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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
----------
Commission File Number 33-50291
----------
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST,
NAVISTAR FINANCIAL 1999-A OWNER TRUST AND
NAVISTAR FINANCIAL 2000-A OWNER TRUST,
(Exact name of Registrant as specified in its charter)
Delaware 51-0337491
------------------------------------ ------------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2850 West Golf Road
Rolling Meadows, Illinois 60008
------------------------------------ ------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 734-4000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes X No
PART I
Item 1. Business
The Navistar Financial 1996-A Owner Trust, Navistar Financial 1996-B Owner
Trust, Navistar Financial 1997-A Owner Trust, Navistar Financial 1997-B Owner
Trust, Navistar Financial 1998-A Owner Trust, Navistar Financial 1999-A Owner
Trust and Navistar Financial 2000-A Owner Trust (the "Trusts") were formed
pursuant to seven separate Trust Agreements dated as of May 30, 1996; November
6, 1996; May 7, 1997; November 5, 1997; June 4, 1998; June 3, 1999 and March 9,
2000, respectively, among Navistar Financial Retail Receivables Corporation,
("NFRRC"), as seller (the "Seller") and Chase Manhattan Bank Delaware (formerly
known as Chemical Bank Delaware), as owner trustee (the "Trustee"). Retail notes
(the "Retail Notes") and security interests in the vehicles financed thereby
were transferred to the Trusts in exchange for fixed rate notes (the "Notes")
and fixed rate pass-through certificates (the "Certificates") which were
registered on Registration Statement Nos. 33-55865, 33-64249 and 333-62445 and
sold to the public in reliance on Rule 415 under the Securities Act of 1933.
NFRRC is a wholly-owned subsidiary of Navistar Financial Corporation.
Pursuant to a Pooling and Servicing Agreement (the "Agreement") for each Trust,
Navistar Financial Corporation acts as servicer (the "Servicer") and, in that
capacity, manages, services, administers and makes collections on the Retail
Notes. Each Agreement provides that collections shall be distributed to
noteholders and certificateholders and otherwise used in accordance with the
priorities set forth therein. Pursuant to each Agreement, the Seller established
a reserve account as credit enhancement for each Trust. Amounts on deposit in
each reserve account after payments to security holders and the Servicer are
paid to the Seller to the extent that such amounts exceed a specified reserve
account target balance. The specified reserve account target balance cannot,
however, be less than a specified minimum of the initial aggregate receivables
balance for each Trust. There is no cross collateralization between the Trusts.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Retail Notes or the Trustee, or the Seller or Servicer in respect of
the Trusts.
PART I
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of holders of the Certificates during the
period of this report.
PART II
Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
As of October 31, 2000, balances in the Trusts were as follows:
Reserve
Principal Account
Dollar amounts in millions
-------------------------------------- ------------- ---------
Navistar Financial 1996-A Owner Trust $0.0 $0.0
Navistar Financial 1996-B Owner Trust $27.4 $9.7
Navistar Financial 1997-A Owner Trust $46.1 $10.2
Navistar Financial 1997-B Owner Trust $91.2 $10.0
Navistar Financial 1998-A Owner Trust $150.0 $10.0
Navistar Financial 1999-A Owner Trust $402.7 $21.1
Navistar Financial 2000-A Owner Trust $384.9 $20.2
Note: Balances include the effect of the November 2000 distribution in
accordance with the Owner Trust Agreements.
PART II
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations (cont'd.)
As of October 31, 2000, the aggregate shelf registration available to
NFRRC for issuance of asset-backed securities is $1,783 million.
In August 2000, Navistar Financial 1996-A Owner Trust was repurchased.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary for each of the Owner Trusts listed below is
an annualized version of the monthly Servicer Certificates
prepared by the Servicer.
13(a) - Navistar Financial 1996-A Owner Trust
13(b) - Navistar Financial 1996-B Owner Trust
13(c) - Navistar Financial 1997-A Owner Trust
13(d) - Navistar Financial 1997-B Owner Trust
13(e) - Navistar Financial 1998-A Owner Trust
13(f) - Navistar Financial 1999-A Owner Trust
13(g) - Navistar Financial 2000-A Owner Trust
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 2000:
(i) Form 8-K dated August 15, 2000
(ii) Form 8-K dated September 15, 2000
(iii) Form 8-K dated October 15, 2000
(iv) Form 8-K dated October 17, 2000
(v) Form 8-K dated October 23, 2000
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
on behalf of NAVISTAR FINANCIAL 1996-A OWNER TRUST,
NAVISTAR FINANCIAL 1996-B OWNER TRUST,
NAVISTAR FINANCIAL 1997-A OWNER TRUST,
NAVISTAR FINANCIAL 1997-B OWNER TRUST,
NAVISTAR FINANCIAL 1998-A OWNER TRUST,
NAVISTAR FINANCIAL 1999-A OWNER TRUST AND
NAVISTAR FINANCIAL 2000-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ __________________________ January 26, 2000
Ronald D. Markle
Vice President and Controller
(Principal Accounting Officer)
EXHIBIT INDEX
Sequential
Exhibit No. Exhibit Page No.
3 Articles of Incorporation and By-Laws 7
10 Material Contracts 8
13(a) Annual Summary
- Navistar Financial 1996-A Owner Trust 12
13(b) Annual Summary
- Navistar Financial 1996-B Owner Trust 15
13(c) Annual Summary
- Navistar Financial 1997-A Owner Trust 18
13(d) Annual Summary
- Navistar Financial 1997-B Owner Trust 21
13(e) Annual Summary
- Navistar Financial 1998-A Owner Trust 24
13(f) Annual Summary
- Navistar Financial 1999-A Owner Trust 28
13(g) Annual Summary
- Navistar Financial 2000-A Owner Trust 32
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial Retail
Receivables Corporation (as amended and in effect on June 5, 1995). Filed
on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables Corporation. Filed on
Registration No. 33-50291.
