UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 15, 1999
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST AND
NAVISTAR FINANCIAL 1999-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
33-55865 51-0337491
(Commission File Number) (I.R.S. Employer Identification No.)
2850 West Golf Road Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 847-734-4000
<PAGE>
FORM 8-K
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On January 18 and 20, 2000, Registrant made available the Monthly
Servicer Certificates for the Period of December 1999 for the
specified Owner Trusts, which are attached as Exhibit 20 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST AND
NAVISTAR FINANCIAL 1999-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
Date: February 15, 1999 By:/s/ P. E. COCHRAN
- ---------------------------- --------------------------
P. E. Cochran
Vice President & Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit No. Description
Navistar Financial 1996-A Owner Trust
20.1 Monthly Servicer Certificate, dated January 18, 2000
Navistar Financial 1996-B Owner Trust
20.2 Monthly Servicer Certificate, dated January 20, 2000
Navistar Financial 1997-A Owner Trust
20.3 Monthly Servicer Certificate, dated January 18, 2000
Navistar Financial 1997-B Owner Trust
20.4 Monthly Servicer Certificate, dated January 18, 2000
Navistar Financial 1998-A Owner Trust
20.5 Monthly Servicer Certificate, dated January 18, 2000
Navistar Financial 1999-A Owner Trust
20.6 Monthly Servicer Certificate, dated January 18, 2000
<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of December 1999
Distribution Date of January 18, 2000
Servicer Certificate #44
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $57,024,922.28
Beginning Pool Factor 0.1239824
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,337,606.40
Interest Collected $398,436.35
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $100,964.67
Total Additional Deposits $100,964.67
Repos / Chargeoffs $43,120.73
Aggregate Number of Notes Charged Off 66
Total Available Funds $4,418,657.89
Ending Pool Balance $53,062,544.68
Ending Pool Factor 0.1153674
Servicing Fee $47,520.77
Repayment of Servicer Advances $418,349.53
Reserve Account:
Beginning Balance (see Memo Item) $9,806,272.83
Target Percentage 5.00%
Target Balance $2,653,127.23
Minimum Balance $9,658,821.26
(Release) / Deposit ($147,451.57)
Ending Balance $9,658,821.26
Current Weighted Average APR: 8.933%
Current Weighted Average Remaining Term (months): 13.83
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $728,009.99 523
31 - 60 days $235,453.60 149
60+ days $58,486.99 37
Total: $1,021,950.58 535
Balances: 60+ days $514,258.83 37
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $41,254.30
+ Excess Serv. $106,197.27
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,806,272.83
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of December 1999
<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 $57,024,922.28
Ending Pool Balance $53,062,544.68
Collected Principal $3,919,256.87
Collected Interest $398,436.35
Charge - Offs $43,120.73
Liquidation Proceeds / Recoveries $100,964.67
Servicing $47,520.77
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $4,371,137.12
Beginning Balance $57,024,922.28 $0.00 $50,581,972.57 $6,442,949.71
Interest Due $302,562.25 $0.00 $267,662.94 $34,899.31
Interest Paid $302,562.25 $0.00 $267,662.94 $34,899.31
Principal Due $3,962,377.60 $0.00 $3,784,070.61 $178,306.99
Principal Paid $3,962,377.60 $0.00 $3,784,070.61 $178,306.99
Ending Balance $53,062,544.68 $0.00 $46,797,901.96 $6,264,642.72
Note / Certificate Pool Factor 0.0000 0.1348 0.3027
(Ending Balance / Original Pool Amount)
Total Distributions $4,264,939.85 $0.00 $4,051,733.55 $213,206.30
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 $106,197.27
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,806,272.83
(Release) / Draw ($147,451.57)
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 December 1999
