<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September 2000
Distribution Date of October 20, 2000
Servicer Certificate #48
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $33,467,159.40
Beginning Pool Factor 0.0687907
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,941,189.45
Interest Collected $246,560.19
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $21,644.75
Total Additional Deposits $21,644.75
Repos / Chargeoffs $48,554.00
Aggregate Number of Notes Charged Off 90
Total Available Funds $3,209,394.39
Ending Pool Balance $30,477,415.95
Ending Pool Factor 0.0626453
Servicing Fee $27,889.30
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,792,891.09
Target Percentage 10.00%
Target Balance $3,047,741.60
Minimum Balance $9,730,147.26
(Release) / Deposit ($62,743.83)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.402%
Current Weighted Average Remaining Term (months): 11.03
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,168,684.12 494
31 - 60 days $303,697.89 141
60+ days $116,438.91 60
Total: $1,588,820.92 529
Balances: 60+ days $654,391.75 60
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $52,119.78
+ Excess Serv. $10,624.05
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,792,891.09
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<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September 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 $33,467,159.40
Ending Pool Balance $30,477,415.95
Collected Principal $2,941,189.45
Collected Interest $246,560.19
Charge - Offs $48,554.00
Liquidation Proceeds / Recoveries $21,644.75
Servicing $27,889.30
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $3,181,505.09
Beginning Balance $33,467,159.42 $0.00 $0.00 $24,384,909.89 $4,899,082.74 $4,183,166.79
Interest Due $181,137.59 $0.00 $0.00 $128,630.40 $26,536.70 $25,970.49
Interest Paid $181,137.59 $0.00 $0.00 $128,630.40 $26,536.70 $25,970.49
Principal Due $2,989,743.45 $0.00 $0.00 $2,795,410.13 $104,641.02 $89,692.30
Principal Paid $2,989,743.45 $0.00 $0.00 $2,795,410.13 $104,641.02 $89,692.30
Ending Balance $30,477,415.97 $0.00 $0.00 $21,589,499.76 $4,794,441.72 $4,093,474.49
Note / Certificate Pool Factor 0.0000 0.0000 0.0913 0.2816 0.2808
(Ending Balance / Original Pool Amount)
Total Distributions $3,170,881.04 $0.00 $0.00 $2,924,040.53 $131,177.72 $115,662.79
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 $10,624.05
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,792,891.09
(Release) / Draw ($62,743.83)
Ending Reserve Acct Balance $9,730,147.26
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<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of September 2000
Trigger Events:
A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
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<CAPTION>
6 5 4 3 2 1
Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $54,000,053.23 $49,552,250.82 $45,146,253.30 $41,138,757.63 $37,279,292.27 $33,467,159.40
A) Loss Trigger:
Principal of Contracts
Charged Off $78,106.69 $66,833.71 $147,950.25 $39,038.88 $117,267.19 $48,554.00
Recoveries $84,134.84 $12,706.44 $35,816.44 $28,445.48 $111,768.33 $21,644.75
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $253,822.84 Total Charged off (Months 1 - 6) $497,750.72
Total Recoveries (Months 3, 2, 1) $161,858.56 Total Recoveries (Months 1 - 6) $294,516.28
Net Loss / (Recoveries) for 3 Mos $91,964.28(a) Net Loss/(Recoveries) for 6 Mos. $203,234.44(c)
Total Balance (Months 5, 4, 3) $135,837,261.75(b) Total Balance (Months 1 - 6) $260,583,766.65(d)
Loss Ratio Annualized [(a/b) * (12)] 0.8124% Loss Ratio Annualized [(c/d) (12)] 0.93590%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Jul-00 Aug-00 Sep-00
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $1,410,632.93 $856,833.37 $654,391.75
Balance delinquency 60+ days 3.42896% 2.29842% 1.95533%
As % of Beginning Pool Balance 3.13449% 3.19353% 2.56090%
Three Month Average
Trigger: Is Average > 2.0% Yes
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
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Navistar Financial Corporation
by: /s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