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail Receivables
Corporation are incorporated herein by reference:
10.1 Purchase Agreement dated as of May 30, 1996, between Navistar Financial
Corporation and Navistar Financial Receivables Corporation, as Purchaser,
with respect to Navistar Financial 1996-A Owner Trust. Filed on
Registration No. 33-55865.
10.2 Pooling and Servicing Agreement dated as of May 30, 1996, among Navistar
Financial Corporation, as Servicer, and Navistar Financial Retail
Receivables Corporation, as Seller, and Navistar Financial 1996-A Owner
Trust, as Issuer. Filed on Registration No. 33-55865.
10.3 Trust Agreement dated as of May 30, 1996, between Navistar Financial Retail
Receivables Corporation, as Seller, and The Chase Manhattan Bank Delaware
(formerly known as Chemical Bank Delaware), as Owner Trustee, with respect
to Navistar Financial 1996-A Owner Trust. Filed on Registration No.
33-55865.
10.4 Indenture dated as of May 30, 1996, between Navistar Financial 1996-A Owner
Trust and the Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 1996-A Owner Trust. Filed on Registration No. 33-55865.
10.5 Purchase Agreement dated as of November 6, 1996, between Navistar Financial
Corporation and Navistar Financial Retail Receivables Corporation, as
Purchaser, with respect to Navistar Financial 1996-B Owner Trust. Filed on
Registration No. 33-55865.
10.6 Pooling and Servicing Agreement dated as of November 6, 1996, among the
Corporation, as servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1996-B Owner Trust, as
issuer. Filed on Registration No. 33-55865.
10.7 Trust Agreement dated as of November 6, 1996, between Navistar Financial
Retail Receivables Corporation, as Seller, and The Chase Manhattan Bank
Delaware (formerly known as Chemical Bank Delaware), as Owner Trustee, with
respect to Navistar Financial 1996-B Owner Trust. Filed on Registration No.
33-55865.
10.8 Indenture dated as of November 6, 1996, between Navistar Financial 1996-B
Owner Trust and The Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 1996-B Owner Trust. Filed on Registration No. 33-55865.
10.9 Purchase Agreement dated as of May 7, 1997, between the Corporation and
Navistar Financial Retail Receivables Corporation, as Purchaser, with
respect to Navistar Financial 1997-A Owner Trust, as Issuer. Filed on
Registration No. 33-55865.
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.10Pooling and Servicing Agreement dated as of May 7, 1997, among the
Corporation, as Servicer, Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1997-A Owner Trust, as
Issuer. Filed on Registration No. 33-55865.
10.11Trust Agreement dated as of May 7, 1997, between Navistar Financial Retail
Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as
Owner Trustee, with respect to Navistar Financial 1997-A Owner Trust. Filed
on Registration No. 33-55865.
10.12Indenture dated as of May 7, 1997, between Navistar Financial 1997-A Owner
Trust and The Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 1997-A Owner Trust. Filed on Registration No. 33-55865.
10.13Purchase Agreement dated as of November 5, 1997, between the Corporation
and Navistar Financial Retail Receivables Corporation, as Purchaser, with
respect to Navistar Financial 1997-B Owner Trust, as Issuer. Filed on
Registration No. 33-64249.
10.14Pooling and Servicing Agreement dated as of November 5, 1997, among the
Corporation, as Servicer, Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1997-B Owner Trust, as
Issuer. Filed on Registration No. 33-64249.
10.15Trust Agreement dated as of November 5, 1997, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chase Manhattan Bank
Delaware, as owner Trustee, with respect to Navistar Financial 1997-B Owner
Trust. Filed on Registration No. 33-64249.
10.16Indenture dated as of November 5, 1997, between Navistar Financial 1997-B
Owner Trust and the Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 1997-B Owner Trust. Filed on Registration No. 33-64249.
10.17Purchase Agreement dated as of June 4, 1998, between the Corporation and
Navistar Financial Retail Receivables Corporation, as Purchaser, with
respect to Navistar Financial 1998-A Owner Trust, as Issuer. Filed on
Registration No. 33-64249.
10.18Pooling and Servicing Agreement dated as of June 4, 1998, among the
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1998-A Owner Trust, as
Issuer. Filed on Registration No. 33-64249.
10.19Trust Agreement dated as of June 4, 1998, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chase Manhattan Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1998-A Owner
Trust. Filed on Registration No. 33-64249.
10.20Indenture dated as of June 4, 1998, between Navistar Financial 1998-A
Owner Trust and The Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 1998-A Owner Trust. Filed on Registration No. 33-64249.
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.21Purchase Agreement dated as of June 3, 1999, between the Corporation and
Navistar Financial Retail Receivables Corporation, as Purchaser, with
respect to Navistar Financial 1999-A Owner Trust, as Issuer. Filed on
Registration No. 333-62445.
10.22Pooling and Servicing Agreement dated as of June 3, 1999, among the
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 1999-A Owner Trust, as
Issuer. Filed on Registration No. 333-62445.
10.23Trust Agreement dated as of June 3, 1999, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chase Manhattan Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 1999-A Owner
Trust. Filed on Registration No. 333-62445.
10.24Indenture dated as of June 3, 1999, between Navistar Financial 1999-A
Owner Trust and The Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 1999-A Owner Trust. Filed on Registration No. 333-62445.
10.25Purchase Agreement dated as of March 9, 2000, between the Corporation and
Navistar Financial Retail Receivables Corporation, as Purchaser, with
respect to Navistar Financial 2000-A Owner Trust, as Issuer. Filed on
Registration No. 333-62445.
10.26Pooling and Servicing Agreement dated as of March 9, 2000, among the
Corporation, as Servicer, and Navistar Financial Retail Receivables
Corporation, as Seller, and Navistar Financial 2000-A Owner Trust, as
Issuer. Filed on Registration No. 333-62445.
10.27Trust Agreement dated as of March 9, 2000, between Navistar Financial
Retail Receivables Corporation, as Seller, and Chase Manhattan Bank
Delaware, as Owner Trustee, with respect to Navistar Financial 2000-A Owner
Trust. Filed on Registration No. 333-62445.
