<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of May 2000
Distribution Date of June 15, 2000
Servicer Certificate #38
<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 $78,474,322.06
Beginning Pool Factor 0.1608929
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,000,584.04
Interest Collected $627,550.02
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $41,839.08
Total Additional Deposits $41,839.08
Repos / Chargeoffs $457,841.20
Aggregate Number of Notes Charged Off 194
Total Available Funds $6,669,973.14
Ending Pool Balance $72,015,896.82
Ending Pool Factor 0.1476514
Servicing Fee $65,395.27
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,036,891.82
Target Percentage 10.00%
Target Balance $7,201,589.68
Minimum Balance $10,499,931.43
(Release) / Deposit ($38,772.94)
Ending Balance $8,998,118.88
Current Weighted Average APR: 9.691%
Current Weighted Average Remaining Term (months): 18.72
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,074,246.61 690
31 - 60 days $465,883.28 225
60+ days $357,185.40 95
Total: $1,897,315.29 723
Balances: 60+ days $1,989,267.73 95
Memo Item - Reserve Account
Prior Month $9,296,300.98
+ Invest. Income $38,772.94
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($298,182.10)
Beginning Balance $9,036,891.82
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of May 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 $78,474,322.06
Ending Pool Balance $72,015,896.82
Collected Principal $6,000,584.04
Collected Interest $627,550.02
Charge - Offs $457,841.20
Liquidation Proceeds / Recoveries $41,839.08
Servicing $65,395.27
Cash Transfer from Reserve Account $298,182.10
Total Collections Available
for Debt Service $6,902,759.97
Beginning Balance $78,474,322.06 $0.00 $0.00 $60,974,322.06 $17,500,000.00
Interest Due $444,334.73 $0.00 $0.00 $342,980.56 $101,354.17
Interest Paid $444,334.73 $0.00 $0.00 $342,980.56 $101,354.17
Principal Due $6,458,425.24 $0.00 $0.00 $6,458,425.24 $0.00
Principal Paid $6,458,425.24 $0.00 $0.00 $6,458,425.24 $0.00
Ending Balance $72,015,896.82 $0.00 $0.00 $54,515,896.82 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0000 0.3097 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $6,902,759.97 $0.00 $0.00 $6,801,405.80 $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 $9,036,891.82
(Release) / Draw ($38,772.94)
Ending Reserve Acct Balance $8,998,118.88
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of May 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-00 Feb-00 Mar-00 Apr-00 May-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $109,149,572.74 $101,082,302.70 $94,037,662.68 $84,209,227.43 $78,474,322.06
A) Loss Trigger:
Principal of Contracts
Charged Off $164,958.04 $323,696.19 $1,765,055.01 $604,908.32 $457,841.20
Recoveries $218,859.06 $272,932.80 $296,984.42 $258,904.11 $41,839.08
Total Charged Off (Months 5, 4, 3) $2,253,709.24
Total Recoveries (Months 3, 2, 1) $597,727.61
Net Loss / (Recoveries) for 3 Mos $1,655,981.63(a)
Total Balance (Months 5, 4, 3) $304,269,538.12(b)
Loss Ratio Annualized [(a/b) * (12)] 6.5310%
Trigger: Is Ratio > 1.5% Yes
Mar-00 Apr-00 May-00
B) Delinquency Trigger: $3,721,386.56 $3,132,698.45 $1,989,267.73
Balance delinquency 60+ days 3.95734% 3.72014% 2.53493%
As % of Beginning Pool Balance 4.60672% 4.39976% 3.40413%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 1.7996%
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
