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

| Large Accelerated      filer   [   ] | Accelerated      filer                           [   ] |
|--------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Non-Accelerated      filer     [X]        | Smaller      reporting company     [   ]                                                                                                         |

----

| NAVISTAR      FINANCIAL CORPORATION |
|-------------------------------------|
| AND      SUBSIDIARIES               |
|                                |
|                                |
| INDEX                               |
|                                |
|                                |   |   |   | PageReference |
|                                |   |   |   |   |
|                                | PART I. |   | FINANCIAL INFORMATION |   |
|                                |   |   |   |   |
|                                | Item 1. |   | Consolidated      Financial Statements: |   |
|                                |   |   |   |   |
|                                |   |   | Consolidated      Statements of  Operations (Unaudited) - Three Months and Six      Months Ended April 30, 2009 and 2008 | 3 |
|                                |   |   |   |   |
|                                |   |   | Consolidated      Statements of Shareowner’s Equity and Comprehensive Income      (Loss)  (Unaudited) – Six Months Ended April 30, 2009 and      2008 | 4 |
|                                |   |   |   |   |
|                                |   |   | Consolidated      Statements of Financial Condition – April 30, 2009 (Unaudited) and October      31, 2008 | 5 |
|                                |   |   |   |   |
|                                |   |   | Consolidated      Statements of Cash Flows (Unaudited) - Six Months Ended April 30, 2009 and      2008 | 6 |
|                                |   |   |   |   |
|                                |   |   | Notes      to Consolidated Financial Statements      (Unaudited)                                                                                               | 7 |
|                                |   |   |   |   |
|                                | Item 2. |   | Management's      Discussion and Analysis of Financial Condition  and Results of      Operations | 24 |
|                                |   |   |   |   |
|                                | Item 3. |   | Quantitative      and Qualitative Disclosures about Market Risk | 34 |
|                                |   |   |   |   |
|                                | Item 4. |   | Controls      and      Procedures                                                                                               | 34 |
|                                |   |   |   |   |
|                                |   |   |   |   |
|                                | PART II. |   | OTHER INFORMATION |   |
|                                |   |   |   |   |
|                                | Item 6. |   | Exhibits                                                                                              | 36 |
|                                |   |   |   |   |
|                                |   |   | Signature                                                                                              | 37 |
|                                |   |   |   |   |
|                                |   |   | Exhibit      Index                                                                                              | 38 |

----

INDEX

PART I

Item 1.

| Millions      of Dollars                                                                                                                                                                                                                                                                                                                                                        |   | For      the Three Months Ended April      30, |   |   | For      the Six Months EndedApril      30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                            |   | 2009                                           |   |   | 2008                                        |   |   | 2009 |   |   | 2008 |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                        |   |                                           |   |   |                                        |   |   |   |   |   |   |   |
| Retail      notes and finance leases revenue                                                                                                                                                                                                                                                                                                                                    |   | $                                              | 46.1   |   |                                        | $      | 57.4 |   |   | $ | 93.2 |   |   | $ | 118.7 |   |
| Operating      leases      revenue                                                                |   |                                           | 5.2    |   |                                        |   | 5.4 |   |   |   | 10.4 |   |   |   | 11.0 |   |
| Wholesale      notes      interest                                                                |   |                                           | 2.3    |   |                                        |   | 4.4 |   |   |   | 7.5 |   |   |   | 8.9 |   |
| Retail      and wholesale accounts interest                                                                                                                                                                                                                                                                                                                                     |   |                                           | 5.1    |   |                                        |   | 8.0 |   |   |   | 10.4 |   |   |   | 15.4 |   |
| Securitization      income                                                                        |   |                                           | 11.4   |   |                                        |   | 8.1 |   |   |   | 21.5 |   |   |   | 18.0 |   |
| Other      revenues                                                                               |   |                                           | 1.6    |   |                                        |   | 7.3 |   |   |   | 4.4 |   |   |   | 15.6 |   |
| Total      revenues                                                                                                                  |   |                                           | 71.7   |   |                                        |   | 90.6 |   |   |   | 147.4 |   |   |   | 187.6 |   |
|                                                                                                                                                                                                                                                                                                                                                                            |   |                                           |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                                                                                                                                                                                                                                                        |   |                                           |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of borrowing:                                                                                                                                                                                                                                                                                                                                                         |   |                                           |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                                                                                      |   |                                           | 15.1   |   |                                        |   | 46.8 |   |   |   | 42.0 |   |   |   | 109.1 |   |
| Other                                                                                                                      |   |                                           | 3.6    |   |                                        |   | 3.1 |   |   |   | 6.9 |   |   |   | 5.4 |   |
| Credit,      collections and administrative                                                                                                                                                                                                                                                                                                                                     |   |                                           | 15.0   |   |                                        |   | 18.0 |   |   |   | 30.4 |   |   |   | 30.2 |   |
| Provision      for credit      losses                                                             |   |                                           | 8.4    |   |                                        |   | 6.0 |   |   |   | 12.4 |   |   |   | 10.6 |   |
| Depreciation      on operating leases                                                                                                                                                                                                                                                                                                                                           |   |                                           | 4.1    |   |                                        |   | 4.0 |   |   |   | 8.0 |   |   |   | 8.5 |   |
| Derivative      expense      (income)                                                             |   |                                           | 9.2    |   |                                        |   | (1.7 | ) |   |   | 31.6 |   |   |   | 38.5 |   |
| Other      expenses                                                                               |   |                                           | 0.4    |   |                                        |   | 2.3 |   |   |   | 2.7 |   |   |   | 2.9 |   |
| Total      expenses                                                                                                                  |   |                                           | 55.8   |   |                                        |   | 78.5 |   |   |   | 134.0 |   |   |   | 205.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                            |   |                                           |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before      taxes                                                              |   |                                           | 15.9   |   |                                        |   | 12.1 |   |   |   | 13.4 |   |   |   | (17.6 | ) |
| Income      tax expense      (benefit)                                                       |   |                                           | 6.1    |   |                                        |   | 4.8 |   |   |   | 5.5 |   |   |   | (5.8 | ) |
| Net      income      (loss)                                                                       |   | $                                              | 9.8    |   |                                        | $      | 7.3 |   |   | $ | 7.9 |   |   | $ | (11.8 | ) |

