<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of July 2000
Distribution Date of August 15, 2000
Servicer Certificate #34
<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 $121,353,112.10
Beginning Pool Factor 0.2427089
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,662,581.48
Interest Collected $960,087.33
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $978,356.69
Total Additional Deposits $978,356.69
Repos / Chargeoffs $226,944.76
Aggregate Number of Notes Charged Off 166
Total Available Funds $9,133,486.30
Ending Pool Balance $113,931,125.06
Ending Pool Factor 0.2278648
Servicing Fee $101,127.59
Repayment of Servicer Advances $467,539.20
Reserve Account:
Beginning Balance (see Memo Item) $11,456,707.67
Target Percentage 10.00%
Target Balance $11,393,112.51
Minimum Balance $9,999,887.79
(Release) / Deposit ($63,595.16)
Ending Balance $11,393,112.51
Current Weighted Average APR: 9.486%
Current Weighted Average Remaining Term (months): 22.70
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,390,019.41 1,059
31 - 60 days $534,531.36 326
60+ days $293,968.89 107
Total: $2,218,519.66 1,092
Balances: 60+ days $3,298,086.07 107
Memo Item - Reserve Account
Prior Month $10,430,980.36
+ Invest. Income $52,459.47
+ Excess Serv. $973,267.84
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $11,456,707.67
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of July 2000
<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% 0.00% 96.50% 3.50%
Coupon 5.722% 5.956% 6.200% 6.300% 6.300%
Beginning Pool Balance $121,353,112.10
Ending Pool Balance $113,931,125.06
Collected Principal $7,195,042.28
Collected Interest $960,087.33
Charge - Offs $226,944.76
Liquidation Proceeds / Recoveries $978,356.69
Servicing $101,127.59
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $9,032,358.71
Beginning Balance $121,353,112.10 $0.00 $0.00 $0.00 $117,105,753.21 $4,247,358.89
Interest Due $637,103.83 $0.00 $0.00 $0.00 $614,805.20 $22,298.63
Interest Paid $637,103.83 $0.00 $0.00 $0.00 $614,805.20 $22,298.63
Principal Due $7,421,987.04 $0.00 $0.00 $0.00 $7,162,217.49 $259,769.55
Principal Paid $7,421,987.04 $0.00 $0.00 $0.00 $7,162,217.49 $259,769.55
Ending Balance $113,931,125.06 $0.00 $0.00 $0.00 $109,943,535.72 $3,987,589.34
Note / Certificate Pool Factor 0.0000 0.0000 0.0000 0.7354 0.2279
(Ending Balance / Original Pool Amount)
Total Distributions $8,059,090.87 $0.00 $0.00 $0.00 $7,777,022.69 $282,068.18
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 $973,267.84
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $11,456,707.67
(Release) / Draw ($63,595.16)
Ending Reserve Acct Balance $11,393,112.51
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B 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 $155,040,525.91 $146,030,527.11 $139,181,258.34 $130,574,325.90 $121,353,112.10
A) Loss Trigger:
Principal of Contracts
Charged Off $947,592.16 $773,350.36 $395,951.85 $129,672.74 $226,944.76
Recoveries $392,008.65 $758,588.45 $867,393.52 $466,477.32 $978,356.69
Total Charged Off (Months 5, 4, 3) $2,116,894.37
Total Recoveries (Months 3, 2, 1) $2,312,227.53
Net Loss / (Recoveries) for 3 Mos ($195,333.16)(a)
Total Balance (Months 5, 4, 3) $440,252,311.36 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.53242%
Trigger: Is Ratio > 1.5% No
May-00 Jun-00 Jul-00
B) Delinquency Trigger: $2,975,725.73 2,737,949.64 3,298,086.07
Balance delinquency 60+ days 2.13802% 2.09685% 2.71776%
As % of Beginning Pool Balance 1.94112% 2.05946% 2.31754%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 2.27865%
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
