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

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| 1.   | Control      Environment:  Management had not established a strong      consciousness regarding the application of ethics across all areas of the      Company and the importance of internal controls over financial reporting      including adherence to generally accepted accounting      principles.  This weakness in the control environment likely      contributed to many of the other material weaknesses we      disclosed.  As identified by an independent investigation      initiated by Navistar, Inc's Board of Directors, certain members of      management and other employees, in place at that time, were involved in      instances of intentionalmisconduct. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Accounting      Personnel:  We did not have a sufficient number of accounting      personnel with an appropriate level of accounting knowledge, experience      and training in the application of generally accepted accounting      principles ("GAAP").  This includes a previously identified      material weakness, disclosed in fiscal 2004, which related to accounting      for receivable securitization transactions.   This weakness      resulted in an inadequate segregation of duties and an insufficient review      of information pertaining to securitization accounting.  There      was also a material weakness related to the accounting for allowance for      losses.  We did not maintain effective controls to properly      account for the timing of losses associated with repossessed assets and      the calculation of loss factors used in determining the allowance for      losses.  Specifically, we did not record the loss at the time      that the repossession occurred and instead recorded the loss when the      repossessed asset was sold. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.   | Accounting      Policies and Procedures:  We did not have a formalized process      for monitoring, updating, disseminating, and implementing GAAP-compliant      accounting policies and procedures.  This includes a previously      identified material weakness, disclosed in fiscal 2004 concerning a      misapplication of GAAP related to securitization accounting and an      associated lack of timely resolution of outstanding reconciling items in      certain collection accounts. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Internal      Audit: We utilize Navistar’s corporate internal audit department in lieu      of having a separate department.  Navistar's internal audit      department was not an effective monitoring control over financial      reporting for Navistar and itssubsidiaries. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Information      Technology (IT):  Our IT general controls over computer program      development, computer program changes, computer operations and system user      access to programs and data were ineffectively      designed.  Additionally, we concluded that computer application      controls were unreliable andineffective. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Pension      Accounting:  We utilize the services of the Navistar's corporate      pension and benefits group to address our pension accounting      needs.  Navistar's corporate pension and benefits group did not      maintain effective controls to accurately estimate the total entity      pension and OPEB obligations.  Specifically, the      application  of      the  methodology  used  to determine      historical discount  rates was      not  properly  documented  and  reviewed  and      lacked proper support for other  assumptions used in accounting      for the obligations. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Income      Tax Accounting:  We utilize the services of Navistar's corporate      tax group to address our tax accounting needs.  Navistar's      corporate tax group did not retain detailed supporting documentation for      our tax liabilities. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Journal      Entries:  We did not maintain effective controls over review and      approval of journal entries.  Specifically, journal entries were      not reviewed thoroughly and approved by the appropriate level of      management to ensure the accuracy and appropriateness of the accounts used      when entries were recorded. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Executives      and senior management increased their communication about      the  importance of internal controls,  ethics and      acting with integrity across thecompany. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      made leadership changes and increased our staff levels to strengthen our      finance and accounting team. |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

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| ·   | We      established an Audit Committee specifically for Navistar Financial      Corporation and appointed an independent member of the Board of Directors      to chair the committee. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      focused on updating and implementing GAAP-compliant accounting policies      and procedures and increasing the formal and informal training of our      finance and accounting team. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      retained outside consultants with appropriate expertise and training to      supplement our finance and accountingstaff. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | Navistar,      Inc. fully outsourced the internal audit function to an independent      accounting firm. |
|--------------------|----------------------------------------------------------------------------------------------------------|

| ·   | Under      the guidance of Navistar, Inc's new Chief Information Officer ("CIO"), we      adopted and implemented Control Objectives for Information and related      Technology  (COBIT®), a recognized industry standard control      framework, as the foundation of our design of information technology      ("IT") general controls. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      reinforced our journal entry policy and procedures to our finance and      accounting team through regular communications and    training. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

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| (a)    | Exhibits   |                                                                         |
|--------|------------|------------------------------------------------------------------------------|
|   |  3    | Articles of Incorporation and      By-Laws                                   |
|   |  10   | Material  Contracts                                                          |
|   |  31   | Certification Pursuant to Section      302 of the Sarbanes-Oxley Act of 2002 |
|   | 99.1       |  Management's Assertion Concerning      Compliance                      |
|   |  99.2 | Report of Independent Registered      Public Accounting Firm                 |
|   |  99.3 | Officer's Compliance      Certificate                                        |

| (b)    | Schedules                                                                                                                                                                                |                                                                                                                      |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
|   |  The      Annual Summary of the Servicer and Settlement Certificates listed below is      an annualized version of the monthly Servicer Certificates prepared by the      Servicer. |
|   | 13(a)                                                                                                                                                                                    |  Annual      Summary-    Servicer      and Settlement Certificates for Series 2004-1 and 2005-1. |
|   | 13(b)                                                                                                                                                                                    |  Dealer Note Master Owner Trust Series      Data                                                                |

| (c)                | Reports on Form      8-K                                                                                                     |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|
|               |  The      Registrant filed the following reports on Form 8-K during the three months      ended October 31, 2006:  |
|               |  (i)                                                                                                                    |  Navistar      Financial Dealer Note Master Owner Trust filed the July Servicer and      Settlement Certificates on Form 8-K dated August 28,  2006. |
|          |  (ii)                                                                                                                   | Navistar      Financial Dealer Note Master Owner Trust filed the August Servicer and      Settlement Certificates on Form 8-K dated October 3,  2006. |
|               |  (iii)                                                                                                                  | Navistar      Financial Dealer Note Master Owner Trust filed the September Servicer and      Settlement Certificates on Form 8-K dated October 27,  2006. |