----

INDEX

| Millions      of dollars                                                                                                                                                                                                                                                                      |   | CapitalStock |   |   | Paid-InCapital |   |   | RetainedEarnings |   |   | Accumulated      OtherComprehensive      Income (Loss) |   |   | Total  |   |   | ComprehensiveIncome      (Loss) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|----------------|--------|--------|------------------|--------|--------|--------------------------------------------------------|--------|--------|--------|--------|--------|---------------------------------|--------|
| Balance      at October 31, 2007                                                                                                                                                                                                                                                              |   | $            | 1.6    |   |           | $      | 139.6  |             |   | $      | 127.1                                                  |   |   | $      | (0.2   | )      |                            | $      | 268.1 |   |   |   |   |
| 2008      Activity:                                                                                                                                                                                                                                                                           |   |         |   |   |           |   |   |             |   |   |                                                   |   |   |   |   |   |                            |   |   |   |   |   |   |
| Net      loss                                                                         |   |         | -      |   |           |   | -      |             |   |   | (11.8                                                  | )      |   |   | -      |   |                            |   | (11.8 | ) |   | $  | (11.8 | ) |
| Pension      adjustment, (net of tax $0.2)                                                                                                                                                                                                                                                    |   |         | -      |   |           |   | -      |             |   |   | -                                                      |   |   |   | 0.4    |   |                            |   | 0.4 |   |   |   | 0.4 |   |
| Impact      of adopting FIN 48                                                                                                                                                                                                                                                                |   |         | -      |   |           |   | -      |             |   |   | (2.5                                                   | )      |   |   | -      |   |                            |   | (2.5 | ) |   |   | - |   |
| Cash      dividend paid to parent company                                                                                                                                                                                                                                                     |   |         | -      |   |           |   | -      |             |   |   | (14.8                                                  | )      |   |   | -      |   |                            |   | (14.8 | ) |   |   | - |   |
| Balance      at April 30, 2008                                                                                                                                                                                                                                                                |   | $            | 1.6    |   |           | $      | 139.6  |             |   | $      | 98.0                                                   |   |   | $      | 0.2    |   |                            | $      | 239.4 |   |   | $ | (11.4 | ) |
|                                                                                                                                                                                                                                                                                          |   |         |   |   |           |   |   |             |   |   |                                                   |   |   |   |   |   |                            |   |   |   |   |   |   |   |
| Balance      at October 31, 2008                                                                                                                                                                                                                                                              |   | $            | 1.6    |   |           | $      | 199.6  |             |   | $      | 79.1                                                   |   |   | $      | (7.7   | )      |                            | $      | 272.6 |   |   |   |   |   |
| 2009      Activity:                                                                                                                                                                                                                                                                           |   |         |   |   |           |   |   |             |   |   |                                                   |   |   |   |   |   |                            |   |   |   |   |   |   |   |
| Net      income                                                                       |   |         | -      |   |           |   | -      |             |   |   | 7.9                                                    |   |   |   | -      |   |                            |   | 7.9 |   |   | $ | 7.9 |   |
| Capital      contribution from parent company                                         |   |         | -      |   |           |   | 20.0   |             |   |   | -                                                      |   |   |   | -      |   |                            |   | 20.0 |   |   |   | - |   |
| Pension      adjustment, (net of tax $0.1)                                                                                                                                                                                                                                                    |   |         | -      |   |           |   | -      |             |   |   | -                                                      |   |   |   | 0.3    |   |                            |   | 0.3 |   |   |   | 0.3 |   |
| Balance      at April 30, 2009                                                                                                                                                                                                                                                                |   | $            | 1.6    |   |           | $      | 219.6  |             |   | $      | 87.0                                                   |   |   | $      | (7.4   | )      |                            | $      | 300.8 |   |   | $ | 8.2 |   |

