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                                                                  Exhibit 13(b)
                                                                  Page 1 of 3


                   NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
              DEALER NOTE ASSET BACKED CERTIFICATES, SERIES 1995-1
                     ---------------------------------------

             ANNUAL SUMMARY OF SERVICER AND SETTLEMENT CERTIFICATES

              DISTRIBUTION AND PERFORMANCE ANNUAL AGGREGATE REPORT

            For the period November 1, 1996 through October 31, 1997


     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.  An annual  aggregation of such monthly  reports for the period
November 1, 1996  through  October 31, 1997 with  respect to  distributions  and
performance  of the Trust 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.   All Certificates filed during the period have been
     signed by 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


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                                                                  Exhibit 13(b)
                                                                  Page 2 of 3



4.   The total amount to be distributed on the Series 1995-1
     Certificate on the Distribution Dates:

     a.  The total aggregate amount...............................$11,978,648.80

     b.  Stated on the basis of $1,000 original principal amount.......$59.89325

5.   The total amount, if any to be distributed on the Series 1995-1
     Certificate on the Distribution Dates 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 Dates
     allocable to interest on the Series 1995-1 Certificates......$11,978,648.80

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



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                                                                  Exhibit 13(b)
                                                                  Page 3 of 3


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 period.....................$8,063,051.77

12.  The Dealers with the five largest aggregate
     outstanding  principal amounts of Dealer
     Notes in the 1990 Trust at the end of the period:

     i)    Prairie International Trucks Inc.
     ii)   Longhorn International Eq. Inc.
     iii)  Lake City International Trucks Inc.
     iv)   Wise International Trucks
     v)    Southland International Trucks