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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, 1996
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, NAVISTAR FINANCIAL 1994-B OWNER TRUST,
NAVISTAR FINANCIAL 1994-C OWNER TRUST AND
NAVISTAR FINANCIAL 1995-A OWNER TRUST,
NAVISTAR FINANCIAL 1995-B OWNER TRUST, AND
NAVISTAR FINANCIAL 1996-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) 734-4275
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, Navistar Financial 1994-B Owner
Trust, Navistar Financial 1994-C Owner Trust, Navistar
Financial 1995-A Owner Trust, Navistar Financial 1995-B Owner
Trust and Navistar Financial 1996-A Owner Trust (the "Trusts")
were formed pursuant to seven separate Trust Agreements dated
as of November 10, 1993, May 3, 1994, August 3, 1994, December
15, 1994, May 25, 1995, November 1, 1995 and May 30, 1996,
respectively, among Navistar Financial Retail Receivables
Corporation, 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. 33-50291 and 33-55865 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.
PART I
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, 1996, balances in the Trusts were as follows:
Reserve
Principal Account
Dollar amounts in millions
Navistar Financial 1993-A Owner Trust $20.7 $6.7
Navistar Financial 1994-A Owner Trust $57.5 $5.8
Navistar Financial 1994-B Owner Trust $68.7 $4.9
Navistar Financial 1994-C Owner Trust $127.6 $8.3
Navistar Financial 1995-A Owner Trust $217.5 $14.8
Navistar Financial 1995-B Owner Trust $342.9 $18.9
Navistar Financial 1996-A Owner Trust $395.2 $19.8
PART II
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations (cont'd.)
At October 31, 1996, the remaining shelf registration
available to Navistar Financial Retail Receivables Corporation
("NFRRC") for issuance of asset-backed securities was $2,445.1
million. Additionally, in November 1996, Navistar Financial
Corporation sold $486.5 million of retail notes, net of
unearned finance income, through NFRRC to a 1996-B Owner Trust
which, in turn, sold $454.9 million of notes and $31.6 million
of certificates to investors. A reserve account of $12.2
million was established with the 1996-B Owner Trust as credit
enhancement.
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 1993-A Owner Trust
13(b) - Navistar Financial 1994-A Owner Trust
13(c) - Navistar Financial 1994-B Owner Trust
13(d) - Navistar Financial 1994-C Owner Trust
13(e) - Navistar Financial 1995-A Owner Trust
13(f) - Navistar Financial 1995-B Owner Trust
13(g) - Navistar Financial 1996-A Owner Trust
13(h) - 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, 1996:
(i) Form 8-K dated August 15, 1996
(ii) Form 8-K dated September 16, 1996
(iii) Form 8-K dated October 15, 1996
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, NAVISTAR
FINANCIAL 1994-B OWNER TRUST, NAVISTAR FINANCIAL
1994-C OWNER TRUST, NAVISTAR FINANCIAL 1995-A
OWNER TRUST NAVISTAR FINANCIAL 1995-B OWNER TRUST
AND NAVISTAR FINANCIAL 1996-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ PHYLLIS E. COCHRAN January 29, 1997
Phyllis E. Cochran
Vice President and Controller
EXHIBIT INDEX
Sequential
Exhibit No. Exhibit Index Page No.
3 Articles of Incorporation and By-Laws 7
10 Material Contracts 8
13(a) Annual Summary
- Navistar Financial 1993-A Owner Trust 12
13(b) Annual Summary
- Navistar Financial 1994-A Owner Trust 15
13(c) Annual Summary
- Navistar Financial 1994-B Owner Trust 18
13(d) Annual Summary
- Navistar Financial 1994-C Owner Trust 21
13(e) Annual Summary
- Navistar Financial 1995-A Owner Trust 24
13(f) Annual Summary
- Navistar Financial 1995-B Owner Trust 27
13(g) Annual Summary
- Navistar Financial 1996-A Owner Trust 30
13(h) Report of Independent Certified Public
Accountants 33