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|     Date: July 1,      2009 | By: /s/   |  DAVID L.      DERFELT        |
|------------------------------------------------------|---------------------|------------------------------------|
|                                                 |                | David      L. Derfelt              |
|                                                 |                | Vice      President and Controller |
|                                                 |                | (Principal      AccountingOfficer) |

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| Schedule      13(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  ANNUAL      SERVICER AND SETTLEMENT CERTIFICATENAVISTAR      FINANCIAL DEALER NOTE MASTER TRUSTASSET      BACKED CERTIFICATESSERIES 2004-1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| Under      the Series 2004-1 Supplement dated as of June 10, 2004 (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 (as amended and supplemented, the "Agreement") by and among      NFC, NFSC, the Master Trust Trustee and The Chase Manhattan Bank, as 1990      Trust Trustee, the Master Trust Trustee is required to prepare certain      information each month regarding current distributions to certain accounts      and payments to Series 2004-1 Certificateholders as well as the      performance of the Master Trust during the previous month.  An      annual aggregation of such monthly reports for the period of November 01,      2005 through October 31, 2006 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 Servicerunder      the Agreement. |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | The      undersigned is a Servicing Officer. |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Master Trust Information. |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of the Advance, if any, for the Due Period | 5,399,569.60 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of NITC Finance Charges for the Due Period | 69,033,550.86 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      average daily balance of Dealer Notes outstanding during the Due      Period | 1,447,423,666.74 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      total amount of Advance Reimbursements for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      aggregate principal amount of Dealer Notes repaid during the Due      Period | 5,349,417,554.46 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      aggregate principal amount of Dealer Notes purchased by the Master Trust      during the Due Period | 5,699,725,475.55 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of the Servicing Fee for the Due Period | 14,652,630.93 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      average daily Master Trust Seller's Interest during the Due      Period | 260,483,685.51 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      Master Trust Seller's Interest as of the Distribution Date (after giving      effect to the |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | transactions      set forth in Article IV of the Supplement) | 235,880,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Collections for the Due Period | 5,497,173,921.72 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Finance Charge Collections for the Due      Period | 136,588,038.10 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Principal Collections for the Due    Period | 5,360,585,883.62 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of Dealer Note Losses for the Due Period | 407.84 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Dealer Notes as of the last day of the Due      Period | 1,704,495,559.83 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of funds on deposit in the Excess Funding      Account |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | as      of the end of the last day of the Due Period (after giving effect to      the |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | transactions      set forth in Article IV of the Supplement and Article IV |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | of      the Agreement) | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 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: | JPMorgan      Prime MM Fund |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | c.  The      rate of interest applicable to each such Eligible    Investment | 5.17% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | d.  The      rating of each such Eligible Investment | AAAm/Aaa |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Dealer Notes issued to finance OEM      Vehicles, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | as      of the end of the Due Period | 22,026,499.64 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Dealers with the five largest aggregate outstanding |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | principal      amounts of Dealer Notes in the Master Trust as of |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | the      end of the Due Period: |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | i) | Chicago      Intl |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ii) | Prairie |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | iii) | KCR |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | iv) | Westrux |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | v) | Lee-Smith |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Aggregate      amount of delinquent principal payments (past due greater than 30 days) as      a percentage of the total principal amount outstanding, as of the end of      the Due Period | 0.09% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Dealer Notes issued to finance used      vehicles, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | as      of the end of the Due Period | 84,673,625.50 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of funds on deposit in the Servicer Transition Fee      Account as of the end of the last day of the Due Period (after giving      effect to the transactions set forth in Article IV of the Supplement)      established on 7/10/03 for the benefit of the Master Trust      Certificateholders. | 100,440.32 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Eligible      Investments in the Servicer Transition Fee Account: |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | a.  The      aggregate amount of funds invested in Eligible Investments | 100,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | b.  Description      of each Eligible Investment: | JPMorgan      Prime MM Fund |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | c.  The      rate of interest applicable to each such Eligible    Investment | 5.17% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | d.  The      rating of each such Eligible Investment | AAAm/Aaa |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 3.23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of funds on deposit in the Servicer Transition Fee      Account as of the Distribution Date (after giving effect to the      transactions set forth in Article IV of the Supplement and to the payments      made on the Distribution Date) | 100,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Series 2004-1 Information      (November 01, 2005 through October 31, 2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      Invested Amount as of the Distribution Date (after giving effect to the      transactions set forth in Article IV of the Supplement and to the payments      made on the Distribution Date) | 424,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  The      Adjusted Invested Amount as of the Distibution Date (after giving effect      to the transactions set forth in Article IV of the Supplement and to the      payments made on the Distribution Date) | 462,160,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      Amount of the Seller's Invested Amount for the Due Period | 280,495,559.83 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of Series Allocable Dealer Notes Losses for the Due      Period | 135.97 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of Series Allocable Finance Charge Collections for the Due      Period | 44,846,851.39 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of Series Allocable Principal Collections for the Due      Period | 1,700,095,921.16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of Noteholder Allocated Dealer Note Losses for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of Noteholder Available Interest Amounts for the Due      Period | 38,753,016.69 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | The      amount of Noteholder Available Principal Amounts for the Due      Period | 1,472,175,858.90 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of the Principal Shortfall, if any for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Seller Interest Amounts for the Due    Period | 6,093,834.66 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      aggregate amount of Seller's Principal Amounts for the Due      Period | 227,931,717.77 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Reassignment Amount as of the Transfer Date | 424,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Minimum Series Seller's Invested Amount as of the Distribution Date (after      giving effect to the transactions set forth in Article IV of the      Supplement) | 50,880,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Minimum Seller's Invested Amount as of the Distribution  Date      (after giving effect to the transaction set forth in Article IV of the      Supplement) | 0.00 |
|  4.16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  The      Minimum Seller's Interest as of the Distribution  Date (after      giving effect to the transaction set forth in Article IV of the      Supplement) | 50,880,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Series Allocation Percentage with respect to Series 2004-1 for the Due      Period | 28.58% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Noteholder Floating Allocation Percentage for the Due    Period | 87.04% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      Noteholder Principal Allocation Percentage, if applicable, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | for      the Due Period | 87.04% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      total amount to be distributed on the Series 2004-1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certificates      on the Distribution Date | 26,321,148.88 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      total amount, if any, to be distributed on the Series    2004-1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certificates      on the Distribution Date allocable to the Invested Amount | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      total amount, if any, to be distributed on the Series    2004-1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certificates      on the Distribution Date allocable to interest |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | on      the 2004-1 Certificates | 22,151,029.57 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of the Investor Servicing Fee to be paid on such |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Distribution      Date | 4,169,999.52 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of Investment Income with respect to the Series |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2004-1      Certificate for the Due Period | 276,630.45 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of Excess Interest Collections for the Due Period | 12,708,498.27 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of Excess Interest Collections for the Due Period |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | allocated      to other Series | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of Noteholder Available Principal Amounts treated |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | as      Shared Principal Collections for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |
| 4.28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | The      amount of all Shared Principal Collections      allocated  to |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Series      2004-1 for the Due Period | 0.00 |

