<PAGE>


                                                                  Exhibit 13(e)



       INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES




To the Board of Directors
Navistar Financial Corporation


We have performed the procedures  enumerated below, which were agreed to by  the
management of Navistar Financial  Corporation  ("NFC"),  solely to assist you in
evaluating  whether  the  monthly  trust  statements  were  prepared  by  NFC in
accordance with the Pooling and Servicing Agreements dated December 1, 1990, and
June 8, 1995 and the Series Supplements  dated June 8, 1995  and August 19, 1997
(collectively  known as  the  "Agreements")  of the  Dealer Note Trust 1990  and
the  Dealer  Note  Master  Trust  Series  1995-1  and  Series  1997-1
(collectively known as the "Trusts").

This  agreed-upon  procedures   engagement  was  performed  in  accordance  with
standards established by the American Institute of Certified Public Accountants.
The  sufficiency  of  these  procedures is  solely  the  responsibility  of  the
specified users  of  this  report.   Consequently,  we  make  no  representation
regarding the  sufficiency  of the procedures  described  below  either for  the
purpose for which  this  report  has been  requested  or for any other  purpose.
Based upon discussions  with  you,  matters not exceeding  $10,000  individually
are not considered to be exceptions to be  reported  to you for the  purposes of
this letter. The procedures we performed are as follows:

1.   We read the requirements of section 3.04(b) of the Agreements of the Trusts
     relating to monthly certificates.

2.   In accordance  with section  3.06(b) of the  Agreements  of the Trusts,  we
     proved  the mathematical accuracy of the monthly certificates issued during
     the fiscal year ended October 31, 1997.

3.   In accordance  with section  3.06(b) of the  Agreements  of the Trusts,  we
     compared the amounts contained in the monthly certificates to the  computer
     reports of NFC and found them to be in agreement.

4.   We were not engaged to, and did not, perform an examination,  the objective
     of which would be the expression of an opinion on the  accompanying  Annual
     Summary  of  Servicer  Certificates  Distribution  and  Performance  Annual
     Aggregate Report for the Navistar  Financial Dealer Note Trust 1990, Annual
     Summary  of  Certificateholders'  Statements  Distribution  and Performance
     Annual Aggregate Report for the  Navistar Financial Dealer Note  Trust 1990
     and Annual Summary of Servicer and Settlement Certificates Distribution and
     Performance Annual Aggregate Reports for the Navistar Financial Dealer Note
     Master Trust Series 1995-1  and Series  1997-1.   Accordingly,  we  do  not
     express such an opinion.   Had we performed  additional  procedures,  other
     matters might have come to our attention that would have  been reported  to
     you.

This  report is  intended  solely  for the  use of the  Board of  Directors  and
management  of NFC,  and  should not be used by those who have not agreed to the
procedures and taken  responsibility  for the  sufficiency of the procedures for
their purposes.


/s/ DELOITTE & TOUCHE LLP
    DELOITTE & TOUCHE LLP
    Chicago, Illinois
    December 15, 1997