<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of May 2000
Distribution Date of June 15, 2000
Servicer Certificate #49
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $37,245,897.10
Beginning Pool Factor 0.0809792
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,922,011.60
Interest Collected $260,142.67
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $87,826.70
Total Additional Deposits $87,826.70
Repos / Chargeoffs $31,464.84
Aggregate Number of Notes Charged Off 69
Total Available Funds $3,025,678.02
Ending Pool Balance $34,536,723.61
Ending Pool Factor 0.0750890
Servicing Fee $31,038.25
Repayment of Servicer Advances $244,302.95
Reserve Account:
Beginning Balance (see Memo Item) $9,733,280.54
Target Percentage 5.00%
Target Balance $1,726,836.18
Minimum Balance $9,658,821.26
(Release) / Deposit ($74,459.28)
Ending Balance $9,658,821.26
Current Weighted Average APR: 8.824%
Current Weighted Average Remaining Term (months): 10.36
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $505,326.81 358
31 - 60 days $199,992.72 92
60+ days $91,694.64 36
Total: $797,014.17 373
Balances: 60+ days $552,559.14 36
Memo Item - Reserve Account
Prior Month $9,604,955.92
+ Invest. Income $40,645.32
+ Excess Serv. $87,679.30
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,733,280.54
</TABLE>
<PAGE>
Exibit 20.1
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of May 2000
<TABLE>
<CAPTION>
NOTES
(Money Market)
TOTAL CLASS A - 1 CLASS A - 2 CERTIFICATES
<S> <C> <C> <C> <C>
$459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $37,245,897.10
Ending Pool Balance $34,536,723.61
Collected Principal $2,677,708.65
Collected Interest $260,142.67
Charge - Offs $31,464.84
Liquidation Proceeds / Recoveries $87,826.70
Servicing $31,038.25
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $2,994,639.77
Beginning Balance $37,245,897.10 $0.00 $31,693,003.53 $5,552,893.57
Interest Due $197,786.98 $0.00 $167,708.81 $30,078.17
Interest Paid $197,786.98 $0.00 $167,708.81 $30,078.17
Principal Due $2,709,173.49 $0.00 $2,587,260.68 $121,912.81
Principal Paid $2,709,173.49 $0.00 $2,587,260.68 $121,912.81
Ending Balance $34,536,723.61 $0.00 $29,105,742.85 $5,430,980.76
Note / Certificate Pool Factor 0.0000 0.0838 0.2624
(Ending Balance / Original Pool Amount)
Total Distributions $2,906,960.47 $0.00 $2,754,969.49 $151,990.98
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $87,679.30
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,733,280.54
(Release) / Draw ($74,459.28)
Ending Reserve Acct Balance $9,658,821.26
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of May 2000
Trigger Events:
A) Loss Trigger - Reserve Account Balance
Loss Trigger - Certificate Lockout Event
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
6 5 4 3 2 1
Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 May-00
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $57,024,922.28 $53,062,544.68 $49,297,540.90 $45,557,777.01 $40,299,291.66 $37,245,897.10
A) Loss Trigger:
Principal of Contracts
Charged Off $43,120.73 $25,930.25 $13,739.48 $23,449.13 $69,126.54 $31,464.84
Recoveries $100,964.67 $59,893.79 $80,396.38 $29,849.77 $11,064.22 $87,826.70
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $63,118.86 Total Charged off (Months 1 - 6) $206,830.97
Total Recoveries (Months 3, 2, 1) $128,740.69 Total Recoveries (Months 1 - 6) $369,995.53
Net Loss / (Recoveries) for 3 Mos ($65,621.83)(a) Net Loss/(Recoveries) for 6 Mos. ($163,164.56)(c)
Total Balance (Months 5, 4, 3) $147,917,862.59 (b) Total Balance (Months 1 - 6) $282,487,973.63 (d)
Loss Ratio Annualized [(a/b) * (12)] -0.5324% Loss Ratio Annualized [(c/d) (12)] -0.6931%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Mar-00 Apr-00 May-00
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $820,508.00 $673,059.81 $552,559.14
Balance delinquency 60+ days 1.80103% 1.67015% 1.48354%
As % of Beginning Pool Balance 1.64170% 1.76164% 1.65157%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.1000%
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