10.28Indenture dated as of March 9, 2000, between Navistar Financial 2000-A
Owner Trust and The Bank of New York, as Indenture Trustee, with respect to
Navistar Financial 2000-A Owner Trust. Filed on Registration No. 333-62445.
Exhibit 13(a)
Page 1 of 4
ANNUAL SUMMARY
Navistar Financial 1996-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
Cut-off Date 04/30/96
Original Pool Amount $459,943,869.53
Beginning Pool Balance as of 11/1/99 $62,381,506.88
Beginning Pool Factor as of 11/1/99 0.1356285
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $38,337,054.29
Interest Collected $2,982,103.14
Additional Deposits:
Repurchase Amounts $0.00
Final Purchase of Receivables $24,627,599.97
Liquidation Proceeds/Recoveries $590,454.58
Total Additional Deposits $25,218,054.55
Repos/Chargeoffs $394,710.02
Aggregate Number of Notes Charged Off 671
Total Available Funds $65,559,354.58
Ending Pool Balance as of 10/31/00 $0.00
Ending Pool Factor as of 10/31/00 0.0000000
Servicing Fee $366,664.31
Repayment of Servicer Advances $977,857.40
Reserve Account:
Beginning Balance as of 11/1/99 $9,658,821.26
Investment Income Earned during the year $464,941.06
Target Percentage N/A
Target Balance as of 10/31/00 N/A
Minimum Balance (2% of Initial Balance) N/A
Transfer from/(to) Collections Account $475,543.94
(Release)/Deposit - Includes Investment Income ($10,599,306.26)
Ending Balance as of 10/31/00 $0.00
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 0.00 0
31-60 days 0.00 0
60+ days 0.00 0
Total 0.00 0
Balances: 60+ days 0.00 0
Exhibit 13(a)
Page 2 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2 CERTIFICATES
CERTIFICATES
Original Pool Amount Distributions: $459,943,869.53 $92,000,000.00 $347,245,000.00 $20,698,869.53
Distribution Percentage
Following A-1 Payoff 0.00% 95.50% 4.50%
Coupon 5.250% 6.350% 6.500%
Beginning Pool Balance $62,381,506.88
Ending Pool Balance $0.00
Collected Principal $61,986,796.86
Collected Interest $2,982,103.14
Charge-Offs $394,710.02
Liquidation Proceeds/Recoveries $590,454.58
Servicing $366,664.31
Transfers to Collection Account $150,195.53
Total Collections Available
for Debt Service $65,342,885.80
Beginning Balance as of 11/1/99 $62,381,506.88 $0.00 $55,697,510.86 $6,683,996.02
Interest Due $2,335,639.45 $0.00 $2,018,395.29 $317,244.16
Interest Paid $2,335,639.45 $0.00 $2,018,395.29 $317,244.16
Principal Due $62,381,506.88 $0.00 $55,697,510.86 $6,683,996.02
Principal Paid $62,381,506.88 $0.00 $55,697,510.86 $6,683,996.02
Ending Balance as of 10/31/00 $0.00 $0.00 $0.00 $0.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000 0.0000000000
Total Distributions $64,717,146.33 $0.00 $57,715,906.15 $7,001,240.18
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00 $0.00
Excess Servicing $625,739.47
Beginning Reserve Account Balance $9,658,821.26
Investment Income Earned during the period $464,941.06
Transfer from/(to) collections Account $475,543.94
(Release)/Draw
- Includes Investment Income ($10,599,306.26)
Ending Reserve Account Balance $0.00
Note: Ending principal balance includes the effect of the final distribution.
Exhibit 13(a)
Page 3 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 (1.6957)% April 2000 (0.2900)%
December 1999 (0.9857)% May 2000 (0.5324)%
January 2000 (1.2502)% June 2000 (0.3271)%
February 2000 (0.9668)% July 2000 (0.1120)%
March 2000 (0.5904)% August 2000 0.1774 %
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more past
due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each
Distribution Date are as follows:
November 1999 0.70019% April 2000 1.76164%
December 1999 0.70484% May 2000 1.65157%
January 2000 0.93657% June 2000 2.23290%
February 2000 1.34197% July 2000 2.92225%
March 2000 1.64170% August 2000 3.60110%
Exhibit 13(a)
Page 4 of 4
Navistar Financial 1996-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate Losses
minus Liquidation Proceeds for each of the latest six consecutive
Monthly Periods ended prior to such Distribution Date, and the
denominator of which is the sum of the Remaining Gross Balances of all
outstanding Receivables as of the last day of each of the latest six
consecutive Monthly Periods ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 (1.7055)% April 2000 (0.8333)%
December 1999 (1.7347)% May 2000 (0.6931)%
January 2000 (1.9095)% June 2000 (0.6286)%
February 2000 (1.6478)% July 2000 (0.5133)%
March 2000 (1.0058)% August 2000 0.3824 %
Exhibit 13(b)
Page 1 of 4
ANNUAL SUMMARY
Navistar Financial 1996-B Owner Trust
For the Months of November 1999 to October 2000
Fiscal Year 2000
Cut-off Date 10/01/96
Original Pool Amount at Cut-off Date $486,507,362.75
Beginning Pool Balance as of 11/1/99 $79,055,684.41
Beginning Pool Factor as of 11/1/99 0.1624964
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $52,821,642.76
Interest Collected $4,903,405.29
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $991,303.16
Total Additional Deposits $991,303.16
Repos/Chargeoffs $789,474.77
Aggregate Number of Notes Charged Off 913
Total Available Funds $56,716,220.67
Ending Pool Balance as of 10/31/00 $27,444,697.42
Ending Pool Factor as of 10/31/00 0.0564117
Servicing Fee $527,053.70
Repayment of Servicer Advances $2,000,130.54
Reserve Account:
Beginning Balance as of 11/1/99 $9,730,147.26
Investment Income Earned during the Year $569,520.01
Target Percentage 10.0%
Target Balance as if 10/31/00 $2,744,469.74
Minimum Balance (2% of Initial Balance) $9,730,147.26
Transfer from/(to) Collections Account $1,179,141.47
(Release)/Deposit -Includes Investment Income ($1,748,661.48)
Ending Balance as of 10/31/00 $9,730,147.26
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 611,769.62 413
31-60 days 211,980.27 121
60+ days 132,455.06 47
Total 956,204.95 436
Balances: 60+ days 611,024.36 47
Exhibit 13(b)
Page 2 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
NOTES
CLASS B CLASS C
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CERTIFICATES CERTIFICATES
Original Pool Amount Distributions: $486,507,362.75 $106,500,000.00 $111,900,000.00 $236,500,000.00 $17,028,000.00 $14,579,362.75
Distribution Percentage 0.00% 0.00% 93.50% 3.50% 3.00%
Coupon 5.490% 5.930% 6.330% 6.500% 7.450%
