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) April 15, 2000
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST,
NAVISTAR FINANCIAL 1999-A OWNER TRUST AND
NAVISTAR FINANCIAL 2000-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 April 15 and 20, 2000, Registrant made available the Monthly
Servicer Certificates for the Period of March 2000 for the specified
Owner Trusts, which are attached as Exhibit 20 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST,
NAVISTAR FINANCIAL 1999-A OWNER TRUST AND
NAVISTAR FINANCIAL 2000-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Date: May 3, 1999 By:/s/ R. D. MARKLE
- ---------------------------- --------------------------
R. D. MARKLE
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1996-A Owner Trust
20.1 Monthly Servicer Certificate, dated April 17, 2000
Navistar Financial 1996-B Owner Trust
20.2 Monthly Servicer Certificate, dated April 20, 2000
Navistar Financial 1997-A Owner Trust
20.3 Monthly Servicer Certificate, dated April 17, 2000
Navistar Financial 1997-B Owner Trust
20.4 Monthly Servicer Certificate, dated April 17, 2000
Navistar Financial 1998-A Owner Trust
20.5 Monthly Servicer Certificate, dated April 17, 2000
Navistar Financial 1999-A Owner Trust
20.6 Monthly Servicer Certificate, dated April 17, 2000
Navistar Financial 2000-A Owner Trust
20.7 Monthly Servicer Certificate, dated April 17, 2000
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of March 2000
Distribution Date of April 17, 2000
Servicer Certificate #47
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $45,557,777.01
Beginning Pool Factor 0.0990507
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $5,235,036.22
Interest Collected $312,091.93
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $29,849.77
Total Additional Deposits $29,849.77
Repos / Chargeoffs $23,449.13
Aggregate Number of Notes Charged Off 67
Total Available Funds $5,576,977.92
Ending Pool Balance $40,299,291.66
Ending Pool Factor 0.0876178
Servicing Fee $37,964.81
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,742,095.27
Target Percentage 5.00%
Target Balance $2,014,964.58
Minimum Balance $9,658,821.26
(Release) / Deposit ($83,274.01)
Ending Balance $9,658,821.26
Current Weighted Average APR: 8.877%
Current Weighted Average Remaining Term (months): 11.86
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $611,895.39 363
31 - 60 days $236,209.17 110
60+ days $114,302.87 50
Total: $962,407.43 378
Balances: 60+ days $820,508.00 50
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $44,563.68
+ Excess Serv. $38,710.33
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,742,095.27
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of March 2000
<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 $45,557,777.01
Ending Pool Balance $40,299,291.66
Collected Principal $5,235,036.22
Collected Interest $312,091.93
Charge - Offs $23,449.13
Liquidation Proceeds / Recoveries $29,849.77
Servicing $37,964.81
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $5,539,013.11
Beginning Balance $45,557,777.01 $0.00 $39,630,848.84 $5,926,928.17
Interest Due $241,817.43 $0.00 $209,713.24 $32,104.19
Interest Paid $241,817.43 $0.00 $209,713.24 $32,104.19
Principal Due $5,258,485.35 $0.00 $5,021,853.51 $236,631.84
Principal Paid $5,258,485.35 $0.00 $5,021,853.51 $236,631.84
Ending Balance $40,299,291.66 $0.00 $34,608,995.33 $5,690,296.33
Note / Certificate Pool Factor 0.0000 0.0997 0.2749
(Ending Balance / Original Pool Amount)
Total Distributions $5,500,302.78 $0.00 $5,231,566.75 $268,736.03
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 $38,710.33
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,742,095.27
(Release) / Draw ($83,274.01)
Ending Reserve Acct Balance $9,658,821.26
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of March 2000
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
Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $67,117,369.24 $62,381,506.88 $57,024,922.28 $53,062,544.68 $49,297,540.90 $45,557,777.01