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
Jul-9 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $82,209,017.41 $76,686,469.51 $72,004,628.02 $67,117,369.24 $62,381,506.88 $57,024,922.28
A) Loss Trigger:
Principal of Contracts
Charged Off $29,396.46 $29,281.81 $26,119.71 $31,627.11 $16,230.71 $43,120.73
Recoveries $48,949.05 $218,219.04 $247,754.39 $40,276.84 $123,046.97 $100,964.67
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $87,028.63 Total Charged off (Months 1 - 6) $175,776.53
Total Recoveries (Months 3, 2, 1) $264,288.48 Total Recoveries (Months 1 - 6) $779,210.96
Net Loss / (Recoveries) for 3 Mos ($177,259.85)(a) Net Loss/(Recoveries) for 6 Mos. ($603,434.43)(c)
Total Balance (Months 5, 4, 3) $215,808,466.77 (b) Total Balance (Months 1 - 6) $417,423,913.34 (d)
Loss Ratio Annualized [(a/b) * (12)] -0.9857% Loss Ratio Annualized [(c/d) (12)] -1.7347%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $412,877.71 $372,756.86 $514,258.83
Balance delinquency 60+ days 0.61516% 0.59754% 0.90181%
As % of Beginning Pool Balance 0.80427% 0.70019% 0.70484%
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
<PAGE>
Exhibit 20.2
Page 1 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of December 1999
Distribution Date of January 20, 2000
Servicer Certificate #39
<TABLE>
<S> <C>
Original Pool Amount $486,507,362.75
Beginning Pool Balance $73,149,488.29
Beginning Pool Factor 0.1503564
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $4,837,577.98
Interest Collected $582,320.60
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $160,540.93
Total Additional Deposits $160,540.93
Repos / Chargeoffs $30,469.18
Aggregate Number of Notes Charged Off 68
Total Available Funds $5,490,774.87
Ending Pool Balance $68,371,105.77
Ending Pool Factor 0.1405346
Servicing Fee $60,957.91
Repayment of Servicer Advances $89,664.64
Reserve Account:
Beginning Balance (see Memo Item) $10,025,283.51
Target Percentage 2.50%
Target Balance $1,709,277.64
Minimum Balance $9,730,147.26
(Release) / Deposit ($295,136.25)
Ending Balance $9,730,147.26
Current Weighted Average APR: 9.584%
Current Weighted Average Remaining Term (months): 17.12
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,001,322.14 731
31 - 60 days $451,077.40 226
60+ days $110,407.73 62
Total: $1,562,807.27 757
Balances: 60+ days $763,674.49 62
Memo Item - Reserve Account
Prior Month $9,730,147.26
+ Invest. Income $35,471.56
+ Excess Serv. $259,664.69
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,025,283.51
</TABLE>
<PAGE>
Exhibit 20.2
Page 2 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of December 1999
<TABLE>
<CAPTION>
NOTES
CLASS B CLASS C
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 2 CERTIFICATES CERTIFICATES
<S> <C> <C> <C> <C> <C> <C>
$486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Original Pool Amount
Distributions:
Distribution Percentages 0.00% 0.00% 93.50% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $73,149,488.29
Ending Pool Balance $68,371,105.77
Collected Principal $4,747,913.34
Collected Interest $582,320.60
Charge - Offs $30,469.18
Liquidation Proceeds / Recoveries $160,540.93
Servicing $60,957.91
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $5,429,816.96
Beginning Balance $73,149,488.30 $0.00 $0.00 $61,487,887.39 $6,287,964.25 $5,373,636.67
Interest Due $391,769.75 $0.00 $0.00 $324,348.61 $34,059.81 $33,361.33
Interest Paid $391,769.75 $0.00 $0.00 $324,348.61 $34,059.81 $33,361.33
Principal Due $4,778,382.52 $0.00 $0.00 $4,467,787.66 $167,243.39 $143,351.48
Principal Paid $4,778,382.52 $0.00 $0.00 $4,467,787.66 $167,243.39 $143,351.48
Ending Balance $68,371,105.79 $0.00 $0.00 $57,020,099.73 $6,120,720.86 $5,230,285.19
Note / Certificate Pool Factor 0.0000 0.0000 0.2411 0.3595 0.3587
(Ending Balance / Original Pool Amount)
Total Distributions $5,170,152.27 $0.00 $0.00 $4,792,136.27 $201,303.20 $176,712.81
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 $259,664.69
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,025,283.51