----

| NOTE      STATEMENTNAVISTAR      FINANCIAL DEALER NOTE MASTER OWNER TRUSTSERIES      2004-1 NOTES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| Under      the Series 2004-1 Indenture Supplement dated as of June 10, 2004 (the      "Indenture Supplement") by and among Navistar Financial Dealer Note Master      Owner Trust ("The Master Owner Trust") and The Bank of New York, as      trustee (the "Indenture Trustee"), the Indenture Trustee is required to      prepare certain information each month regarding current distributions to      certain accounts and paymentson      the Series 2004-1 Notes as well as the performance of the Master Owner      Trust during the previous month.  An annual aggregation of such      monthly reports for the period of November 01, 2005 through October 31,      2006 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 Owner Trust as a      whole.  Capitalized terms used but not otherwise defined herein      shall have the meanings assigned to such terms in the Indenture      Supplement |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Series 2004-1 Notes Information (November 01, 2005      through October 31, 2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Nominal Liquidation Amount as of the Transfer Date (after giving      effect to the transactions set forth in Article III of the Series 2004-1      Indenture Supplement and to payments made on the Payment      Date). | 212,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Cumulative      Reductions (Net of Reinstatements) of the Series 2004-1 Nominal      Liquidation Amount, if any, as of the Transfer Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Collateral Amount as of the Transfer Date (after giving effect      to  the transactions set forth in Article III of the Series      2004-1 Indenture Supplement and to payments made on the Payment      Date). | 231,080,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Overcollateralization Amount as of the Transfer Date (after giving      effect to the transactions set forth in Article III of the Series 2004-1      Indenture Supplement and to payments made on the Payment      Date). | 19,080,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Series      2004-1 Target Overcollateralization Amount, if any, as of the Transfer      Date | 19,080,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Cumulative      Reductions (Net of Reinstatements) of the Series 2004-1      Overcollateralization Amount Deficiency, if any, as of the Transfer      Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Allocated Dealer Note Losses / (Recoveries) for the Due      Period | 67.99 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Allocated Interest Amounts for the Due Period | 19,376,508.36 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Allocated Principal Amounts for the Due Period | 736,087,929.44 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Noteholders Allocated Dealer Note Losses / (Recoveries) for the Due      Period | 33.99 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Available Interest Amounts with respect to the Due      Period | 19,571,485.76 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Available Principal Amounts with respect to the Due      Period | 736,087,929.44 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Shortfall      in Series Available Principal Amounts, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Sellers      Invested Amount for the Series 2004-1 Notes for the Due    Period | 25,440,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Shortfall      in Series Available Interest Amounts, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Unreimbursed      reductions to the Series 2004-1 Collateral Amount, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Nominal      Liquidation Amount plus Accrued and Unpaid Interest as of the Transfer      Date | 212,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2004-1 Required Seller's Invested Amount as of the Payment      Date | 25,440,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2004-1 Controlled Accumulation Amount, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2004-1 Controlled Deposit Amount, if any, for the Due    Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      Variable Allocation Percentage for the Due Period | 50.00% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      Fixed Allocation Percentage for the Due Period | 50.00% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Total      amount to be distributed on the Series 2004-1 Notes on the Payment      Date | 13,599,456.93 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Total      amount, if any, to be distributed on the Series 2004-1 Notes on the      Payment Date allocable to the Outstanding Principal Amount | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Total      amount to be distributed on the Series 2004-1 Notes on the Payment Date      allocable to interest on the Series 2004-1 Notes | 11,188,061.46 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2004-1 Servicing Fee to be paid on the Payment Date | 2,411,395.47 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2004-1 Investment Income | 81,653.02 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2004-1 Principal Funding Account investment income | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2004-1 Negative Carry Account investment income | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2004-1 Interest Funding Account investment income | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2004-1 Spread Account investment income | 113,324.37 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      Excess Available Interest Amounts for the Due Period | 5,972,028.85 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Excess      Available Interest Amounts for the Due Period allocated to other Series of      Notes | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Excess      Available Interest Amounts for the Due Period allocated to Series of      Investor Certificates | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Excess      Available Principal Collections allocated from other series of Notes to      Series 2004-1 for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Amount      of Shared Principal Collections allocated to Series 2004-1 Collateral      Certificate for the Due Period | 48,958,225.78 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Amount      of Excess Available Principal Collections allocated to other Series of      Notes for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Cash      Collateral Percentage as of the Transfer Date | 0.83% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Mismatch      Amount for the Series 2004-1 Notes for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Reimbursement      Amount for the Series 2004-1 Notes for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Certain      amounts and calculations referenced in the definition of Early Redemption      Event | See      Exhibit A |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Account Information   (November 01,      2005 through October 31, 2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Spread Account Balance as of the Payment Date after giving effect      to all withdrawals and deposits made on such Payment Date | 2,650,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Series      2004-1 Spread Account Required Amount, if any, as of the Payment Date      after giving effect to all withdrawal and deposits made on such Payment      Date | 2,650,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Principal Funding Account Balance as of the Payment Date after      giving effect to all withdrawal and deposits made on such Payment      Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Negative Carry Account Balance as of the Payment Date after giving      effect to all withdrawals and deposits made on such Payment      Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Series      2004-1 Required Negative Carry Account Balance, if any, as of      the  Payment Date after giving effect to all withdrawals and      deposits made on such Payment Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2004-1 Interest Funding Account Balance as of the Payment Date after      giving effect to all withdrawals and deposits made on such Payment      Date. | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Class A Notes Information  (November 01,      2005 through October 31, 2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      A Outstanding Principal Amount as of the Payment Date after giving effect      to the transaction made on such Payment Date | 200,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      A Nominal Liquidation Amount as of the Payment Date after giving effect to      the transactions made on such Payment Date | 200,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class A Notes on the Payment      Date | 10,483,221.49 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount, if any, to be distributed on the Class A Notes on the Payment Date      allocable to the Class A Outstanding Principle Amount | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class A Notes on the Payment Date      allocable interest to the Class A Note | 10,483,221.49 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      A Monthly Interest for the Interest Period | 10,483,221.49 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Class B Notes Information  (November 01,      2005 through October 31, 2006) | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      B Outstanding Principal Amount as of the Payment Date after giving effect      to the transaction made on such Patment Date | 12,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      B Nominal Liquidation Amount as of the Payment Date after giving effect to      the transaction made on such Payment Date | 12,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class B Notes on the Payment      Date | 704,839.97 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount, if any, to be distributed on the Class B Notes on the      Payment | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class B Notes on the Payment Date      allocable interest on the Class B Notes | 704,839.97 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      B Monthly Interest for the Interest Period | 704,839.97 |

