,309,561.84
Collected Principal $8,298,061.10
Collected Interest $1,323,755.61
Charge - Offs $215,780.40
Liquidation Proceeds/Recoveries $297,069.82
Servicing $142,352.84
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,776,533.69
Beginning Balance $170,823,403.34 $0.00 $0.00 $152,812,997.95 $9,706,551.27 $8,303,854.12
Interest Due $910,218.80 $0.00 $0.00 $806,088.56 $52,577.15 $51,553.09
Interest Paid $910,218.80 $0.00 $0.00 $806,088.56 $52,577.15 $51,553.09
Principal Due $8,513,841.50 $0.00 $0.00 $7,960,441.80 $297,984.45 $255,415.24
Principal Paid $8,513,841.50 $0.00 $0.00 $7,960,441.80 $297,984.45 $255,415.24
Ending Balance $162,309,561.84 $0.00 $0.00 $144,852,556.15 $9,408,566.82 $8,048,438.88
Note / Certificate Pool Factor 0.0000 0.0000 0.6125 0.5525 0.5520
(Ending Balance / Original Pool Amount)
Total Distributions $9,424,060.30 $0.00 $0.00 $8,766,530.36 $350,561.60 $306,968.33
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 $352,473.39
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,128,246.62
(Release) / Draw ($398,099.36)
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 November 1998
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
Jun-98 Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $226,051,917.20 $213,854,882.24 $203,072,269.50 $193,913,492.49 $182,373,160.00 $170,823,403.34
A) Loss Trigger:
Principal of Contracts
Charged Off $600,037.39 $507,563.18 $737,488.15 $168,833.38 ($28,273.17) $215,780.40
Recoveries $795,132.73 $854,323.15 $627,933.71 $592,855.90 $296,774.69 $297,069.82
</TABLE>
<TABLE>
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $1,413,884.71 Total Charged off (Months 1 - 6) $2,201,429.33
Total Recoveries (Months 3, 2, 1) $1,186,700.41 Total Recoveries (Months 1 - 6) $3,464,090.00
Net Loss / (Recoveries) for 3 Mos $227,184.30(a) Net Loss/(Recoveries) for 6 Mos. ($1,262,660.67)(c)
Total Balance (Months 5, 4, 3) $610,840,644.23(b) Total Balance (Months 1 - 6) $1,190,089,124.77(d)
Loss Ratio Annualized [(a/b) * (12)] 0.4463% Loss Ratio Annualized [(c/d) (12)] -1.27318%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
</TABLE>
<TABLE>
<CAPTION>
Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $3,067,788.15 $1,985,905.69 $2,686,964.97
Balance delinquency 60+ days 1.58204% 1.08892% 1.57295%
As % of Beginning Pool Balance 1.39109% 1.37107% 1.41464%
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 November 1998
Distribution Date of December 15, 1998
Servicer Certificate #20
<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 $240,890,570.76
Beginning Pool Factor 0.4938886
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,284,144.56
Interest Collected $1,949,422.69
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $382,660.21
Total Additional Deposits $382,660.21
Repos / Chargeoffs $590,222.43
Aggregate Number of Notes Charged Off 105
Total Available Funds $12,616,227.46
Ending Pool Balance $230,016,203.77
Ending Pool Factor 0.4715933
Servicing Fee $200,742.14
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $12,902,462.36
Target Percentage 5.25%
Target Balance $12,075,850.70
Minimum Balance $10,499,931.43
(Release) / Deposit ($826,611.66)
Ending Balance $12,075,850.70
Current Weighted Average APR: 10.066%
Current Weighted Average Remaining Term (months): 32.94
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,313,883.45 1,593
31 - 60 days $622,489.83 419
60+ days $233,098.33 125
Total: $3,169,471.61 1,624
Balances: 60+ days $2,938,228.13 125
Memo Item - Reserve Account
Prior Month $12,646,754.96
+ Invest. Income $56,718.34
+ Excess Serv. $198,989.06
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $12,902,462.36
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of November 1998
<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 $240,890,570.76
Ending Pool Balance $230,016,203.77
Collected Principal $10,284,144.56
Collected Interest $1,949,422.69
Charge - Offs $590,222.43
Liquidation Proceeds / Recoveries $382,660.21
Servicing $200,742.14
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $12,415,485.32
Beginning Balance $240,890,570.76 $0.00 $47,390,570.76 $176,000,000.00 $17,500,000.00
Interest Due $1,342,129.27 $0.00 $250,775.10 $990,000.00 $101,354.17
Interest Paid $1,342,129.27 $0.00 $250,775.10 $990,000.00 $101,354.17