(Release) / Draw ($295,136.25)
Ending Reserve Acct Balance $9,730,147.26
</TABLE>
<PAGE>
Exhibit 20.2
Page 3 of 3
Navistar Financial 1996 - B Owner Trust
For the Month of December 1999
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
Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $103,981,623.99 $97,015,550.78 $90,087,940.62 $84,732,259.10 $79,055,684.41 $73,149,488.29
A) Loss Trigger:
Principal of Contracts
Charged Off $16,755.11 $196,802.77 $143,474.79 $35,333.50 $34,112.90 $30,469.18
Recoveries $282,932.29 $247,699.76 $362,129.56 $132,807.84 $224,020.48 $160,540.93
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $375,611.06 Total Charged off (Months 1 - 6) $456,948.25
Total Recoveries (Months 3, 2, 1) $517,369.25 Total Recoveries (Months 1 - 6) $1,410,130.86
Net Loss / (Recoveries) for 3 Mos ($141,758.19)(a) Net Loss/(Recoveries) for 6 Mos. ($953,182.61)(c)
Total Balance (Months 5, 4, 3) $271,835,750.50(b) Total Balance (Months 1 - 6) $528,022,547.19(d)
Loss Ratio Annualized [(a/b) * (12)] -0.6258% Loss Ratio Annualized [(c/d) (12)] -2.16623%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $718,707.33 $735,013.03 $763,674.49
Balance delinquency 60+ days 0.84821% 0.92974% 1.04399%
As % of Beginning Pool Balance 1.03861% 0.90955% 0.94065%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0000%
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
<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of December 1999
Distribution Date of January 18, 2000
Servicer Certificate #33
<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 $116,282,961.46
Beginning Pool Factor 0.2384104
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $6,955,680.32
Interest Collected $934,078.75
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $328,240.04
Total Additional Deposits $328,240.04
Repos / Chargeoffs $177,708.40
Aggregate Number of Notes Charged Off 108
Total Available Funds $8,217,999.11
Ending Pool Balance $109,149,572.74
Ending Pool Factor 0.2237851
Servicing Fee $96,902.47
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,874,308.03
Target Percentage 5.25%
Target Balance $5,730,352.57
Minimum Balance $10,499,931.43
(Release) / Deposit ($374,376.60)
Ending Balance $10,499,931.43
Current Weighted Average APR: 9.791%
Current Weighted Average Remaining Term (months): 22.34
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,525,864.26 1,095
31 - 60 days $585,826.72 376
60+ days $294,587.32 143
Total: $2,406,278.30 1,129
Balances: 60+ days $4,091,540.87 143
Memo Item - Reserve Account
Prior Month $10,499,931.43
+ Invest. Income $43,677.01
+ Excess Serv. $330,699.59
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,874,308.03
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of December 1999
<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 $116,282,961.46
Ending Pool Balance $109,149,572.74
Collected Principal $6,955,680.32
Collected Interest $934,078.75
Charge - Offs $177,708.40
Liquidation Proceeds / Recoveries $328,240.04
Servicing $96,902.47
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,121,096.64
Beginning Balance $116,282,961.46 $0.00 $0.00 $98,782,961.46 $17,500,000.00
Interest Due $657,008.33 $0.00 $0.00 $555,654.16 $101,354.17
Interest Paid $657,008.33 $0.00 $0.00 $555,654.16 $101,354.17
Principal Due $7,133,388.72 $0.00 $0.00 $7,133,388.72 $0.00
Principal Paid $7,133,388.72 $0.00 $0.00 $7,133,388.72 $0.00
Ending Balance $109,149,572.74 $0.00 $0.00 $91,649,572.74 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0000 0.5207 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $7,790,397.05 $0.00 $0.00 $7,689,042.88 $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 $330,699.59
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,874,308.03
(Release) / Draw ($374,376.60)
Ending Reserve Acct Balance $10,499,931.43
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of December 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-99 Sep-99 Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $147,729,016.51 $139,373,167.71 $132,134,086.39 $123,175,690.40 $116,282,961.46
