<PAGE>
Exhibit 20.3
Page 1 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of April 2000
Distribution Date of May 15, 2000
Servicer Certificate #37
<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 $84,209,227.43
Beginning Pool Factor 0.1726509
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $5,129,997.05
Interest Collected $627,017.47
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $258,904.11
Total Additional Deposits $258,904.11
Repos / Chargeoffs $604,908.32
Aggregate Number of Notes Charged Off 179
Total Available Funds $6,015,918.63
Ending Pool Balance $78,474,322.06
Ending Pool Factor 0.1608929
Servicing Fee $70,174.36
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,350,062.75
Target Percentage 10.00%
Target Balance $7,847,432.21
Minimum Balance $10,499,931.43
(Release) / Deposit ($53,761.77)
Ending Balance $9,296,300.98
Current Weighted Average APR: 9.714%
Current Weighted Average Remaining Term (months): 19.58
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,312,619.76 817
31 - 60 days $359,821.28 244
60+ days $415,973.27 130
Total: $2,088,414.31 856
Balances: 60+ days $3,132,698.45 130
Memo Item - Reserve Account
Prior Month $9,562,055.65
+ Invest. Income $53,761.77
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($265,754.67)
Beginning Balance $9,350,062.75
</TABLE>
<PAGE>
Exhibit 20.3
Page 2 of 3
Navistar Financial 1997 - A Owner Trust
For the Month of April 2000
<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 $84,209,227.43
Ending Pool Balance $78,474,322.06
Collected Principal $5,129,997.05
Collected Interest $627,017.47
Charge - Offs $604,908.32
Liquidation Proceeds / Recoveries $258,904.11
Servicing $70,174.36
Cash Transfer from Reserve Account $265,754.67
Total Collections Available
for Debt Service $6,211,498.94
Beginning Balance $84,209,227.43 $0.00 $0.00 $66,709,227.43 $17,500,000.00
Interest Due $476,593.57 $0.00 $0.00 $375,239.40 $101,354.17
Interest Paid $476,593.57 $0.00 $0.00 $375,239.40 $101,354.17
Principal Due $5,734,905.37 $0.00 $0.00 $5,734,905.37 $0.00
Principal Paid $5,734,905.37 $0.00 $0.00 $5,734,905.37 $0.00
Ending Balance $78,474,322.06 $0.00 $0.00 $60,974,322.06 $17,500,000.00
Note / Certificate Pool Factor 0.0000 0.0000 0.3464 1.0000
(Ending Balance / Original Pool Amount)
Total Distributions $6,211,498.94 $0.00 $0.00 $6,110,144.77 $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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,350,062.75
(Release) / Draw ($53,761.77)
Ending Reserve Acct Balance $9,296,300.98
</TABLE>
<PAGE>
Exhibit 20.3
Page 3 of 3
Navistar Financial 1997 - 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 $116,282,961.46 $109,149,572.74 $101,082,302.70 $94,037,662.68 $84,209,227.43
A) Loss Trigger:
Principal of Contracts Charged Off $177,708.40 $164,958.04 $323,696.19 $1,765,055.01 $604,908.32
Recoveries $328,240.04 $218,859.06 $272,932.80 $296,984.42 $258,904.11
Total Charged Off (Months 5, 4, 3) $666,362.63
Total Recoveries (Months 3, 2, 1) $828,821.33
Net Loss / (Recoveries) for 3 Mos ($162,458.70)(a)
Total Balance (Months 5, 4, 3) $326,514,836.90 (b)
Loss Ratio Annualized [(a/b) * (12)] -0.5971%
Trigger: Is Ratio > 1.5% No
Feb-00 Mar-00 Apr-00
B) Delinquency Trigger: $5,581,557.53 $3,721,386.56 $3,132,698.45
Balance delinquency 60+ days 5.52179% 3.95734% 3.72014%
As % of Beginning Pool Balance 4.46047% 4.60672% 4.39976%
Three Month Average
Trigger: Is Average > 2.0% Yes
C) Noteholders Percent Trigger: 1.8593%
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
