UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549


                          FORM 10-K


  [X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934

          For the fiscal year ended October 31, 1996

                              OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934


    For the transition period from __________ to__________

                          ----------

               Commission File Number 33-36767

                          ----------


    NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf of
        NAVISTAR FINANCIAL DEALER NOTE TRUST 1990 AND
         NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
    (Exact name of Registrant as specified in its charter)


            Delaware                            36-3731520
(State or other jurisdiction of      (I.R.S. Employer Identification No.)
incorporation or organization)


           2850 West Golf Road
        Rolling Meadows, Illinois                    60008
(Address of principal executive offices)           (Zip Code)

     Registrant's telephone number, including area code (847) 734-4275

    Securities registered pursuant to Section 12(b) of the Act: None

    Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all
reports  required to be filed by Section 13  or  15(d)  of  the
Securities Exchange Act of 1934 during the preceding 12  months
and  (2)  has been subject to such filing requirements for  the
past 90 days.  Yes X  No __

<PAGE>


                             PART I

Item 1.  Business

    The  Navistar  Financial Dealer Note Trust  1990  (the  "1990
Trust")  was formed pursuant to a Pooling and Servicing Agreement
dated  as of December 1, 1990 among Navistar Financial Securities
Corporation,   as  seller  (the  "Seller"),  Navistar   Financial
Corporation,  as  servicer (the "Servicer"),  and  Chemical  Bank
(Successor to Manufacturers Hanover Trust Company), as 1990 Trust
Trustee.   Wholesale  dealer  notes  (the  "Dealer  Notes")   and
security   interests  in  the  vehicles  financed  thereby   were
transferred  to the 1990 Trust in exchange for three  classes  of
floating    rate   pass-through   certificates   (the   "Investor
Certificates") which were remarketed to the public.  The Seller's
undivided  fractional  interest in the 1990  Trust  (the  "Seller
Interest") is evidenced by a Seller Certificate.

    Additional  Dealer  Notes are sold on a daily  basis  by  the
Seller to the 1990 Trust to replace those Dealer Notes which have
been  liquidated  or charged off as uncollectible.   Accordingly,
the  aggregate  amount of Dealer Notes in  the  1990  Trust  will
fluctuate  from day to day as new Dealer Notes are generated  and
as existing Dealer Notes are removed.

    Under  the terms of the Pooling and Servicing Agreement,  the
Seller  is required to maintain a minimum investment in the  1990
Trust  (the  "Minimum Seller Interest"), a portion  of  which  is
subordinated  to  the Investor Certificates.  If  the  amount  of
Dealer  Notes  in  the  1990  Trust is  less  than  the  combined
ownership  interest  evidenced by the Investor  Certificates  and
Minimum  Seller  Interest,  the Seller must  transfer  additional
funds (the "Investment Securities") to the 1990 Trust to maintain
the Seller Interest at an amount not less than the Minimum Seller
Interest.

    On  June  8, 1995, the Navistar Financial Dealer Note  Master
Trust  (the "Master Trust") was formed pursuant to a Pooling  and
Servicing   Agreement   among   Navistar   Financial   Securities
Corporation,  as  seller,  Navistar  Financial  Corporation,   as
servicer, Chemical Bank (Successor to Manufacturers Hanover Trust
Company),  as  1990 Trust Trustee and The Bank of  New  York,  as
Master  Trust  Trustee.  On June 8, 1995, the 1990  Trust  issued
Class  A-4  Certificates in the amount of $207.9 million  to  the
Master Trust which, in turn, issued Series 1995-1 Certificates in
the amount of $200.0 million to the public.

    The  1990 Trust is the active trust and will hold the  Dealer
Notes  and  certain related assets until the termination  of  the
1990  Trust.  The termination of the 1990 Trust will  occur  upon
the  repayment  of  the  three classes of  Investor  Certificates
issued in 1990 (Class A-1, Class A-2 and Class A-3) at which time
the Master Trust will become the active trust.

Item 2.  Properties

   Not applicable.

