AMENDMENT NO. 2 TO THE
POOLING AND SERVICING AGREEMENT

THIS AMENDMENT NO. 2 (this "Amendment") is made as of  March 27, 1996, by and
among Navistar Financial Securities Corporation, a Delaware corporation
("NFSC"), Navistar Financial Corporation, a Delaware corporation ("NFC"), and
The Bank of New York, as Master Trust Trustee (the "Master Trust Trustee").

NFSC, as Seller, NFC, as Servicer, Chemical Bank, as 1990 Trust Trustee, and the
Master Trust Trustee are parties to a Pooling and Servicing Agreement, dated as
of June 8, 1995, and amended by Amendment No. 1 dated as of September 12, 1995
(as amended, the "Pooling and Servicing Agreement").   In order to (i) include
with the definition of an Eligible Dealer Note a Dealer Note which finances any
used medium or heavy-duty truck, bus or trailer, (ii) ensure that the Master
Trust Trustee has sufficient funds to pay Monthly Interest to the Series 1995-1
Certificateholders and (iii) provide a mechanism for funds owing to the Seller
to be paid to the Seller, the Seller, the Servicer and the Master Trust Trustee
have agreed to amend the Pooling and Servicing Agreement in the manner set forth
herein.  Capitalized terms used herein but not otherwise defined have the
meanings set forth in the Pooling and Servicing Agreement.

1.           Amendment to Section 1.01.    Section 1.01 of the Pooling and
Servicing Agreement is hereby amended as follows:

1.1           The following definition is added immediately after the definition
of "1990 Trust Agreement":

'"1990 Trust Excess Servicing Amounts" means the amounts specified in  Sections
4.03(d)(i)(D), 4.03(d)(i)(F), 4.03(e)(i)(D) and 4.03(e)(i)(J) of the 1990 Trust
Agreement as payable to the Seller, the rights to receive such amounts having
been conveyed to the Master Trust pursuant to Section 2.01 of this Agreement.

1.2           Clause (v) of the definition of "Eligible Dealer Note" is deleted
in its entirety and replaced with the following:

"(v)           which finances a new medium or heavy-duty truck, bus or trailer
produced by or for a member of the Navistar Group or an OEM Supplier or a used
medium or heavy-duty truck, bus or trailer."

2.           Section 4.07.  The following new Section 4.07 is added to the
Pooling and Servicing Agreement:

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"SECTION 4.07        Payments to Seller.  Except as otherwise provided in this
Agreement or any Supplement, all payments required to be made to the Seller or
the holder of the 1990 Trust Seller's Certificate pursuant to the 1990 Trust
Agreement (the right to receive such payments having been conveyed to the Master
Trust pursuant to Section 2.01 of this Agreement) shall be paid to the Seller at
the times specified in the 1990 Trust Agreement."

3.           Miscellaneous.  This Amendment shall be construed in accordance
with the internal laws of the State of Illinois, without reference to its
conflict of law provisions, except that the obligations, rights and remedies of
the Master Trust Trustee shall be determined in accordance with the internal
laws of the State of New York, without regard to conflict of law
provisions.  This Amendment may be executed in two or more counterparts, each of
which shall be an original, but all of which together constitute one and the
same instrument.  The provisions of this Amendment shall be deemed to be
incorporated in, and made a part of, the Pooling and Servicing Agreement; and
the Pooling and Servicing Agreement, as amended by this Amendment, shall be
read, taken and construed as one and the same instrument.  Promptly after the
execution of this Amendment the Master Trust Trustee shall furnish written
notification of the substance of this Amendment to each Investor
Certificateholder.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to the
Pooling and Servicing Agreement to be duly executed by their respective officers
as of the date first written above.

NAVISTAR FINANCIAL SECURITIES CORPORATION
as Seller

By:  ______________________________________

Its:  ______________________________________

NAVISTAR FINANCIAL CORPORATION
as Servicer

By:  ______________________________________

Its:  ______________________________________

THE BANK OF NEW YORK
as Master Trust Trustee

By:  ______________________________________

Its:  ______________________________________

  

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