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.
Item 2. Properties
Not applicable.
Item 3.
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.
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.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
Not applicable.
Item 6.
Item 6. Selected Financial Data
Not applicable.
Item 7.
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.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14.
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
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
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
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
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
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
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
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 %