<PAGE>
Exhibit 20.4
Page 1 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of May 2000
Distribution Date of June 15, 2000
Servicer Certificate #32
<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 $139,181,258.34
Beginning Pool Factor 0.2783656
Principal and Interest Collections:
Principal Collected (Incl. Servicer Advance Repay) $8,754,126.26
Interest Collected $1,105,156.89
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $867,393.52
Total Additional Deposits $867,393.52
Repos / Chargeoffs $395,951.85
Aggregate Number of Notes Charged Off 179
Total Available Funds $10,183,531.00
Ending Pool Balance $130,574,325.90
Ending Pool Factor 0.2611516
Servicing Fee $115,984.38
Repayment of Servicer Advances $543,145.67
Reserve Account:
Beginning Balance (see Memo Item) $9,908,461.66
Target Percentage 5.25%
Target Balance $6,855,152.11
Minimum Balance $9,999,887.79
(Release) / Deposit ($36,656.13)
Ending Balance $9,871,805.53
Current Weighted Average APR: 9.506%
Current Weighted Average Remaining Term (months): 24.17
<CAPTION>
Delinquencies Dollars Notes
<S> <C> <C> <C>
Installments: 1 - 30 days $1,496,103.59 1,076
31 - 60 days $492,985.57 330
60+ days $289,953.03 111
Total: $2,279,042.19 1,095
Balances: 60+ days $2,975,725.73 111
Memo Item - Reserve Account
Prior Month $9,141,892.96
+ Invest. Income $36,656.13
+ Excess Serv. $729,912.57
+ Transfer (to) / from Collections Account $0.00
Beginning Balance $9,908,461.66
</TABLE>
<PAGE>
Exhibit 20.4
Page 2 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of May 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 5.72% 5.96% 6.20% 6.30% 6.30%
Beginning Pool Balance $139,181,258.34
Ending Pool Balance $130,574,325.90
Collected Principal $8,210,980.59
Collected Interest $1,105,156.89
Charge - Offs $395,951.85
Liquidation Proceeds / Recoveries $867,393.52
Servicing $115,984.38
Cash Transfer from Reserve Account $0.00
Total Collections Available
for Debt Service $10,067,546.62
Beginning Balance $139,181,258.34 $0.00 $0.00 $0.00 $134,309,914.33 $4,871,344.01
Interest Due $730,701.61 $0.00 $0.00 $0.00 $705,127.05 $25,574.56
Interest Paid $730,701.61 $0.00 $0.00 $0.00 $705,127.05 $25,574.56
Principal Due $8,606,932.44 $0.00 $0.00 $0.00 $8,305,689.80 $301,242.64
Principal Paid $8,606,932.44 $0.00 $0.00 $0.00 $8,305,689.80 $301,242.64
Ending Balance $130,574,325.90 $0.00 $0.00 $0.00 $126,004,224.53 $4,570,101.37
Note / Certificate Pool Factor 0.0000 0.0000 0.0000 0.8428 0.2611
(Ending Balance / Original Pool Amount)
Total Distributions $9,337,634.05 $0.00 $0.00 $0.00 $9,010,816.85 $326,817.20
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 $729,912.57
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $9,908,461.66
(Release) / Draw ($36,656.13)
Ending Reserve Acct Balance $9,871,805.53
</TABLE>
<PAGE>
Exhibit 20.4
Page 3 of 3
Navistar Financial 1997 - B Owner Trust
For the Month of May 2000
Trigger Events:
A) Loss Trigger
B) Delinquency Trigger
C) Noteholders Percent Trigger
<TABLE>
<CAPTION>
5 4 3 2 1
Jan-00 Feb-00 Mar-00 Apr-00 May-00
<S> <C> <C> <C> <C> <C>
Beginning Pool Balance $170,247,528.68 $163,285,457.55 $155,040,525.91 $146,030,527.11 $139,181,258.34
A) Loss Trigger:
Principal of Contracts
Charged Off $266,482.92 $1,242,061.84 $947,592.16 $773,350.36 $395,951.85
Recoveries $214,473.19 $140,780.70 $392,008.65 $758,588.45 $867,393.52
Total Charged Off (Months 5, 4, 3) $2,456,136.92
Total Recoveries (Months 3, 2, 1) $2,017,990.62
Net Loss / (Recoveries) for 3 Mos $438,146.30 (a)
Total Balance (Months 5, 4, 3) $488,573,512.14 (b)
Loss Ratio Annualized [(a/b) * (12)] 1.07614%
Trigger: Is Ratio > 1.5% No
Mar-00 Apr-00 May-00
B) Delinquency Trigger: 2,700,549.51 2,838,126.76 2,975,725.73
Balance delinquency 60+ days 1.74183% 1.94352% 2.13802%
As % of Beginning Pool Balance 2.11158% 2.03340% 1.94112%
Three Month Average
Trigger: Is Average > 2.0% No
C) Noteholders Percent Trigger: 1.97438%
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
