<PAGE>
Exhibit 20.1
Page 1 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of April 2000
Distribution Date of May 15, 2000
Servicer Certificate #48
<TABLE>
<S> <C>
Original Pool Amount $459,943,869.53
Beginning Pool Balance $40,299,291.66
Beginning Pool Factor 0.0876178
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $2,984,268.02
Interest Collected $251,741.43
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $11,064.22
Total Additional Deposits $11,064.22
Repos / Chargeoffs $69,126.54
Aggregate Number of Notes Charged Off 69
Total Available Funds $3,247,073.67
Ending Pool Balance $37,245,897.10
Ending Pool Factor 0.0809792
Servicing Fee $33,582.74
Repayment of Servicer Advances $0.00
Reserve Account:
Beginning Balance (see Memo Item) $9,653,356.84
Target Percentage 5.00%
Target Balance $1,862,294.86
Minimum Balance $9,658,821.26
(Release) / Deposit ($48,400.92)
Ending Balance $9,604,955.92
Current Weighted Average APR: 8.841%
Current Weighted Average Remaining Term (months): 11.18
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $667,524.84 439
31 - 60 days $170,606.73 99
60+ days $124,818.31 44
Total: $962,949.88 452
Balances: 60+ days $673,059.81 44
Memo Item - Reserve Account
Prior Month $9,658,821.26
+ Invest. Income $48,400.92
+ Excess Serv. $0.00
+ Transfer (to) / from Collections Account ($53,865.34)
Beginning Balance $9,653,356.84
</TABLE>
<PAGE>
Exhibit 20.1
Page 2 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of April 2000
<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 $40,299,291.66
Ending Pool Balance $37,245,897.10
Collected Principal $2,984,268.02
Collected Interest $251,741.43
Charge - Offs $69,126.54
Liquidation Proceeds / Recoveries $11,064.22
Servicing $33,582.74
Cash Transfer from Reserve Account $53,865.34
Total Collections Avail for Debt Service $3,267,356.27
Beginning Balance $40,299,291.66 $0.00 $34,608,995.33 $5,690,296.33
Interest Due $213,961.71 $0.00 $183,139.27 $30,822.44
Interest Paid $213,961.71 $0.00 $183,139.27 $30,822.44
Principal Due $3,053,394.56 $0.00 $2,915,991.80 $137,402.76
Principal Paid $3,053,394.56 $0.00 $2,915,991.80 $137,402.75
Ending Balance $37,245,897.10 $0.00 $31,693,003.53 $5,552,893.58
Note / Certificate Pool Factor 0.0000 0.0913 0.2683
(Ending Balance / Original Pool Amount)
Total Distributions $3,267,356.27 $0.00 $3,099,131.07 $168,225.19
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 $0.00
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,653,356.84
(Release) / Draw ($48,400.92)
Ending Reserve Acct Balance $9,604,955.92
</TABLE>
<PAGE>
Exhibit 20.1
Page 3 of 3
Navistar Financial 1996 - A Owner Trust
For the Month of April 2000
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
Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Balance $62,381,506.88 $57,024,922.28 $53,062,544.68 $49,297,540.90 $45,557,777.01 $40,299,291.66
A) Loss Trigger:
Principal of Contracts
Charged Off $16,230.71 $43,120.73 $25,930.25 $13,739.48 $23,449.13 $69,126.54
Recoveries $123,046.97 $100,964.67 $59,893.79 $80,396.38 $29,849.77 $11,064.22
<CAPTION>
Loss Trigger - Reserve Account Balance Loss Trigger - Certificate Lockout Event
<S> <C> <C> <C>
Total Charged Off (Months 5, 4, 3) $82,790.46 Total Charged off (Months 1 - 6) $191,596.84
Total Recoveries (Months 3, 2, 1) $121,310.37 Total Recoveries (Months 1 - 6) $405,215.80
Net Loss / (Recoveries) for 3 Mos ($38,519.91)(a) Net Loss/(Recoveries) for 6 Mos. ($213,618.96)(c)
Total Balance (Months 5, 4, 3) $159,385,007.86 (b) Total Balance (Months 1 - 6) $307,623,583.41 (d)
Loss Ratio Annualized [(a/b) * (12)] -0.2900% Loss Ratio Annualized [(c/d) (12)] -0.8333%
Trigger: Is Ratio > 1.5% No Trigger: Is Ratio > 6.0% No
<CAPTION>
Feb-00 Mar-00 Apr-00
<S> <C> <C> <C> <C>
B) Delinquency Trigger: $894,131.12 $820,508.00 $673,059.81
Balance delinquency 60+ days 1.81374% 1.80103% 1.67015%
As % of Beginning Pool Balance 1.34197% 1.64170% 1.76164%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 2.0883%
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
