<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of September 2000
Distribution Date of October 16, 2000
Servicer Certificate #29
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $165,338,958.59
Beginning Pool Factor 0.330107248
Principal and Interest Collections:
Principal Collected $7,290,785.15
Interest Collected $1,251,588.14
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $455,568.52
Total Additional Deposits $455,568.52
Repos / Chargeoffs $716,252.10
Aggregate Number of Notes Charged Off 153
Total Available Funds $8,997,941.81
Ending Pool Balance $157,331,921.34
Ending Pool Factor 0.3141208
Servicing Fee $137,782.47
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,106,096.03
Target Percentage 5.25%
Target Balance $8,259,925.87
Minimum Balance $10,017,287.40
(Release) / Deposit ($88,808.63)
Ending Balance $10,017,287.40
Current Weighted Average APR: 9.086%
Current Weighted Average Remaining Term (months): 26.39
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,484,436.25 1,371
31 - 60 days $476,706.01 485
60+ days $259,424.62 131
Total: $2,220,566.88 1,388
Balances: 60+ days $3,330,114.41 131
Memo Item - Reserve Account
Prior Month $10,017,287.40
+ Invest. Income $54,885.98
+ Excess Serv. $33,922.65
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,106,096.03
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of September 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 5.940% 6.100%
Beginning Pool Balance $165,338,958.59
Ending Pool Balance $157,331,921.34
Collected Principal $7,290,785.15
Collected Interest $1,251,588.14
Charge - Offs $716,252.10
Liquidation Proceeds / Recoveries $455,568.52
Servicing $137,782.47
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,860,159.34
Beginning Balance $165,338,958.59 $159,551,977.95 $5,786,980.64
Interest Due $819,199.44 $789,782.29 $29,417.15
Interest Paid $819,199.44 $789,782.29 $29,417.15
Principal Due $8,007,037.25 $7,726,790.95 $280,246.30
Principal Paid $8,007,037.25 $7,726,790.95 $280,246.30
Ending Balance $157,331,921.34 $151,825,187.00 $5,506,734.34
Note / Certificate Pool Factor 0.3141 0.3141
(Ending Balance / Original Pool Amount)
Total Distributions $8,826,236.69 $8,516,573.24 $309,663.45
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 $33,922.65
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,106,096.03
(Release) / Draw ($88,808.63)
Ending Reserve Acct Balance $10,017,287.40
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of September 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-00 Jun-00 Jul-00 Aug-00 Sep-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $201,070,093.91 $191,640,559.16 $182,685,275.88 $175,221,766.25 $165,338,958.59
A) Loss Trigger:
Principal of Contracts Charged Off $424,119.16 $591,292.42 $471,941.02 $1,013,438.89 $716,252.10
Recoveries $327,472.56 $341,777.17 $434,375.75 $452,817.34 $455,568.52
Total Charged Off (Months 5, 4, 3) $1,487,352.60
Total Recoveries (Months 3, 2, 1) $1,342,761.61
Net Loss / (Recoveries) for 3 Mos $144,590.99 (a)
Total Balance (Months 5, 4, 3) $575,395,928.95 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.30155%
Trigger: Is Ratio > 1.5% No
Jul-00 Aug-00 Sep-00
B) Delinquency Trigger: $4,078,432.87 $2,381,366.91 $3,330,114.41
Balance delinquency 60+ days 2.23249% 1.35906% 2.01411%
As % of Beginning Pool Balance 1.97529% 1.78308% 1.86855%
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