Beginning Pool Balance $79,055,684.41
Ending Pool Balance $27,444,697.42
Collected Principal $50,821,512.22
Collected Interest $4,903,405.29
Charge-Offs $789,474.77
Liquidation Proceeds/Recoveries $991,303.16
Servicing $527,053.70
Cash Transfer from Reserve Acct $39,064.27
Total Collections Available
for Debt Service $56,228,231.24
Beginning Balance as of 11/1/99 $79,055,684.41 $0.00 $0.00 $67,010,180.75 $6,494,681.11 $5,550,822.55
Interest Due $3,399,038.51 $0.00 $0.00 $2,682,187.88 $362,207.30 $354,643.33
Interest Paid $3,399,038.51 $0.00 $0.00 $2,682,187.88 $362,207.30 $354,643.33
Principal Due $51,610,986.99 $0.00 $0.00 $48,256,272.83 $1,806,384.54 $1,548,329.62
Principal Paid $51,610,986.99 $0.00 $0.00 $48,256,272.83 $1,806,384.54 $1,548,329.62
Ending Balance as of 10/31/00 $27,444,697.42 $0.00 $0.00 $18,753,907.92 $4,688,296.57 $4,002,492.93
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.00 0.00 0.0793000000 0.2753000000 0.2745000000
Total Distributions $55,010,025.50 $0.00 $0.00 $50,938,460.71 $2,168,591.84 $1,902,972.95
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $1,218,205.74
Beginning Reserve Account Balance $9,730,147.26
Investment Income Earned during the
year $569,520.01
Transfer from/(to) collections Account $1,179,141.47
(Release)/Draw
-Includes Investment Income ($1,748,661.48)
Ending Reserve Account Balance $9,730,147.26
Note: Ending principal balance includes the effect of the November distribution.
Exhibit 13(b)
Page 3 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 (1.4920)% May 2000 0.3192 %
December 1999 (0.6258)% June 2000 0.7483 %
January 2000 (0.9055)% July 2000 1.4907 %
February 2000 (0.5227)% August 2000 0.9431 %
March 2000 0.0304 % September 2000 0.8124 %
April 2000 (0.3643)% October 2000 (0.6500)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more past
due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
November 1999 0.90955% May 2000 2.22903%
December 1999 0.94065% June 2000 2.84841%
January 2000 1.27268% July 2000 3.13449%
February 2000 1.60708% August 2000 3.19353%
March 2000 1.92411% September 2000 2.56090%
April 2000 2.16624% October 2000 2.08619%
Exhibit 13(b)
Page 4 of 4
Navistar Financial 1996-B Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate Losses
minus Liquidation Proceeds for each of the latest six consecutive
Monthly Periods ended prior to such Distribution Date, and the
denominator of which is the sum of the Remaining Gross Balances of all
outstanding Receivables as of the last day of each of the latest six
consecutive Monthly Periods ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 (2.1607)% May 2000 0.0741 %
December 1999 (2.1662)% June 2000 0.9404 %
January 2000 (1.6099)% July 2000 0.9618 %
February 2000 (1.5759)% August 2000 1.0368 %
March 2000 (0.8811)% September 2000 0.9359 %
April 2000 (0.6720)% October 2000 0.0992 %
Exhibit 13(c)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-A Owner Trust
For the Months of November 1999 to October 2000
Fiscal Year 2000
Cut-off Date 04/01/97
Original Pool Amount at Cut-off Date $411,613,980.45
Cut-off Date 05/01/97
Original Pool Amount at Cut-off Date $76,128,743.83
Cut-off Date 05/17/97
Original Pool Amount at Cut-off Date $12,254,010.44
Beginning Pool Balance as of 11/1/99 $123,175,690.40
Beginning Pool Factor as of 11/1/99 0.2525423
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $72,145,066.02
Interest Collected $8,042,609.91
Additional Deposits:
Repurchase Amounts $ 0.00
Liquidation Proceeds/Recoveries $3,980,472.60
Total Additional Deposits $3,980,472.60
Repos/Chargeoffs $5,382,092.32
Aggregate Number of Notes Charged Off 1,936
Total Available Funds $83,728,561.23
Ending Pool Balance as of 10/31/00 $46,088,119.36
Ending Pool Factor as of 10/31/00 0.0944927
Servicing Fee $843,595.89
Repayment of Servicer Advances $439,587.30
Reserve Account:
Beginning Balance as of 11/1/99 $10,499,931.43
Investment Income Earned during the Year $575,754.39
Target Percentage 10.00%
Target Balance as of 10/31/00 $4,608,811.94
Minimum Balance (2% of Initial Balance) $10,499,931.43
Transfer from/(to) Collections Account $68,122.16
(Release)/Deposit - Includes Investment Income ($976,217.53)
Ending Balance as of 10/31/00 $10,167,590.45
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 838,370.79 566
31-60 days 285,759.72 169
60+ days 231,594.51 72
Total 1,355,725.02 584
Balances: 60+ days 1,170,053.62 72
Exhibit 13(c)
Page 2 of 3
Navistar Financial 1997-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
----------------------NOTES------------------
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS B NOTES
Original Pool Amount Distributions: $500,000,000.00 $85,000,000.00 $221,500,000.00 $176,500,000.00 $17,500,000.00
Distribution Percentages 0.000% 0.00% 100.00% 0.00%
Coupon 5.841% 6.350% 6.750% 6.950%
Beginning Pool Balance $123,175,690.76
Ending Pool Balance $46,088,119.36
Collected Principal $71,705,478.72
Collected Interest $8,042,609.91
Charge-Offs $5,382,092.32
Liquidation Proceeds/Recoveries $3,980,472.60
Servicing $843,595.89
Cash Transfer from Reserve Account $2,617,240.51
Total Collections Available
for Debt Service $85,502,205.85
Beginning Balance as of 11/1/99 $123,175,690.40 $0.00 $0.00 $105,675,690.40 $17,500,000.00
Interest Due $5,729,272.14 $0.00 $0.00 $4,513,022.10 $1,216,250.04
Interest Paid $5,729,272.14 $0.00 $0.00 $4,513,022.10 $1,216,250.04
Principal Due $77,087,571.04 $0.00 $0.00 $77,087,571.04 $0.00
Principal Paid $77,087,571.04 $0.00 $0.00 $77,087,571.04 $0.00
Ending Balance as of 10/31/00 $46,088,119.36 $0.00 $0.00 $28,588,119.36 $17,500,000.00
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.0000000000 0.1624000000 1.0000000000
Total Distributions $82,816,843.18 $0.00 $0.00 $81,600,593.14 $1,216,250.04
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $2,685,362.67
Beginning Reserve Account Balance $10,499,931.43
Investment Income Earned during the period $575,754.39
Transfer from/(to) collections Account $68,122.16
(Release)/Draw
- Includes Investment Income ($976,217.53)
Ending Reserve Account Balance $10,167,590.45
Note: Ending principal balance includes the effect of the November distribution.