----

| NOTE      STATEMENTNAVISTAR      FINANCIAL DEALER NOTE MASTER OWNER TRUSTSERIES      2005-1 NOTES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| Under      the Series 2005-1 Indenture Supplement dated as of February 28, 2005 (the      "Indenture Supplement") by and among Navistar Financial Dealer Note Master      Owner Trust ("The Master Owner Trust") and The Bank of New York, as      trustee (the "Indenture Trustee"), the Indenture Trustee is required to      prepare certain information each month regarding current distributions to      certain accounts and payments on the Series 2005-1 Notes as well as the      performance of the Master Owner Trust during the previous      month.  An annual aggregation of such monthly reports for the      period of November 01, 2005 through October 31, 2006 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 Owner Trust as      a whole.  Capitalized terms used but not otherwise defined      herein shall have the meanings assigned to such terms in the Indenture      Supplement |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Series 2005-1 Notes      Information   (November 01, 2005 through October 31,      2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Nominal Liquidation Amount as of the Transfer Date (after giving      effect to the transactions set forth in Article III of the Series 2005-1      Indenture Supplement and to payments made on the Payment      Date). | 212,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Cumulative      Reductions (Net of Reinstatements) of the Series 2004-1 Nominal      Liquidation Amount, if any, as of the Transfer Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Collateral Amount as of the Transfer Date (after giving effect      to  the transactions set forth in Article III of the Series      2005-1 Indenture Supplement and to payments made on the Payment      Date). | 231,080,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Overcollateralization Amount as of the Transfer Date (after giving      effect to the transactions set forth in Article III of the Series 2005-1      Indenture Supplement and to payments made on the Payment      Date). | 19,080,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Series      2005-1 Target Overcollateralization Amount, if any, as of the Transfer      Date | 19,080,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Cumulative      Reductions (Net of Reinstatements) of the Series      2005-1  Overcollateralization Amount Deficiency, if any, as of      the Transfer Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Allocated Dealer Note Losses / (Recoveries) for the Due      Period | 67.99 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Allocated Interest Amounts for the Due Period | 19,376,508.36 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Allocated Principal Amounts for the Due Period | 736,087,929.44 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Noteholders Allocated Dealer Note Losses / (Recoveries) for the Due      Period | 33.99 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Available Interest Amounts with respect to the Due      Period | 19,571,495.11 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Available Principal Amounts with respect to the Due      Period | 736,087,929.44 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Shortfall      in Series Available Principal Amounts, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Sellers      Invested Amount for the Series 2005-1 Notes for the Due    Period | 25,440,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Shortfall      in Series Available Interest Amounts, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Unreimbursed      reductions to the Series 2005-1 Collateral Amount, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Nominal      Liquidation Amount plus Accrued and Unpaid Interest as of the Transfer      Date | 212,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2005-1 Required Seller's Invested Amount as of the Payment      Date | 25,440,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2005-1 Controlled Accumulation Amount, if any, for the Due      Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2005-1 Controlled Deposit Amount, if any, for the Due    Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      Variable Allocation Percentage for the Due Period | 50.00% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      Fixed Allocation Percentage for the Due Period | 50.00% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Total      amount to be distributed on the Series 2005-1 Notes on the Payment      Date | 13,374,363.58 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Total      amount, if any, to be distributed on the Series 2005-1 Notes on the      Payment Date allocable to the Outstanding Principal Amount | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Total      amount to be distributed on the Series 2005-1 Notes on the Payment Date      allocable to interest on the Series 2005-1 Notes | 10,962,968.11 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      2005-1 Servicing Fee to be paid on the Payment Date | 2,411,395.47 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2005-1 Investment Income | 81,653.02 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2005-1 Principal Funding Account investment income | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2005-1 Negative Carry Account investment income | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2005-1 Interest Funding Account investment income | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.24.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Series      2005-1 Spread Account investment income | 113,333.82 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Series      Excess Available Interest Amounts for the Due Period | 6,197,131.55 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Excess      Available Interest Amounts for the Due Period allocated to other Series of      Notes | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Excess      Available Interest Amounts for the Due Period allocated to Series of      Investor Certificates | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Excess      Available Principal Collections allocated from other series of Notes to      Series 2005-1 for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Amount      of Shared Principal Collections allocated to Series 2005-1 Collateral      Certificate for the Due Period | 48,958,225.78 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Amount      of Excess Available Principal Collections allocated to other Series of      Notes for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Cash      Collateral Percentage as of the Transfer Date | 0.83% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Mismatch      Amount for the Series 2005-1 Notes for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Reimbursement      Amount for the Series 2005-1 Notes for the Due Period | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 5.34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Certain      amounts and calculations referenced in the definition of Early Redemption      Event | See      Exhibit A |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Account Information   (November 01,      2005 through October 31, 2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Spread Account Balance as of the Payment Date after giving effect      to all withdrawals and deposits made on such Payment Date | 2,650,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.1.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Series      2005-1 Spread Account Required Amount, if any, as of the Payment Date      after giving effect to all withdrawal and deposits made on such Payment      Date | 2,650,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Principal Funding Account Balance as of the Payment Date after      giving effect to all withdrawal and deposits made on such Payment      Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Negative Carry Account Balance as of the Payment Date after giving      effect to all withdrawals and deposits made on such Payment      Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Series      2005-1 Required Negative Carry Account Balance, if any, as of      the  Payment Date after giving effect to all withdrawals and      deposits made on such Payment Date | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 6.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Series      2005-1 Interest Funding Account Balance as of the Payment Date after      giving effect to all withdrawals and deposits made on such Payment      Date. | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Class A Notes Information  (November 01,      2005 through October 31, 2006) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      A Outstanding Principal Amount as of the Payment Date after giving effect      to the transaction made on such Payment Date | 200,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      A Nominal Liquidation Amount as of the Payment Date after giving effect to      the transactions made on such Payment Date | 200,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class A Notes on the Payment      Date | 10,299,721.49 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount, if any, to be distributed on the Class A Notes on the Payment Date      allocable to the Class A Outstanding Principle Amount | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class A Notes on the Payment Date      allocable interest to the Class A Note | 10,299,721.49 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 7.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      A Monthly Interest for the Interest Period | 10,299,721.49 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Class B Notes      Information   (November 01, 2005 through October 31,      2006) | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      B Outstanding Principal Amount as of the Payment Date after giving effect      to the transaction made on such Payment Date | 12,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      B Nominal Liquidation Amount as of the Payment Date after giving effect to      the transaction made on such Payment Date | 12,000,000.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class B Notes on the Payment      Date | 663,246.62 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount, if any, to be distributed on the Class B Notes on the      Payment | 0.00 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Total      amount to be distributed on the Class B Notes on the Payment Date      allocable interest on the Class B Notes | 663,246.62 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |
| 8.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class      B Monthly Interest for the Interest Period | 663,246.62 |

