Exhibit 20.3
Page 1 of 3
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #22
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 Servicing
Agreement dated as of June 8, 1995 (the "Agreement") by and
among NFC, NFSC, the Master Trust Trustee and The Chase
Manhattan Bank (survivor in the merger between The Chase
Manhattan Bank and Chemical Bank which was the survivor in
the merger between Chemical Bank and Manufacturers Hanover
Trust Company), 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 April 25, 1997, the Transfer Date
of April 24, 1997 and with respect to the performance of the
Master Trust during the Due Period ended on March 31, 1997
and the Distribution Period ended April 24, 1997 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 . . . . . . . . . . . . . . $1,024,453.56
b. Stated on the basis of $1,000 original principal
amount . . . . . . . . . . . . . . . . . . . . . . . . . . $5.12227
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 . . . . . . . . . . . . . . . . . . . . . . . $1,024,453.56
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. . . . . . . . . . . . . . . . . . . . . . . . $8,578,692.29
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) ▇▇▇▇▇▇▇ Bus Co. Inc.
ii) Longhorn International Eq Inc.
iii) City International Trucks Inc.
iv) ▇▇▇-▇▇▇▇▇ Inc.
v) Southwest International 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