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                                                                  Exhibit 13(d)
                                                                  Page 1 of 8



                    NAVISTAR FINANCIAL DEALER NOTE TRUST 1990

               FLOATING RATE DEALER NOTE PASS-THROUGH CERTIFICATES
                     --------------------------------------


                ANNUAL SUMMARY OF CERTIFICATEHOLDERS' STATEMENTS

              DISTRIBUTION AND PERFORMANCE ANNUAL AGGREGATE REPORT

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




     Under the Pooling and Servicing  Agreement  dated as of December 1, 1990 by
and among Navistar Financial Corporation ("NFC"),  Navistar Financial Securities
Corporation  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 Trustee, the
Trustee is required to prepare certain  information each month regarding current
distributions to Investor  Accounts and payments to Investor  Certificateholders
as well as the  performance  of the 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 the  performance  of the Trust  during the Due
Period ended on October 31, 1997 is set forth below.  Certain of the information
is presented  based on the  aggregate  amounts for the Trust as a whole.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned to them in the Agreement.

A.   Information Regarding Current Payments (Stated
     on the Basis of $1,000 Original Principal Amount).

1.   The  total amount of the payments to each
     Class of Investor Certificateholders, per
     $1,000 interest:

                  Class A1...............................$1,014.7860020

                  Class A2..................................$64.5481916

                  Class A3..................................$65.0481917

                  Class A4..................................$59.0481915

                  Class A5..................................$15.7894137


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                                                                  Exhibit 13(d)
                                                                  Page 2 of 8


2.   The amount of the payment set forth in paragraph 1
     above in respect of interest on each Class of 
     Investor Certificates, per $1,000 interest:

                  Class A1..................................$14.7860020

                  Class A2..................................$64.5481916

                  Class A3..................................$65.0481917

                  Class A4..................................$59.0481915

                  Class A5..................................$15.7894137

3.   The amount of the payment set forth in  paragraph 1
     above in respect of principal on each Class of
     Investor Certificates, per $1,000 interest:

                  Class A1....................................$1,000.00

                  Class A2........................................$0.00

                  Class A3........................................$0.00

                  Class A4........................................$0.00

                  Class A5........................................$0.00

B.   Information Regarding the Performance of the Trust.

1.   Collections, Uses.

     (a)  The aggregate amount of Dealer Finance Charges
          for the period..........................................$28,356,711.23

     (b)  The aggregate amount of NITC Finance Charges
          for the period..........................................$32,575,263.06

     (c)  The aggregate amount of Principal Collections
          received during the period...........................$2,855,534,839.13

     (d)  The aggregate amount of Principal Collections
          allocable to the Amortizing Classes..............................$0.00

     (e)  The aggregate amount of Principal Collections
          processed during the period which were
          deposited in the Spread Account..................................$0.00



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                                                                  Exhibit 13(d)
                                                                  Page 3 of 8




     (f)  The aggregate amount of Principal Collections
          processed during the  period which were
          deposited in the Liquidity Reserve Account.......................$0.00

     (g)  The aggregate amount of Principal Collections
          processed during the period which were used
          to purchase new Dealer Notes.........................$2,704,844,967.46

     (h)  The aggregate amount of Principal Collections
          processed during the period which were used
          to purchase Investment Securities.......................$38,664,880.26

     (i)  The aggregate amount of Principal Collections
          processed during the period which were paid
          to the Seller..........................................$112,024,991.45

2.    Dealer Notes and Investment Securities in the Trust;
      Certificate Principal Account.

     (a)  The aggregate amount of Dealer Notes and
          Investment  Securities in the Trust as of
          October 31, 1997 (which reflects the Dealer
          Notes and Investment Securities represented
          by both the Seller Certificates and Investor
          Certificates)..........................................$720,314,100.00

     (b)  The  amount of Dealer Notes and Investment 
          Securities in the Trust represented by the
          Investor Certificates (the "Total Investor
          Interest") as of October 31, 1997......................$607,860,000.00

     (c)  The Total Investor Interest set forth in
          paragraph  2(b) above as a percentage of the
          aggregate amount of Dealer Notes and Investment
          Securities set forth in paragraph 2(a)........................84.3882%

     (d)  The Total Invested Amount after giving effect to
          the payments made on the Distribution Dates............$607,860,000.00





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                                                                  Exhibit 13(d)
                                                                  Page 4 of 8




     (e)  The total amount withdrawn from the Certificate
          Principal Account and deposited in the Distribution
          Account for the benefit of each Amortizing Class in
          respect of Principal  Collections  on the related
          Transfer Date:

