Exhibit 20.3
Page 1 of 3
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #12
DEALER NOTE MASTER TRUST
___________________
DEALER NOTE ASSET BACKED CERTIFICATES,
SERIES 1995-1
Under the Series 1995-1 Supplement dated as of June 8, 1995 (the
"Supplement") by and among Navistar Financial Corporation,
("NFC"), Navistar Financial Securities Corporation ("NFSC") and
The Bank of New York, as trustee (the "Master Trust Trustee") to
the Pooling and Serving Agreement dated as of June 8, 1995 (the
"Agreement") by and among NFC, NFSC, the Master Trust Trustee and
Chemical Bank, as 1990 Trust Trustee, the Master Trust Trustee is
required to prepare certain information each month regarding
current distributions to certain accounts and payment to Series
1995-1 Certificateholders as well as the performance of the
Master Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
December 26, 1996, the Transfer Date of December 24, 1996 and
with respect to the performance of the Master Trust during the
Due Period ended on November 30, 1996 and the Distribution Period
ended December 24, 1996 is set forth below. Certain of the
information is presented on the basis of an original principal
amount of $1,000 per Investor Certificate. Certain other
information is presented based on the aggregate amounts for the
Master Trust as a whole. Capitalized terms used but not
otherwise defined herein shall have the meanings assigned to such
terms in the Agreement and the Supplement.
1. NFC is Servicer under the Agreement.
2. The undersigned is a Servicing Officer.
3. Eligible Investments in the Excess Funding Account:
a. The aggregate amount of funds invested in Eligible
Investments. . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment . . . . Not Applicable
4. The total amount to be distributed on the Series 1995-1
Certificate on the Distribution Date:
a. The total aggregate amount . . . . . . . . . . . . . . . .$978,706.17
b. Stated on the basis of $1,000 original principal
amount . . . . . . . . . . . . . . . . . . . . . . . . . . $4.89353
Exhibit 20.3
Page 2 of 3
5. The total amount, if any, to be distributed on the
Series 1995-1 Certificate on the Distribution Date
allocable to the Invested Amount . . . . . . . . . . . . . . . . . $0.00
6. The total amount, if any, to be distributed on the
Series 1995-1 Certificates on the Distribution Date
allocable to interest on the Series 1995-1
Certificates . . . . . . . . . . . . . . . . . . . . . . . . .$978,706.17
7. The Invested Amount as of the Distribution Date . . . . .$200,000,000.00
(after giving effect to all distributions that
will occur on the Distribution Date)
8. Eligible Investments in the Series Principal Account:
a. The aggregate amount of funds invested in Eligible
Investments . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment . . . . . Not Applicable
9. Eligible Investments in the Negative Carry Reserve Fund:
a. The aggregate amount of funds invested in
Eligible Investments . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment. . . . . . Not Applicable
10. Eligible Investments in the Liquidity Reserve Account:
a. The aggregate amount of funds invested in
Eligible Investments . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment . . . . . Not Applicable
11. The aggregate amount of Dealer Notes issued to
finance OEM Vehicles, as of the end of the
Due Period. . . . . . . . . . . . . . . . . . . . . . . . .$8,543,502.50
Exhibit 20.3
Page 3 of 3
12. The Dealers with the five largest aggregate outstanding
principal amounts of Dealer Notes in the 1990 Trust as
of the end of the Due Period:
i) Carolina Int'l Trucks
ii) ▇▇▇▇▇▇▇ Bus Co. Inc.
iii) Lake City International
iv) ▇▇▇ - ▇▇▇▇▇ Inc.
v) Colonial Int'l Trucks Inc.
13. Required Monthly Interest Reserve Amount as of
the Distribution Date: . . . . . . . . . . . . . . . . . . . .$300,000.00
14. Actual Monthly Interest Reserve Amount as of
the Distribution Date: . . . . . . . . . . . . . . . . . . . .$300,000.00
NAVISTAR FINANCIAL CORPORATION,
as Servicer
By:/s/ ▇. ▇. ▇▇▇▇
▇. ▇. ▇▇▇▇
Vice President and Treasurer
