#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                              Washington, D. C.  20549
                                                      FORM 10-Q
                            (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                                           SECURITIES EXCHANGE ACT OF 1934
                                    For the quarterly period ended April 30, 2003
                                                         OR
                           (  ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                                           SECURITIES EXCHANGE ACT OF 1934
                                   For the transition period from ___ to         
                                                     ----------
                                           Commission File Number 1-4146-1
                                                     ----------
                                      NAVISTAR FINANCIAL CORPORATION           
                               (Exact name of Registrant as specified in its charter)

#### Delaware                                                                 36-2472404
         (State or other jurisdiction of incorporation or organization)      (I.R.S. Employer Identification No.)

#### 2850 West Golf Road Rolling Meadows, Illinois           60008
         (Address of principal executive offices)                     (Zip Code)
                           Registrant ́s telephone number including area code 847-734-4000

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

##### APPLICABLE ONLY TO ISSUERS INVOLVED
                                          IN BANKRUPTCY PROCEEDINGS DURING
                                              THE PRECEDING FIVE YEARS:

#### Indicate by check mark whether the  registrant  has filed all documents  and reports  required to be filed by Sections 12, 13 or 15
  (d) of the Securities  Exchange Act of 1934  subsequent to the  distribution of securities  under a plan confirmed by a court.
  Yes No

##### APPLICABLE ONLY TO CORPORATE ISSUERS:

##### As of May 31, 2003, the number of shares outstanding of the registrant ́s common stock was 1,600,000.
  THE REGISTRANT IS A WHOLLY-OWNED  SUBSIDIARY OF  INTERNATIONAL  TRUCK AND ENGINE  CORPORATION AND MEETS THE CONDITIONS SET
 FORTH IN GENERAL INSTRUCTIONS H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.

#### NAVISTAR FINANCIAL CORPORATION
                                                AND SUBSIDIARIES
                                                      INDEX

##### PART I.          FINANCIAL INFORMATION                                                                                                                                                         







         Page

|                                                           | 
|---------------------------------------------------------- | 
|Item 1. Financial Statements:                              | 
|                                                          
|Statements of Consolidated Income and Retained Earnings -- | 
|Three Months and Six Months Ended April 30, 2003 and 2002  | 
|                                                          
|Statements of Consolidated Financial Condition --          | 
|April 30, 2003; October 31, 2002; and April 30, 2002       | 
|                                                          
|Statements of Consolidated Cash Flow --                    | 
|Six Months Ended April 30, 2003 and 2002                   | 
|                                                          
|Notes to Consolidated Financial Statements                 | 
|                                                          
|Item 2. Management ́s Discussion and Analysis               | 
|of Operations and Financial Condition                      | 
|                                                          
|Item 4. Controls and Procedures                            | 

##### PART II.          OTHER INFORMATION

|                                                 | 
|------------------------------------------------ | 
|Item 1. Legal Proceedings                        | 
|                                                
|Item 5. Other Information                        | 
|                                                
|Item 6. Exhibits and Reports on Form 8-K         | 
|                                                
|99.1 CEO Certification Pursuant to               | 
|18 U.S.C. Section 1350, as adopted pursuant      | 
|to Section 906 of the Sarbanes-Oxley Act of 2002 | 
|                                                
|99.2 CFO Certification Pursuant to               | 
|18 U.S.C. Section 1350, as adopted pursuant      | 
|to Section 906 of the Sarbanes-Oxley Act of 2002 | 
|                                                
|Signature                                        | 
|                                                
|Certifications                                   | 

#### PART I - FINANCIAL INFORMATION

##### Item 1.   Financial Statements

##### Navistar Financial Corporation and Subsidiaries
================================================================================

             Statements of Consolidated Income and Retained Earnings (Unaudited)
        ================================================================================

|                                               | Three Months Ended | Six Months Ended
|---------------------------------------------- | ------------------ | ----------------
|                                               |                    | April           
|Millions of Dollars                            |                    | 2003            
|                                               |                    |                 
|                                               |                    |                 
|Revenues                                       |                   
|Retail Notes and Finance Leases                |                    | $     12.6      
|Income Related to Sales of Finance Receivables |                    | (3.4            
|Operating Leases                               |                    | 18.6            
|Wholesale Notes                                |                    | 7.4             
|Accounts                                       |                    | 4.8             
|Servicing Fees                                 |                    | 6.4             
|Other Revenue                                  |                    | 1.4             
|Total                                          |                    | 47.8            
|Expenses                                       |                   
|Cost of Borrowing                              |                   
|Interest Expense                               |                    | 12.6            
|Other                                          |                    | 2.1             
|Credit, Collection and Administrative          |                    | 11.1            
|Provision for Credit Losses                    |                    | 3.7             
|Depreciation on Operating Leases               |                    | 11.9            
|Other Expense                                  |                    | 0.1             
|Total                                          |                    | 41.5            
|Income Before Taxes                            |                    | 6.3             
|Income Tax Expense                             |                    | 4.2             
|Income from Continuing Operations              |                    | 2.1             
|Gain on Disposal of Discontinued Operations,   |                   
|(net of tax of $0.0, $0.0, $0.0 and $0.5)      |                    | -               
|Net Income                                     |                    | 2.1             
|Retained Earnings                              |                   
|Beginning of Period                            |                    | 219.0           
|Dividends Paid                                 |                    | (5.0)           
|End of Period                                  |                    | $   216.1       

##### See Notes to Consolidated Financial Statements.

##### Navistar Financial Corporation and Subsidiaries
================================================================================

     Statements of Consolidated Financial Condition (Unaudited)
================================================================================

|                                                 | April 2003 | October 2002 | April 2002
|------------------------------------------------ | ---------- | ------------ | ----------
|Millions of Dollars                              |            |              |           
|                                                 |            |              |           
|ASSETS                                           |           
|Cash and Cash Equivalents                        |            | $      53.7  |           
|Finance Receivables                              |           
|Finance Receivables Held For Sale                |            | 745.9        |           
|Other Finance Receivables                        |            | 280.9        |           
|Allowance for Losses                             |            | (17.1)       |           
|Finance Receivables, net                         |            | 1,009.7      |           
|Amounts Due from Sales of Receivables            |            | 313.3        |           
|Net Investment in Operating Leases               |            | 203.7        |           
|Repossessions                                    |            | 39.0         |           
|Restricted Marketable Securities                 |            | 237.7        |           
|Other Assets                                     |            | 34.7         |           
|Total Assets                                     |            | $ 1,891.8    |           
|LIABILITIES AND SHAREOWNER ́S EQUITY              |           
|Net Accounts Payable to Affiliates               |            | $      24.9  |           
|Senior and Subordinated Debt                     |            | 1,356.4      |           
|Other Liabilities                                |            | 126.6        |           
|Total Liabilities                                |            | 1,507.9      |           
|Shareowner ́s Equity                              |           
|Capital Stock (Par value $1.00, 1,600,000 shares |           
|issued and outstanding) and Paid-In Capital      |            | 171.0        |           
|Retained Earnings                                |            | 216.1        |           
|Accumulated Other Comprehensive Loss             |            | (3.2)        |           
|Total Shareowner ́s Equity                        |            | 383.9        |           
|Total Liabilities and Shareowner ́s Equity        |            | $ 1,891.8    |           