----

INDEX

|  Millions      of dollars                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | As      of April 30,2009 |    |   | As      of October 31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (Unaudited)              |    |   |                        |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                     |    |   |                        |   |
| Cash      and cash      equivalents                                                                                                     |   | $                        | 19.6    |   |                        | $      |  34.4 |   |
| Finance      receivables, net of unearned income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                     |    |   |                        |   |   |   |
| Finance      receivables                                                                                                                                                   |   |                     | 2,685.2 |   |                        |   | 2,906.3 |   |
| Finance      receivables from      affiliates                                                                                                                              |   |                     | 168.3   |   |                        |   | 212.3 |   |
| Allowance      for      losses                                                                                                                                             |   |                     | (30.2   | )      |                        |   | (28.4 | ) |
| Finance      receivables,      net                                                                                                      |   |                     | 2,823.3 |   |                        |   | 3,090.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |    |   |                        |   |   |   |
| Amounts      due from sales of      receivables                                                                                         |   |                     | 239.2   |   |                        |   | 229.6 |   |
| Net      accounts due from      affiliates                                                                                              |   |                     | -       |   |                        |   | 17.5 |   |
| Net      investment in operating      leases                                                                                            |   |                     | 72.0    |   |                        |   | 72.9 |   |
| Vehicle      inventory                                                                                                                  |   |                     | 25.3    |   |                        |   | 42.0 |   |
| Restricted      cash and cash      equivalents                                                                                          |   |                     | 619.5   |   |                        |   | 515.4 |   |
| Other      assets                                                                                                                       |   |                     | 123.6   |   |                        |   | 123.0 |   |
| Total      assets                                                                                                                                                               |   | $                        | 3,922.5 |   |                        | $      | 4,125.0 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |    |   |                        |   |   |   |
| LIABILITIES      AND SHAREOWNER’S EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                     |    |   |                        |   |   |   |
| Net      accounts due to      affiliates                                                                                                |   | $                        | 12.6    |   |                        | $      | - |   |
| Senior      and secured      borrowings                                                                                                 |   |                     | 3,431.4 |   |                        |   | 3,679.1 |   |
| Other      liabilities                                                                                                                  |   |                     | 177.7   |   |                        |   | 173.3 |   |
| Total      liabilities                                                                                                                                                          |   |                     | 3,621.7 |   |                        |   | 3,852.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |    |   |                        |   |   |   |
| Shareowner’s      equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                     |    |   |                        |   |   |   |
| Capital      stock ($1 par value, 2,000,000 shares authorized, 1,600,000 shares issued      and outstanding)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                     | 1.6     |   |                        |   | 1.6 |   |
| Paid-in      capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     | 219.6   |   |                        |   | 199.6 |   |
| Retained      earnings                                                                                                                  |   |                     | 87.0    |   |                        |   | 79.1 |   |
| Accumulated      other comprehensive      loss                                                                                          |   |                     | (7.4    | )      |                        |   | (7.7 | ) |
| Total      shareowner’s      equity                                                                                               |   |                     | 300.8   |   |                        |   | 272.6 |   |
| Total      liabilities and shareowner’s      equity                                                                                                                       |   | $                        | 3,922.5 |   |                        | $      | 4,125.0 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | For      the Six Months EndedApril      30, |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|
|  Millions      of dollars                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2009                                        |      |   | 2008 |   |
| Cash      flow from operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                        |      |   |   |   |
| Net      income      (loss)                                                                                                                                             |   | $                                           | 7.9       |   |   | $ | (11.8 | ) |
| Adjustments      to reconcile net loss to cash flow from operations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                        |      |   |   |   |   |   |
| Net      loss on sales of finance      receivables                                                                                                                                                    |   |                                        | 24.7      |   |   |   | 6.7 |   |
| Net      loss on sale and impairment of equipment under operating leases and      vehicle inventory                                                                                                                                                                                                                                                                        |   |                                        |  4.7 |   |   |   |  1.6 |   |
| Depreciation      and      amortization                                                                                                                                                               |   |                                        | 13.6      |   |   |   | 12.1 |   |
| Provision      for credit      losses                                                                                                                                                                 |   |                                        | 12.4      |   |   |   | 10.6 |   |
| Net      change in amounts due from sales of receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                        | (9.6      | ) |   |   | 79.0 |   |
| Net      change in finance receivables - wholesale notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                        | (43.2     | ) |   |   | (187.2 | ) |
| Net      change in finance receivables from affiliates - wholesale                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                        | 21.7      |   |   |   | (3.2 | ) |
| Net      change in net accounts due from /to affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                        | 30.1      |   |   |   | 13.8 |   |
| Net      change in other assets and      liabilities                                                                                                                                                  |   |                                        | (0.5      | ) |   |   | (36.9 | ) |
| Net      cash provided by (used in) operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                        | 61.8      |   |   |   | (115.3 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                        |      |   |   |   |   |   |
| Cash      flow from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                        |      |   |   |   |   |   |
| Originations      of retail notes and finance leases, includes affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                        | (315.7    | ) |   |   | (406.9 | ) |
| Net      change in restricted cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                        | (104.1    | ) |   |   | (320.7 | ) |
| Collections      on retail notes and finance lease receivables, net      of change in unearned finance income, includes affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                        | 535.6     |   |   |   | 668.9 |   |
| Net      change in finance receivables from affiliates - accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                        | 2.7       |   |   |   | 5.1 |   |
| Net      change in finance receivables -      accounts                                                                                                                  |   |                                        | 8.6       |   |   |   | 26.0 |   |
| Proceeds      from sale of vehicle      inventory                                                                                                                       |   |                                        | 35.2      |   |   |   | 31.5 |   |
| Purchase      of equipment leased to      others                                                                                                                        |   |                                        | (12.2     | ) |   |   | (9.6 | ) |
| Proceeds      from sale of equipment under operating leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                        | 2.0       |   |   |   | 11.1 |   |
| Loans      to      affiliates                                                                                                                                           |   |                                        | -         |   |   |   | (10.0 | ) |
| Loan      repayment from      affiliates                                                                                                                                |   |                                        | -         |   |   |   | 70.0 |   |
| Net      cash provided by investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                        | 152.1     |   |   |   | 65.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                        |      |   |   |   |   |   |
| Cash      flow from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                        |      |   |   |   |   |   |
| Net      change in senior bank revolver, net of issuance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                        | 65.0      |   |   |   | 251.0 |   |
| Principal      payments on senior bank term      debt                                                                                                                   |   |                                        | (3.1      | ) |   |   | (3.1 | ) |
| Proceeds      from issuance of secured borrowings, net of issuance costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                        | 319.6     |   |   |   | 811.3 |   |
| Payments      on secured      borrowings                                                                                                                                |   |                                        | (630.2    | ) |   |   | (979.0 | ) |
| Dividends      paid to parent      company                                                                                                                              |   |                                        | -         |   |   |   | (14.8 | ) |
| Capital      contribution  from parent      company                                                                                                           |   |                                        | 20.0      |   |   |   | - |   |
| Net      cash (used in) provided by financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                        | (228.7    | ) |   |   | 65.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                        |      |   |   |   |   |   |
| Change      in cash and cash      equivalents                                                                                                  |   |                                        | (14.8     | ) |   |   | 15.5 |   |
| Cash      and cash equivalents, beginning of      year                                                                                         |   |                                        | 34.4      |   |   |   | 10.6 |   |
| Cash      and cash equivalents, end of      period                                                                                             |   | $                                           | 19.6      |   |   | $ | 26.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                        |      |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                        |      |   |   |   |   |   |
| Interest      paid                                                                                                                                                      |   | $                                           | 47.7      |   |   | $ | 113.8 |   |
| Income      taxes paid, net of      refunds                                                                                                                             |   |                                        | 0.3       |   |   |   | 54.7 |   |
| Transfers      of loans and leases to vehicle      inventory                                                                                                            |   |                                        | 29.5      |   |   |   | 59.8 |   |

----

INDEX

----

INDEX

----

INDEX

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                        |   | Three      Months EndedApril      30, |   |   | Six      Months EndedApril      30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                        |   | 2009                                  |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Losses      on finance      receivables                                                       |   | $                                     | 3.9    |   |                                | $      | 4.4 |   |   | $ | 4.7 |   |   | $ | 4.8 |   |
| Impairment      losses on vehicle inventory                                                                                                                                                                                                                                                                                                                                 |   |                                  | 2.4    |   |                                |   | 1.2 |   |   |   | 7.2 |   |   |   | 1.2 |   |
| Losses      on sales of vehicle inventory                                                                                                                                                                                                                                                                                                                                   |   |                                  | 0.5    |   |                                |   | 3.9 |   |   |   | 3.7 |   |   |   | 3.9 |   |

----

INDEX

|                                                         |   | April      30,2009 |   |   | October      31,2008 |   |
|--------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|
| Finance      receivables from affiliates (Dealcor retail)    |   | $                  | 119.4  |   |                 | $      | 140.4 |   |
| Finance      receivables from affiliates (Dealcor wholesale) |   |               | 47.6   |   |                 |   | 71.9 |   |
| Finance      receivables from affiliates (Navistar, Inc.)    |   |               | 1.3    |   |                 |   | - |   |
| Net      accounts due (to) from affiliates (non-Dealcor)     |   |               | (12.6  | )      |                 |   | 17.5 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | April      30,2009 |    |   | October      31, 2008 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|-----------------------|--------|
| Retail      notes, net of unearned      income                                                                                                   |   | $                  | 2,193.0 |   |                  | $      | 2,468.0 |   |
| Finance      leases, net of unearned      income                                                                                                 |   |               | 142.0   |   |                  |   | 122.7 |   |
| Wholesale      notes held for      sale                                                                                                          |   |               | 161.2   |   |                  |   | 118.0 |   |
| Accounts      (includes retail and      wholesale)                                                                                               |   |               | 189.0   |   |                  |   | 197.6 |   |
| Finance      receivables from affiliates, net of unearned income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               | 168.3   |   |                  |   | 212.3 |   |
| Total      finance      receivables                                                                                                              |   |               | 2,853.5 |   |                  |   | 3,118.6 |   |
| Allowance      for      losses                                                                                                                   |   |               | (30.2   | )      |                  |   | (28.4 | ) |
| Total      finance receivables,      net                                                                                                         |   | $                  | 2,823.3 |   |                  | $      | 3,090.2 |   |

