<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of April 2000
Distribution Date of May 15, 2000
Servicer Certificate #31
<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 $146,030,527.11
Beginning Pool Factor 0.2920643
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,075,918.41
Interest Collected $1,126,462.31
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $758,588.45
Total Additional Deposits $758,588.45
Repos / Chargeoffs $773,350.36
Aggregate Number of Notes Charged Off 181
Total Available Funds $7,960,969.17
Ending Pool Balance $139,181,258.34
Ending Pool Factor 0.2783656
Servicing Fee $121,692.11
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,187,477.04
Target Percentage 10.00%
Target Balance $13,918,125.83
Minimum Balance $9,999,887.79
(Release) / Deposit ($45,584.08)
Ending Balance $9,141,892.96
Current Weighted Average APR: 9.508%
Current Weighted Average Remaining Term (months): 25.00
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,723,292.11 1,308
31 - 60 days $497,606.59 334
60+ days $300,917.75 106
Total: $2,521,816.45 1,327
Balances: 60+ days $2,838,126.76 106
Memo Item - Reserve Account
Prior Month $8,918,544.94
+ Invest. Income $45,584.08
+ Excess Serv. $223,348.02
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,187,477.04
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of April 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% 0.00% 96.50% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $146,030,527.11
Ending Pool Balance $139,181,258.34
Collected Principal $6,075,918.41
Collected Interest $1,126,462.31
Charge - Offs $773,350.36
Liquidation Proceeds / Recoveries $758,588.45
Servicing $121,692.11
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $7,839,277.06
Beginning Balance $146,030,527.11 $0.00 $0.00 $0.00 $140,919,458.69 $5,111,068.42
Interest Due $766,660.27 $0.00 $0.00 $0.00 $739,827.16 $26,833.11
Interest Paid $766,660.27 $0.00 $0.00 $0.00 $739,827.16 $26,833.11
Principal Due $6,849,268.77 $0.00 $0.00 $0.00 $6,609,544.36 $239,724.41
Principal Paid $6,849,268.77 $0.00 $0.00 $0.00 $6,609,544.36 $239,724.41
Ending Balance $139,181,258.34 $0.00 $0.00 $0.00 $134,309,914.33 $4,871,344.01
Note / Certificate Pool Factor 0.0000 0.0000 0.0000 0.8984 0.2784
(Ending Balance / Original Pool Amount)
Total Distributions $7,615,929.04 $0.00 $0.00 $0.00 $7,349,371.52 $266,557.52
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 $223,348.02
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,187,477.04
(Release) / Draw ($45,584.08)
Ending Reserve Acct Balance $9,141,892.96
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of April 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-99 Jan-00 Feb-00 Mar-00 Apr-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $178,138,043.90 $170,247,528.68 $163,285,457.55 $155,040,525.91 $146,030,527.11
A) Loss Trigger:
Principal of Contracts
Charged Off $273,685.09 $266,482.92 $1,242,061.84 $947,592.16 $773,350.36
Recoveries $413,418.81 $214,473 $140,780.70 $392,008.65 $758,588.45
Total Charged Off (Months 5, 4, 3) $1,782,229.85
Total Recoveries (Months 3, 2, 1) $1,291,377.80
Net Loss / (Recoveries) for 3 Mos $490,852.05 (a)
Total Balance (Months 5, 4, 3) $511,671,030.13 (b)
Loss Ratio Annualized [(a/b) * (12)] 1.15117%
Trigger: Is Ratio > 1.5% No
Feb-00 Mar-00 Apr-00
B) Delinquency Trigger: $3,943,107.12 $2,700,549.51 $2,838,126.76
Balance delinquency 60+ days 2.41486% 1.74183% 1.94352%
As % of Beginning Pool Balance 2.03970% 2.11158% 2.03340%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 1.82840%
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