##### See Notes to Consolidated Financial Statements.

##### Navistar Financial Corporation and Subsidiaries
================================================================================

               Statements of Consolidated Cash Flow (Unaudited)
================================================================================

|                                                           |  |            
|---------------------------------------------------------- |  | -----------
|
|Millions of Dollars                                        |  | April 2003 
|                                                           |  |            
|Cash Flow From Operations                                  | 
|Net Income                                                 |  | $     29.0 
|Adjustment to reconcile net income to                      | 
|cash provided from operations:                             | 
|Gains on sales of receivables                              |  | (33.2      
|Depreciation, amortization and accretion                   |  | 30.0       
|Provision for credit losses                                |  | 7.9        
|Net change in accounts payable to affiliates               |  | (27.3      
|Other                                                      |  | 15.4       
|Total                                                      |  | 21.8       
|Cash Flow From Investing Activities                        | 
|Originations of finance receivables held for sale          |  | (448.2     
|Proceeds from sales of finance receivables held for sale   |  | 849.9      
|Net change in restricted marketable securities             |  | (133.1     
|Collections of retail notes and finance lease receivables, | 
|net of change in unearned finance income                   |  | (44.6      
|Repurchase of sold retail receivables                      |  | (83.5      
|Net change in wholesale notes and accounts receivables     |  | 26.6       
|Change in amounts due from sales of receivables            |  | 31.7       
|Purchase of equipment leased to others                     |  | (16.1      
|Sale of equipment leased to others                         |  | 36.0       
|Proceeds from sale of discontinued operations              |  | -          
|Total                                                      |  | 218.7      
|Cash Flow From Financing Activities                        | 
|Net change in bank revolving credit facility usage         |  | (171.0     
|Proceeds from issuance of convertible debt                 |  | -          
|Debt issuance costs on convertible debt                    |  | -          
|Proceeds from long-term debt                               |  | 28.4       
|Principal payments on long-term debt                       |  | (66.2      
|Dividends paid to International                            |  | (10.0)     
|Total                                                      |  | (218.8)    
|Change in Cash and Cash Equivalents                        |  | 21.7       
|Cash and Cash Equivalents, Beginning of Period             |  | 32.0       
|Cash and Cash Equivalents, End of Period                   |  | $     53.7 
|Supplementary disclosure of cash flow information:         | 
|Interest paid                                              |  | $     27.6 
|Income taxes paid , net of refunds                         |  | $       7.0
|Noncash investing activities:                              | 
|Transfers to repossessions                                 |  | $     55.1 
|                                                           |  |            

##### See Notes to Consolidated Financial Statements.

##### NAVISTAR FINANCIAL CORPORATION
                                                           AND SUBSIDIARIES
                                              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                                              (Unaudited)

1.     BASIS OF PRESENTATION
      The consolidated  financial statements include the accounts of Navistar Financial  Corporation and its wholly-owned  subsidiaries
      ("Corporation").  International Truck and Engine Corporation  ("International"),  which is wholly owned by Navistar International
      Corporation ("Navistar"), is the parent company of the Corporation.
      The  accompanying  unaudited  financial  statements have been prepared in accordance with  accounting  policies  described in the
      Corporation ́s  2002 Annual Report on Form 10-K and the  accounting  policy  adopted in the first quarter of fiscal year 2003, and
      should be read in conjunction  with the disclosures  therein.  The accounting  policy adopted in the first quarter of fiscal year
      2003 was a result of the adoption of Statement of Position 01-6.
      In November 2002, the Corporation adopted Statement of Position 01-6, Accounting by Certain Entities that Lend to or Finance the
      Activities of Others.  The Statement  requires that certain  finance  receivables be classified as held for sale. The Corporation
      classifies certain finance  receivables as held for sale.  Finance  receivables held for sale are carried at the lower of cost or
      estimated market value in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income.
      In November  2002, the Financial  Accounting  Standards  Board  (FASB)  issued  Interpretation  No. 45 (FIN 45), Guarantor ́s
      Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect  Guarantees of  Indebtedness  of Others.  FIN 45
      requires  that  additional  disclosures  be made by a  guarantor  in its  interim  and  annual  financial  statements  about  its
      obligations  under  certain  guarantees  that it has issued.  It also  requires a  guarantor  to  recognize,  at  inception  of a
      guarantee,  a  liability  for the fair  value of the  obligation  undertaken  in issuing  the  guarantee.  Provisions  related to
      recognizing  a  liability  at  inception  do not apply to a  subsidiary ́s  guarantee  of debt owed to a third party by either its
      parent or another  subsidiary of that parent.  The initial  recognition and measurement  provisions of FIN 45 are applicable on a
      prospective  basis to guarantees  issued or modified  after  December 31, 2002.  The  disclosure  requirements  are effective for
      financial  statements of interim or annual periods ending after December 15, 2002. The  Corporation  provided  disclosures  about
      guarantees in Note 9.
      In January  2003,  the FASB  issued  Interpretation  No. 46 (FIN  46), Consolidation  of Variable  Interest  Entities.  FIN 46
      addresses  consolidation  requirements  of variable  interest  entities.  Transferors  to  qualifying  special  purpose  entities
      (QSPE ́s) subject to the reporting  requirements of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial
      Assets and Extinguishments of Liabilities, are excluded from the scope of this interpretation.  The Corporation  currently sells
      receivables to entities meeting the requirements of QSPE ́s.
      In the opinion of management,  these interim financial statements reflect all adjustments,  consisting of normal recurring items,
      necessary to present  fairly the results of  operations,  financial  condition and cash flow for the interim  periods  presented.
      Interim  results are not  necessarily  indicative  of results to be expected for any other  interim  period or for the full year.
      Certain amounts in the prior period financial statements have been reclassified to conform with current period presentations.