|                                                                                                                                                                                                                                                                                                                                                                            |   | Three      Months Ended April      30, |   |   | Six      Months Ended April      30, |   |   | Year Ended October      31 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|--------|--------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                            |   | 2009                                   |   |   | 2008                                 |   |   | 2009                                 |   |   | 2008 |   |   | 2008 |   |
| Allowance      for losses, beginning of period                                                                                                                                                                                                                                                                                                                                  |   | $                                      | 29.6   |   |                                 | $      | 24.6   |                                 |   | $ | 28.4 |   |   | $ | 23.9 |   |   | $ | 23.9 |   |
| Provision      for credit      losses                                                        |   |                                   | 8.4    |   |                                 |   | 6.0    |                                 |   |   | 12.4 |   |   |   | 10.6 |   |   |   | 32.2 |   |
| Net      charge-offs                                                                         |   |                                   | (7.8   | )      |                                 |   | (7.3   | )                                    |   |   | (10.6 | ) |   |   | (11.2 | ) |   |   | (27.7 | ) |
| Allowance      for losses, end of period                                                                                                                                                                                                                                                                                                                                        |   | $                                      | 30.2   |   |                                 | $      | 23.3   |                                 |   | $ | 30.2 |   |   | $ | 23.3 |   |   | $ | 28.4 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | April      30,2009 |   |   | October      31,2008 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|
| Impaired      receivables with specific loss      reserves                                                                                                   |   | $                  | 48.9   |   |                 | $      | 47.1 |   |
| Impaired      receivables without specific loss      reserves                                                                                                |   |               | 4.2    |   |                 |   | 3.8 |   |
| Impaired      receivables guaranteed by Navistar,      Inc                                                                                                   |   |               | 9.5    |   |                 |   | 8.7 |   |
| Total      impaired      receivables                                                                                                                                        |   | $                  | 62.6   |   |                 | $      | 59.6 |   |

| Specific      loss reserves on impaired receivables recorded by NFC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $      | 6.1  |   |   | $      | 4.6  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------|--------|--------|--------|------|--------|
| Specific      loss reserves on impaired receivables recorded by Navistar,      Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 21.7 |   |   |   | 16.1 |   |
| Finance      receivables over 60 days      delinquent                                                                                                |   |   | 26.0 |   |   |   | 18.6 |   |

----

INDEX

|                                        |   | Three      Months EndedApril      30, |   |   | Six      Months EndedApril      30, |   |
|---------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                        |   | 2009                                  |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Impairment      losses on vehicle inventory |   | $                                     | 3.8    |   |                                | $      | 3.2 |   |   | $ | 9.3 |   |   | $ | 3.2 |   |
| Losses      on sale of vehicle inventory    |   |                                  | 0.9    |   |                                |   | 4.0 |   |   |   | 5.4 |   |   |   | 4.9 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Six      Months EndedApril      30,2009 |   |   | Six      Months EndedApril      30,2008 |   |   |  Year      Ended October      31, 2008 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|--------|----------------------------------------------|--------|--------|--------------------------------------------------|--------|
| Vehicle      inventory, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $                                       | 42.0   |   |                                         | $      | 23.2   |                                             |   | $ | 23.2 |   |
| Net      additions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                    | 29.5   |   |                                         |   | 59.8   |                                             |   |   | 129.0 |   |
| Impairment      loss:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                    |   |   |                                         |   |   |                                             |   |   |   |   |
|         Recorded      by      NFC                                                                               |   |                                    | (2.1   | )      |                                         |   | (2.0   | )                                                |   |   | (4.9 | ) |
|         Recorded      by Navistar,      Inc.                                                                    |   |                                    | (7.2   | )      |                                         |   | (1.2   | )                                                |   |   | (7.7 | ) |
| Net      book value of repossessed assets sold                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                    | (36.9  | )      |                                         |   | (33.1  | )                                                |   |   | (97.6 | ) |
| Vehicle      inventory, end of      period                                                                                                              |   | $                                       | 25.3   |   |                                         | $      | 46.7   |                                             |   | $ | 42.0 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | April      30,2009 |   |   | October      31,2008 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|
| Investment      in operating      leases                                                                                             |   | $                  | 117.0  |   |                 | $      | 119.5 |   |
| Less:      Accumulated      depreciation                                                                                             |   |               | (45.9  | )      |                 |   | (47.5 | ) |
| Net      investment in equipment under operating leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 71.1   |   |                 |   | 72.0 |   |
| Rent      receivable net of reserve for past due operating leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |               | 0.9    |   |                 |   | 0.9 |   |
| Net      investment in operating      leases                                                                                         |   | $                  | 72.0   |   |                 | $      | 72.9 |   |