----

| 5.34 | The      percentages and all other information calculated pursuant to the      Definitions at Early Redemption Events as specified in Section 1.01 of The      Series 2004-1 Indenture Supplement.   "Early      Redemption Events" means, with respect to the Series 2004-1 Notes, each of      the Early Amortization Events specified in Section 9.01 of the Pooling and      Servicing Agreement, as supplemented by the Series Supplement, plus each      of the following: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | failure      on the part of the Seller (i) to make any payment, distribution or deposit      under the Pooling and Servicing Agreement or the Series Supplement within      five Business Days after the Due Date or (ii) to observe or perform in any      material respect any other material covenants or agreements of the Seller,      which failure has a material adverse effect on the Series 2004-1      Noteholders and which continues unremedied for a period of 60 days after      written notice of such failure shall have been given to the Seller by the      Indenture Trustee or to the Seller and the Indenture Trustee by any Holder      of the Series 2004-1 Notes;__No__ |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | any      representation or warranty made by the Seller pursuant to the Pooling and      Servicing Agreement or any information contained in the schedule of Dealer      Notes delivered thereunder or the Series Supplement shall prove to have      been incorrect in any material respect when made or when delivered, which      representation, warranty or schedule, or the circumstances or condition      that caused such representation, warranty or schedule to be incorrect,      continues to be incorrect or uncured in any material respect for a period      of 60 days after written notice of such incorrectness shall have been      given to the Seller by the Indenture Trustee or to the Seller and the      Indenture Trustee by any Holder of the Series 2004-1 Notes and as a result      of which the interests of the Series 2004-1 Noteholders are materially and      adversely affected, provided, however, that an Early Redemption Event      shall not be deemed to occur if the Seller has repurchased the related      Dealer Notes or all such Dealer Notes, if applicable, during such period      in accordance with the provisions of the Pooling and Servicing      Agreement;      __No__ |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | any      of the Seller, ITEC, NIC or NFC Shall file a petition commencing a      voluntary case under any chapter of the federal bankruptcy laws; or the      Seller or NFC shall file a petition or answer or consent seeking      reorganization, arrangement, adjustment or composition under any other      similar applicable federal law, or shall consent to the filing of any such      petition, answer or consent; or the Seller, ITEC, NIC or NFC shall      appoint, or consent to the appointment of a custodian, receiver,      liquidator, trustee, assignee, sequestrator or other similar official in      bankruptcy or insolvency of it or of any substantial part of its property;      or the Seller, ITEC, NIC or NFC shall make an assignment for the benefit      of creditors, or shall admit in writing its inability to pay its debts      generally as they become due;      __No__ |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | any      order for relief against any of the Seller, ITEC, NIC or NFC shall have      been entered by a court having jurisdiction in the premises under any      chapter of the federal bankruptcy laws, and such order shall have      continued undischarged or unstayed for a period of 120 days; or a decree      or order by a court having jurisdiction in the premises shall have been      entered approving as properly filed a petition seeking reorganization,      arrangement, adjustment, or composition of the Seller, ITEC, NIC or NFC      under any other similar applicable federal law, and such decree or order      shall have continued undischarged or unstayed for a period of 120 days; or      a decree or order of a court having jurisdiction in the premises for the      appointment of a custodian, receiver, liquidator, trustee, assignee,      sequestrator or other similar official in bankruptcy or insolvency of the      Seller, ITEC, NIC or NFC of any substantial part of their property, or for      the winding up or liquidation of their affairs, shall have been entered,      and such decree or order shall have remained in force undischarged or      unstayed for a period of 120 days; __No__ |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | the      Seller shall become legally unable for any reason to transfer Dealer Notes      to the Master Trust in accordance with the provisions of the Pooling and      Servicing Agreement;__No__ |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | on      any Transfer Date, after giving effect to allocations to be made on that      Transfer Date (including payments to be made on the related Payment Date),      the Series 2004-1 Target Overcollateralization Amount exceeds the Series      2004-1 Overcollateralization Amount by more than the Series 2004-1      Overcollateralization Amount Shortfall Trigger; provided, however, that if      such shortfall was caused by an Excess Cash Collateral Event, the Seller      shall have a six month period during which an Early Redemption Event shall      not occur if the foregoing condition is satisfied by calculating the      Series 2004-1 Nominal Liquidation Amount after subtracting the amount on      deposit in the Series 2004-1 Principal Funding Account in respect of the      Series 2004-1 Notes; __No__ |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (G) | any      Servicer Termination Event shall occur (i) which would have a material      adverse  effect on the Series 2004-1 Noteholders and (ii) for      which the Servicer has received a notice of termination; __No__ |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (H) | on      any Determination Date, as of the last day of the preceding Due Period,      the aggregate principal balance amount of Dealer Notes owned by the Master      Trust relating to used vehicles exceeds 25% of the aggregate principal      balance of Dealer Notes held by the Master Trust on that last day;      Aggregate Principal Dealer Note Balance which was advanced against      Financed Vehicles which are Used Vehicles exceeds 25% of the Aggregate      Principal Balance of all Dealer Notes?__No__ |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                         Used      Financed Vehicle Ratio: | 4.80% |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|