A) Loss Trigger:
Principal of Contracts
Charged Off $31,627.11 $16,230.71 $43,120.73 $25,930.25 $13,739.48 $23,449.13
Recoveries $40,276.84 $123,046.97 $100,964.67 $59,893.79 $80,396.38 $29,849.77
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $85,281.69 Total Charged off (Months 1 - 6) $154,097.41
Total Recoveries (Months 3, 2, 1) $170,139.94 Total Recoveries (Months 1 - 6) $434,428.42
Net Loss / (Recoveries) for 3 Mos ($84,858.25)(a) Net Loss/(Recoveries) for 6 Mos. ($280,331.01)(c)
Total Balance (Months 5, 4, 3) $172,468,973.84 (b) Total Balance (Months 1 - 6) $334,441,660.99 (d)
Loss Ratio Annualized [(a/b) * (12)] -0.5904% Loss Ratio Annualized [(c/d) (12)] -1.0058%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $695,300.82 $894,131.12 $820,508.00
Balance delinquency 60+ days 1.31034% 1.81374% 1.80103%
As % of Beginning Pool Balance 0.93657% 1.34197% 1.64170%
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 1996 - B Owner Trust
For the Month of March 2000
Distribution Date of April 20, 2000
Servicer Certificate #42
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $58,106,259.40
Beginning Pool Factor 0.1194355
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,176,319.30
Interest Collected $454,276.40
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $62,757.57
Total Additional Deposits $62,757.57
Repos / Chargeoffs $132,854.35
Aggregate Number of Notes Charged Off 71
Total Available Funds $4,490,385.79
Ending Pool Balance $54,000,053.23
Ending Pool Factor 0.1109953
Servicing Fee $48,421.88
Repayment of Servicer Advances $202,967.48
Reserve Account:
Beginning Balance (see Memo Item) $9,793,125.00
Target Percentage 2.50%
Target Balance $1,350,001.33
Minimum Balance $9,730,147.26
(Release) / Deposit ($62,977.74)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.535%
Current Weighted Average Remaining Term (months): 15.16
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $695,683.33 487
31 - 60 days $229,762.56 166
60+ days $127,984.68 68
Total: $1,053,430.57 506
Balances: 60+ days $1,159,264.88 68
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $39,140.91
+ Excess Serv. $23,836.83
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,793,125.00
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of March 2000
<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 $58,106,259.40
Ending Pool Balance $54,000,053.23
Collected Principal $3,973,351.82
Collected Interest $454,276.40
Charge - Offs $132,854.35
Liquidation Proceeds / Recoveries $62,757.57
Servicing $48,421.88
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $4,441,963.91
Beginning Balance $58,106,259.41 $0.00 $0.00 $47,422,468.38 $5,761,451.24 $4,922,339.80
Interest Due $311,920.91 $0.00 $0.00 $250,153.52 $31,207.86 $30,559.53
Interest Paid $311,920.91 $0.00 $0.00 $250,153.52 $31,207.86 $30,559.53
Principal Due $4,106,206.17 $0.00 $0.00 $3,839,302.77 $143,717.22 $123,186.19
Principal Paid $4,106,206.17 $0.00 $0.00 $3,839,302.77 $143,717.22 $123,186.19
Ending Balance $54,000,053.25 $0.00 $0.00 $43,583,165.61 $5,617,734.02 $4,799,153.61
Note / Certificate Pool Factor 0.0000 0.0000 0.1843 0.3299 0.3292
(Ending Balance / Original Pool Amount)
Total Distributions $4,418,127.08 $0.00 $0.00 $4,089,456.29 $174,925.08 $153,745.72
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 $23,836.83
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,793,125.00
(Release) / Draw ($62,977.74)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of March 2000
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
Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $84,732,259.10 $79,055,684.41 $73,149,488.29 $68,371,105.77 $62,720,712.10 $58,106,259.40
A) Loss Trigger:
Principal of Contracts
Charged Off $35,333.50 $34,112.90 $30,469.18 $46,351.33 $30,718.56 $132,854.35
Recoveries $132,807.84 $224,020.48 $160,540.93 $19,939.19 $22,648.10 $62,757.57
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $110,933.41 Total Charged off (Months 1 - 6) $309,839.82