Exhibit 13(c)
Page 3 of 3
Navistar Financial 1997-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed.
If the annualized percentage exceeds 1.5%, any monthly excess
servicing is used to fund the reserve account to 10.0% of the ending
receivable balance. When the annualized loss percentage falls below
1.5%, the reserve account requirement returns to the greater of the
specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly
periods which are the fifth, fourth and third monthly periods
preceding the monthly period related to such Distribution
Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly
periods preceding the monthly period related to such
Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as
of the last day of each of the sixth, fifth and fourth monthly
periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 (0.0142)% May 2000 6.5310 %
December 1999 0.0447 % June 2000 8.1024 %
January 2000 (0.4660)% July 2000 9.6118 %
February 2000 (1.0750)% August 2000 1.6187 %
March 2000 (1.0939)% September 2000 0.2161 %
April 2000 (0.5971)% October 2000 (1.0738)%
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any
monthly excess servicing is used to fund the reserve account to
10.0% of the ending receivable balance. When the delinquency
percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the
specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more past
due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each Distribution Date
are as follows:
November 1999 1.30631% May 2000 3.40413%
December 1999 1.99584% June 2000 3.23046%
January 2000 3.11883% July 2000 3.05587%
February 2000 4.46047% August 2000 2.98826%
March 2000 4.60672% September 2000 2.56325%
April 2000 4.39976% October 2000 2.27161%
Exhibit 13(d)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1997-B Owner Trust
For the Months of November 1999 to October 2000
Fiscal Year 2000
Cut-off Date 11/5/97
Original Pool Amount at Cut-off Date $408,527,638.36
Cut-off Date 11/13/97
Original Pool Amount at Cut-off Date $91,466,751.20
Beginning Pool Balance as of 11/1/99 $186,675,132.54
Beginning Pool Factor as of 11/1/99 0.3733545
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $91,008,177.30
Interest Collected $13,515,690.56
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $5,472,259.97
Total Additional Deposits $5,472,259.97
Repos/Chargeoffs $5,713,999.84
Aggregate Number of Notes Charged Off 1,951
Total Available Funds $108,740,194.74
Ending Pool Balance as of 10/31/00 $91,208,888.49
Ending Pool Factor as of 10/31/00 0.1824198
Servicing Fee $1,425,112.38
Repayment of Servicer Advances $1,255,933.09
Reserve Account:
Beginning Balance as of 11/1/99 $9,999,887.79
Investment Income Earned during the Year $571,733.49
Target Percentage 10.00%
Target Balance as of 10/31/00 $9,120,888.85
Minimum Balance (2% of Initial Balance) $9,999,887.79
Transfer from/(to) Collections Account $2,876,965.14
(Release)/Deposit - Includes Investment Income ($3,405,371.85)
Ending Balance as of 10/31/00 $10,043,214.57
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 1,930,210.02 928
31-60 days 800,025.76 246
60+ days 274,520.53 114
Total 3,004,756.31 954
Balances: 60+ days 2,536,698.26 114
Exhibit 13(d)
Page 2 of 3
Navistar Financial 1997-B Owner Trust
For the Months of November 1999 to October 2000
Fiscal Year 2000
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS B NOTES
Original Pool Amount Distributions: $500,000,000.00 $107,000,000.00 $94,000,000.00 $132,000,000.00 $149,500,000.00 $17,500,000.00
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 $186,675,132.54
Ending Pool Balance $91,208,888.49
Collected Principal $89,752,244.21
Collected Interest $13,515,690.56
Charge-Offs $5,713,999.84
Liquidation Proceeds/Recoveries $5,472,259.97
Servicing $1,425,112.38
Cash Transfer from Reserve Acct. $1,251,022.20
Total Collections Available
for Debt Service $108,566,104.56
Beginning Balance as of 11/1/99 $186,675,132.54 $0.00 $0.00 $30,641,502.93 $149,500,000.00 $6,533,629.61
Interest Due $8,971,873.17 $0.00 $0.00 $392,760.47 $8,264,875.42 $314,237.28
Interest Paid $8,971,873.17 $0.00 $0.00 $392,760.47 $8,264,875.42 $314,237.28
Principal Due $95,466,244.05 $0.00 $0.00 $30,641,502.93 $61,483,422.57 $3,341,318.55
Principal Paid $95,466,244.05 $0.00 $0.00 $30,641,502.93 $61,483,422.57 $3,341,318.55
Ending Balance as of 10/31/00 $91,208,888.49 $0.00 $0.00 $0.00 $88,016,577.43 $3,192,311.06
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.000000000 0.0000000000 0.0000000000 0.5887000000 0.1824000000
Total Distributions $104,438,117.22 $0.00 $0.00 $31,034,263.40 $69,748,297.99 $3,655,555.83
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $4,127,987.34
Beginning Reserve Account Balance $9,999,887.79
Investment Income Earned
during the Period $571,733.49
Transfer from/(to) collections Account $2,876,965.14
(Release)/Draw
Included Investment Income $(3,405,371.85)
Ending Reserve Account Balance $10,043,214.57
Note: Ending principal balance incldes the effect of the November distribution.