| (I) | on      any Determination Date, the quotient of (i) the product of (a) the sum of      Dealer Note Collections for each of the related Due Period and the two      immediately preceding Due Periods and (b) four, divided by (ii) the daily      average principal amount of Dealer Notes outstanding during such Due      Periods (“Turnover”) is less than1.7; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Turnover      Ratio less than 1.7?__No__  |
|--------|------------------------------------------------|

|                               Turnover      Ratio: | 4.02 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|

| (J) | the      Series 2004-1 Outstanding Principal Amount is not repaid by the Expected      Principal Payment Date;__No__ |
|-----|----------------------------------------------------------------------------------------------------------------------|

| (K) | the      Issuer becomes an “investment company” within the meaning of the      Investment Company Act of 1940, as amended, and is not exempt from      compliance with that Act;__No__ |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (L) | the      occurrence of an Event of Default under the Indenture; | __No__ |
|-----|-----------------------------------------------------------------|--------|

| (M) | the      delivery by the Seller to the Master Trust Trustee of a notice stating      that the Seller shall no longer continue to sell Dealer Notes to the      Master Trust commencing on the date specified in such notice;      __No__ |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (N) | the      Average Coverage Differential shall be equal to or less than negative two      percent (-2%) on each of three consecutive Determination Dates; Average      Coverage Differential shall be equal to or less than negative Two percent      (-2.00%) on each of three consecutive Determination Dates?__No__ |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             2      Months Past: | 3.53% |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|

|                              1 Month    Past: | 3.64% |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|

|                            Current      Month: | 3.61% |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|

| (O) | on      any Determination Date, the quotient of (i) the sum of Dealer Note Losses      for each of the related Due Period and the five immediately preceding Due      Periods and (ii) the sum of Principal Collections for each of the related      Due Period and the five immediately preceding Due Periods, is greater than      or equal to one percent (1%); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Dealer      Note Loss Ratio greater than or equal to one percent (1.00%)?      __No__ |
|--------|---------------------------------------------------------------------------------------|

|                         Dealer      Note Loss Ratio: | 0.00% |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|

