<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of July 2000
Distribution Date of August 15, 2000
Servicer Certificate #40
<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 $66,632,300.31
Beginning Pool Factor 0.1366136
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,525,274.00
Interest Collected $526,597.17
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $222,782.98
Total Additional Deposits $222,782.98
Repos / Chargeoffs $301,879.18
Aggregate Number of Notes Charged Off 184
Total Available Funds $5,260,505.41
Ending Pool Balance $61,819,295.87
Ending Pool Factor 0.1267457
Servicing Fee $55,526.92
Repayment of Servicer Advances $14,148.74
Reserve Account:
Beginning Balance (see Memo Item) $9,492,177.81
Target Percentage 10.00%
Target Balance $6,181,929.59
Minimum Balance $10,499,931.43
(Release) / Deposit ($47,649.66)
Ending Balance $9,444,528.15
Current Weighted Average APR: 9.661%
Current Weighted Average Remaining Term (months): 17.25
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $969,600.03 696
31 - 60 days $321,132.45 213
60+ days $476,649.94 89
Total: $1,767,382.42 725
Balances: 60+ days $2,129,800.27 89
Memo Item - Reserve Account
Prior Month $9,430,277.46
+ Invest. Income $47,649.66
+ Excess Serv. $14,250.69
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,492,177.81
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of July 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 $66,632,300.31
Ending Pool Balance $61,819,295.87
Collected Principal $4,511,125.26
Collected Interest $526,597.17
Charge - Offs $301,879.18
Liquidation Proceeds / Recoveries $222,782.98
Servicing $55,526.92
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,204,978.49
Beginning Balance $66,632,300.31 $0.00 $0.00 $49,132,300.31 $17,500,000.00
Interest Due $377,723.36 $0.00 $0.00 $276,369.19 $101,354.17
Interest Paid $377,723.36 $0.00 $0.00 $276,369.19 $101,354.17
Principal Due $4,813,004.44 $0.00 $0.00 $4,813,004.44 $0.00
Principal Paid $4,813,004.44 $0.00 $0.00 $4,813,004.44 $0.00
Ending Balance $61,819,295.87 $0.00 $0.00 $44,319,295.87 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0000 0.2518 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $5,190,727.80 $0.00 $0.00 $5,089,373.63 $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 $14,250.69
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,492,177.81
(Release) / Draw ($47,649.66)
Ending Reserve Acct Balance $9,444,528.15
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of July 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Mar-00 Apr-00 May-00 Jun-00 Jul-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $94,037,662.68 $84,209,227.43 $78,474,322.06 $72,015,896.82 $66,632,300.31
A) Loss Trigger:
Principal of Contracts
Charged Off $1,765,055.01 $604,908.32 $457,841.20 $178,546.49 $301,879.18
Recoveries $296,984.42 $258,904.11 $41,839.08 $506,889.99 $222,782.98
Total Charged Off (Months 5, 4, 3) $2,827,804.53
Total Recoveries (Months 3, 2, 1) $771,512.05
Net Loss / (Recoveries) for 3 Mos $2,056,292.48 (a)
Total Balance (Months 5, 4, 3) $256,721,212.17 (b)
Loss Ratio Annualized [(a/b) * (12)] 9.6118%
Trigger: Is Ratio > 1.5% Yes
May-00 Jun-00 Jul-00
B) Delinquency Trigger: $1,989,267.73 $2,474,696.89 $2,129,800.27
Balance delinquency 60+ days 2.53493% 3.43632% 3.19635%
As % of Beginning Pool Balance 3.40413% 3.23046% 3.05587%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 1.8889%
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