Total Recoveries (Months 3, 2, 1) $105,344.86 Total Recoveries (Months 1 - 6) $622,714.11
Net Loss / (Recoveries) for 3 Mos $5,588.55(a) Net Loss/(Recoveries) for 6 Mos. ($312,874.29)(c)
Total Balance (Months 5, 4, 3) $220,576,278.47(b) Total Balance (Months 1 - 6) $426,135,509.07 (d)
Loss Ratio Annualized [(a/b) * (12)] 0.0304% Loss Ratio Annualized [(c/d) (12)] -0.88106%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,260,969.53 $1,212,356.92 $1,159,264.88
Balance delinquency 60+ days 1.84430% 1.93295% 1.99508%
As % of Beginning Pool Balance 1.27268% 1.60708% 1.92411%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0000%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of March 2000
Distribution Date of April 17, 2000
Servicer Certificate #36
<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 $94,037,662.68
Beginning Pool Factor 0.1928018
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,063,380.24
Interest Collected $775,241.39
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $296,984.42
Total Additional Deposits $296,984.42
Repos / Chargeoffs $1,765,055.01
Aggregate Number of Notes Charged Off 143
Total Available Funds $9,135,606.05
Ending Pool Balance $84,209,227.43
Ending Pool Factor 0.1726509
Servicing Fee $78,364.72
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,610,513.68
Target Percentage 10.00%
Target Balance $8,420,922.74
Minimum Balance $10,499,931.43
(Release) / Deposit ($48,458.03)
Ending Balance $9,562,055.65
Current Weighted Average APR: 9.735%
Current Weighted Average Remaining Term (months): 20.26
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,072,742.66 636
31 - 60 days $414,126.46 249
60+ days $368,401.80 131
Total: $1,855,270.92 680
Balances: 60+ days $3,721,386.56 131
Memo Item - Reserve Account
Prior Month $10,865,128.09
+ Invest. Income $48,458.03
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($1,303,072.44)
Beginning Balance $9,610,513.68
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of March 2000
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS B NOTES
<S> <C> <C> <C> <C> <C>
$500,000,000.00 $85,000,000.00 $221,500,000.00 $176,000,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 100.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $94,037,662.68
Ending Pool Balance $84,209,227.43
Collected Principal $8,063,380.24
Collected Interest $775,241.39
Charge - Offs $1,765,055.01
Liquidation Proceeds / Recoveries $296,984.42
Servicing $78,364.72
Cash Transfer from Reserve Account $1,303,072.44
Total Collections Available
for Debt Service $10,360,313.77
Beginning Balance $94,037,662.68 $0.00 $0.00 $76,537,662.68 $17,500,000.00
Interest Due $531,878.52 $0.00 $0.00 $430,524.35 $101,354.17
Interest Paid $531,878.52 $0.00 $0.00 $430,524.35 $101,354.17
Principal Due $9,828,435.25 $0.00 $0.00 $9,828,435.25 $0.00
Principal Paid $9,828,435.25 $0.00 $0.00 $9,828,435.25 $0.00
Ending Balance $84,209,227.43 $0.00 $0.00 $66,709,227.43 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0000 0.3790 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $10,360,313.77 $0.00 $0.00 $10,258,959.60 $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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,610,513.68
(Release) / Draw ($48,458.03)
Ending Reserve Acct Balance $9,562,055.65
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of March 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $123,175,690.40 $116,282,961.46 $109,149,572.74 $101,082,302.70 $94,037,662.68
A) Loss Trigger:
Principal of Contracts
Charged Off $128,310.24 $177,708.40 $164,958.04 $323,696.19 $1,765,055.01
Recoveries $122,774.52 $328,240.04 $218,859.06 $272,932.80 $296,984.42
Total Charged Off (Months 5, 4, 3) $470,976.68
Total Recoveries (Months 3, 2, 1) $788,776.28
Net Loss / (Recoveries) for 3 Mos ($317,799.60)(a)
Total Balance (Months 5, 4, 3) $348,608,224.60 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.0939%
Trigger: Is Ratio > 1.5% No
Jan-00 Feb-00 Mar-00
