<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of September 2000
Distribution Date of October 16, 2000
Servicer Certificate #36
<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 $106,711,978.80
Beginning Pool Factor 0.2134264
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $7,537,987.30
Interest Collected $839,060.99
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $210,822.61
Total Additional Deposits $210,822.61
Repos / Chargeoffs $208,146.91
Aggregate Number of Notes Charged Off 178
Total Available Funds $8,587,870.90
Ending Pool Balance $98,965,844.59
Ending Pool Factor 0.1979339
Servicing Fee $88,926.65
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $10,912,942.05
Target Percentage 10.00%
Target Balance $9,896,584.46
Minimum Balance $9,999,887.79
(Release) / Deposit ($913,054.26)
Ending Balance $9,999,887.79
Current Weighted Average APR: 9.452%
Current Weighted Average Remaining Term (months): 21.21
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,749,526.02 977
31 - 60 days $398,952.25 277
60+ days $216,289.82 90
Total: $2,364,768.09 999
Balances: 60+ days $2,135,407.73 90
Memo Item - Reserve Account
Prior Month $10,671,197.88
+ Invest. Income $49,172.02
+ Excess Serv. $192,572.15
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $10,912,942.05
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of September 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 $106,711,978.80
Ending Pool Balance $98,965,844.59
Collected Principal $7,537,987.30
Collected Interest $839,060.99
Charge - Offs $208,146.91
Liquidation Proceeds/Recoveries $210,822.61
Servicing $88,926.65
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $8,498,944.25
Beginning Balance $106,711,978.80 $0.00 $0.00 $0.00 $102,977,059.58 $3,734,919.22
Interest Due $560,237.89 $0.00 $0.00 $0.00 $540,629.56 $19,608.33
Interest Paid $560,237.89 $0.00 $0.00 $0.00 $540,629.56 $19,608.33
Principal Due $7,746,134.21 $0.00 $0.00 $0.00 $7,475,019.51 $271,114.70
Principal Paid $7,746,134.21 $0.00 $0.00 $0.00 $7,475,019.51 $271,114.70
Ending Balance $98,965,844.59 $0.00 $0.00 $0.00 $95,502,040.07 $3,463,804.52
Note / Certificate Pool Factor 0.0000 0.0000 0.0000 0.6388 0.1979
(Ending Balance / Original Pool Amount)
Total Distributions $8,306,372.10 $0.00 $0.00 $0.00 $8,015,649.07 $290,723.03
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 $192,572.15
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,912,942.05
(Release) / Draw ($913,054.26)
Ending Reserve Acct Balance $9,999,887.79
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of September 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
May-00 Jun-00 Jul-00 Aug-00 Sep-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $139,181,258.34 $130,574,325.90 $121,353,112.10 $113,931,125.06 $106,711,978.80
A) Loss Trigger:
Principal of Contracts
Charged Off $395,951.85 $129,672.74 $226,944.76 $279,343.82 $208,146.91
Recoveries $867,393.52 $466,477.32 $978,356.69 $373,109.34 $210,822.61
Total Charged Off (Months 5, 4, 3) $752,569.35
Total Recoveries (Months 3, 2, 1) $1,562,288.64
Net Loss / (Recoveries) for 3 Mos ($809,719.29)(a)
Total Balance (Months 5, 4, 3) $391,108,696.34 (b)
Loss Ratio Annualized [(a/b) * (12)] -2.48438%
Trigger: Is Ratio > 1.5% No
Jul-00 Aug-00 Sep-00
B) Delinquency Trigger: $3,298,086.07 $2,152,948.27 $2,135,407.73
Balance delinquency 60+ days 2.71776% 1.88969% 2.00109%
As % of Beginning Pool Balance 2.31754% 2.23477% 2.20285%
Three Month Average
Trigger: Is Average > 2.0% Yes
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
