<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of May 2000
Distribution Date of June 15, 2000
Servicer Certificate #25
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $201,070,093.91
Beginning Pool Factor 0.401446192
Principal and Interest Collections:
Principal Collected $9,206,643.62
Interest Collected $1,560,341.79
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $327,472.56
Total Additional Deposits $327,472.56
Repos / Chargeoffs $424,119.16
Aggregate Number of Notes Charged Off 117
Total Available Funds $10,893,229.94
Ending Pool Balance $191,640,559.16
Ending Pool Factor 0.3826197
Servicing Fee $167,558.41
Repayment of Servicer Advances $201,228.03
Reserve Account:
Beginning Balance (see Memo Item) $10,901,288.57
Target Percentage 5.25%
Target Balance $10,061,129.36
Minimum Balance $10,017,287.40
(Release) / Deposit ($840,159.21)
Ending Balance $10,061,129.36
Current Weighted Average APR: 9.192%
Current Weighted Average Remaining Term (months): 29.63
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,510,116.77 1,396
31 - 60 days $488,364.23 397
60+ days $277,812.75 129
Total: $2,276,293.75 1,416
Balances: 60+ days $3,892,133.19 129
Memo Item - Reserve Account
Prior Month $10,556,179.93
+ Invest. Income $45,207.17
+ Excess Serv. $299,901.47
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,901,288.57
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of May 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 5.94% 6.10%
Beginning Pool Balance $201,070,093.91
Ending Pool Balance $191,640,559.16
Collected Principal $9,005,415.59
Collected Interest $1,560,341.79
Charge - Offs $424,119.16
Liquidation Proceeds / Recoveries $327,472.56
Servicing $167,558.41
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $10,725,671.53
Beginning Balance $201,070,093.91 $194,032,523.53 $7,037,570.38
Interest Due $996,235.31 $960,460.99 $35,774.32
Interest Paid $996,235.31 $960,460.99 $35,774.32
Principal Due $9,429,534.75 $9,099,501.03 $330,033.72
Principal Paid $9,429,534.75 $9,099,501.03 $330,033.72
Ending Balance $191,640,559.16 $184,933,022.50 $6,707,536.66
Note / Certificate Pool Factor 0.3826 0.3826
(Ending Balance / Original Pool Amount)
Total Distributions $10,425,770.06 $10,059,962.02 $365,808.04
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 $299,901.47
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,901,288.57
(Release) / Draw ($840,159.21)
Ending Reserve Acct Balance $10,061,129.36
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - 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 $238,277,336.75 $228,135,837.11 $219,775,739.55 $209,867,658.70 $201,070,093.91
A) Loss Trigger:
Principal of Contracts
Charged Off $294,938.02 $607,326.27 $618,471.73 $209,289.64 $424,119.16
Recoveries $492,593.86 $444,337.03 $415,695.09 $439,983.34 $327,472.56
Total Charged Off (Months 5, 4, 3) $1,520,736.02
Total Recoveries (Months 3, 2, 1) $1,183,150.99
Net Loss / (Recoveries) for 3 Mos $337,585.03 (a)
Total Balance (Months 5, 4, 3) $686,188,913.41 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.59037%
Trigger: Is Ratio > 1.5% No
Mar-00 Apr-00 May-00
B) Delinquency Trigger: $3,437,077.57 $4,324,921.20 $3,892,133.19
Balance delinquency 60+ days 1.56390% 2.06078% 1.93571%
As % of Beginning Pool Balance 1.70697% 1.95180% 1.85347%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.00875%
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