2.         DISCONTINUED OPERATIONS
      On November 30, 2001, the Corporation  completed the sale of all of the stock of Harco National  Insurance Company  ("Harco"),  a
      wholly-owned  insurance  subsidiary,  to IAT Reinsurance  Syndicate Ltd., a Bermuda reinsurance  company.  Cash proceeds of $63.3
      million were received.  The Harco insurance segment was accounted for as a discontinued  operation,  and accordingly,  amounts in
      the consolidated  financial  statements and notes thereto,  for all periods affected,  have been restated to reflect discontinued
      operations accounting.3.     COMPREHENSIVE INCOME
      The Corporation ́s total comprehensive income was as follows:

|                                            | Three Months | Six Months
|------------------------------------------- | ------------ | ----------
|
|Millions of Dollars                         |              | 2003      
|Net income                                  |              | $      2.1
|Change in net unrealized gain on derivative |              | -         
|Total comprehensive income                  |              | $      2.1

4.     FINANCE RECEIVABLES
      Finance receivables are summarized as follows:

|Millions of Dollars                    | April 30, 2003 | October 31, 2002 | April 30, 2002
|-------------------------------------- | -------------- | ---------------- | --------------
|                                       |                |                  |               
|Retail notes, net of unearned income   |                | 599.8            |               
|Finance leases, net of unearned income |                | 146.1            |               
|Wholesale notes                        |                | 52.9             |               
|Accounts:                              |               
|Retail                                 |                | 158.5            |               
|Wholesale                              |                | 69.5             |               
|Total accounts                         |                | 228.0            |               
|Total finance receivables              |                | 1,026.8          |               
|Less: Allowance for losses             |                | 17.1             |               
|Total finance receivables, net         |                | $1,009.7         |               
|                                       |                |                  |               

Finance receivables held for sale consisted of $745.9 million,  $1,006.7 million,  and $437.8 million in retail notes and finance
      leases, net of unearned income, as of April 30, 2003, October 31, 2002, and April 30, 2002, respectively.

5.     ALLOWANCE FOR LOSSES
      The allowance for losses is summarized as follows for the fiscal period ended:

|Millions of Dollars                       | April 30, 2003 | October 31, 2002 | April 30, 2002
|----------------------------------------- | -------------- | ---------------- | --------------
|                                          |                |                  |               
|Allowance for losses, beginning of period |                | $     16.0       |               
|Provision for credit losses               |                | 7.9              |               
|Net losses charged to allowance           |                | (2.9)            |               
|Transfers to finance receivables sold     |                | (3.9)            |               
|Allowance for losses, end of period       |                | $     17.1       |               

The average  outstanding  balance of impaired  finance  receivables  was not material during the quarter ended April 30, 2003 and
      2002 or for the year ended October 31, 2002.  Interest  income that would have been  recognized on impaired  finance  receivables
      during the six months ended April 30, 2003 and 2002 or for the year ended October 31, 2002 was not material.
      Balance,  including  installments,  past due over 90 days on owned finance  receivables,  including held for sale,  totaled $8.1
      million as of April 30, 2003.6.         SENIOR AND SUBORDINATED DEBT
      Senior and subordinated debt outstanding is summarized as follows:

|Millions of Dollars                                | April 30, 2003 | October 31, 2002 | April 30, 2002
|-------------------------------------------------- | -------------- | ---------------- | --------------
|                                                   |                |                  |               
|Bank revolving credit facility, at variable rates, |               
|due December 2005                                  |                | $   411.0        |               
|Revolving retail warehouse facility, at variable   |               
|rates, due October 2005                            |                | 500.0            |               
|Borrowings secured by operating leases, 3.71%      |               
|to 6.65%, due serially through December 2010       |                | 270.0            |               
|Convertible debt, 4.75%, due April 2009            |                | 175.4            |               
|Senior subordinated notes, 9%, matured June 2002   |                | -                |               
|Total senior and subordinated debt                 |                | $1,356.4         |               

As of April 30, 2003,  October 31, 2002,  and April 30, 2002 the  Corporation  had unaccreted  discount of $44.6  million,  $47.3
      million, and $49.8 million respectively, related to the convertible debt.7.     DERIVATIVE FINANCIAL INSTRUMENTS
      The Corporation uses derivative  financial  instruments as part of its overall interest rate risk management  strategy as further
      described under Footnote 13 of the 2002 Annual Report on Form 10-K.
      The  Corporation  manages its exposure to  fluctuations in interest rates by limiting the amount of fixed rate assets funded with
      variable rate debt.  This is  accomplished  by selling fixed rate  receivables on a fixed rate basis and by utilizing  derivative
      financial  instruments.  These derivative financial instruments may include forward contracts,  interest rate swaps, and interest
      rate caps. The fair value of these  instruments  is estimated  based on quoted market prices and is subject to market risk as the
      instruments may become less valuable due to changes in market  conditions or interest rates. The Corporation  manages exposure to
      counter-party  credit risk by entering into  derivative  financial  instruments  with major  financial  institutions  that can be
      expected to fully perform under the terms of such agreements.  The Corporation  does not require  collateral or other security to
      support  derivative  financial  instruments with credit risk. The Corporation ́s  counter-party  credit exposure is limited to the
      positive  fair  value of  contracts  at the  reporting  date.  As of April  30,  2003,  the  Corporation ́s  derivative  financial
      instruments had a negative net fair value.  Notional  amounts of derivative  financial  instruments do not represent  exposure to
      credit loss.
      As of April 30, 2003, the notional amounts and fair values of the Corporation ́s derivatives are summarized as follows:

|Inception     | Maturity | Instrument    | Notional | Fair Value            
|------------- | -------- | ------------- | -------- | ----------------------
|              |          |               |          |                       
|October 2000  |          | November 2012 |          | Interest rate cap     
|              |          | November 2012 |          | Interest rate cap     
|December 2000 |          | January 2004  |          | Interest rate swap*   
|July 2001     |          | April 2006    |          | Interest rate swap    
|November 2001 |          | June 2004     |          | Interest rate swap*   
|              |          | July 2006     |          | Interest rate swap*   
|November 2002 |          | March 2007    |          | Interest rate swap*   
|February 2003 |          | February 2005 |          | Forward starting swap*
|February 2003 |          | July 2005     |          | Forward starting swap*
|April 2003    |          | July 2005     |          | Forward starting swap*