----

INDEX

|                                                                                                                                                 |   |               |    |   |                 |   |    | Weighted      AverageInterest      Rate |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------|--------|---------|-----------------------------------------|--------|
|                                                                                                                                                 |   | April      30,2009 |    |   | October      31,2008 |   |    | April      30,2009                      |   |   | October      31,2008 |   |
| Bank      credit facility at variable rates due July 2010                                                                                            |   | $                  | 1,119.5 |   |                 | $      | 1,057.6 |                                    |   |   | 2.4 | % |   |   | 5.7 | % |
| Revolving      retail warehouse facility at variable rates, due June 2010                                                                            |   |               | 500.0   |   |                 |   | 500.0   |                                    |   |   | 0.7 | % |   |   | 4.6 | % |
| Borrowings      secured by asset-backed securities at various rates,  currently      between 0.5% to 4.4%, due serially through March 2016 |   |               | 1,679.1 |   |                 |   | 1,989.6 |                                    |   |   | 1.8 | % |   |   | 3.8 | % |
| Borrowings      secured by operating and finance leases due serially through March 2016 at      rates currently between 2.6% to 6.6%                 |   |               | 132.8   |   |                 |   | 131.9   |                                    |   |   | 4.4 | % |   |   | 4.5 | % |
| Total      senior and secured borrowings                                                                                                             |   | $                  | 3,431.4 |   |                 | $      | 3,679.1 |                                    |   |   | 2.0 | % |   |   | 4.5 | % |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Three Months Ended April30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |  Pension Benefits      |   |   | Other Benefits |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2009                        |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Service      cost for benefits earned during the period                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                           | 0.1    |   |   | $ | 0.1 |   |   | $ | - |   |   | $ | - |   |
| Interest      on      obligation                                                                                    |   |                        | 1.1    |   |   |   | 1.0 |   |   |   | 0.3 |   |   |   | 0.3 |   |
| Amortization      of cumulative      losses                                                                         |   |                        | 0.1    |   |   |   | - |   |   |   | (0.1 | ) |   |   | - |   |
| Less      expected return on      assets                                                                            |   |                        | (0.9   | ) |   |   | (1.5 | ) |   |   | (0.1 | ) |   |   | (0.2 | ) |
| Net      postretirement benefits expense (income)                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                           | 0.4    |   |   | $ | (0.4 | ) |   | $ | 0.1 |   |   | $ | 0.1 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Six Months Ended April 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |  Pension Benefits     |   |   | Other Benefits |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2009                       |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Service      cost for benefits earned during the period                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                          | 0.2    |   |   | $ | 0.2 |   |   | $ | - |   |   | $ | - |   |
| Interest      on      obligation                                                                                    |   |                       | 2.1    |   |   |   | 2.0 |   |   |   | 0.6 |   |   |   | 0.6 |   |
| Amortization      of cumulative      losses                                                                         |   |                       | 0.2    |   |   |   | 0.6 |   |   |   | (0.1 | ) |   |   | - |   |
| Less      expected return on      assets                                                                            |   |                       | (1.8   | ) |   |   | (3.0 | ) |   |   | (0.2 | ) |   |   | (0.4 | ) |
| Net      postretirement benefits expense (income)                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                          | 0.7    |   |   | $ | (0.2 | ) |   | $ | 0.3 |   |   | $ | 0.2 |   |

----

INDEX

----

INDEX

|                                                                                                                                                                                                                                                                                                                             |   | Other      Assets |    |   | Other      Liabilities |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|------------------------|--------|
| April      30, 2009                                                                                                                                                                                                                                                                                                              |   | NotionalAmount    |    |   | Fair      Value        |   |   | NotionalAmount |   |   | Fair      Value |   |
| Interest      rate      swaps                                                         |   | $                 | 1,528.1 |   |                   | $      | 47.3 |   |   | $ | 3,194.4 |   |   | $ | 93.3 |   |
| Interest      rate caps      purchased                                                |   |              | 500.0   |   |                   |   | 2.1 |   |   |   | - |   |   |   | - |   |
| Interest      rate caps      sold                                                     |   |              | -       |   |                   |   | - |   |   |   | 500.0 |   |   |   | 2.1 |   |
| Total      derivatives                                                                                    |   | $                 | 2,028.1 |   |                   | $      | 49.4 |   |   | $ | 3,694.4 |   |   | $ | 95.4 |   |

|                                                                                                                                                                                                                                                                                                                             |   | Other      Assets |    |   | Other      Liabilities |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|------------------------|--------|
| October      31, 2008                                                                                                                                                                                                                                                                                                            |   | NotionalAmount    |    |   | Fair      Value        |   |   | NotionalAmount |   |   | Fair      Value |   |
| Interest      rate      swaps                                                         |   | $                 | 1,636.4 |   |                   | $      | 38.7 |   |   | $ | 3,469.0 |   |   | $ | 79.6 |   |
| Interest      rate caps      purchased                                                |   |              | 500.0   |   |                   |   | 3.3 |   |   |   | - |   |   |   | - |   |
| Interest      rate caps      sold                                                     |   |              | -       |   |                   |   | - |   |   |   | 500.0 |   |   |   | 3.3 |   |
| Total      derivatives                                                                                    |   | $                 | 2,136.4 |   |                   | $      | 42.0 |   |   | $ | 3,969.0 |   |   | $ | 82.9 |   |

|                                                                                                                                                                                                                                                                                                      |   | Three      Months Ended April      30, |   |   | Six      Months EndedApril      30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                      |   | 2009                                        |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Interest      rate      swaps                                                 |   | $                                           | (9.2   | )      |                                | $      | 1.7 |   |   | $ | (31.6 | ) |   | $ | (38.5 | ) |
| Interest      rate caps purchased                                                                                                                                                                                                                                                                         |   |                                        | 0.8    |   |                                |   | 0.1 |   |   |   | (1.2 | ) |   |   | 0.2 |   |
| Interest      rate caps      sold                                             |   |                                        | (0.8   | )      |                                |   | (0.1 | ) |   |   | 1.2 |   |   |   | (0.2 | ) |
| Total                                                                                                  |   | $                                           | (9.2   | )      |                                | $      | 1.7 |   |   | $ | (31.6 | ) |   | $ | (38.5 | ) |

----

INDEX

|                                                                                                                                                                                                                                                                                                                |  Maturity     |   | April      30,2009 |   |   | October      31,2008 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|--------------------|--------|--------|----------------------|--------|
| Investor      certificate                                                | February      2010 |   | $                  | 212.0  |   |                 | $      | 212.0 |   |
| Variable      funding certificate (“VFC”)                                                                                                                                                                                                                                                               | October      2009  |   |               | 750.0  |   |                 |   | 800.0 |   |
| Total                                                                                   |               |   | $                  | 962.0  |   |                 | $      | 1,012.0 |   |

|                                                                                                                                                                                                                                                                                                                         |  Maturity   |   | April      30,2009 |   |   | October      31,2008 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|--------|--------------------|--------|--------|----------------------|--------|
| Conduit      funding      facility                                                | August      2009 |   | $                  | 100.0  |   |                 | $      | 100.0 |   |
| Funding      utilized                                                             |             |   |               | (13.8  | )      |                 |   | (47.5 | ) |
| Total      availability                                                                          |             |   | $                  | 86.2   |   |                 | $      | 52.5 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | April      30,2009 |   |   | October      31,2008 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|
| Excess      seller’s      interest                                                                                               |   | $                  | 224.1  |   |                 | $      | 218.7 |   |
| Interest      only      strip                                                                                                          |   |               | 7.6    |   |                 |   | 2.1 |   |
| Restricted      cash      reserves                                                                                                     |   |               | 7.5    |   |                 |   | 8.8 |   |
| Total      amounts due from sales of      receivables                                                                                                 |   | $                  | 239.2  |   |                 | $      | 229.6 |   |

