<PAGE>
Exhibit 20.5
Page 1 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of July 2000
Distribution Date of August 15, 2000
Servicer Certificate #27
<TABLE>
<S> <C>
Original Pool Amount $500,864,370.04
Beginning Pool Balance $182,685,275.88
Beginning Pool Factor 0.364740011
Principal and Interest Collections:
Principal Collected $6,991,568.61
Interest Collected $1,363,644.98
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $434,375.75
Total Additional Deposits $434,375.75
Repos / Chargeoffs $471,941.02
Aggregate Number of Notes Charged Off 130
Total Available Funds $8,789,589.34
Ending Pool Balance $175,221,766.25
Ending Pool Factor 0.3498388
Servicing Fee $152,237.73
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,339,116.90
Target Percentage 5.25%
Target Balance $9,199,142.73
Minimum Balance $10,017,287.40
(Release) / Deposit ($321,829.50)
Ending Balance $10,017,287.40
Current Weighted Average APR: 9.147%
Current Weighted Average Remaining Term (months): 27.98
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,465,906.88 1,305
31 - 60 days $493,905.88 416
60+ days $283,965.71 137
Total: $2,243,778.47 1,324
Balances: 60+ days $4,078,432.87 137
Memo Item - Reserve Account
Prior Month $10,017,287.40
+ Invest. Income $53,132.18
+ Excess Serv. $268,697.32
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,339,116.90
</TABLE>
<PAGE>
Exhibit 20.5
Page 2 of 3
Navistar Financial 1998 - A Owner Trust
For the Month of July 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 $182,685,275.88
Ending Pool Balance $175,221,766.25
Collected Principal $6,991,568.61
Collected Interest $1,363,644.98
Charge - Offs $471,941.02
Liquidation Proceeds / Recoveries $434,375.75
Servicing $152,237.73
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Service $8,637,351.61
Beginning Balance $182,685,275.88 $176,291,174.13 $6,394,101.75
Interest Due $905,144.66 $872,641.31 $32,503.35
Interest Paid $905,144.66 $872,641.31 $32,503.35
Principal Due $7,463,509.63 $7,202,286.79 $261,222.84
Principal Paid $7,463,509.63 $7,202,286.79 $261,222.84
Ending Balance $175,221,766.25 $169,088,887.34 $6,132,878.91
Note / Certificate Pool Factor 0.3498 0.3498
(Ending Balance / Original Pool Amount)
Total Distributions $8,368,654.29 $8,074,928.10 $293,726.19
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 $268,697.32
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,339,116.90
(Release) / Draw ($321,829.50)
Ending Reserve Acct Balance $10,017,287.40
</TABLE>
<PAGE>
Exhibit 20.5
Page 3 of 3
Navistar Financial 1998 - A 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 $219,775,739.55 $209,867,658.70 $201,070,093.91 $191,640,559.16 $182,685,275.88
A) Loss Trigger:
Principal of Contracts
Charged Off $618,471.73 $209,289.64 $424,119.16 $591,292.42 $471,941.02
Recoveries $415,695.09 $439,983.34 $327,472.56 $341,777.17 $434,375.75
Total Charged Off (Months 5, 4, 3) $1,251,880.53
Total Recoveries (Months 3, 2, 1) $1,103,625.48
Net Loss / (Recoveries) for 3 Mos $148,255.05 (a)
Total Balance (Months 5, 4, 3) $630,713,492.16 (b)
Loss Ratio Annualized [(a/b) * (12)] 0.28207%
Trigger: Is Ratio > 1.5% No
May-00 Jun-00 Jul-00
B) Delinquency Trigger: $3,892,133.19 $3,368,419.01 $4,078,432.87
Balance delinquency 60+ days 1.93571% 1.75768% 2.23249%
As % of Beginning Pool Balance 1.85347% 1.91806% 1.97529%
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