* Accounted for as non-hedging instruments.
      The fair values of all derivatives are recorded in Other Liabilities on the Statements of Consolidated Financial Condition.
      In November 2002,  the  Corporation  entered into an interest rate swap  agreement in connection  with a sale of retail notes and
      lease  receivables.  The purpose of the swap was to convert the floating rate portion of the asset-backed  securities issued into
      fixed rate interest to match the interest basis of the receivables  pool sold to the owner trust,  and to protect the Corporation
      from  interest  rate  volatility.  The  notional  amount of this swap is  calculated  as the  difference  between the actual pool
      balances and the projected  pool balances.  As of April 30, 2003,  the notional  amount was zero. The outcome of the swap results
      in the  Corporation  paying a fixed rate of  interest  on the  projected  balance of the pool.  To the extent  that  actual  pool
      balances differ from the projected balances,  the  Corporation  has retained  interest  rate  exposure on this  difference.  This  transaction  is accounted  for as
      non-hedging derivative instrument.
      During the second quarter of fiscal 2003, the Corporation  entered into several forward  starting swap contracts,  with aggregate
      notional  amounts of $900.0 million,  in connection with  anticipated  sales of retail notes and finance leases.  The Corporation
      recognized a pre-tax loss of $6.3 million  during the second  quarter of fiscal 2003 related to these  contracts.  The purpose of
      these swaps is to limit the  Corporation ́s  interest rate risk exposure during the period it is accumulating  receivables for the
      anticipated sales of receivables.8.     SALES OF RECEIVABLES
      The Corporation securitizes and sells receivables through Navistar Financial Retail Receivables  Corporation,  Navistar Financial
      Securities  Corporation,  Truck Retail  Accounts  Corporation and Truck Engine  Receivables  Financing  Corporation,  all special
      purpose,  wholly-owned  subsidiaries  (SPC ́s) of the Corporation.  The sales of receivables in each  securitization  constitute
      sales under accounting  principles generally accepted in the United States of America,  with the result that the sold receivables
      are removed from the Corporation ́s  balance sheet and the investor ́s  interests in the related trust or conduit are not reflected
      as liabilities.
      The SPC ́s have limited recourse on the sold  receivables.  The SPC ́s assets are available to satisfy the creditors ́  claims prior
      to such assets becoming available for the SPC ́s own uses or to the Corporation or affiliated  companies.  The terms of receivable
      sales  generally  require the  Corporation  to provide credit  enhancements  in the form of over  collateralizations  and/or cash
      reserves with the trusts and  conduits.  The use of such cash reserves by the  Corporation  is restricted  under the terms of the
      securitized sales agreements.  The maximum exposure under all receivable sale recourse provisions as of April 30, 2003 was $313.3
      million.  The allowance for losses  allocated to sold  receivables  totaled $12.9 million,  $14.0  million,  and $18.4 million at
      April 30, 2003, October 31, 2002, and April 30, 2002, respectively.
      The SPC ́s retained  interests in the related trusts or assets held by the trusts are reflected on the Corporation ́s  Statement of
      Consolidated  Financial Condition in Amounts Due From Sales of Receivables.  The following is a summary of Amounts Due from Sales
      of Receivables:

|Millions of Dollars                                 | April 30, 2003 | October 31, 2002 | April 30, 2002
|--------------------------------------------------- | -------------- | ---------------- | --------------
|                                                    |                |                  |               
|Cash held and invested by trusts                    |                | $  110.8         |               
|Subordinated retained interests in wholesale notes  |                | 125.9            |               
|Subordinated retained interests in retail notes and |               
|finance leases                                      |                | 44.0             |               
|Interest-only receivables                           |                | 32.6             |               
|Total amounts due from sales of receivables         |                | $  313.3         |               

Subordinated  retained  interests  in  wholesale  notes  consist  principally  of  wholesale  notes  or  marketable   securities.
      Subordinated  retained  interests  in retail  notes and  finance  leases  consist  principally  of  collections  held as cash and
      marketable securities.  Due to the short-term nature of these assets, their fair value approximates carrying value.
      Management  estimates the prepayment speed for the receivables sold and the discount rate used to present value the interest-only
      receivables  in order to calculate the gain or loss.  Estimates of prepayment  speeds and discount  rates are based on historical
      experience  and other  factors  and are made  separately  for each  securitization  transaction.  In  addition,  the  Corporation
      estimates the fair value of the interest-only  receivables on a quarterly basis. The fair value of the interest-only  receivables
      is based on updated estimates of prepayment speeds and discount rates.
      Key economic  assumptions used in measuring the  interest-only  receivables at the date of the sale for sales of retail notes and
      finance leases completed during the quarter ended April 30 were:

|                                       |  |          
|-------------------------------------- |  | ---------
|                                       |  | 2003     
|Prepayment speed (annual rate)         |  | 1.4      
|Weighted average life                  |  | 40 months
|Interest-only receivable discount rate |  | 5.35     

The impact of  hypothetical  10% and 20% adverse  changes in these  assumptions  would have no material effect on the fair value of
      the  interest-only  receivables as of April 30, 2003. These  sensitivities  are  hypothetical and should be used with caution.  The
      effect of a  variation  of a  particular  assumption  on the fair value of the  interest-only  receivables  is  calculated  without
      changing any other assumption; in reality, changes in one factor may result in changes in another.
      Sold receivables balances are summarized below.

|Millions of Dollars                    | April 30, 2003 | October 31, 2002 | April 30, 2002
|-------------------------------------- | -------------- | ---------------- | --------------
|                                       |                |                  |               
|Retail notes, net of unearned income   |                | $1,718.2         |               
|Finance leases, net of unearned income |                | 23.3             |               
|Wholesale notes                        |                | 856.9            |               
|Retail accounts                        |                | 131.2            |               
|Total sold finance receivables, net    |                | $2,729.6         |               

Serviced portfolio balances are summarized below.

|Millions of Dollars                | April 30, 2003 | October 31, 2002 | April 30, 2002
|---------------------------------- | -------------- | ---------------- | --------------
|                                   |                |                  |               
|Gross serviced receivables         |               
|Retail notes                       |                | $2,522.4         |               
|Finance leases                     |                | 192.6            |               
|Wholesale notes                    |                | 909.8            |               
|Accounts                           |                | 359.2            |               
|Total gross serviced receivables   |                | 3,984.0          |               
|Net investment in operating leases |                | 203.7            |               
|Total serviced portfolio           |                | $4,187.7         |               

Additional  financial  data for gross  serviced  portfolio  as of April 30, 2003 and for the six months then ended is  summarized
      below.

|                                  |  |        |  |                 
|--------------------------------- |  | ------ |  | ----------------
|                                  |  | Retail |  | Finance and     
|Millions of Dollars               |  | Notes  |  | Operating Leases
|Balances with payments            | 
|past due over 60 days(1)          |  | $17.5  |  | $4.9            
|Credit losses (net of recoveries) |  | 7.3    |  | 0.5             

