<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of August 2000
Distribution Date of September 15, 2000
Servicer Certificate #28
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $175,221,766.25
Beginning Pool Factor 0.3498388
Principal and Interest Collections:
Principal Collected $9,022,186.39
Interest Collected $1,307,665.69
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $452,817.34
Total Additional Deposits $452,817.34
Repos / Chargeoffs $1,013,438.89
Aggregate Number of Notes Charged Off 149
Total Available Funds $10,629,851.80
Ending Pool Balance $165,338,958.59
Ending Pool Factor 0.3301072
Servicing Fee $146,018.14
Repayment of Servicer Advances $152,817.62
Reserve Account:
Beginning Balance (see Memo Item) $10,071,843.83
Target Percentage 5.25%
Target Balance $8,680,295.33
Minimum Balance $10,017,287.40
(Release) / Deposit ($54,556.43)
Ending Balance $10,017,287.40
Current Weighted Average APR: 9.109%
Current Weighted Average Remaining Term (months): 27.16
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,341,233.18 1,270
31 - 60 days $402,047.78 339
60+ days $197,322.96 99
Total: $1,940,603.92 1,291
Balances: 60+ days $2,381,366.91 99
Memo Item - Reserve Account
Prior Month $10,285,984.72
+ Invest. Income $52,998.57
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($267,139.46)
Beginning Balance $10,071,843.83
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of August 2000
<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 $175,221,766.25
Ending Pool Balance $165,338,958.59
Collected Principal $8,869,368.77
Collected Interest $1,307,665.69
Charge - Offs $1,013,438.89
Liquidation Proceeds / Recoveries $452,817.34
Servicing $146,018.14
Cash Transfer from Reserve Account $267,139.46
Total Collections Avail for Debt Service $10,750,973.12
Beginning Balance $175,221,766.25 $169,088,887.34 $6,132,878.91
Interest Due $868,165.46 $836,989.99 $31,175.47
Interest Paid $868,165.46 $836,989.99 $31,175.47
Principal Due $9,882,807.66 $9,536,909.39 $345,898.27
Principal Paid $9,882,807.66 $9,536,909.39 $345,898.27
Ending Balance $165,338,958.59 $159,551,977.95 $5,786,980.64
Note / Certificate Pool Factor 0.3301 0.3301
(Ending Balance / Original Pool Amount)
Total Distributions $10,750,973.12 $10,373,899.38 $377,073.74
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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,071,843.83
(Release) / Draw ($54,556.43)
Ending Reserve Acct Balance $10,017,287.40
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of August 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-00 May-00 Jun-00 Jul-00 Aug-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $209,867,658.70 $201,070,093.91 $191,640,559.16 $182,685,275.88 $175,221,766.25
A Loss Trigger:
Principal of Contracts
Charged Off $209,289.64 $424,119.16 $591,292.42 $471,941.02 $1,013,438.89
Recoveries $439,983.34 $327,472.56 $341,777.17 $434,375.75 $452,817.34
Total Charged Off (Months 5, 4, 3) $1,224,701.22
Total Recoveries (Months 3, 2, 1) $1,228,970.26
Net Loss / (Recoveries) for 3 Mos ($4,269.04)(a)
Total Balance (Months 5, 4, 3) $602,578,311.77 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.00850%
Trigger: Is Ratio > 1.5% No
Jun-00 Jul-00 Aug-00
B) Delinquency Trigger: $3,368,419.01 $4,078,432.87 $2,381,366.91
Balance delinquency 60+ days 1.75768% 2.23249% 1.35906%
As % of Beginning Pool Balance 1.91806% 1.97529% 1.78308%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.00000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