|                                                                                                                                                                                                                                                                                                                                                                        | April      30,                                              | October      31,                                |   | Adverse      Fair ValueChange      atApril      30, 2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|-------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                        | 2009                                                        | 2008                                            |   |                                                     | 10%    |   |   |   | 20% |   |
| Discount      rate      (annual)                                                         |    14.1  to      26.9 %            |  14.6  to      23.0 %            |   | $                                                        | 2.5    |   |   | $ | 4.9 |   |
| Estimated      credit      losses                                                        |      0.0  to      0.24 % |    0.0  to      0.24 % |   |                                                     | 0.1    |   |   |   | 0.1 |   |
| Payment      speed (percent of portfolio per month)                                                                                                                                                                                                                                                                                                                         |     6.8  to      69.1 %       |    8.8  to      75.7 % |   |                                                     | 0.5    |   |   |   | 0.9 |   |

|  April      30, 2009                                                                                                                                                                                                                     |   | Retail      Notes |    |   | Finance      Leases |   |   | Wholesale Notes |   |   | Accounts |   |   | Affiliates |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|---------------------|--------|--------|----------------------|--------|--------|----------|--------|--------|------------|--------|--------|--------|--------|
| Serviced      portfolio                                             |   | $                 | 2,193.0 |   |                | $      | 142.0  |                 |   | $      | 799.8    |   |   | $          | 302.1  |   |   | $      | 267.2 |   |   | $ | 3,704.1 |   |
| Less      sold receivables – off-balance      sheet                               |   |              | -       |   |                |   | -      |                 |   |   | (638.6   | )      |   |       | (113.1 | )      |   |   | (98.9 | ) |   |   | (850.6 | ) |
| Total      on-balance sheet.                                                                                                                                                                                                                  |   | $                 | 2,193.0 |   |                | $      | 142.0  |                 |   | $      | 161.2    |   |   | $          | 189.0  |   |   | $      | 168.3 |   |   | $ | 2,853.5 |   |

|  October  31,      2008                                                                                                                                                                                                              |   | Retail      Notes |    |   | Finance      Leases |   |   | Wholesale Notes |   |   | Accounts |   |   | Affiliates |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|---------------------|--------|--------|----------------------|--------|--------|----------|--------|--------|------------|--------|--------|--------|--------|
| Serviced      portfolio                                              |   | $                 | 2,468.0 |   |                | $      | 122.7  |                 |   | $      | 839.4    |   |   | $          | 320.7  |   |   | $      | 309.5 |   |   | $ | 4,060.3 |   |
| Less      sold receivables – off-balance      sheet                                |   |              | -       |   |                |   | -      |                 |   |   | (721.4   | )      |   |       | (123.1 | )      |   |   | (97.2 | ) |   |   | (941.7 | ) |
| Total      on-balance sheet                                                                                                                                                                                                                         |   | $                 | 2,468.0 |   |                | $      | 122.7  |                 |   | $      | 118.0    |   |   | $          | 197.6  |   |   | $      | 212.3 |   |   | $ | 3,118.6 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                     |   | Three      Months EndedApril      30, |   |   | Six      Months EndedApril      30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                     |   | 2009                                  |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Fair      value      adjustments                                             |   | $                                     | 9.8    |   |                                | $      | 2.0 |   |   | $ | 29.3 |   |   | $ | 5.1 |   |
| Excess      spread      income                                               |   |                                  | 9.3    |   |                                |   | 6.2 |   |   |   | 11.4 |   |   |   | 10.9 |   |
| Servicing      fees      revenue                                             |   |                                  | 2.0    |   |                                |   | 2.7 |   |   |   | 4.2 |   |   |   | 5.8 |   |
| Losses      on sales of receivables                                                                                                                                                                                                                                                                      |   |                                  | (9.9   | )      |                                |   | (3.8 | ) |   |   | (24.7 | ) |   |   | (6.7 | ) |
| Investment      income                                                       |   |                                  | 0.2    |   |                                |   | 1.0 |   |   |   | 1.3 |   |   |   | 2.9 |   |
| Securitization      income                                                                                                                                                                                                                                                                               |   | $                                     | 11.4   |   |                                | $      | 8.1 |   |   | $ | 21.5 |   |   | $ | 18.0 |   |

|                                                                                                                                                                                                                                                                                           |   | Three      Months EndedApril      30, |   |   | Six      Months EndedApril      30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                                                                                                                                                                                                                           |   | 2009                                  |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
| Proceeds      from sales of finance receivables                                                                                                                                                                                                                                                |   | $                                     | 897.3  |   |                                | $      | 1,006.3 |   |   | $ | 1,939.8 |   |   | $ | 1,816.9 |   |
| Servicing      fees                                                |   |                                  | 2.1    |   |                                |   | 5.1 |   |   |   | 4.3 |   |   |   | 7.9 |   |
| Cash      from net excess spread                                                                                                                                                                                                                                                               |   |                                  | 8.6    |   |                                |   | 9.8 |   |   |   | 10.3 |   |   |   | 15.1 |   |
| Investment      income                                             |   |                                  | 0.3    |   |                                |   | 2.6 |   |   |   | 1.0 |   |   |   | 4.4 |   |
| Net      cash      received                                                                                          |   | $                                     | 908.3  |   |                                | $      | 1,023.8 |   |   | $ | 1,955.4 |   |   | $ | 1,844.3 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                          |   | Consolidated |    |   | Other           |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|-----------------|--------|--------|--------|--------|
| April      30, 2009                                                                                                                                                                                                                                                                                                                                                           |   | VIEs         |    |   | Securitizations |   |   | Total  |   |
| Finance      receivables, net of allowance                                                                                                                                                                                                                                                                                                                                    |   | $            | 1,766.7 |   |            | $      | 204.5  |   |   | $ | 1,971.2 |   |
| Net      investment in operating leases                                                                                                                                                                                                                                                                                                                                       |   |         | -       |   |            |   | 72.0   |   |   |   | 72.0 |   |
| Restricted      cash and cash equivalents                                                                                                                                                                                                                                                                                                                                     |   |         | 148.1   |   |            |   | 471.2  |   |   |   | 619.3 |   |
| Vehicle      inventory                                                                     |   |         | 17.2    |   |            |   | 3.5    |   |   |   | 20.7 |   |
| Net      derivative fair      value                                                        |   |         | (46.0   | )      |            |   | 2.1    |   |   |   | (43.9 | ) |
| Secured      borrowings                                                                    |   |         | 1,679.1 |   |            |   | 632.8  |   |   |   | 2,311.9 |   |