(1) Includes rent past due over 60 days for Operating Leases
      Certain cash flows received from (paid to) securitization trusts/conduits were as follows:

|                                                | Six Months
|----------------------------------------------- | ----------
|
|Millions of Dollars                             |           
|Proceeds from sales of finance receivables      |           
|held for sale                                   |           
|Proceeds from sales of finance receivables into |           
|revolving facilities                            |           
|Servicing fees received                         |           
|Repurchase of receivables in breach of terms    |           
|Cash used in exercise of purchase option        |           
|All other cash received from trusts             |           

The following table summarizes income related to sales of finance receivables:

|                                         | Three Months | Six Months 
|---------------------------------------- | ------------ | -----------
|
|Millions of Dollars                      |              | 2003       
|Gains on sales of receivables            |              | $       0.7
|Excess spread                            |              | 3.1        
|Derivative gains (losses)                |              | (7.6       
|Interest income from retained securities |             
|and other                                |              | 0.4        
|Total income related to                  |             
|sales of finance receivables             |              | $    (3.4) 

9.     COMMITMENTS AND CONTINGENCIESLeases
      The Corporation is obligated under  non-cancelable  operating  leases for the majority of its office  facilities.  These leases are
      generally  renewable  and provide that property  taxes and  maintenance  costs are to be paid by the lessee.  As of April 30, 2003,
      future minimum lease commitments under non-cancelable operating leases with remaining terms in excess of one year are as follows:

|Twelve month period ended April 30, | (Millions of Dollars)
|----------------------------------- | ---------------------
|2004                                |                      
|2005                                |                      
|2006                                |                      
|2007                                |                      
|Total                               |                      
|                                    |                      

The total  operating  lease  expense for the six month  period  ended April 30,  2003 and 2002 was $1.2  million and $1.0  million,
      respectively.Guarantees of Debt
      The Corporation  periodically  guarantees the outstanding debt of affiliates.  The guarantees allow for  diversification of funding
      sources for the  affiliates.  As of April 30, 2003,  the  Corporation  has four  guarantees  related to  Navistar ́s  three  Mexican
      finance  subsidiaries,  Servicios  Financieros  Navistar,  S.A. de C.V. (SOFOL),  Arrendadora  Financiera Navistar,  S.A. de C.V.
      (Arrendadora) and Navistar Comercial S.A. de C.V.  The Corporation has no recourse as guarantor in case of default.
      The following table summarizes the borrowings as of April 30, 2003:

|Type of Funding            | Maturity | Amount of Guaranty | Outstanding Balance
|-------------------------- | -------- | ------------------ | -------------------
|                           |          |                    |                    
|Revolving credit facility  |          | December 2005      |                    
|Medium term note*          |          | November 2004      |                    
|Revolving credit facility* |          | March 2006         |                    
|Revolving credit facility* |          | May 2006           |                    

* Peso-denominatedGuarantees of Derivatives
      As of April 30, 2003, the Corporation had guaranteed  derivative  contracts for foreign currency forwards,  interest rate swaps, and
      cross currency swaps related to SOFOL and  Arrendadora.  The Corporation is liable up to the fair market value of these  derivative
      contracts only in cases of default by SOFOL and Arrendadora.
      The following table summarizes the guaranteed derivative contracts as of April 30, 2003:

|                           |  | Guaranteed | Outstanding | Fair 
|-------------------------- |  | ---------- | ----------- | -----
|
|                           |  |            |             |      
|Foreign currency forwards* |  | July 2003  |             | $25.0
|Interest rate swaps and    | 
|cross currency swaps*      |  | April 2004 |             | 51.5 

* Peso-denominatedOther
      The  Corporation  has entered into an agreement  for the  repurchase of equipment.  Under this  agreement,  which matures in August
      2004, the Corporation would be required to make a maximum  potential future payment of $11.9 million.  Under the provisions of this
      agreement,  the Corporation can liquidate the  repurchased  assets to recover all or a portion of the payment.  The Corporation has
      potential  exposure to the extent that there is a difference  between the fair value of the  repurchased  asset and the  guaranteed
      repurchase amount. The Corporation ́s current exposure under this agreement is estimated to be immaterial.
      As part of its sales agreement with IAT Reinsurance  Syndicate Ltd.  (IAT),  the Corporation has agreed to guarantee the adequacy
      of Harco ́s loss reserves as of November 30, 2001, the close date of the sale.  There is no limit to the potential  amount of future
      payments  required under this  agreement,  which is scheduled to expire  November  2008. As security for its obligation  under this
      agreement,  the  Corporation  has escrowed  $5.0  million,  which is included in Other  Assets in the  Consolidated  Statements  of
      Financial  Condition.  The escrowed funds will become available for use in February 2004. The carrying amount of the  Corporation ́s
      liability  under this  guarantee  is estimated  at $2.0  million as of April 30, 2003 and is included in Other  Liabilities  in the
      Consolidated  Statements  of  Financial  Condition.  Management  believes  this  reserve is adequate to cover any future  potential
      payments to IAT.10.     SUBSEQUENT EVENTS
      In June 2003, the  Corporation  sold $393.7  million of retail note and finance lease  receivables.  The gain  recognized on the sale was
      $20.7 million.

