Item 1. Business
The Navistar Financial 2001-A Owner Trust (the "Trust") was formed pursuant to a separate Trust Agreement dated as of April 27, 2001, among Navistar Financial Retail Receivables Corporation, ("NFRRC"), as seller (the "Seller") and Chase Manhattan Bank USA, National Association (formerly known as Chemical Bank Delaware), as owner trustee (the "Trustee"). Retail notes and related security interests in the financed vehicles and a beneficial interest in a pool of commercial retail leases financing vehicles (the "Retail Contracts") were transferred to the Trust in exchange for fixed or floating rate notes (the "Notes") and pass-through certificates (the "Certificates") which were registered on Registration Statement No. 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 or a 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 Contracts. 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.
Item 2.
Item 2. Properties
Refer to Schedule 13 for information regarding the Certificates.
Item 3.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving either the Retail Contracts or the Trustee, or the Seller or Servicer in respect of the Trust.
Item 4.
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 the Certificateholders.
PART II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
There were 29 participants holding positions in the Certificates issued by the 2001-A Owner Trust as of the end of the reporting year. Below is a breakdown of participants by Class:
DTC Participants List as of 10/31/04
Trust Class Number of Participants 2001-A A4 22 2001-A B 7
Total 29
There is no principal market in which such certificates are traded. The Trust will not pay dividends in respect of the Certificates and, accordingly, the information required by Item 201 of Regulation S-K regarding dividends is inapplicable to the Trust.
Item 6.
Item 6. Selected Financial Data
None.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
As of October 31, 2004 the balance of Owner Trust 2001-A was as follows:
Reserve Principal Account Dollar amounts in millions ------------------------------------------------------------------------------
Navistar Financial 2001-A Owner Trust $39.0 $8.0
Note: Balances include the effect of the November 2004 distribution in accordance with the Owner Trust Agreements.
As of October 31, 2004, the aggregate shelf registration available to NFRRC for issuance of asset-backed securities was $4.0 billion.
Item 8.
Item 8. Financial Statements and Supplementary Data
None.
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
None.
Item 11.
Item 11. Executive Compensation
None.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Navistar Financial Corporation owns 100% of NFRRC's common stock.
Item 13.
Item 13. Certain Relationships and Related Transactions
None.
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
31 Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.
99.1 Management's Assertion Concerning Compliance.
99.2 Independent Auditor's Report.
99.3 Officer's Compliance Certificate.
(b) Schedules
The Annual Summary for the Owner Trust is an annualized version of the monthly Servicer Certificates prepared by the Servicer.
13 Annual Summary - Navistar Financial 2001-A Owner Trust
(c) Reports on Form 8-K
The Registrant filed the following reports on Form 8-K during the three months ended October 31, 2004:
(i) Navistar Financial 2001-A Owner Trust filed the September Servicer Certificate on Form 8-K dated October 21, 2004.
(ii) Navistar Financial 2001-A Owner Trust filed the August Servicer Certificate on Form 8-K dated September 20, 2004.
(iii) Navistar Financial 2001-A Owner Trust filed the July Servicer Certificate on Form 8-K dated September 01, 2004.
SIGNATURE
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 2001-A OWNER TRUST (Exact name of Registrant as specified in its charter)
By: /s/ PAUL MARTIN January 31, 2005 Paul Martin Vice President and Controller (Principal Accounting Officer)
Schedule 13 Page 1 of 3
Navistar Financial 2001 - A Owner Trust For the Months of November 2003 to October 2004 Fiscal Year 2004
Schedule 13 Page 2 of 3
Navistar Financial 2001 - A Owner Trust For the Months of November 2003 to October 2004 Fiscal Year 2004
Note: Ending principal balance includes the effect of the November distribution for the October period.
1) Principal distributions will be paid in the following priority: First to Class A-1 until paid in full, second 95.75% applied sequentially to Class A notes and 4.25% to Class B notes until all Class A Notes are repaid in full, then 100% to Class B Notes
2) Class A-1 Interest based on Actual Number of Days. Interest on other classes based on a 30-day month. Interest for first settlement based off 18 days, from 4/27/01-5/15/01.
Schedule 13 Page 3 of 3
Navistar Financial 2001 - A Owner Trust For the Months of November 2003 to October 2004 Fiscal Year 2004
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is transferred to the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls to or below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The annualized 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 2003 -0.6676% May 2004 -0.2571% December 2003 -2.5181% June 2004 -0.2395% January 2004 -0.1952% July 2004 -1.0856% February 2004 -0.7049% August 2004 -0.6388% March 2004 -0.5008% September 2004 -0.8680% April 2004 -0.1239% October 2004 -0.3781%
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 2003 0.93790% May 2004 0.96198% December 2003 0.99293% June 2004 0.98837% January 2004 1.09755% July 2004 0.96227% February 2004 1.13552% August 2004 0.90434% March 2004 1.07023% September 2004 0.96865% April 2004 0.93923% October 2004 0.99445%