B) Delinquency Trigger: $4,738,199.19 $5,581,557.53 $3,721,386.56
Balance delinquency 60+ days 4.34101% 5.52179% 3.95734%
As % of Beginning Pool Balance 3.11883% 4.46047% 4.60672%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 1.9124%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of March 2000
Distribution Date of April 17 2000
Servicer Certificate #30
<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 $155,040,525.91
Beginning Pool Factor 0.3100845
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,062,406.64
Interest Collected $1,248,788.75
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $392,008.65
Total Additional Deposits $392,008.65
Repos / Chargeoffs $947,592.16
Aggregate Number of Notes Charged Off 181
Total Available Funds $9,703,204.04
Ending Pool Balance $146,030,527.11
Ending Pool Factor 0.2920643
Servicing Fee $129,200.44
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $8,964,126.54
Target Percentage 10.00%
Target Balance $14,603,052.71
Minimum Balance $9,999,887.79
(Release) / Deposit ($45,581.60)
Ending Balance $8,918,544.94
Current Weighted Average APR: 9.538%
Current Weighted Average Remaining Term (months): 25.78
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,429,129.79 930
31 - 60 days $425,881.98 296
60+ days $268,560.12 103
Total: $2,123,571.89 946
Balances: 60+ days $2,700,549.51 103
Memo Item - Reserve Account
Prior Month $9,168,493.40
+ Invest. Income $45,581.60
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($249,948.46)
Beginning Balance $8,964,126.54
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of March 2000
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 1.27% 95.23% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $155,040,525.91
Ending Pool Balance $146,030,527.11
Collected Principal $8,062,406.64
Collected Interest $1,248,788.75
Charge - Offs $947,592.16
Liquidation Proceeds/Recoveries $392,008.65
Servicing $129,200.44
Cash Transfer from Reserve Account $249,948.46
Total Collections Available
for Debt Service $9,823,952.06
Beginning Balance $155,040,525.91 $0.00 $0.00 $114,107.53 $149,500,000.00 $5,426,418.38
Interest Due $813,953.26 $0.00 $0.00 $589.56 $784,875.00 $28,488.70
Interest Paid $813,953.26 $0.00 $0.00 $589.56 $784,875.00 $28,488.70
Principal Due $9,009,998.80 $0.00 $0.00 $114,107.53 $8,580,541.31 $315,349.96
Principal Paid $9,009,998.80 $0.00 $0.00 $114,107.53 $8,580,541.31 $315,349.96
Ending Balance $146,030,527.11 $0.00 $0.00 $0.00 $140,919,458.69 $5,111,068.42
Note / Certificate Pool Factor 0.0000 0.0000 0.0000 0.9426 0.2921
(Ending Balance / Original Pool Amount)
Total Distributions $9,823,952.06 $0.00 $0.00 $114,697.09 $9,365,416.31 $343,838.66
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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $8,964,126.54
(Release) / Draw ($45,581.60)
Ending Reserve Acct Balance $8,918,544.94
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of March 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $186,675,132.54 $178,138,043.90 $170,247,528.68 $163,285,457.55 $155,040,525.91
A) Loss Trigger:
Principal of Contracts
Charged Off $674,517.68 $273,685.09 $266,482.92 $1,242,061.84 $947,592.16
Recoveries $174,724.14 $413,418.81 $214,473.19 $140,780.70 $392,008.65
Total Charged Off (Months 5, 4, 3) $1,214,685.69
Total Recoveries (Months 3, 2, 1) $747,262.54
Net Loss / (Recoveries) for 3 Mos $467,423.15 (a)
Total Balance (Months 5, 4, 3) $535,060,705.12 (b)
Loss Ratio Annualized [(a/b) * (12)] 1.04831%
Trigger: Is Ratio > 1.5% No
Jan-00 Feb-00 Mar-00
B) Delinquency Trigger: $3,708,100.09 $3,943,107.12 $2,700,549.51
Balance delinquency 60+ days 2.17806% 2.41486% 1.74183%
As % of Beginning Pool Balance 1.66957% 2.03970% 2.11158%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 1.78373%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of March 2000
Distribution Date of April 17, 2000
Servicer Certificate #23
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $219,775,739.55
Beginning Pool Factor 0.43879292