#### NAVISTAR FINANCIAL CORPORATION
                                                           AND SUBSIDIARIES

##### ITEM 2.     MANAGEMENT ́S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Certain  statements  under this caption  purely  constitute  "forward-looking  statements"  under the Securities  Reform Act.  Navistar
Financial  Corporation ́s  ("Corporation")  actual results may differ  significantly from the results discussed in such  forward-looking
statements.  Factors that might cause such a difference  include,  but are not limited to, those discussed under the heading  "Business
Outlook."Overview
Navistar  Financial  Corporation,  was  incorporated in Delaware in 1949 and is a wholly-owned  subsidiary of  International  Truck and
Engine Corporation  ("International"),  which is a wholly-owned subsidiary of Navistar International Corporation (Navistar).  As used
herein,  the "Corporation"  refers to Navistar  Financial  Corporation and its wholly-owned  subsidiaries  unless the context otherwise
requires.
The Corporation is a commercial  financing  organization that provides  wholesale,  retail and lease financing in the United States for
sales of new and used trucks sold by International and  International ́s  dealers.  The Corporation also finances wholesale accounts and
selected retail accounts  receivable of  International.  Sales of new products  (including  trailers) of other  manufacturers  are also
financed regardless of whether they are designed or customarily sold for use with International ́s truck products.Critical Accounting Policies
The consolidated  financial  statements are prepared in conformity with accounting  principles  generally accepted in the United States
of America.  The preparation of these financial  statements requires the use of estimates,  judgments,  and assumptions that affect the
reported  amounts of assets and liabilities at the date of the financial  statements and the reported  amounts of revenues and expenses
during the periods  presented.  In preparing  these  financial  statements,  management  has made its best  estimates  and judgments of
certain amounts included in the financial statements,  giving due consideration to materiality.  The significant  accounting principles
which management believes are the most important to aid in fully understanding the Corporation ́s financial results are:
       Sales of Receivables
       Allowance for Losses
Details regarding the  Corporation ́s  use of these policies and the related  estimates are described in the  Corporation ́s  2002 Annual
Report on Form 10-K.Results of Continuing OperationsSecond Quarter 2003 Compared with Second Quarter 2002
Net income was $2.1 million for the second  quarter of 2003,  which  includes an adjustment in income tax expense to reflect the annual
expected  effective tax rate.  Net income  decreased  $8.4 million  compared with net income of $10.5 million for the second quarter of
2002.  The decrease in earnings was primarily  due to lower gains on sales of  receivables.  During the second  quarter of fiscal 2003,
the  Corporation  sold $25.7 million of retail notes and leases for a pre-tax gain of $0.7 million.  During the second quarter of fiscal
2002,  the  Corporation  sold  $388.0  million of retail  notes for a pre-tax  gain of $8.4  million.  Additionally,  during the second
quarter of fiscal 2003, the Corporation entered into several  forward  starting  swap  contracts,  with  aggregate  notional  amounts of $900.0  million,  in  connection  with
anticipated  sales of retail notes and finance  leases.  The purpose of these  contracts is to limit the  Corporation ́s  interest  rate
risk exposure  during the period it accumulates  receivables for the anticipated  sales.  The Corporation  recognized a pre-tax loss of
$7.6 million  during the second  quarter of fiscal 2003  related to  derivatives  compared to a pre-tax loss of $1.7 million  during the second
quarter of fiscal 2002.  The decrease in earnings was offset,  in part,  by the lower cost of borrowing  and lower credit losses during
the second quarter of fiscal 2003 compared with 2002.Fiscal Six Months Period 2003 Compared with 2002
Net income was $29.0  million for the first six months of fiscal 2003,  an increase of $1.1 million  compared  with net income of $27.9
million for the first six months of fiscal 2002.  The increase in earnings was primarily  due to greater gains on sales of  receivables
and lower credit losses during the first six months of fiscal 2003,  compared with the same period of fiscal 2002,  partially offset by
the  loss  incurred  related  to the  forward  starting  swap  contracts  entered  into in  connection  with the  anticipated  sales of
receivables.  In the first six months of fiscal 2003, the  Corporation  sold $850.0 million of retail  receivables for a pre-tax gain of
$33.2 million.  During the same period of fiscal 2002, the  Corporation  sold $888.0 million of retail  receivables  for a pre-tax gain
of $26.9  million.  The  Corporation  recognized a pre-tax loss on  derivatives  of $6.8 million  during the first six months of fiscal
2003 compared to a pre-tax loss of $3.3 million during the same period of fiscal 2002.Financial ConditionFinance Volume and Finance Market Share
During the first six months of fiscal 2003, the  Corporation ́s net retail notes and leases  originations were $464.3 million,  compared
with $481.2  million  during the same period of fiscal 2002. Net serviced  retail notes and leases  balances were $2,691.1  million and
$2,796.4  million as of April 30, 2003 and 2002,  respectively.  The  Corporation ́s  finance market share of new  International  trucks
sold in the U.S.  decreased  to 16.9% at April 30, 2003  compared  to 20.7% at April 30,  2002,  primarily  due to the  financing  of a
purchase by a large truck customer in the first quarter of fiscal 2002, which was not present in the first quarter of fiscal 2003.
The Corporation  provided 96.0% of the wholesale  financing of new trucks sold to  International ́s  dealers during the first six months
of fiscal 2003 and 2002.  Wholesale note  originations  were $1,454.9  million for the first six months of fiscal 2003,  compared with
$1,264.1  million for the same period of fiscal 2002.  Serviced  wholesale  notes balances were $909.8 million and $744.8 million as of
April 30, 2003 and 2002, respectively.Allowance for Losses
The allowance is maintained at an amount  management  considers  appropriate in relation to the outstanding  portfolio based on factors
such as overall portfolio credit risk quality,  historical loss experience,  and current economic  conditions.  Finance receivables and
investments  in operating  leases are charged off to the allowance for losses when amounts due from the customers are  determined to be
uncollectible.
Allowance  for losses,  including  the portion  allocated  to sold notes,  as a  percentage  of net serviced  finance  receivables  and
investments in operating leases was 0.76% as of April 30, 2003, compared with 0.77% as of April 30, 2002.Funds Management
The Corporation has traditionally  obtained the funds to provide financing to  International ́s  dealers and retail customers from sales
of finance  receivables,  commercial  paper,  short and long-term bank  borrowings,  medium and long-term debt and equity capital.  The
Corporation ́s current debt ratings have made sales of finance receivables the most economical source of funding.Credit Ratings
The Corporation ́s current debt ratings are as follows:

|                      |  |          | Standard
|--------------------- |  | -------- | --------
|
|Senior unsecured debt |  | BB       |         
|Subordinated debt     |  | B+       |         
|Outlook               |  | Negative |         

