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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, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
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Commission File Number 33-50291
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NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST AND NAVISTAR FINANCIAL 1994-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware 51-0337491
(State or other jurisdiction of (I.R.S. 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 708-734-4275
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 1993-A Owner Trust, Navistar Financial 1994-A Owner
Trust and Navistar Financial 1994-B Owner Trust (the "Trusts") were formed
pursuant to three separate Trust Agreements dated as of November 10, 1993, May
3, 1994 and August 3, 1994, respectively, among Navistar Financial Retail
Receivables Corporation, as seller (the "Seller") and 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 No. 33-50291 and sold to the public in reliance on Rule
415 under the Securities Act of 1933. The Seller retained ownership of
approximately 1% of the initial Certificate balance with the formation of each
Trust.
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. Navistar Financial Retail Receivables Corporation is a wholly-
owned subsidiary of Navistar Financial Corporation. 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.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the period of this report to a vote of
holders of the Certificates.
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, 1994, the principal balances of the Navistar Financial
1993-A Owner Trust, Navistar Financial 1994-A Owner Trust and Navistar
Financial 1994-B Owner Trust are $166.1 million, $219.1 million and $192.7
million, respectively. Reference is made to Exhibit 13, Annual Summary, for
additional information regarding principal and interest payments in respect
of the Notes and Certificates and information regarding servicing compensation
and other fees paid by the Trusts during the fiscal year.
As of October 31, 1994, the balances of the reserve account of the
Navistar Financial 1993-A Owner Trust, Navistar Financial 1994-A Owner Trust
and Navistar Financial 1994-B Owner Trust are $13.3 million, $14.5 million and
$12.5 million, respectively.
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.
PART III
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 1993-A Owner Trust
13(b) - Navistar Financial 1994-A Owner Trust
13(c) - Navistar Financial 1994-B Owner Trust
13(d) - Report of Independent Certified Public Accountants
(b) Reports on Form 8-K:
The Registrant filed the following reports on Form 8-K during the three
months ended October 31, 1994:
(i) Form 8-K dated November 11, 1993
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 1993-A OWNER TRUST, NAVISTAR FINANCIAL
1994-A OWNER TRUST AND NAVISTAR FINANCIAL 1994-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/PHYLLIS E. COCHRAN January 30, 1995
Phyllis E. Cochran
Vice President and Controller
EXHIBIT INDEX
Sequential
Exhibit No. Exhibit Page No.
3 Articles of Incorporation and By-Laws 5
10 Material Contracts 6
13(a) Annual Summary
- Navistar Financial 1993-A Owner Trust 8
13(b) Annual Summary
- Navistar Financial 1994-A Owner Trust 11
13(c) Annual Summary
- Navistar Financial 1994-B Owner Trust 14
13(d) Report of Independent Certified Public
Accountants 17