<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of April 2000
Distribution Date of May 15, 2000
Servicer Certificate #24
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $209,867,658.70
Beginning Pool Factor 0.419010956
Principal and Interest Collections:
Principal Collected $8,588,275.15
Interest Collected $1,593,211.01
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $439,983.34
Total Additional Deposits $439,983.34
Repos / Chargeoffs $209,289.64
Aggregate Number of Notes Charged Off 118
Total Available Funds $10,621,469.50
Ending Pool Balance $201,070,093.91
Ending Pool Factor 0.4014462
Servicing Fee $174,889.72
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $11,685,029.92
Target Percentage 5.25%
Target Balance $10,556,179.93
Minimum Balance $10,017,287.40
(Release) / Deposit ($1,128,849.99)
Ending Balance $10,556,179.93
Current Weighted Average APR: 9.208%
Current Weighted Average Remaining Term (months): 30.52
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,748,146.35 1,643
31 - 60 days $496,087.89 391
60+ days $239,603.67 130
Total: $2,483,837.91 1,662
Balances: 60+ days $4,324,921.20 130
Memo Item - Reserve Account
Prior Month $11,018,052.08
+ Invest. Income $57,787.16
+ Excess Serv. $609,190.68
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,685,029.92
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of April 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 $209,867,658.70
Ending Pool Balance $201,070,093.91
Collected Principal $8,588,275.15
Collected Interest $1,593,211.01
Charge - Offs $209,289.64
Liquidation Proceeds / Recoveries $439,983.34
Servicing $174,889.72
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $10,446,579.78
Beginning Balance $209,867,658.70 $202,522,173.55 $7,345,485.15
Interest Due $1,039,824.31 $1,002,484.76 $37,339.55
Interest Paid $1,039,824.31 $1,002,484.76 $37,339.55
Principal Due $8,797,564.79 $8,489,650.02 $307,914.77
Principal Paid $8,797,564.79 $8,489,650.02 $307,914.77
Ending Balance $201,070,093.91 $194,032,523.53 $7,037,570.38
Note / Certificate Pool Factor 0.4014 0.4015
(Ending Balance / Original Pool Amount)
Total Distributions $9,837,389.10 $9,492,134.78 $345,254.32
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 $609,190.68
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,685,029.92
(Release) / Draw ($1,128,849.99)
Ending Reserve Acct Balance $10,556,179.93
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of April 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Dec-99 Jan-00 Feb-00 Mar-00 Apr-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $247,643,719.91 $238,277,336.75 $228,135,837.11 $219,775,739.55 $209,867,658.70
A) Loss Trigger:
Principal of Contracts Charged Off $333,991.33 $294,938.02 $607,326.27 $618,471.73 $209,289.64
Recoveries $333,297.68 $492,593.86 $444,337.03 $415,695.09 $439,983.34
Total Charged Off (Months 5, 4, 3) $1,236,255.62
Total Recoveries (Months 3, 2, 1) $1,300,015.46
Net Loss / (Recoveries) for 3 Mos ($63,759.84)(a)
Total Balance (Months 5, 4, 3) $714,056,893.77 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.10715%
Trigger: Is Ratio > 1.5% No
Feb-00 Mar-00 Apr-00
B) Delinquency Trigger: $5,089,027.64 $3,437,077.57 $4,324,921.20
Balance delinquency 60+ days 2.23070% 1.56390% 2.06078%
As % of Beginning Pool Balance 1.62943% 1.70697% 1.95180%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.10759%
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