In December 2002,  Fitch IBCA,  Standard and Poor ́s,  and Moody ́s lowered the  Corporation ́s  senior  unsecured and  subordinated  debt
ratings.  Fitch IBCA lowered the  Corporation ́s  senior unsecured debt to BB from BB+ and the subordinated  debt rating to B+ from BB-.
Standard and Poor ́s lowered the  Corporation ́s  senior unsecured debt rating to BB- from BB and the subordinated  debt rating to B from
B+.  Moody ́s lowered the Corporation ́s senior unsecured debt rating to Ba3 from Ba1 and the subordinated debt rating to B2 from Ba2.Funding Facilities
Receivable  sales are a  significant  source of funding.  Through the  asset-backed  public  market and private  placement  sales,  the
Corporation  has been able to fund fixed rate retail notes and finance leases at rates which are more  economical  than those available
to the  Corporation  in the public  unsecured bond market.  The  Corporation  sells retail notes and finance  leases  through  Navistar
Financial Retail Receivables  Corporation ("NFRRC"), a special purpose,  wholly-owned  subsidiary of the Corporation.  During the first
six months of fiscal 2003 and 2002, the Corporation sold $850.0 million and $888.0 million,  respectively,  of retail notes and finance
leases to an owner trust which,  in turn,  issued  asset-backed  securities  that were sold to  investors.  As of April 30,  2003,  the
remaining shelf registration available to NFRRC for the public issuance of asset-backed securities was $1,650.0 million.
Truck Engine Receivables Financing Corporation,  a special purpose,  wholly-owned  subsidiary of the Corporation,  has in place a trust
that  provides for the funding of $100.0  million of unsecured  trade  receivables  generated by the sale of diesel  engines and engine
service parts from  International  to Ford Motor  Company.  The facility  matures in 2006. As of April 30, 2003,  the  Corporation  had
utilized $100.0 million of this facility.
Truck Retail Accounts  Corporation,  a special purpose,  wholly-owned  subsidiary of the  Corporation,  has in place a revolving retail
account  conduit that provides for the funding of $100.0 million of eligible  retail  accounts.  As of April 30, 2003, the  Corporation
had utilized $32.7 million of this facility.  The facility expires in August 2003 and is renewable upon mutual consent of the parties.
Navistar Financial Securities  Corporation,  a special purpose,  wholly-owned  subsidiary of the Corporation,  has in place a revolving
wholesale note trust that provides for the funding of $1,012.0  million of eligible  wholesale  notes.  It is comprised of three $200.0
million tranches of investor  certificates  maturing in 2003, 2004 and 2008, a $212.0 million tranche of investor certificates maturing
in 2005 and variable  funding  certificates  with a maximum  capacity of $200.0 million maturing in January 2004. As of April 30, 2003,
the Corporation had utilized $856.4 million of the revolving wholesale note trust.
As of April 30, 2003, cash available to fund retail notes,  wholesale  notes,  and leases under the bank revolving  credit  facilities,
the revolving  retail warehouse  facility and the revolving  wholesale note trust was $730.4 million.  When combined with  unrestricted
cash and cash equivalents, $784.1 million was available to fund the general business purposes of the Corporation.
The weighted  average  borrowing rate on all debt outstanding for the first six months of fiscal 2003 decreased to 3.68% from 4.02% for
the same period in 2002.  The  decrease in the  Corporation ́s  weighted  average  borrowing  rate is  primarily a result of lower LIBOR
rates.Liquidity and Cash Flow
During the first six months of fiscal 2003,  cash and cash  equivalents  increased  $21.7 million to $53.7  million.  For the first six
months of fiscal  2003,  the  Corporation  generated  $21.8  million  and $218.7  million  from  operating  and  investing  activities,
respectively.  The Corporation  also utilized  $218.8 million in financing  activities  during this period.  See also the Statements of
Consolidated Cash Flow on page 4.
Total cash generated  from  investing  activities was $218.7  million.  The  Corporation ́s  primary source of cash during the first six
months of fiscal 2003 was proceeds from sales of finance  receivables  held for sale. The aggregate  source of cash flow related to the
sale of  finance  receivables  held for sale was  $268.6  million.  This  includes  cash  proceeds  of $849.9  million,  offset by cash
utilization from a net change in restricted  marketable  securities of $133.1 million and originations of finance  receivables held for
sale of $448.2  million.  See  Footnote  1 of the 2002  Annual  Report  on Form  10-K for  further  descriptions  of the  Corporation ́s
Restricted Marketable Securities.
Total cash used in  financing  activities  during the first six months of fiscal 2003 was $218.8  million.  During the first six months
of fiscal 2003, the Corporation reduced its utilization of the bank revolving credit facility by $171.0 million.New Accounting Pronouncements
In November 2002, the Financial Accounting  Standards Board (FASB) issued  Interpretation No. 45 (FIN 45),Guarantor ́s  Accounting
and Disclosure  Requirements for Guarantees,  Including Indirect  Guarantees of Indebtedness of Others. FIN 45 requires that additional
disclosures be made by a guarantor in its interim and annual financial  statements about its obligations under certain  guarantees that
it has  issued.  It also  requires a guarantor  to  recognize,  at  inception  of a  guarantee,  a liability  for the fair value of the
obligation  undertaken  in issuing the  guarantee.  Provisions  related to  recognizing  a  liability  at  inception  do not apply to a
subsidiary ́s  guarantee  of debt  owed to a third  party by either  its  parent or  another  subsidiary  of that  parent.  The  initial
recognition  and  measurement  provisions  of FIN 45 are  applicable  on a prospective  basis to  guarantees  issued or modified  after
December 31, 2002.  The  disclosure  requirements  are  effective for financial  statements of interim or annual  periods  ending after
December 15, 2002.  The Corporation provided disclosures about guarantees in Note 9.
In January 2003, the FASB issued  Interpretation  No. 46 (FIN 46), Consolidation  of Variable  Interest  Entities.  FIN 46 addresses
consolidation  requirements of variable interest  entities.  Transferors to qualifying  special purpose entities  (QSPE ́s) subject to
the reporting  requirements of FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and  Extinguishments
of Liabilities,  are excluded from the scope of this  interpretation.  The Corporation  currently sells receivables to entities meeting
the requirements of QSPE ́s.Subsequent Events
In June 2003, the  Corporation  sold $393.7 million of retail note and lease  receivables.  The gain recognized on the sale was $20.7
million.Business Outlook
Certain statements,  which involve risks and uncertainties,  constitute  "forward-looking  statements" under the Securities Reform Act.
The Corporation ́s actual results may differ significantly from the results discussed in such forward-looking statements.
Navistar  currently  projects  2003 U.S.  and Canadian  Class 8 heavy truck demand to be down 4% from 2002.  Class 6 and 7 medium truck
demand,  excluding  school  buses,  is  forecasted  to be 6% higher than in 2002.  Demand for school buses is expected to be consistent
with 2002.  Mid-range  diesel  engine  shipments  by the company to original  equipment  manufacturers  in 2003 are  expected to be 10%
higher than 2002.
Management  believes that  collections on the  outstanding  finance  receivables  portfolio plus cash available from the  Corporation ́s
various  funding  sources  will  permit the  Corporation  to meet the  financing  requirements  of  International ́s  dealers and retail
customers through 2003 and beyond.

#### NAVISTAR FINANCIAL CORPORATION
                                                           AND SUBSIDIARIES

##### ITEM 4.     CONTROLS AND PROCEDURES

The Corporation ́s  principal  executive officer and principal  financial  officer  evaluated the Corporation ́s  disclosure  controls and
procedures  (as defined in rule 13a-14(c) and 15d-14(c)  under the  Securities  Exchange Act of 1934, as amended) as of a date within 90
days before the filing of this quarterly  report (the Evaluation  Date).  Based on that evaluation,  the principal  executive  officer
and principal  financial  officer of the Corporation  concluded that, as of the Evaluation Date, the disclosure  controls and procedures
in place at the  Corporation  were  adequate to ensure that  information  required to be disclosed  by the  Corporation,  including  its
consolidated subsidiaries, in reports that the Corporation files or submits under the Exchange Act, is recorded,  processed,  summarized
and reported on a timely basis in accordance with applicable  rules and  regulations.  Although the  Corporation ́s  principal  executive
officer and principal  financial officer believe the Corporation ́s  existing  disclosure  controls and procedures are adequate to enable
the Corporation to comply with its disclosure  obligations,  the Corporation intends to formalize and document the procedures already in
place.Changes in Internal Controls
The Corporation has not made any significant  changes to its internal  controls  subsequent to the Evaluation Date. The Corporation has
not identified any significant  deficiencies or material  weaknesses or other factors that could  significantly  affect these controls,
and therefore, no corrective action was taken.