Principal and Interest Collections:
Principal Collected $9,496,700.08
Interest Collected $1,716,018.60
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $415,695.09
Total Additional Deposits $415,695.09
Repos / Chargeoffs $618,471.73
Aggregate Number of Notes Charged Off 124
Total Available Funds $11,421,322.81
Ending Pool Balance $209,867,658.70
Ending Pool Factor 0.4190110
Servicing Fee $183,146.45
Repayment of Servicer Advances $207,090.96
Reserve Account:
Beginning Balance (see Memo Item) $11,833,682.85
Target Percentage 5.25%
Target Balance $11,018,052.08
Minimum Balance $10,017,287.40
(Release) / Deposit ($815,630.77)
Ending Balance $11,018,052.08
Current Weighted Average APR: 9.228%
Current Weighted Average Remaining Term (months): 31.32
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,522,926.04 1,243
31 - 60 days $500,263.49 400
60+ days $194,503.07 123
Total: $2,217,692.60 1,258
Balances: 60+ days $3,437,077.57 123
Memo Item - Reserve Account
Prior Month $11,538,226.33
+ Invest. Income $54,276.55
+ Excess Serv. $241,179.97
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,833,682.85
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of March 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 $219,775,739.55
Ending Pool Balance $209,867,658.70
Collected Principal $9,289,609.12
Collected Interest $1,716,018.60
Charge - Offs $618,471.73
Liquidation Proceeds / Recoveries $415,695.09
Servicing $183,146.45
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,238,176.36
Beginning Balance $219,775,739.55 $212,083,471.57 $7,692,267.98
Interest Due $1,088,915.54 $1,049,813.18 $39,102.36
Interest Paid $1,088,915.54 $1,049,813.18 $39,102.36
Principal Due $9,908,080.85 $9,561,298.02 $346,782.83
Principal Paid $9,908,080.85 $9,561,298.02 $346,782.83
Ending Balance $209,867,658.70 $202,522,173.55 $7,345,485.15
Note / Certificate Pool Factor 0.4190 0.4190
(Ending Balance / Original Pool Amount)
Total Distributions $10,996,996.39 $10,611,111.20 $385,885.19
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 $241,179.97
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,833,682.85
(Release) / Draw ($815,630.77)
Ending Reserve Acct Balance $11,018,052.08
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of March 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $259,151,164.71 $247,643,719.91 $238,277,336.75 $228,135,837.11 $219,775,739.55
A) Loss Trigger:
Principal of Contracts
Charged Off $339,586.98 $333,991.33 $294,938.02 $607,326.27 $618,471.73
Recoveries $388,832.71 $333,297.68 $492,593.86 $444,337.03 $415,695.09
Total Charged Off (Months 5, 4, 3) $968,516.33
Total Recoveries (Months 3, 2, 1) $1,352,625.98
Net Loss / (Recoveries) for 3 Mos ($384,109.65)(a)
Total Balance (Months 5, 4, 3) $745,072,221.37 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.61864%
Trigger: Is Ratio > 1.5% No
Jan-00 Feb-00 Mar-00
B) Delinquency Trigger: $3,160,310.55 $5,089,027.64 $3,437,077.57
Balance delinquency 60+ days 1.32632% 2.23070% 1.56390%
As % of Beginning Pool Balance 1.15193% 1.62943% 1.70697%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.19981%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of March 2000
Distribution Date of April 17, 2000
Servicer Certificate #11
<TABLE>
<S> <C>
Original Pool Amount $714,764,750.47
Subsequent Receivables (transferred 6/3/99) $0.00
Beginning Pool Balance $537,539,093.52
Beginning Pool Factor 0.7520504
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $19,658,525.47
Interest Collected $3,840,581.23
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $1,060,161.17
Total Additional Deposits $1,060,161.17
Repos / Chargeoffs $1,246,287.60
Aggregate Number of Notes Charged Off 145
Total Available Funds $24,131,009.80
Ending Pool Balance $517,062,538.52
Ending Pool Factor 0.7234024
Servicing Fee $447,949.24
Repayment of Servicer Advances $428,258.07
Reserve Account:
Beginning Balance (see Memo Item) $29,038,714.38
Target Percentage 5.25%
Target Balance $27,145,783.27