|                                                                                                                                                                                                                                                                                                                                                                          |   | Consolidated |    |   | Other           |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|-----------------|--------|--------|--------|--------|
| October      31, 2008                                                                                                                                                                                                                                                                                                                                                         |   | VIEs         |    |   | Securitizations |   |   | Total  |   |
| Finance      receivables, net of allowance                                                                                                                                                                                                                                                                                                                                    |   | $            | 1,983.1 |   |            | $      | 333.6  |   |   | $ | 2,316.7 |   |
| Net      investment in operating leases                                                                                                                                                                                                                                                                                                                                       |   |         | -       |   |            |   | 72.9   |   |   |   | 72.9 |   |
| Restricted      cash and cash equivalents                                                                                                                                                                                                                                                                                                                                     |   |         | 205.5   |   |            |   | 309.7  |   |   |   | 515.2 |   |
| Vehicle      inventory                                                                     |   |         | 22.8    |   |            |   | 7.9    |   |   |   | 30.7 |   |
| Net      derivative fair      value                                                        |   |         | (38.7   | )      |            |   | 3.3    |   |   |   | (35.4 | ) |
| Secured      borrowings                                                                    |   |         | 1,989.6 |   |            |   | 631.9  |   |   |   | 2,621.5 |   |

|   |    |                                                                                                                                                                                                                                                             |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | Defines      fair value as the price that would be received to sell an asset or paid to      transfer a liability in an orderly transaction between market participants      at the measurement date, and establishes a framework for measuring fair      value; |
|   |    |                                                                                                                                                                                                                                                             |
|   | • | Establishes      a three-level hierarchy of fair value measurements based upon the      observability of inputs used to value assets and liabilities as of the      measurement date;                                                                            |
|   |    |                                                                                                                                                                                                                                                             |
|   | • | Requires      consideration of  nonperformance risk ; and                                                                                                                                                                                              |
|   |    |                                                                                                                                                                                                                                                             |
|   | • | Expands      disclosures about instruments measured at fair value.                                                                                                                                                                                     |

----

INDEX

|   |    |                                                                                                                                                                                                                                                                          |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | Level 1 —      based upon quoted prices for identical instruments      in active markets;                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                          |
|   | • | Level 2 —      based upon quoted prices for similar instruments in      active markets; quoted prices for identical or similar instruments in      markets that are not active; or model-derived valuations whose significant      inputs are observable: and |
|   |    |                                                                                                                                                                                                                                                                          |
|   | • | Level 3 —      based upon one or more significant unobservable  input                                                                                                                                                                                         |

|                                                                                                                                                                                                                                                                                                                                     |   |         |   |   |         |   |   |         |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|--------------|--------|--------|--------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                     |   | Level      1 |   |   | Level      2 |   |   | Level      3 |   |   | Total  |   |
| Assets:                                                                                                                                                                                                                                                                                                                                  |   |         |   |   |         |   |   |         |   |   |   |   |
| Derivative      financial instruments                                                                                                                                                                                                                                                                                                    |   | $            | -      |   |         | $      | 2.1    |         |   | $      | 47.3   |   |   | $ | 49.4 |   |
| Amounts      due from sales of receivables                                                                                                                                                                                                                                                                                               |   |         | -      |   |         |   | -      |         |   |   | 239.2  |   |   |   | 239.2 |   |
| Assets      total                                                         |   | $            | -      |   |         | $      | 2.1    |         |   | $      | 286.5  |   |   | $ | 288.6 |   |
| Liabilities:                                                                                                                                                                                                                                                                                                                             |   |         |   |   |         |   |   |         |   |   |   |   |   |   |   |   |
| Derivative      financial instruments                                                                                                                                                                                                                                                                                                    |   |         | -      |   |         |   | 49.4   |         |   |   | 46.0   |   |   |   | 95.4 |   |
| Liabilities      total                                                    |   | $            | -      |   |         | $      | 49.4   |         |   | $      | 46.0   |   |   | $ | 95.4 |   |

----

INDEX

| Three      Months ended April 30, 2009                                                                                                                                                                                                                                                                                                         |   | NetDerivatives |   |   | Retained      Interests |   |   | Total  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|-------------------------|--------|--------|--------|--------|
| Beginning      balance                                                     |   | $              | 2.0    |   |                    | $      | 198.8  |   |   | $ | 200.8 |   |
| Unrealized      losses included in earnings                                                                                                                                                                                                                                                                                                    |   |           | (0.7   | )      |                    |   | (0.1   | )      |   |   | (0.8 | ) |
| Purchases,      issuances and settlements                                                                                                                                                                                                                                                                                                      |   |           | -      |   |                    |   | 40.5   |   |   |   | 40.5 |   |
| Ending      balance                                                                       |   | $              | 1.3    |   |                    | $      | 239.2  |   |   | $ | 240.5 |   |

| Six      Months ended April 30, 2009                                                                                                                                                                                                                                                                                                           |   | NetDerivatives |   |   | Retained      Interests |   |   | Total  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|-------------------------|--------|--------|--------|--------|
| Beginning      balance                                                     |   | $              | -      |   |                    | $      | 229.6  |   |   | $ | 229.6 |   |
| Unrealized      gains  included in earnings                                                                                                                                                                                                                                                                                          |   |           | 1.3    |   |                    |   | 5.0    |   |   |   | 6.3 |   |
| Purchases,      issuances and settlements                                                                                                                                                                                                                                                                                                      |   |           | -      |   |                    |   | 4.6    |   |   |   | 4.6 |   |
| Ending      balance                                                                       |   | $              | 1.3    |   |                    | $      | 239.2  |   |   | $ | 240.5 |   |

----

INDEX

Item 2.