Exhibit 13(d)
Page 3 of 3
Navistar Financial 1997-B Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund
the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus
liquidation proceeds for each of the monthly periods which are the fifth,
fourth and third monthly periods preceding the monthly period related to
such Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third monthly periods
preceding the monthly period related to such Distribution Date, and the
denominator of which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth, fifth and
fourth monthly periods preceding the monthly period related to such
Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 (1.2624)% May 2000 1.0761 %
December 1999 0.8205 % June 2000 2.2497 %
January 2000 1.4086 % July 2000 (0.5324)%
February 2000 1.2023 % August 2000 (1.4978)%
March 2000 1.0483 % September 2000 (2.4844)%
April 2000 1.1512 % October 2000 (1.4106)%
At each Distribution Date a three-month rolling average delinquency percentage
is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is
used to fund the reserve account to 10.0% of the ending receivable balance. When
the delinquency percentage falls below 2.0%, the reserve account requirement
returns to the greater of the specified target amount or the specified minimum
balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each Distribution
Date are as follows:
November 1999 1.67045% May 2000 1.94112%
December 1999 1.54052% June 2000 2.05946%
January 2000 1.66957% July 2000 2.31754%
February 2000 2.03970% August 2000 2.23477%
March 2000 2.11158% September 2000 2.20285%
April 2000 2.03340% October 2000 2.15133%
Exhibit 13(e)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1998-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
Cut-off Date 06/04/98
Original Pool Amount at Cut-off Date $500,864,370.04
Beginning Pool Balance as of 11/1/99 $259,151,164.71
Beginning Pool Factor as of 11/1/99 0.5174079
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $104,000,408.40
Interest Collected $18,929,634.18
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $5,365,729.81
Total Additional Deposits $5,365,729.81
Repos/Chargeoffs $5,888,632.15
Aggregate Number of Notes Charged Off 1,515
Total Available Funds $127,547,543.42
Ending Pool Balance as of 10/31/00 $150,010,353.13
Ending Pool Factor as of 10/31/00 0.2995029
Servicing Fee $2,063,450.04
Repayment of Servicer Advances $748,228.97
Reserve Account:
Beginning Balance as of 11/1/99 $13,605,436.15
Investment Income Earned during the Year $668,661.47
Target Percentage 5.25%
Target Balance as of 10/31/00 $7,875,543.54
Minimum Balance (2% of Initial Balance) $10,017,287.40
Transfer from/(to) Collections Account $4,074,833.14
(Release)/Deposit - Includes Investment Income ($8,331,643.36)
Ending Balance as of 10/31/00 $10,017,287.40
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 1,461,794.79 1,426
31-60 days 433,251.43 380
60+ days 288,297.06 130
Total 2,183,343.28 1,438
Balances: 60+ days 3,566,409.58 130
Exhibit 13(e)
Page 2 of 3
Navistar Financial 1998-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Period 2000
-----------NOTES-----------
TOTAL CLASS A-1 CLASS A-2
Original Pool Amount Distributions: $500,864,370.04 $483,334,000.00 $17,530,370.04
Distribution Percentages
Following A-1 Payoff 96.50% 3.50%
Coupon 5.940% 6.100%
Beginning Pool Balance as of 11/1/99 $259,151,164.71
Ending Pool Balance as of 10/31/00 $150,010,353.13
Collected Principal $103,252,170.43
Collected Interest $18,929,634.18
Charge-Offs $5,888,632.15
Liquidation Proceeds/Recoveries $5,365,729.81
Servicing $2,063,450.04
Transfer from Negative Carry Account $267,139.46
Total Collections Available
for Debt Service $125,751,232.84
Beginning Balance as of 11/1/99 $259,151,164.71 $250,080,756.85 $9,070,407.86
Interest Due $12,268,448.66 $11,827,894.94 $440,553.72
Interest Paid $12,268,448.66 $11,827,894.94 $440,553.72
Principal Due $109,140,811.58 $105,320,883.17 $3,819,928.41
Principal Paid $109,140,811.58 $105,320,883.17 $3,819,928.41
Ending Balance as of 10/31/00 $150,010,353.13 $144,759,873.68 $5,250,479.45
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.299500000 0.2995000000
Total Distributions $121,409,260.24 $117,148,778.11 $4,260,482.13
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
Total Shortfall (required from Reserve) $0.00 $0.00 $0.00
Excess Servicing $4,341,972.60
(see Memo Item - Reserve Account)
Beginning Reserve Account Balance $13,605,436.15
Investment Income Earned during the period $668,661.47
Transfer from/(to) collections Account $4,074,833.14
(Release)/Draw
Included Investment Income ($8,331,643.36)
Ending Reserve Account Balance $10,017,287.40
Note; Ending principal balance includes the effect of the November distribution.