Minimum Balance $14,295,295.01
(Release) / Deposit ($1,892,931.11)
Ending Balance $27,145,783.27
Current Weighted Average APR: 8.529%
Current Weighted Average Remaining Term (months): 40.64
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,578,693.46 2,265
31 - 60 days $639,954.10 489
60+ days $200,396.91 125
Total: $3,419,044.47 2,268
Balances: 60+ days $5,300,727.14 125
Memo Item - Reserve Account
Prior Month $28,341,384.66
+ Invest. Income $127,431.25
+ Excess Serv. $569,898.47
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $29,038,714.38
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of March 2000
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$714,764,750.47 $147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 96.50% 0.00% 0.00% 3.50%
Coupon 5.0025% 5.5500% 5.9500% 6.1300% 6.2200%
Beginning Pool Balance $537,539,093.52
Ending Pool Balance $517,062,538.52
Collected Principal $19,230,267.40
Collected Interest $3,840,581.23
Charge - Offs $1,246,287.60
Liquidation Proceeds/Recoveries $1,060,161.17
Servicing $447,949.24
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $23,683,060.56
Beginning Balance $537,539,093.52 $0.00 $167,832,241.05 $200,000,000.00 $145,745,000.00 $23,961,852.47
Interest Due $2,636,607.09 $0.00 $776,224.11 $991,666.67 $744,514.04 $124,202.27
Interest Paid $2,636,607.09 $0.00 $776,224.11 $991,666.67 $744,514.04 $124,202.27
Principal Due $20,476,555.00 $0.00 $19,759,875.58 $0.00 $0.00 $716,679.43
Principal Paid $20,476,555.00 $0.00 $19,759,875.58 $0.00 $0.00 $716,679.43
Ending Balance $517,062,538.52 $0.00 $148,072,365.48 $200,000,000.00 $145,745,000.00 $23,245,173.05
Note / Certificate Pool Factor 0.0000 0.7516 1.0000 1.0000 0.9291
(Ending Balance / Original Pool Amount)
Total Distributions $23,113,162.09 $0.00 $20,536,099.69 $991,666.67 $744,514.04 $840,881.70
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 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $569,898.47
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $29,038,714.38
(Release) / Draw ($1,892,931.11)
Ending Reserve Acct Balance $27,145,783.27
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of March 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $605,380,899.96 $588,411,657.71 $570,358,289.63 $555,232,338.87 $537,539,093.52
A) Loss Trigger:
Principal of Contracts
Charged Off $1,445,528.11 $1,057,734.63 $823,183.48 $2,395,560.90 $1,246,287.60
Recoveries $918,704.99 $528,037.20 $1,281,147.20 $875,831.70 $1,060,161.17
Total Charged Off (Months 5, 4, 3) $3,326,446.22
Total Recoveries (Months 3, 2, 1) $3,217,140.07
Net Loss / (Recoveries) for 3 Mos $109,306.15 (a)
Total Balance (Months 5, 4, 3) $1,764,150,847.30 (b)
Loss Ratio Annualized [(a/b) * (12)] $0.00
Trigger: Is Ratio > 1.5% No
Jan-00 Feb-00 Mar-00
B) Delinquency Trigger: $6,764,080.87 $5,621,790.13 $5,300,727.14
Balance delinquency 60+ days 1.18594% 1.01251% 0.98611%
As % of Beginning Pool Balance 0.88080% 0.99410% 1.06152%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 3.79786%
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 4
Navistar Financial 2000 - A Owner Trust
For the Month of March 2000
Distribution Date of April 17, 2000
Servicer Certificate #2
<TABLE>
<S> <C>
Original Pool Amount $380,843,908.73
Subsequent Receivables (transferred 3/13/00) $74,413,256.03
Subsequent Receivables (transferred 3/20/00) $19,742,835.24
Beginning Pool Balance $467,349,179.28
Beginning Pool Factor 0.9838930
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $9,087,089.87
Interest Collected $3,469,532.80
Mandatory Prepayments $736.87
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $0.00
Total Additional Deposits $0.00
Repos / Chargeoffs $796,090.42
Aggregate Number of Notes Charged Off 20
Total Available Funds $12,447,602.13
Ending Pool Balance $457,574,282.66
Ending Pool Factor 0.9633143
Servicing Fee $389,457.65
Repayment of Servicer Advances $109,020.54
Reserve Account:
Beginning Balance (see Memo Item) $24,123,697.22
Target Percentage 5.25%
Target Balance $24,022,649.84