| (P)   | at      the end of any Due Period, the Seller’s Invested Amount is reduced to an      amount less than the Minimum Seller’s Invested Amount and the Seller has      failed to assign additional Dealer Notes to the Master Trust or deposit      cash into the Excess Funding Account, the Series 2004-1 Principal Funding      Account or any other. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.34 | The      percentages and all other information calculated pursuant to the      Definitions at Early Redemption Events as specified in Section 1.01 of The      Series 2004-1 Indenture Supplement.   "Early      Redemption Events" means, with respect to the Series 2004-1 Notes, each of      the Early Amortization Events specified in Section 9.01 of the Pooling and      Servicing Agreement, as supplemented by the Series Supplement, plus each      of the following: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | failure      on the part of the Seller (i) to make any payment, distribution or deposit      required under the Pooling and Servicing Agreement or the Series      Supplement within five Business Days after the Due Date or (ii) to observe      or perform in any material respect any other material covenants or      agreements of the Seller, which failure has a material adverse effect on      the Series 2005-1 Noteholders and which continues unremedied for a period      of 60 days after written notice of such failure shall have been given to      the Seller by the Indenture Trustee or to the Seller and the Indenture      Trustee by any Holder of the Series 2005-1 Notes;      __No__ |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | any      representation or warranty made by the Seller pursuant to the Pooling and      Servicing Agreement or any information contained in the schedule of Dealer      Notes delivered thereunder or the Series Supplement shall prove to have      been incorrect in any material respect when made or when delivered, which      representation, warranty or schedule, or the circumstances or condition      that caused such representation, warranty or schedule to be incorrect,      continues to be incorrect or uncured in any material respect for a period      of 60 days after written notice of such incorrectness shall have been      given to the Seller by the Indenture Trustee or to the Seller and the      Indenture Trustee by any Holder of the Series 2005-1 Notes and as a result      of which the interests of the Series 2005-1 Noteholders are materially and      adversely affected, provided, however, that an Early Redemption Event      shall not be deemed to occur if the Seller has repurchased the related      Dealer Notes or all such Dealer Notes, if applicable, during such period      in accordance with the provisions of the Pooling and Servicing Agreement;      __No__ |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C)   |  any      of the Seller, ITEC, NIC or NFC shall file a petition commencing a      voluntary case under any chapter of the federal bankruptcy laws; or the      Seller or NFC shall file a petition or answer or consent seeking      reorganization, arrangement, adjustment or composition under any other      similar applicable federal law, or shall consent to the filing of any such      petition, answer or consent; or the Seller, ITEC, NIC or NFC shall      appoint, or consent to the appointment of a custodian, receiver,      liquidator, trustee, assignee, sequestrator or other similar official in      bankruptcy or insolvency of it or of any substantial part of its property;      or the Seller, ITEC, NIC or NFC shall make an assignment for the benefit      of creditors, or shall admit in writing its inability to pay its debts      generally as they become due; __No__ |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D)   | any      order for relief against any of the Seller, ITEC, NIC or NFC shall have      been entered by a court having jurisdiction in the premises under any      chapter of the federal bankruptcy laws, and such order shall have      continued undischarged or unstayed for a period of 120 days; or a decree      or order by a court having jurisdiction in the premises shall have been      entered approving as properly filed a petition seeking reorganization,      arrangement, adjustment, or composition of the Seller, ITEC, NIC or NFC      under any other similar applicable federal law, and such decree or order      shall have continued undischarged or unstayed for a period of 120 days; or      a decree or order of a court having jurisdiction in the premises for the      appointment of a custodian, receiver, liquidator, trustee, assignee,      sequestrator or other similar official in bankruptcy or insolvency of the      Seller, ITEC, NIC or NFC of any substantial part of their property, or for      the winding up or liquidation of their affairs, shall have been entered,      and such decree or order shall have remained in force undischarged or      unstayed for a period of 120 days; __No__ |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E)   | the      Seller shall become legally unable for any reason to transfer Dealer Notes      to the Master Trust in accordance with the provisions of the Pooling and      Servicing Agreement; __No__ |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F)   | on      any Transfer Date, after giving effect to allocations to be made on that      Transfer Date (including payments to be made on the related Payment Date),      the Series 2005-1 Target Overcollateralization Amount exceeds the Series      2005-1 Overcollateralization Amount by more than the Series 2005-1      Overcollateralization Amount Shortfall Trigger; provided, however, that if      such shortfall was caused by an Excess Cash Collateral Event, the Seller      shall have a six month period during which an Early Redemption Event shall      not occur if the foregoing condition is satisfied by calculating the      Series 2005-1 Nominal Liquidation Amount after subtracting the amount on      deposit in the Series 2005-1 Principal Funding Account in respect of the      Series 2005-1 Notes;__No__ |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (G)   | any      Servicer Termination Event shall occur (i) which would have a material      adverse effect on the Series 2005-1 Noteholders and (ii) for which the      Servicer has received a notice of termination; __No__ |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (H)   | on      any Determination Date, as of the last day of the preceding Due Period,      the aggregate principal balance amount of Dealer Notes owned by the Master      Trust relating to used vehicles exceeds 25% of the aggregate principal      balance of Dealer Notes held by the Master Trust on that last day;      Aggregate Principal Dealer Note Balance which was advanced against      Financed Vehicles which are Used Vehicles exceeds 25% of the aggregate      Principal Balance of all Dealer Notes? __No__ |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (I)   | on      any Determination Date, the quotient of (i) the product of (a) the sum of      Dealer Note Collections for each of the related Due Period and the two      immediately preceding Due Periods and (b) four, divided by (ii) the daily      average principal amount of Dealer Notes outstanding during such Due      Periods (“Turnover”) is less than1.7; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (J)   | the      Series 2005-1 Outstanding Principal Amount is not repaid by the Expected      Principal Payment Date;__No__ |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| (K)   | the      Issuer becomes an “investment company” within the meaning of the      Investment Company Act of 1940, as amended, and is not exempt from      compliance with that Act; __No__ |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (L)   | the      occurrence of an Event of Default under the      Indenture;                                                                                                     __No__ |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (M)   | the      delivery by the Seller to the Master Trust Trustee of a notice stating      that the Seller shall no longer continue to sell Dealer Notes to the      Master Trust commencing on the date specified in such notice; __No__ |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (N)   | the      Average Coverage Differential shall be equal to or less than negative two      percent (-2%) on each of three consecutive Determination Dates; Average      Coverage Differential shall be equal to or less than negative Two percent      (-2.00%) on each of three consecutive Determination Dates? __No__ |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (O) | on      any Determination Date, the quotient of (i) the sum of Dealer Note Losses      for each of the related Due Period and the five immediately preceding