WAIVER
      NO. 1


TO
      RECEIVABLES PURCHASE
      AGREEMENT




THIS
      WAIVER NO.1 (this "Waiver"),dated
      as of
      January 28, 2005, is among Truck Retail Accounts Corporation, a Delaware
      corporation ("Seller"),Navistar
      Financial Corporation, a Delaware corporation ("Navistar"),as
      initial Servicer (Navistar, together with Seller, the "Seller
      Parties"and
      each a"Seller
      Party"),the
      entities listed on
      Schedule A to this Agreement (together with any of their respective successors
      and assigns hereunder, the "Financial
      Institutions"),JupiterSecuritization
      Corporation ("Conduit")and
      Bank
      One, NA (Main Office Chicago), as agent for the Purchasers hereunder or any
      successor agent hereunder (together with its successors and assigns hereunder,
      the "Agent"),and
      pertains
      to that certain RECEIVABLES PURCHASE AGREEMENT dated as of April 8, 2004 by
      and
      among the parties hereto (the "Agreement").Unless defined
      elsewhere herein, capitalized terms used in this Waiver have the meanings
      assigned to such terms in the Agreement.




PRELIMINARY
      STATEMENTS




The
      Seller Parties have requested that the Agent and the Purchasers agree to waive
      a
      certain provision of the Agreement; and




The
      Agent
      and the Purchasers are willing to agree to the requested waiver on the terms
      hereinafter set forth.




NOW,
      THEREFORE,in
      consideration of the premises and the mutual covenants herein contained, and
      for
      other good and valuable consideration, the receipt and sufficiencyof which are hereby
      acknowledged, the parties hereto agree as follows:




Section
      1.                      Waiver. The
      requirement in Section 7.1(a)(i ) of the Agreement for delivery of annual
      financial statements of Parent, Transferor and the Seller for fiscal year 2004
      is hereby waived through and including February 28, 2005.




Section
      2.                      Representations
      and
      Warranties. In order to induce the parties to enter into this Waiver,
      each of the Seller Parties hereby represents and warrants to the Agent and
      the
      Purchasers that (a) after giving affect to this Waiver, each of such Seller
      Party's representations and warranties contained in Article V of the Agreement
      is true and correct as of the date hereof, (b) the execution and delivery by
      such Seller Party of this Waiver, and the performance of its obligations
      hereunder, are within its corporate or limited partnership, as applicable,
      powers and authority and have been duly authorized by all necessary corporate
      or
      limited partnership, as applicable, action on its part, and (c) this Waiver
      has
      been duly executed and delivered by such Seller Party and constitutes the legal,
      valid and binding obligation of such Seller Party enforceable against such
      Seller Party in accordance with its terms, except as such enforcement may be
      limited by applicable bankruptcy, insolvency, reorganization or other similar
      laws relating to or limiting creditors' rights generally and by general
      principles of equity (regardless of whether enforcement is sought in a
      proceeding in equity or at law).






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Section
      3.                      Condition Precedent.
      This Waiver shall become effective as of the date first above written upon
      receipt by the Agent of counterparts hereof duly executed by each of the parties
      hereto.




Section
      4.                       Miscellaneous.




(a)           THIS
      WAIVER SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
      (AND
      NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS,




(c)           Except
      as expressly modified hereby, the Agreement remains unaltered and in full force
      and effect and is hereby ratified and confirmed. This Waiver shall be binding
      upon and inure to the benefit of the parties hereto and their respective
      successors and permitted assigns (including any trustee in
      bankruptcy).




(c)            This
      Waiver may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which when taken together shall constitute one
      and
      the same agreement.






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IN
      WITNESS WHEREOF,theparties
      hereto have caused this Waiver to be executed and delivered by
      their duly authorized officers as of the date hereof.





TRUCK
                RETAIL ACCOUNTS CORPORATION
              
              By:  /s/
                ANDREW J.
                CEDEROTH
              Name:  Andrew
                J. Cederoth
              Title:    V.P.,
                Treasurer
              
              NAVISTR
                FINANCIAL CORPORATION
              
              By:  /s/
                ANDREW J.
                CEDEROTH
              Name:  Andrew
                J. Cederoth
              Title:    V.P.,
                Treasurer




JUPITER
                SECURIZATION CORPORATION
              
              By:  /s/
                BETH M.
                PROVAIZANA
              Its:      Authorized
                Signatory
              
              
              JPMORGAN
                CHASE BANK, N.A, (successor by merger to
              Bank
                One, N.A. (Main Office Chicago), individually
              as
                a Financial Institution and as Agent
              
              By:  /s/
                BETH M.
                PROVAIZANA
              Its:       Vice
                President





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