<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of August 2000
Distribution Date of September 15, 2000
Servicer Certificate #35
<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 $113,931,125.06
Beginning Pool Factor 0.2278648
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,185,050.66
Interest Collected $888,569.95
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $373,109.34
Total Additional Deposits $373,109.34
Repos / Chargeoffs $279,343.82
Aggregate Number of Notes Charged Off 164
Total Available Funds $8,201,481.73
Ending Pool Balance $106,711,978.80
Ending Pool Factor 0.2134264
Servicing Fee $94,942.60
Repayment of Servicer Advances $245,248.22
Reserve Account:
Beginning Balance (see Memo Item) $11,735,167.06
Target Percentage 10.00%
Target Balance $10,671,197.88
Minimum Balance $9,999,887.79
(Release) / Deposit ($1,063,969.18)
Ending Balance $10,671,197.88
Current Weighted Average APR: 9.469%
Current Weighted Average Remaining Term (months): 21.99
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,201,846.30 975
31 - 60 days $437,467.30 284
60+ days $230,351.21 90
Total: $1,869,664.81 1,004
Balances: 60+ days $2,152,948.27 90
Memo Item - Reserve Account
Prior Month $11,393,112.51
+ Invest. Income $52,800.08
+ Excess Serv. $289,254.47
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,735,167.06
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of August 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 5.722% 5.956% 6.200% 6.300% 6.300%
Beginning Pool Balance $113,931,125.06
Ending Pool Balance $106,711,978.80
Collected Principal $6,939,802.44
Collected Interest $888,569.95
Charge - Offs $279,343.82
Liquidation Proceeds/Recoveries $373,109.34
Servicing $94,942.60
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $8,106,539.13
Beginning Balance $113,931,125.06 $0.00 $0.00 $0.00 $109,943,535.72 $3,987,589.34
Interest Due $598,138.40 $0.00 $0.00 $0.00 $577,203.56 $20,934.84
Interest Paid $598,138.40 $0.00 $0.00 $0.00 $577,203.56 $20,934.84
Principal Due $7,219,146.26 $0.00 $0.00 $0.00 $6,966,476.14 $252,670.12
Principal Paid $7,219,146.26 $0.00 $0.00 $0.00 $6,966,476.14 $252,670.12
Ending Balance $106,711,978.80 $0.00 $0.00 $0.00 $102,977,059.58 $3,734,919.22
Note / Certificate Pool Factor 0.0000 0.0000 0.0000 0.6888 0.2134
(Ending Balance / Original Pool Amount)
Total Distributions $7,817,284.66 $0.00 $0.00 $0.00 $7,543,679.70 $273,604.96
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 $289,254.47
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,735,167.06
(Release) / Draw ($1,063,969.18)
Ending Reserve Acct Balance $10,671,197.88
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of August 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Apr-00 May-00 Jun-00 Jul-00 Aug-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $146,030,527.11 $139,181,258.34 $130,574,325.90 $121,353,112.10 $113,931,125.06
A) Loss Trigger:
Principal of Contracts
Charged Off $773,350.36 $395,951.85 $129,672.74 $226,944.76 $279,343.82
Recoveries $758,588.45 $867,393.52 $466,477.32 $978,356.69 $373,109.34
Total Charged Off (Months 5, 4, 3) $1,298,974.95
Total Recoveries (Months 3, 2, 1) $1,817,943.35
Net Loss / (Recoveries) for 3 Mos ($518,968.40)(a)
Total Balance (Months 5, 4, 3) $415,786,111.35 (b)
Loss Ratio Annualized [(a/b) * (12)] -1.49779%
Trigger: Is Ratio > 1.5% No
Jun-00 Jul-00 Aug-00
B) Delinquency Trigger: $2,737,949.64 $3,298,086.07 $2,152,948.27
Balance delinquency 60+ days 2.09685% 2.71776% 1.88969%
As % of Beginning Pool Balance 2.05946% 2.31754% 2.23477%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 2.13426%
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