#### NAVISTAR FINANCIAL CORPORATION
                                                           AND SUBSIDIARIES

##### PART II    OTHER INFORMATION
ITEM 1.        LEGAL PROCEEDINGS

There were no  material  pending  legal  proceedings  other  than  ordinary,  routine  litigation  incidental  to the  business  of the
Corporation.

##### ITEM 5.        OTHER INFORMATION

Effective March 1, 2003,  Phyllis E. Cochran became Chief Executive  Officer and General Manager of the Corporation upon the retirement
of John J. Bongiorno, President and Chief Executive Officer.

##### ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

No reports on Form 8-K were filed during the quarter ended April 30, 2003.

##### SIGNATURE

Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.

| | 
| | 
| | 
| | 

|                  | 
|----------------- | 
|DateJune 13, 2003 | 
|                  | 
|                  | 
|                  | 

#### NAVISTAR FINANCIAL CORPORATION
                                                           AND SUBSIDIARIES

##### CERTIFICATIONS

I, Phyllis E. Cochran, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of Navistar Financial  Corporation,  subsidiary of International  Truck and
         Engine Corporation;
     2.       Based on my  knowledge,  this  quarterly  report does not contain any untrue  statement of a material  fact or omit to state a
         material fact necessary to make the statements  made, in light of the  circumstances  under which such  statements  were made,
         not misleading with respect to the period covered by this quarterly report;
     3.       Based on my knowledge,  the financial  statements,  and other financial  information included in this quarterly report, fairly
         present in all material  respects the financial  condition,  results of operations and cash flows of the registrant as of, and
         for, the periods presented in this quarterly report;
     4.       The registrant ́s  other certifying  officers and I are responsible for  establishing and maintaining  disclosure  controls and
         procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
     a)            designed such disclosure  controls and procedures to ensure that material  information  relating to the registrant,  including
                  its consolidated  subsidiaries,  is made known to us by others within those entities,  particularly during the period
                  in which this quarterly report is being prepared;
     b)            evaluated the  effectiveness of the registrant ́s  disclosure  controls and procedures as of a date within 90 days prior to the
                  filing date of this quarterly report (the Evaluation Date); and
     c)            presented in this quarterly report our conclusions  about the  effectiveness  of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;
     5.       The registrant ́s  other certifying  officers and I have disclosed,  based on our most recent  evaluation,  to the registrant ́s
         auditors and the audit committee of registrant ́s board of directors (or persons performing the equivalent functions):
                   a)       all  significant  deficiencies  in the design or  operation of internal  controls  which could  adversely  affect the
                  registrant ́s  ability  to  record,  process,  summarize  and  report  financial  data  and  have  identified  for the
                  registrant ́s auditors any material weaknesses in internal controls; and
                   b)       any fraud,  whether or not material,  that involves  management or other employees who have a significant role in the
                  registrant ́s internal controls; and
     6.       The  registrant ́s  other  certifying  officers  and I have  indicated  in this  quarterly  report  whether  or not there  were
         significant changes in internal controls or in other factors that could  significantly  affect internal controls subsequent to
         the date of our most recent  evaluation,  including  any  corrective  actions  with  regard to  significant  deficiencies  and
         material weaknesses.

DateJune 13, 2003
     /s/Phyllis E. Cochran      
           Phyllis E. Cochran
           (Principal Executive Officer)

A signed original of this written statement  required by Section 906 has been provided to Navistar  Financial  Corporation and
         will be retained by Navistar Financial  Corporation and furnished to the Securities and Exchange  Commission or its staff upon
         request.

I, Andrew J. Cederoth, certify that:

1     .  I have reviewed this quarterly report on Form 10-Q of Navistar Financial  Corporation,  subsidiary of International  Truck and
         Engine Corporation;
     2.       Based on my  knowledge,  this  quarterly  report does not contain any untrue  statement of a material  fact or omit to state a
         material fact necessary to make the statements  made, in light of the  circumstances  under which such  statements  were made,
         not misleading with respect to the period covered by this quarterly report;
     3.       Based on my knowledge,  the financial  statements,  and other financial  information included in this quarterly report, fairly
         present in all material  respects the financial  condition,  results of operations and cash flows of the registrant as of, and
         for, the periods presented in this quarterly report;
     4.       The registrant ́s  other certifying  officers and I are responsible for  establishing and maintaining  disclosure  controls and
         procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
     a)            designed such disclosure  controls and procedures to ensure that material  information  relating to the registrant,  including
                  its consolidated  subsidiaries,  is made known to us by others within those entities,  particularly during the period
                  in which this quarterly report is being prepared;
     b)            evaluated the  effectiveness of the registrant ́s  disclosure  controls and procedures as of a date within 90 days prior to the
                  filing date of this quarterly report (the Evaluation Date); and
     c)            presented in this quarterly report our conclusions  about the  effectiveness  of the disclosure  controls and procedures based
                  on our evaluation as of the Evaluation Date;
     5.       The registrant ́s  other certifying  officers and I have disclosed,  based on our most recent  evaluation,  to the registrant ́s
         auditors and the audit committee of registrant ́s board of directors (or persons performing the equivalent functions):
                   a)       all  significant  deficiencies  in the design or  operation of internal  controls  which could  adversely  affect the
                  registrant ́s  ability  to  record,  process,  summarize  and  report  financial  data  and  have  identified  for the
                  registrant ́s auditors any material weaknesses in internal controls; and
                   b)       any fraud,  whether or not material,  that involves  management or other employees who have a significant role in the
                  registrant ́s internal controls; and6.       The  registrant ́s  other  certifying  officers  and I have  indicated  in this  quarterly  report  whether  or not there  were
         significant changes in internal controls or in other factors that could  significantly  affect internal controls subsequent to
         the date of our most recent  evaluation,  including  any  corrective  actions  with  regard to  significant  deficiencies  and
         material weaknesses.

A signed original of this written statement  required by Section 906 has been provided to Navistar  Financial  Corporation and
         will be retained by Navistar Financial  Corporation and furnished to the Securities and Exchange  Commission or its staff upon
         request.