Exhibit 13(e)
Page 3 of 3
Navistar Financial 1998-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to
fund the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified
minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 0.1956 % May 2000 0.5904 %
December 1999 0.8110 % June 2000 0.5945 %
January 2000 0.6894 % July 2000 0.2821 %
February 2000 0.5042 % August 2000 (0.0085)%
March 2000 (0.6186)% September 2000 0.3015 %
April 2000 (0.1072)% October 2000 0.7191 %
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any monthly
excess servicing is used to fund the reserve account to 10.0% of the ending
receivable balance. When the delinquency percentage falls below 2.0%, the
reserve account requirement returns to the greater of the specified target
amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each
Distribution Date are as follows:
November 1999 0.83854% May 2000 1.85347%
December 1999 0.92848% June 2000 1.91806%
January 2000 1.15193% July 2000 1.97529%
February 2000 1.62943% August 2000 1.78308%
March 2000 1.70697% September 2000 1.86855%
April 2000 1.95180% October 2000 1.87999%
Exhibit 13(f)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 1999-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
Cut-off Date 06/03/99
Original Pool Amount at Cut-off Date $714,764,750.47
Beginning Pool Balance as of 11/1/99 $605,380,899.96
Beginning Pool Factor as of 11/1/99 0.8469562
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $188,122,090.34
Interest Collected $43,149,311.43
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $11,708,098.09
Total Additional Deposits $11,708,098.09
Repos/Chargeoffs $15,258,009.50
Aggregate Number of Notes Charged Off 1,705
Total Available Funds $242,326,754.11
Ending Pool Balance as of 10/31/00 $402,653,545.87
Ending Pool Factor as of 10/31/00 0.5633372
Servicing Fee $5,110,928.31
Repayment of Servicer Advances $ 652,745.75
Reserve Account:
Beginning Balance as of 11/1/99 $31,600,806.90
Investment Income Earned during the Year $1,583,356.87
Target Percentage 5.25%
Target Balance as of 10/31/00 $21,139,311.16
Minimum Balance (2% of Initial Balance) $14,295,295.01
Transfer from/(to) Collections Account $4,341,355.42
(Release)/Deposit - Includes Investment Income ($16,386,208.03)
Ending Balance as of 10/31/00 $21,139,311.16
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 3,367,146.28 2,599
31-60 days 813,042.64 618
60+ days 317,692.70 176
Total 4,497,881.62 2,612
Balances: 60+ days 6,473,592.88 176
Exhibit 13(f)
Page 2 of 3
Navistar Financial 1999-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
NOTES
CLASS B
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 NOTES
Original Pool Amount Distributions: $714,764,750.47 147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Distribution Percentages 0.00% 96.500% 0.00% 0.00% 3.50%
Coupon 5.003% 5.550% 5.9500% 6.130% 6.220%
Beginning Pool Balance $605,380,899.96
Ending Pool Balance $402,653,545.87
Collected Principal $187,469,344.59
Collected Interest $43,149,311.43
Charge-Offs $15,258,009.50
Liquidation Proceeds/Recoveries $11,708,098.09
Servicing $5,110,928.31
Cash Transfer (to) Reserve Acct. $897,007.08
Total Collections Available
for Debt Service $238,112,832.88
Beginning Balance as of 11/1/99 $605,380,899.96 $37,616,149.49 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Interest Due $30,147,116.30 $264,451.38 $7,626,683.06 $11,900,000.04 $8,934,168.48 $1,421,813.34
Interest Paid $30,147,116.30 $264,451.38 $7,626,683.06 $11,900,000.04 $8,934,168.48 $1,421,813.34
Principal Due $202,727,354.08 $37,616,149.49 $159,332,312.43 $0.00 $0.00 $5,778,892.16
Principal Paid $202,727,354.08 $37,616,149.49 $159,332,312.43 $0.00 $0.00 $5,778,892.16
Ending Balance as of 10/31/00 $402,653,545.88 $0.00 $37,667,687.57 $200,000,000.00 $145,745,000.00 $19,240,858.31
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.1912000000 1.0000000000 1.0000000000 0.7690000000
Total Distributions $232,874,470.38 $37,880,600.87 $166,958,995.49 $11,900,000.04 $8,934,168.48 $7,200,705.50
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $5,238,362.50
Beginning Reserve Account Balance $31,600,806.90
Investment Income Earned
during the Period $1,583,356.87
Transfer from/(to) collections Account $4,341,355.42
(Release)/Draw
Included Investment Income $(16,386,208.03)
Ending Reserve Account Balance $21,139,311.16
Note: Ending principal balance includes the effect of the November distribution.
Exhibit 13(f)
Page 3 of 3
Navistar Financial 1999-A Owner Trust
For the Months of November 1999 through October 2000
Fiscal Year 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to
fund the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified
minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate
losses plus liquidation proceeds for each of the monthly periods
which are the fifth, fourth and third monthly periods preceding
the monthly period related to such Distribution Date, minus the
sum of the liquidation proceeds for the monthly periods which are
the first, second and third monthly periods preceding the monthly
period related to such Distribution Date, and the denominator of
which is the sum of the remaining gross balances of all
outstanding receivables as of the last day of each of the sixth,
fifth and fourth monthly periods preceding the monthly period
related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
November 1999 0.9538 % May 2000 0.9143 %
December 1999 1.2720 % June 2000 1.7340 %
January 2000 1.1831 % July 2000 1.0603 %
February 2000 0.7169 % August 2000 0.3138 %
March 2000 0.0744 % September 2000 (0.2418)%
April 2000 0.6372 % October 2000 (0.3880)%
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any monthly
excess servicing is used to fund the reserve account to 10.0% of the ending
receivable balance. When the delinquency percentage falls below 2.0%, the
reserve account requirement returns to the greater of the specified target
amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each
Distribution Date are as follows:
November 1999 0.50609% May 2000 1.05839%
December 1999 0.60505% June 2000 1.17929%