A) Loss Trigger:
Principal of Contracts
Charged Off $394,307.18 $207,162.45 $181,143.52 $128,310.24 $177,708.40
Recoveries $442,341.22 $579,271.02 $315,981.59 $122,774.52 $328,240.04
Total Charged Off (Months 5, 4, 3) $782,613.15
Total Recoveries (Months 3, 2, 1) $766,996.15
Net Loss / (Recoveries) for 3 Mos $15,617.00(a)
Total Balance (Months 5, 4, 3) $419,236,270.61(b)
Loss Ratio Annualized [(a/b) * (12)] 0.0447%
Trigger: Is Ratio > 1.5% No
Oct-99 Nov-99 Dec-99
B) Delinquency Trigger: $1,284,418.50 $1,843,776.55 $4,091,540.87
Balance delinquency 60+ days 0.97206% 1.49687% 3.51861%
As % of Beginning Pool Balance 1.26893% 1.30631% 1.99584%
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
<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of December 1999
Distribution Date of January 18, 2000
Servicer Certificate #27
<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 $178,138,043.90
Beginning Pool Factor 0.3562801
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,616,830.13
Interest Collected $1,423,454.02
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $413,418.81
Total Additional Deposits $413,418.81
Repos / Chargeoffs $273,685.09
Aggregate Number of Notes Charged Off 129
Total Available Funds $9,453,702.96
Ending Pool Balance $170,247,528.68
Ending Pool Factor 0.3404989
Servicing Fee $148,448.37
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,353,701.23
Target Percentage 5.25%
Target Balance $8,937,995.26
Minimum Balance $9,999,887.79
(Release) / Deposit ($353,813.44)
Ending Balance $9,999,887.79
Current Weighted Average APR: 9.614%
Current Weighted Average Remaining Term (months): 28.21
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,701,991.87 1,250
31 - 60 days $499,160.06 356
60+ days $211,182.21 95
Total: $2,412,334.14 1,262
Balances: 60+ days $2,718,709.21 95
Memo Item - Reserve Account
Prior Month $9,830,208.44
+ Invest. Income $42,111.22
+ Excess Serv. $481,381.57
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,353,701.23
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of December 1999
<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% 96.50% 0.00% 3.50%
Coupon 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $178,138,043.90
Ending Pool Balance $170,247,528.68
Collected Principal $7,616,830.13
Collected Interest $1,423,454.02
Charge - Offs $273,685.09
Liquidation Proceeds / Recoveries $413,418.81
Servicing $148,448.37
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,305,254.59
Beginning Balance $178,138,043.90 $0.00 $0.00 $22,403,212.39 $149,500,000.00 $6,234,831.51
Interest Due $933,357.80 $0.00 $0.00 $115,749.93 $784,875.00 $32,732.87
Interest Paid $933,357.80 $0.00 $0.00 $115,749.93 $784,875.00 $32,732.87
Principal Due $7,890,515.22 $0.00 $0.00 $7,614,347.19 $0.00 $276,168.03
Principal Paid $7,890,515.22 $0.00 $0.00 $7,614,347.19 $0.00 $276,168.03
Ending Balance $170,247,528.68 $0.00 $0.00 $14,788,865.20 $149,500,000.00 $5,958,663.48
Note / Certificate Pool Factor 0.0000 0.0000 0.1120 1.0000 0.3405
(Ending Balance / Original Pool Amount)
Total Distributions $8,823,873.02 $0.00 $0.00 $7,730,097.12 $784,875.00 $308,900.90
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 $481,381.57
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,353,701.23
(Release) / Draw ($353,813.44)
Ending Reserve Acct Balance $9,999,887.79
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of December 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-99 Sep-99 Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $215,198,969.48 $205,970,930.43 $197,220,858.73 $186,675,132.54 $178,138,043.90
A) Loss Trigger:
Principal of Contracts Charged Off $506,853.12 $436,941.54 $383,560.70 $674,517.68 $273,685.09
Recoveries $539,942.09 $1,373,371.01 $316,372.50 $174,724.14 $413,418.81
Total Charged Off (Months 5, 4, 3) $1,327,355.36
Total Recoveries (Months 3, 2, 1) $904,515.45
Net Loss / (Recoveries) for 3 Mos $422,839.91 (a)