Minimum Balance $9,105,143.30
(Release) / Deposit ($461,451.25)
Ending Balance $24,123,697.22
Current Weighted Average APR: 9.386%
Current Weighted Average Remaining Term (months): 52.22
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,476,986.69 1,384
31 - 60 days $329,642.41 260
60+ days $69,802.42 50
Total: $1,876,431.52 1,385
Balances: 60+ days $3,103,325.48 50
Memo Item - Reserve Account
Prior Month $23,499,333.06
+ 3/13 Transfer $1,085,815.41
+ Invest. Income $0.00
+ Excess Serv. $0.00
Transfer (to) / from Collections Account $0.00
Beginning Balance $24,123,697.22
</TABLE>
<PAGE>
Exhibit 20.7
Page 2 of 4
Navistar Financial 2000 - A Owner Trust
For the Month of March 2000
<TABLE>
<CAPTION>
NOTES
CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$475,000,000.00 $84,000,000.00 $142,000,000.00 $110,000,000.00 $121,187,500.00 $17,812,500.00
Original Pool Amount
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 6.0800% 6.8200% 7.2000% 7.3400% 7.4700%
Beginning Pool Balance $467,349,179.28
Ending Pool Balance $457,574,282.66
Collected Principal $8,978,069.33
Collected Interest $3,469,532.80
Charge - Offs $796,090.42
Liquidation Proceeds / Recoveries $0.00
Servicing $389,457.65
Cash Transfer from Reserve Account $461,451.25
Total Collections Available
for Debt Service $12,519,595.73
Beginning Balance $467,349,179.28 $76,349,179.28 $142,000,000.00 $110,000,000.00 $121,187,500.00 $17,812,500.00
Interest Due $2,744,699.11 $425,519.43 $807,033.33 $660,000.00 $741,263.54 $110,882.81
Interest Paid $2,744,699.11 $425,519.43 $807,033.33 $660,000.00 $741,263.54 $110,882.81
Principal Due $9,774,159.75 $9,774,159.75 $0.00 $0.00 $0.00 $0.00
Mandatory Prepayment Class A-1 Only $736.87 $736.87
Principal Paid $9,774,896.62 $9,774,896.62 $0.00 $0.00 $0.00 $0.00
Ending Balance $457,574,282.66 $66,574,282.66 $142,000,000.00 $110,000,000.00 $121,187,500.00 $17,812,500.00
Note / Certificate Pool Factor 0.7926 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $12,519,595.73 $10,200,416.05 $807,033.33 $660,000.00 $741,263.54 $110,882.81
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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $24,123,697.22
(Release) / Draw ($0.00)
Ending Reserve Acct Balance $24,123,697.22
</TABLE>
<PAGE>
Exhibit 20.7
Page 3 of 4
Navistar Financial 2000 - A Owner Trust
For the Month of March 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION> 5 4 3 2 1
Nov-99 Dec-99 Jan-00 Feb-00 Mar-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance N/A N/A N/A $380,843,908.73 $467,349,179.28
A) Loss Trigger:
Principal of Contracts Charged Off N/A N/A N/A $36,194.38 $796,090.42
Recoveries N/A N/A N/A $0.00 $0.00
Total Charged Off (Months 5, 4, 3) N\A
Total Recoveries (Months 3, 2, 1) $0.00
Net Loss / (Recoveries) for 3 Mos N\A (a)
Total Balance (Months 5, 4, 3) $0.00 (b)
Loss Ratio Annualized [(a/b) * (12)] N\A
Trigger: Is Ratio > 1.5% No
Jan-00 Feb-00 Mar-00
B) Delinquency Trigger: N/A $1,500,060.51 $3,103,325.48
Balance delinquency 60+ days N/A 0.39388% 0.66403%
As % of Beginning Pool Balance N/A N/A N/A
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 5.07867%
Ending Reserve Account Balance
not less than 1% of Initial Aggregate
Receivables Balance
Trigger: Is Minimum < 1.0% No
</TABLE>
<PAGE>
Exhibit 20.7
Page 4 of 4
Navistar Financial 2000 - A Owner Trust
For the Period 3/16/00 through 4/17/00
Prefunded Account:
Beginning Balance 3/15/00 $19,742,835.24
Plus Investment Earnings $0.00
Less 3/20/00 Transfer to Seller $19,742,098.37
______________
Subtotal $736.87
Less 4/14/00 Transfer to Note Distribution Account $218,858.23
______________
Ending Balance 4/17/00 $0.00
Negative Carry Account:
Beginning Balance 4/17/00 $218,858.23
Plus Investment Earnings $0.00
______________
Subtotal $218,858.23
Required Negative Carry Balance as of 4/17/00 $0.00
______________
Excess Released to Certificateholders $218,858.23
______________
Ending Balance 4/17/00 $0.00
Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