                  Class A1......................................$  0.00

                  Class A2......................................$  0.00

                  Class A3......................................$  0.00

                  Class A4......................................$  0.00

                  Class A5......................................$  0.00


3.    Investor Certificate Interest

     (a)  The total amount withdrawn from the Collections
          Account and deposited in the Distribution Account
          on the related Transfer Date in respect of Investor
          Certificate Interest and any previously existing
          Deficiency Amount.......................................$29,869,878.38

     (b)  The amount of the payment to each Class in
          respect of Class Certificate Interest and
          any previously existing Deficiency Amount
          during the period:

                  Class A1................................$1,478,600.21

                  Class A2................................$6,454,819.16

                  Class A3................................$6,504,819.17

                  Class A4...............................$12,273,757.12

                  Class A5................................$3,157,882.72

     (c)  The Deficiency Amount (if any) as of
          October 31, 1997.................................................$0.00




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                                                                  Exhibit 13(d)
                                                                  Page 5 of 8


     (d)  The amount of such Deficiency Amount allocable to each Class:

                  Class A1......................................$  0.00

                  Class A2......................................$  0.00

                  Class A3......................................$  0.00

                  Class A4......................................$  0.00

                  Class A5......................................$  0.00

     (e)  The amount (if any) of the Deficiency Amount
          from the preceding Distribution Date being
          reimbursed on the Distribution Date..............................$0.00

4.    Losses.

     (a)  The aggregate amount of Dealer Notes charged
          off as uncollectible during the period ended
          on October 31, 1997 allocable to the Investor
          Certificates (the "Investor Loss Amount")........................$0.00


     (b)  The Class Loss Amount for each Class (if any):

                  Class A1......................................$  0.00

                  Class A2......................................$  0.00

                  Class A3......................................$  0.00

                  Class A4......................................$  0.00

                  Class A5......................................$  0.00

5.    Reimbursement of Losses; Charged-Off Amounts.

     (a)  The amount of Investor Loss Amount reimbursed or
          allocated to the Seller on the related Transfer Dates............$0.00

     (b)  The aggregate amount of Class Loss Amounts
          (if any) reimbursed or allocated to the Seller
          on the Distribution Dates........................................$0.00


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                                                                  Exhibit 13(d)
                                                                  Page 6 of 8


     (c)  The Class Charged-Off Amount for each Class
          for the period ended October 31, 1997:

                  Class A1......................................$  0.00

                  Class A2......................................$  0.00

                  Class A3......................................$  0.00

                  Class A4......................................$  0.00

                  Class A5......................................$  0.00

     (d)   The Class Charged-Off Amount for each Class
           for the period:

                  Class A1......................................$  0.00

                  Class A2......................................$  0.00

                  Class A3......................................$  0.00

                  Class A4......................................$  0.00

                  Class A5......................................$  0.00

     (e)   For each Amortizing Class, the positive (negative)
           difference between the amount set forth in paragraphs
           5(c) and 5(d) above, per $1,000 (which will have the
           effect of increasing (reducing), the related Class
           Invested Amount and the related Class Investor Interest):

                  Class A1.......................................$  N/A

                  Class A2.......................................$  N/A

                  Class A3.......................................$  N/A

                  Class A4.......................................$  N/A

                  Class A5.......................................$  N/A




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                                                                  Exhibit 13(d)
                                                                  Page 7 of 8


6.   Class Invested Amounts; Class Investor Interests.

     (a)  Each Class Invested Amount after giving effect
          to the payments made on the Distribution Dates:

                  Class A1........................................$0.00

                  Class A2..............................$100,000,000.00

                  Class A3..............................$100,000,000.00

                  Class A4..............................$207,860,000.00

                  Class A5..............................$200,000,000.00


     (b)  Each Class Investor  Interest after giving effect to
          the payments made on the Distribution Dates:

                  Class A1........................................$0.00

                  Class A2..............................$100,000,000.00

                  Class A3..............................$100,000,000.00

                  Class A4..............................$207,860,000.00

                  Class A5..............................$200,000,000.00

7.    Servicing Fee.

     (a)  The aggregate amount of the Monthly Servicing
          Fee payable by the Trust to the Servicer for
          the period October 31, 1997..............................$6,243,991.59

     (b)  The aggregate amount of the Monthly Servicing
          Fee set forth in paragraph 7(a) above allocable
          to the Investor Certificateholders.......................$4,703,777.04

8.    Available Subordinated Amount; Minimum Seller Interest.

     (a)  The available Subordinated Amount as of
          October 31, 1997........................................$94,218,300.00

     (b) The Minimum Seller Interest as of October 31, 1997......$112,454,100.00




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                                                                  Exhibit 13(d)
                                                                  Page 8 of 8




9.   Class Amortization Percentages.

     The Class Amortization Percentage for each Amortizing Class:

                  Class A1.......................................$  N/A

                  Class A2.......................................$  N/A

                  Class A3.......................................$  N/A

                  Class A4.......................................$  N/A

                  Class A5.......................................$  N/A