Total Balance (Months 5, 4, 3) $618,390,758.64 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.82053%
Trigger: Is Ratio > 1.5% No
Oct-99 Nov-99 Dec-99
B) Delinquency Trigger: $3,532,084.21 $2,435,089.78 2,718,709.21
Balance delinquency 60+ days 1.79093% 1.30445% 1.52618%
As % of Beginning Pool Balance 1.55090% 1.67045% 1.54052%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.00000%
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
<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of December 1999
Distribution Date of January 18, 2000
Servicer Certificate #20
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $247,643,719.91
Beginning Pool Factor 0.494432694
Principal and Interest Collections:
Principal Collected $9,032,391.83
Interest Collected $1,908,840.54
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $333,297.68
Total Additional Deposits $333,297.68
Repos / Chargeoffs $333,991.33
Aggregate Number of Notes Charged Off 115
Total Available Funds $11,274,530.05
Ending Pool Balance $238,277,336.75
Ending Pool Factor 0.4757323
Servicing Fee $206,369.77
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $13,533,942.79
Target Percentage 5.25%
Target Balance $12,509,560.18
Minimum Balance $10,017,287.40
(Release) / Deposit ($1,024,382.61)
Ending Balance $12,509,560.18
Current Weighted Average APR: 9.300%
Current Weighted Average Remaining Term (months): 33.63
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,738,298.83 1,560
31 - 60 days $520,502.54 449
60+ days $153,857.60 115
Total: $2,412,658.97 1,572
Balances: 60+ days $3,296,824.11 115
Memo Item - Reserve Account
Prior Month $13,001,295.30
+ Invest. Income $57,862.47
+ Excess Serv. $474,785.02
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $13,533,942.79
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of December 1999
<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 $247,643,719.91
Ending Pool Balance $238,277,336.75
Collected Principal $9,032,391.83
Collected Interest $1,908,840.54
Charge - Offs $333,991.33
Liquidation Proceeds / Recoveries $333,297.68
Servicing $206,369.77
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $11,068,160.28
Beginning Balance $247,643,719.91 $238,976,072.62 $8,667,647.29
Interest Due $1,226,992.10 $1,182,931.56 $44,060.54
Interest Paid $1,226,992.10 $1,182,931.56 $44,060.54
Principal Due $9,366,383.16 $9,038,559.75 $327,823.41
Principal Paid $9,366,383.16 $9,038,559.75 $327,823.41
Ending Balance $238,277,336.75 $229,937,512.87 $8,339,823.88
Note / Certificate Pool Factor 0.4757 0.4757
(Ending Balance / Original Pool Amount)
Total Distributions $10,593,375.26 $10,221,491.31 $371,883.95
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 $474,785.02
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $13,533,942.79
(Release) / Draw ($1,024,382.61)
Ending Reserve Acct Balance $12,509,560.18
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of December, 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-99 Sep-99 Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $292,641,114.30 $279,636,388.77 $269,652,556.73 $259,151,164.71 $247,643,719.91
A) Loss Trigger:
Principal of Contracts
Charged Off $488,305.19 $416,686.00 $922,868.12 $339,586.98 $333,991.33
Recoveries $1,238,162.09 $1,010,509.68 $536,724.81 $388,832.71 $333,297.68
Total Charged Off (Months 5, 4, 3) $1,827,859.31
Total Recoveries (Months 3, 2, 1) $1,258,855.20
Net Loss / (Recoveries) for 3 Mos $569,004.11 (a)
Total Balance (Months 5, 4, 3) $841,930,059.80 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.81100%
Trigger: Is Ratio > 1.5% No
Oct-99 Nov-99 Dec-99
B) Delinquency Trigger: $1,768,830.56 $2,068,551.45 $3,296,824.11
Balance delinquency 60+ days 0.65597% 0.79820% 1.33128%
As % of Beginning Pool Balance 0.86700% 0.83854% 0.92848%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.49759%
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
<PAGE>
Exhibit 20.6
Page 1 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of December 1999
Distribution Date of January 18, 2000