January 2000 0.88080% July 2000 1.26862%
February 2000 0.99410% August 2000 1.39704%
March 2000 1.06152% September 2000 1.53941%
April 2000 1.04913% October 2000 1.58152%
Exhibit 13(g)
Page 1 of 3
ANNUAL SUMMARY
Navistar Financial 2000-A Owner Trust
For the Months of March 2000 through October 2000
Fiscal Period 2000
Cut-off Date 03/09/00
Original Pool Amount at Cut-off Date $380,843,908.73
Cut-off Date 03/13/00
Original Pool Amount at Cut-off Date $74,413,256.03
Cut-off Date 03/20/00
Original Pool Amount at Cut-off Date $19,742,835.24
Beginning Pool Balance as of 03/09/00 $475,000,000.00
Beginning Pool Factor as of 03/09/00 1.0000000
Principal and Interest Collections:
Principal Collected
(Including Servicer Advance Repay) $83,956,683.70
Interest Collected $29,549,682.84
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds/Recoveries $2,345,398.91
Total Additional Deposits $2,345,398.91
Repos/Chargeoffs $6,257,809.31
Aggregate Number of Notes Charged Off 406
Total Available Funds $115,707,515.83
Ending Pool Balance as of 10/31/00 $384,929,019.74
Ending Pool Factor as of 10/31/00 0.8103769
Servicing Fee $3,193,279.83
Repayment of Servicer Advances $144,249.62
Reserve Account:
Initial deposit on 03/09/00 $23,268,630.15
Investment Income Earned during the Year $831,541.20
Target Percentage 5.25%
Target Balance as of 10/31/00 $20,208,773.54
Minimum Balance (2% of Initial Balance) $ 9,105,143.30
Transfer from/(to) Collections Account $1,661,862.22
(Release)/Deposit - Includes Investment Income ($ 5,553,260.03)
Ending Balance as of 10/31/00 $20,208,773.54
Delinquencies as of 10/31/00: Dollars Notes
Installments:
1-30 days 2,230,265.23 2,061
31-60 days 473,441.81 380
60+ days 156,801.93 100
Total 2,860,508.97 2,082
Balances: 60+ days 4,921,082.49 100
Exhibit 13(g)
Page 2 of 3
Navistar Financial 2000-A Owner Trust
For the Months of March 2000 through October 2000
Fiscal Period 2000
NOTES
CLASS B
TOTAL CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 NOTES
Original Pool Amount Distributions: $475,000,000.00 $84,000,000.00 $142,000,000.00 $110,000,000.00 $121,187,500.00 $17,812,500.00
Distribution Percentages 0.00% 96.250% 0.00% 0.00% 3.75%
Coupon 6.080% 6.820% 7.20% 7.340% 7.470%
Beginning Pool Balance $475,000,000.00
Ending Pool Balance $384,929,019.74
Collected Principal $83,812,434.08
Collected Interest $29,549,682.84
Charge-Offs $6,257,809.31
Liquidation Proceeds/Recoveries $2,345,398.91
Servicing $3,193,279.83
Cash Transfer (to) Reserve Acct. $1,250,756.90
Total Collections Available
for Debt Service $113,764,992.90
Beginning Balance as of 03/09/00 $475,000,000.00 $84,000,000.00 $142,000,000.00 $110,000,000.00 $121,187,500.00 $17,812,500.00
Interest Due $20,781,393.52 $1,764,120.14 $6,617,673.31 $5,412,000.00 $6,078,361.03 $909,239.04
Interest Paid $20,781,393.52 $1,764,120.14 $6,617,673.31 $5,412,000.00 $6,078,361.03 $909,239.04
Principal Due $90,070,243.39 $84,000,000.00 $5,843,318.50 $0.00 $0.00 $227,661.76
Principal Paid $90,070,243.39 $84,000,000.00 $5,843,318.50 $0.00 $0.00 $227,661.76
Ending Balance as of 10/31/00 $384,929,019.74 $0.00 $136,156,681.50 $110,000,000.00 $121,187,500.00 $17,584,838.24
Note/Certificate Pool Factor
(Ending Balance/Original Pool Amount) 0.0000000000 0.9588000000 1.0000000000 1.0000000000 0.9872000000
Total Distributions $110,852,373.78 $85,764,120.14 $12,460,991.81 $5,412,000.00 $6,078,361.03 $1,136,900.80
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 (required from Reserve) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Excess Servicing $2,912,619.12
Beginning Reserve Account Balance $23,268,630.15
Investment Income Earned
during the Period $831,541.20
Transfer from/(to) collections Account $1,661,862.22
(Release)/Draw
Included Investment Income $(5,553,260.03)
Ending Reserve Account Balance $20,208,773.54
Note: Ending principal balance includes the effect of the November distribution.
Exhibit 13(g)
Page 3 of 3
Navistar Financial 2000-A Owner Trust
For the Months of March 2000 through October 2000
Fiscal Period 2000
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is used to
fund the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls below 1.5%, the reserve account requirement
returns to the greater of the specified target amount or the specified
minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses
plus liquidation proceeds for each of the monthly periods which are
the fifth, fourth and third monthly periods preceding the monthly
period related to such Distribution Date, minus the sum of the
liquidation proceeds for the monthly periods which are the first,
second and third monthly periods preceding the monthly period related
to such Distribution Date, and the denominator of which is the sum of
the remaining gross balances of all outstanding receivables as of the
last day of each of the sixth, fifth and fourth monthly periods
preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each
Distribution Date are as follows:
March 2000 0.0000 % July 2000 1.3264 %
April 2000 0.0000 % August 2000 1.0401 %
May 2000 0.0000 % September 2000 1.0778 %
June 2000 0.6739 % October 2000 0.8875 %
At each Distribution Date a three-month rolling average delinquency
percentage is calculated. If this percentage exceeds 2.0%, any monthly
excess servicing is used to fund the reserve account to 10.0% of the ending
receivable balance. When the delinquency percentage falls below 2.0%, the
reserve account requirement returns to the greater of the specified target
amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross
balances of all outstanding receivables which are 61 days or more
past due as of the last day of the related monthly period and the
denominator of which is equal to the aggregate remaining gross
balances of all outstanding receivables on the last day of such
monthly period.
The three month rolling averages reported at each
Distribution Date are as follows:
March 2000 0.00000 % July 2000 1.15874 %
April 2000 0.64229 % August 2000 1.07722 %
May 2000 0.92224 % September 2000 1.18220 %
June 2000 0.93098 % October 2000 1.07935 %