Due      Periods and (ii) the sum of Principal Collections for each of the related      Due Period and the five immediately preceding Due Periods, is greater than      or equal to one percent (1%); Dealer Note Loss Ratio greater than or equal      to one percent (1.00%)? __No__ |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (P) | at      the end of any Due Period, the Seller’s Invested Amount is reduced to an      amount less than the Minimum Seller’s Invested Amount and the Seller has      failed to assign additional Dealer Notes to the Master Trust or deposit      cash into the Excess Funding Account, the Series 2005-1 Principal Funding      Account or any other principal funding account with respect to any other      series in the amount of such deficiency within ten Business Days following      the end of such Due Period; provided, however, that      if such deficiency was caused by an Excess Cash Collateral Event, the      Seller shall have a six month period during which an Early Redemption      Event shall not occur if the foregoing condition is satisfied by      calculating the Series 2005-1 Nominal Liquidation Amount after subtracting      the amount on deposit in the Series 2005-1 Principal Funding Account in      respect of the Series 2005-1 Notes; and __No__ |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Q) | failure      on the part of ITEC to make a deposit in the Interest Deposit Account      required by the terms of the Interest Deposit Agreement on or before the      date occurring five Business Days after the date such deposit is required      by the Interest Deposit Agreement to be made __No__ |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| SCHEDULE 13 (b)                                        |
|--------------------------------------------------------|
| Navistar      Financial Dealer Note Master Owner Trust |
| Notes      Series Data                                 |
| Fiscal      Year 2006 (11/01/2005 - 10/31/2006)*       |
|                                                   |   |   |   |
|                                                   |   | 2004-1 | 2005-1 |
| 1.                                                     | Aggregate      amount of Collections |  755,464,437.80 |  755,464,437.80 |
|                                                   | Allocated      Interest Amounts for the Due Period | 19,376,508.36 | 19,376,508.36 |
|                                                   | Allocated      Principal Amounts for the Due Period | 736,087,929.44 | 736,087,929.44 |
|                                                   | Allocation      From / (To) Other Series | 0.00 | 0.00 |
|                                                   |   |   |   |
| 2.                                                     | Series      Fixed Allocation Percentage for the Due Period | 50.00% | 50.00% |
|                                                   | Series      Variable Allocation Percentage for the Due Period | 50.00% | 50.00% |
|                                                   | Principal      Allocation Percentage | N/A | N/A |
|                                                   |   |   |   |
| 3.                                                     | Total      amount distributed (without Servicing Fee) |  11,188,061.46 |  10,962,968.11 |
|                                                   |   |   |   |
| 4.                                                     | Total      amount of such distribution allocable |   |   |
|                                                   | to      the Outstanding Principal Amount | 0.00 | 0.00 |
|                                                   |   |   |   |
| 5.                                                     | Total      amount of such distribution allocable |   |   |
|                                                   | to      interest on the Series Notes | 11,188,061.46 | 10,962,968.11 |
|                                                   |   |   |   |
| 6.                                                     | Series      Allocated Dealer Note Losses | 67.99 | 67.99 |
|                                                   |   |   |   |
| 7.                                                     | Recoveries      on Dealer Note Losses | 0.00 | 0.00 |
|                                                   |   |   |   |
| 8.                                                     | Amount      of Series Allocated Dealer Note Losses / (Recoveries) | 67.99 | 67.99 |
|                                                   | -      Noteholder portion of Dealer Note Losses / (Recoveries) | 59.89 | 59.89 |
|                                                   | -      Seller portion of Dealer Note Losses / (Recoveries) | 8.09 | 8.09 |
|                                                   |   |   |   |
| 9.                                                     | Draw      Amount | N/A | N/A |
|                                                   |   |   |   |
| 10.                                                    | Investor      Charge Offs | N/A | N/A |
|                                                   |   |   |   |
| 11.                                                    | Reimbursement      of Investor Charge Offs | N/A | N/A |
|                                                   |   |   |   |
| 12.                                                    | Monthly      Servicing Fee |   |   |
|                                                   | -   Series      Allocation  -  Servicing Fee |  2,411,395.47 |  2,411,395.47 |
|                                                   | -   Noteholder      Servicing Fee |  2,084,999.76 |  2,084,999.76 |
|                                                   | -   Seller      Servicing Fee | 326,395.71 | 326,395.71 |
|                                                   |   |   |   |
| 13.                                                    | Controlled      Accumulation Amount | 0.00 | 0.00 |
|                                                   |   |   |   |
| 14.                                                    | Nominal      Liquidation Amount prior to Distribution Date | 212,000,000.00 | 212,000,000.00 |
|                                                   | Nominal      Liquidation Amount after Distribution Date | 212,000,000.00 | 212,000,000.00 |
|                                                   |   |   |   |
| 15.                                                    | Nominal      Liquidation Amount | 212,000,000.00 | 212,000,000.00 |
|                                                   | Overcollateralization      Amount | 19,080,000.00 | 19,080,000.00 |
|                                                   | Negative      Carry Account Balance | 0.00 | 0.00 |
|                                                   | Other | 0.00 | 0.00 |
|                                                   | Collateral      Amount | 231,080,000.00 | 231,080,000.00 |
|                                                   |   |   |   |
|                                                   | Required      Excess Seller's Interest | N/A | N/A |
|                                                   |   |   |   |
| 16.                                                    | Beginning      Spread Account Balance | 2,650,000.00 | 2,650,000.00 |
|                                                   |     Withdrawals      from Spread Account    (-) Interest | (11,251.96) | (11,253.56) |
|                                                   |     Deposits      to Spread      Account              (+)      Interest | 11,251.96 | 11,253.56 |
|                                                   | Spread      Account Balance as of the close of |   |   |
|                                                   | business      on the Distribution date | 2,650,000.00 | 2,650,000.00 |
|                                                   |   |   |   |
| 17.                                                    | Series      Principal Funding Account Balance | 0.00 | 0.00 |
|                                                   |   |   |   |
| 18.                                                    | Delinquency      on Serviced Portfolio |   |   |
|                                                   | 30      - 59 Days | 0.0188% |   |
|                                                   | 60      - 89 Days | 0.0110% |   |
|                                                   | 90+  Days | 0.0602% |   |
|                                                   |   |   |   |
| 19.                                                    | Master      Owner Trust Receivables Balance | $0.00 |   |
|                                                   | Master      Trust Receivables Balance | $1,704,495,559.83 |   |
|                                                   |   |   |   |
|                                                   | *      Data includes the effect of the November distribution for the October      period |   |

----