Servicer Certificate #8
<TABLE>
<S> <C>
Original Pool Amount $714,764,750.47
Subsequent Receivables (transferred 6/3/99) $0.00
Beginning Pool Balance $588,411,657.71
Beginning Pool Factor 0.8232242
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $16,995,633.45
Interest Collected $4,179,979.07
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $528,037.20
Total Additional Deposits $528,037.20
Repos / Chargeoffs $1,057,734.63
Aggregate Number of Notes Charged Off 111
Total Available Funds $21,703,649.72
Ending Pool Balance $570,358,289.63
Ending Pool Factor 0.7979664
Servicing Fee $490,343.05
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $31,312,114.12
Target Percentage 5.25%
Target Balance $29,943,810.21
Minimum Balance $14,295,295.01
(Release) / Deposit ($1,368,303.91)
Ending Balance $29,943,810.21
Current Weighted Average APR: 8.583%
Current Weighted Average Remaining Term (months): 43.21
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $2,806,822.42 2,383
31 - 60 days $594,284.96 460
60+ days $151,419.51 99
Total: $3,552,526.89 2,384
Balances: 60+ days $4,612,250.99 99
Memo Item - Reserve Account
Prior Month $30,891,612.03
+ Invest. Income $135,102.95
+ Excess Serv. $285,399.14
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $31,312,114.12
</TABLE>
<PAGE>
Exhibit 20.6
Page 2 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of December 1999
<TABLE>
<CAPTION>
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B NOTES
<S> <C> <C> <C> <C> <C> <C>
$714,764,750.47 $147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Original Pool Amount
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 5.0025% 5.5500% 5.9500% 6.1300% 6.2200%
Beginning Pool Balance $588,411,657.71
Ending Pool Balance $570,358,289.63
Collected Principal $16,995,633.45
Collected Interest $4,179,979.07
Charge - Offs $1,057,734.63
Liquidation Proceeds / Recoveries $528,037.20
Servicing $490,343.05
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $21,213,306.67
Beginning Balance $588,411,657.71 $20,646,907.24 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Interest Due $2,874,539.45 $97,548.03 $911,125.00 $991,666.67 $744,514.04 $129,685.71
Interest Paid $2,874,539.45 $97,548.03 $911,125.00 $991,666.67 $744,514.04 $129,685.71
Principal Due $18,053,368.08 $18,053,368.08 $0.00 $0.00 $0.00 $0.00
Principal Paid $18,053,368.08 $18,053,368.08 $0.00 $0.00 $0.00 $0.00
Ending Balance $570,358,289.63 $2,593,539.16 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Note / Certificate Pool Factor 0.0176 1.0000 1.0000 1.0000 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $20,927,907.53 $18,150,916.11 $911,125.00 $991,666.67 $744,514.04 $129,685.71
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 $285,399.14
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $31,312,114.12
(Release) / Draw ($1,368,303.91)
Ending Reserve Acct Balance $29,943,810.21
</TABLE>
<PAGE>
Exhibit 20.6
Page 3 of 3
Navistar Financial 1999 - A Owner Trust
For the Month of December 1999
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Aug-99 Sep-99 Oct-99 Nov-99 Dec-99
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $655,869,913.06 $639,469,177.30 $624,065,598.60 $605,380,899.96 $588,411,657.71
A) Loss Trigger:
Principal of Contracts Charged Off $1,026,225.43 $1,857,217.81 $1,267,814.88 $1,445,528.11 $1,057,734.63
Recoveries $37,759.71 $748,190.99 $669,976.68 $918,704.99 $528,037.20
Total Charged Off (Months 5, 4, 3) $4,151,258.12
Total Recoveries (Months 3, 2, 1) $2,116,718.87
Net Loss / (Recoveries) for 3 Mos $2,034,539.25 (a)
Total Balance (Months 5, 4, 3) $1,919,404,688.96 (b)
Loss Ratio Annualized [(a/b) * (12)] $0.01
Trigger: Is Ratio > 1.5% No
Oct-99 Nov-99 Dec-99
B) Delinquency Trigger: $2,238,503.42 $4,071,822.31 $4,612,250.99
Balance delinquency 60+ days 0.35870% 0.67261% 0.78385%
As % of Beginning Pool Balance 0.40815% 0.50609% 0.60505%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 4.18932%
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