<PAGE>


                            PART I

Item 3.  Legal Proceedings

The  registrant  knows of no material pending  legal  proceedings
involving  either  the  Dealer Notes  or  the  trustees,  or  the
Seller or Servicer in respect of the trusts.

Item 4.  Submission of Matters to a Vote of Security Holders

    No  matter was submitted during the period of this report  to
a vote of holders of the Certificates.


                            PART II


Item 5.   Market for the Registrant's Common Equity
          and Related Stockholder Matters

   Not applicable.

Item 6.   Selected Financial Data

   Not applicable.

Item 7.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations

    As  of  October  31,  1996, the combined aggregate  principal
balance  of  Dealer  Notes and Investment Securities  was  $671.5
million.    Reference  is  made  to  Exhibit  13  for  additional
information   regarding  principal  and  interest   payments   in
respect  of  the Investor Certificates and information  regarding
servicing  compensation and other fees paid by the trusts  during
the fiscal year.

    As  of  October  31,  1996, the combined aggregate  principal
balance  of  Dealer Notes and Investment Securities allocated  by
the   1990   Trust  to  Investor  Certificates  and  the   Seller
Certificate    were   $507.9   million   and   $163.6    million,
respectively.

Item 8.  Financial Statements and Supplementary Data

   Not applicable.

Item 9.  Changes in and Disagreements With Accountants on
         Accounting and Financial Disclosure

   None.
<PAGE>

                           PART III

Item 10.  Directors and Executive Officers of the Registrant

   Not applicable.

Item 11.  Executive Compensation

   Not applicable.

Item  12. Security Ownership of Certain Beneficial Owners and Management

   Not applicable.

Item 13.  Certain Relationships and Related Transactions

   Not applicable.

                           PART IV

Item  14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

     (a)    Exhibits
            
      3       Articles of Incorporation and By-Laws
            
     10       Material Contracts
            
              An  Annual  Summary of the Certificateholders'
              Statement,  the Servicer Certificate  and  the
              Servicer  and  Settlement  Certificate  listed
              below  is an annualized version of the monthly
              Servicer   Certificates   prepared   by    the
              Servicer.
            
     13(a)     -  Annual Summary of Servicer and Settlement Certificates
            
     13(b)     -  Annual Summary of Servicer Certificates
            
     13(c)     -  Annual Summary of Certificateholders' Statements
            
     13(d)     -  Report of Independent Certified Public Accountants
            

<PAGE>


                            PART IV



Item  14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

     (b)  Reports on Form 8-K:

    The Registrant filed the following reports on Form 8-K during the three
 months ended October 31, 1996:


     (i)    Form 8-K dated August 26, 1996
            
     (ii)   Form 8-K dated September 25, 1996
            
     (iii)  Form 8-K dated October 25, 1996


<PAGE>





                          SIGNATURES




    Pursuant to the requirements of Section 13 or 15(d) of  the
Securities Exchange Act of 1934, the registrant has duly caused
this  report  to  be signed on its behalf by  the  undersigned,
thereunto duly authorized.



            NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf
                   of NAVISTAR FINANCIAL DEALER NOTE TRUST 1990
                and NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
         (Exact name of Registrant as specified in its charter)



By: /s/ PHYLLIS E. COCHRAN                     January 29, 1997
        Phyllis E. Cochran
        Vice President and Controller


<PAGE>


                        EXHIBIT INDEX
<TABLE>
<CAPTION>
                                                              Sequential
 Exhibit No.               Exhibit                             Page No.
<S> <C>      <C>                                                   <C> 
                                                     
     3       Articles of Incorporation and By-Laws                  7
                                                     
    10       Material Contracts                                     8
                                                     
    13(a)    Annual Summary                                         9
               - Servicer and Settlement Certificates   
                                                     
    13(b)    Annual Summary                                        12
               - Servicer Certificates                  
                                                     
    13(c)    Annual Summary                                        17
               - Certificateholder's Statements        
                                                     
    13(d)    Report of Independent Certified Public Accountants    24

</TABLE>