Principal Due $10,874,366.99 $0.00 $10,874,366.99 $0.00 $0.00
Principal Paid $10,874,366.99 $0.00 $10,874,366.99 $0.00 $0.00
Ending Balance $230,016,203.77 $0.00 $36,516,203.77 $176,000,000.00 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.1649 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $12,216,496.26 $0.00 $11,125,142.09 $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 $198,989.06
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $12,902,462.36
(Release) / Draw ($826,611.66)
Ending Reserve Acct Balance $12,075,850.70
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of November 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $292,787,563.78 $278,655,438.98 $266,877,870.48 $254,755,489.66 $240,890,570.76
A) Loss Trigger:
Principal of Contracts
Charged Off $443,388.53 $991,940.48 $591,540.28 $460,785.95 $590,222.43
Recoveries $747,914.14 $726,522.20 $905,389.47 $1,240,533.25 $382,660.21
Total Charged Off (Months 5, 4, 3) $2,026,869.29
Total Recoveries (Months 3, 2, 1) $2,528,582.93
Net Loss / (Recoveries) for 3 Mos ($501,713.64)(a)
Total Balance (Months 5, 4, 3) $838,320,873.24 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.7182%
Trigger: Is Ratio > 1.5% No
</TABLE>
<TABLE>
<CAPTION>
Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $4,021,875.48 $2,275,065.26 $2,938,228.13
Balance delinquency 60+ days 1.50701% 0.89304% 1.21974%
As % of Beginning Pool Balance 1.30340% 1.24197% 1.20659%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.4759%
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 November 1998
Distribution Date of December 15, 1998
Servicer Certificate #14
<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 $320,265,624.12
Beginning Pool Factor 0.6405384
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $10,995,126.71
Interest Collected $2,613,433.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $427,883.59
Total Additional Deposits $427,883.59
Repos / Chargeoffs $618,452.66
Aggregate Number of Notes Charged Off 119
Total Available Funds $14,036,443.36
Ending Pool Balance $308,652,044.75
Ending Pool Factor 0.6173110
Servicing Fee $266,888.02
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $17,387,082.78
Target Percentage 5.25%
Target Balance $16,204,232.35
Minimum Balance $9,999,887.79
(Release) / Deposit ($1,182,850.43)
Ending Balance $16,204,232.35
Current Weighted Average APR: 9.890%
Current Weighted Average Remaining Term (months): 38.86
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,302,818.70 1,698
31 - 60 days $517,064.30 420
60+ days $185,141.42 97
Total: $3,005,024.42 1,705
Balances: 60+ days $2,851,210.80 97
Memo Item - Reserve Account
Prior Month $16,813,945.27
+ Invest. Income $75,097.55
+ Excess Serv. $498,039.96
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $17,387,082.78
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of November 1998
<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% 96.50% 0.00% 0.00% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $320,265,624.12
Ending Pool Balance $308,652,044.75
Collected Principal $10,995,126.71
Collected Interest $2,613,433.06
Charge - Offs $618,452.66
Liquidation Proceeds/Recoveries $427,883.59
Servicing $266,888.02
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $13,769,555.34
Beginning Balance $320,265,624.12 $0.00 $27,556,327.27 $132,000,000.00 $149,500,000.00 $11,209,296.85
Interest Due $1,657,936.01 $0.00 $132,212.20 $682,000.00 $784,875.00 $58,848.81
Interest Paid $1,657,936.01 $0.00 $132,212.20 $682,000.00 $784,875.00 $58,848.81
Principal Due $11,613,579.37 $0.00 $11,207,104.09 $0.00 $0.00 $406,475.28
Principal Paid $11,613,579.37 $0.00 $11,207,104.09 $0.00 $0.00 $406,475.28
Ending Balance $308,652,044.75 $0.00 $16,349,223.18 $132,000,000.00 $149,500,000.00 $10,802,821.57
Note / Certificate Pool Factor 0.0000 0.1739 1.0000 1.0000 0.6173
(Ending Balance / Original Pool Amount)
Total Distributions $13,271,515.38 $0.00 $11,339,316.29 $682,000.00 $784,875.00 $465,324.09
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 $498,039.96
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $17,387,082.78
(Release) / Draw ($1,182,850.43)
Ending Reserve Acct Balance $16,204,232.35
</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
Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $376,910,588.41 $364,215,847.31 $354,559,225.94 $335,527,907.90 $320,265,624.12
A) Loss Trigger:
Principal of Contracts
Charged Off $802,364.56 $533,508.96 $613,498.37 $526,039.91 $618,452.66
Recoveries $472,338.50 $497,069.54 $1,062,542.11 $569,873.83 $427,883.59
Total Charged Off (Months 5, 4, 3) $1,949,371.89
Total Recoveries (Months 3, 2, 1) $2,060,299.53
Net Loss / (Recoveries) for 3 Mos ($110,927.64)(a)
Total Balance (Months 5, 4, 3) $1,095,685,661.66(b)
Loss Ratio Annualized [(a/b) * (12)] -0.12149%
Trigger: Is Ratio > 1.5% No
Sep-98 Oct-98 Nov-98
B) Delinquency Trigger: $3,797,046.20 $3,121,555.66 $2,851,210.80
Balance delinquency 60+ days 1.07092% 0.93034% 0.89026%
As % of Beginning Pool Balance 0.94725% 0.93618% 0.96384%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.24088%
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 November 1998
Distribution Date of December 15, 1998
Servicer Certificate #7
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $416,392,846.87
Beginning Pool Factor 0.831348508
Principal and Interest Collections:
Principal Collected $10,751,768.83
Interest Collected $3,226,784.08
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $730,241.38
Total Additional Deposits $730,241.38
Repos / Chargeoffs $363,730.65
Aggregate Number of Notes Charged Off 80
Total Available Funds $14,708,794.29
Ending Pool Balance $405,277,347.39
Ending Pool Factor 0.8091559
Servicing Fee $346,994.04
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $23,141,216.90
Target Percentage 5.25%
Target Balance $21,277,060.74
Minimum Balance $10,017,287.40
(Release) / Deposit ($1,864,156.16)
Ending Balance $21,277,060.74
Current Weighted Average APR: 9.512%
Current Weighted Average Remaining Term (months): 44.51
</TABLE>
<TABLE>
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,224,054.21 1,950
31 - 60 days $505,265.02 440
60+ days $157,319.40 99
Total: $2,886,638.63 1,951
Balances: 60+ days $3,658,197.81 99
Memo Item - Reserve Account
Prior Month $21,860,624.46
+ Invest. Income $97,379.44
+ Excess Serv. $1,183,213.00
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $23,141,216.90
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of November 1998
<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 $416,392,846.87
Ending Pool Balance $405,277,347.39
Collected Principal $10,751,768.83
Collected Interest $3,226,784.08
Charge - Offs $363,730.65
Liquidation Proceeds / Recoveries $730,241.38
Servicing $346,994.04
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $14,361,800.25
Beginning Balance $416,392,846.87 $401,818,980.14 $14,573,866.73
Interest Due $2,063,087.77 $1,989,003.95 $74,083.82
Interest Paid $2,063,087.77 $1,989,003.95 $74,083.82
Principal Due $11,115,499.48 $10,726,457.00 $389,042.48
Principal Paid $11,115,499.48 $10,726,457.00 $389,042.48
Ending Balance $405,277,347.39 $391,092,523.14 $14,184,824.25
Note / Certificate Pool Factor 0.8092 0.8092
(Ending Balance / Original Pool Amount)
Total Distributions $13,178,587.25 $12,715,460.95 $463,126.30
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 $1,183,213.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $23,141,216.90
(Release) / Draw ($1,864,156.16)
Ending Reserve Acct Balance $21,277,060.74
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of November 1998
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jul-98 Aug-98 Sep-98 Oct-98 Nov-98
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $474,476,092.82 $459,034,334.29 $446,829,125.54 $432,013,776.99 $416,392,846.87
A) Loss Trigger:
Principal of Contracts
Charged Off $836,278.20 $1,103,290.85 $644,924.62 $1,056,920.96 $363,730.65
Recoveries $47,843.20 $821,318.94 $528,631.29 $638,135.36 $730,241.38
Total Charged Off (Months 5, 4, 3) $2,584,493.67
Total Recoveries (Months 3, 2, 1) $1,897,008.03
Net Loss / (Recoveries) for 3 Mos $687,485.64(a)
Total Balance (Months 5, 4, 3) $1,380,339,552.65(b)
Loss Ratio Annualized [(a/b) * (12)] 0.59767%
Trigger: Is Ratio > 1.5% No
Sep-98 Oct-98 Nov-98
B) Delinquency Trigger: $3,664,072.32 $2,837,240.02 $3,658,197.81
Balance delinquency 60+ days 0.82002% 0.65675% 0.87854%
As % of Beginning Pool Balance 0.60196% 0.69264% 0.78510%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.24807%
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