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Three      Months Ended April      30, |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2009                                        |   |   | 2008   |   |   | Change |   |   | %      Change |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                        |   |   |   |   |   |   |   |   |   |   |
| Financing      revenue                                                                                           |   | $                                           | 53.5   |   |   | $      | 69.8 |   |   | $ | (16.3 | ) |   |   | (23.4 | ) |
| Securitization      income                                                                                       |   |                                        | 11.4   |   |   |   | 8.1 |   |   |   | 3.3 |   |   |   | 40.7 |   |
| Operating      leases and other      revenue                                                                     |   |                                        | 6.8    |   |   |   | 12.7 |   |   |   | (5.9 | ) |   |   | (46.5 | ) |
| Total      revenues                                                                                              |   |                                        | 71.7   |   |   |   | 90.6 |   |   |   | (18.9 | ) |   |   | (20.9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of      borrowing                                                                                      |   |                                        | 18.7   |   |   |   | 49.9 |   |   |   | (31.2 | ) |   |   | (62.5 | ) |
| Credit,      collections and      administrative                                                                 |   |                                        | 15.0   |   |   |   | 18.0 |   |   |   | (3.0 | ) |   |   | (16.7 | ) |
| Provision      for credit      losses                                                                            |   |                                        | 8.4    |   |   |   | 6.0 |   |   |   | 2.4 |   |   |   | 40.0 |   |
| Depreciation      on operating      leases                                                                       |   |                                        | 4.1    |   |   |   | 4.0 |   |   |   | 0.1 |   |   |   | 2.5 |   |
| Derivative      expense      (income)                                                                            |   |                                        | 9.2    |   |   |   | (1.7 | ) |   |   | 10.9 |   |   | N.M. |   |
| Other      expenses                                                                                              |   |                                        | 0.4    |   |   |   | 2.3 |   |   |   | (1.9 | ) |   |   | (82.6 | ) |
| Total      expenses                                                                                              |   |                                        | 55.8   |   |   |   | 78.5 |   |   |   | (22.7 | ) |   |   | (28.9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before      taxes                                                                                    |   |                                        | 15.9   |   |   |   | 12.1 |   |   |   | 3.8 |   |   |   | 31.4 |   |
| Income      tax      expense                                                                                     |   |                                        | 6.1    |   |   |   | 4.8 |   |   |   | 1.3 |   |   |   | 27.1 |   |
| Net      income                                                                                                  |   | $                                           | 9.8    |   |   | $      | 7.3 |   |   | $ | 2.5 |   |   |   | 34.2 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Six      Months Ended April      30, |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2009                                      |   |   | 2008   |   |   | Change |   |   | %      Change |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                      |   |   |   |   |   |   |   |   |   |   |
| Financing      revenue                                                                                           |   | $                                         | 111.1  |   |   | $      | 143.0 |   |   | $ | (31.9 | ) |   |   | (22.3 | ) |
| Securitization      income                                                                                       |   |                                      | 21.5   |   |   |   | 18.0 |   |   |   | 3.5 |   |   |   | 19.4 |   |
| Operating      leases and other      revenue                                                                     |   |                                      | 14.8   |   |   |   | 26.6 |   |   |   | (11.8 | ) |   |   | (44.4 | ) |
| Total      revenues                                                                                              |   |                                      | 147.4  |   |   |   | 187.6 |   |   |   | (40.2 | ) |   |   | (21.4 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of      borrowing                                                                                      |   |                                      | 48.9   |   |   |   | 114.5 |   |   |   | (65.6 | ) |   |   | (57.3 | ) |
| Credit,      collections and      administrative                                                                 |   |                                      | 30.4   |   |   |   | 30.2 |   |   |   | 0.2 |   |   |   | 0.7 |   |
| Provision      for credit      losses                                                                            |   |                                      | 12.4   |   |   |   | 10.6 |   |   |   | 1.8 |   |   |   | 17.0 |   |
| Depreciation      on operating      leases                                                                       |   |                                      | 8.0    |   |   |   | 8.5 |   |   |   | (0.5 | ) |   |   | (5.9 | ) |
| Derivative      expense                                                                                          |   |                                      | 31.6   |   |   |   | 38.5 |   |   |   | (6.9 | ) |   |   | (17.9 | ) |
| Other      expenses                                                                                              |   |                                      | 2.7    |   |   |   | 2.9 |   |   |   | (0.2 | ) |   |   | (6.9 | ) |
| Total      expenses                                                                                              |   |                                      | 134.0  |   |   |   | 205.2 |   |   |   | (71.2 | ) |   |   | (34.7 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) before      taxes                                                                             |   |                                      | 13.4   |   |   |   | (17.6 | ) |   |   | 31.0 |   |   | N.M. |   |
| Income      tax expense      (benefit)                                                                           |   |                                      | 5.5    |   |   |   | (5.8 | ) |   |   | 11.3 |   |   | N.M. |   |
| Net      income      (loss)                                                                                      |   | $                                         | 7.9    |   |   | $      | (11.8 | ) |   | $ | 19.7 |   |   | N.M. |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Three      Months Ended April      30, |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2009                                        |   |   | 2008   |   |   | Change |   |   | %      Change |   |
| Retail      notes and finance      leases                                                                 |   | $                                           | 46.1   |   |   | $      | 57.4 |   |   | $ | (11.3 | ) |   |   | (19.7 | ) |
| Wholesale      notes                                                                                      |   |                                        | 2.3    |   |   |   | 4.4 |   |   |   | (2.1 | ) |   |   | (47.7 | ) |
| Retail      and wholesale      accounts                                                                   |   |                                        | 5.1    |   |   |   | 8.0 |   |   |   | (2.9 | ) |   |   | (36.3 | ) |
| Total      financing      revenue                                                                         |   | $                                           | 53.5   |   |   | $      | 69.8 |   |   | $ | (16.3 | ) |   |   | (23.4 | ) |

|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Six      Months Ended April      30, |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2009                                      |   |   | 2008   |   |   | Change |   |   | %      Change |   |
| Retail      notes and finance      leases                                                                 |   | $                                         | 93.2   |   |   | $      | 118.7 |   |   | $ | (25.5 | ) |   |   | (21.5 | ) |
| Wholesale      notes                                                                                      |   |                                      | 7.5    |   |   |   | 8.9 |   |   |   | (1.4 | ) |   |   | (15.7 | ) |
| Retail      and wholesale      accounts                                                                   |   |                                      | 10.4   |   |   |   | 15.4 |   |   |   | (5.0 | ) |   |   | (32.5 | ) |
| Total      financing      revenue                                                                         |   | $                                         | 111.1  |   |   | $      | 143.0 |   |   | $ | (31.9 | ) |   |   | (22.3 | ) |

----

INDEX

----

INDEX

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | As      of         |    |   |                 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | April      30,2009 |    |   | October      31,2008 |   |   | Change |   |   | %      Change |   |
| Cash      and cash      equivalents                                                                            |   | $                  | 19.6    |   |                 | $      | 34.4 |   |   | $ | (14.8 | ) |   |   | (43.0 | ) |
| Finance      receivables,      net                                                                             |   |               | 2,823.3 |   |                 |   | 3,090.2 |   |   |   | (266.9 | ) |   |   | (8.6 | ) |
| Amounts      due from sales of receivables                                                                                                                                                                                                                                                                                                                                                                                                     |   |               | 239.2   |   |                 |   | 229.6 |   |   |   | 9.6 |   |   |   | 4.2 |   |
| Net      accounts due from      affiliates                                                                     |   |               | -       |   |                 |   | 17.5 |   |   |   | (17.5 | ) |   | N.M. |   |
| Net      investment in operating      leases                                                                   |   |               | 72.0    |   |                 |   | 72.9 |   |   |   | (0.9 | ) |   |   | (1.2 | ) |
| Vehicle      inventory                                                                                         |   |               | 25.3    |   |                 |   | 42.0 |   |   |   | (16.7 | ) |   |   | (39.8 | ) |
| Restricted      cash and cash      equivalents                                                                 |   |               | 619.5   |   |                 |   | 515.4 |   |   |   | 104.1 |   |   |   | 20.2 |   |
| Other      assets                                                                                              |   |               | 123.6   |   |                 |   | 123.0 |   |   |   | 0.6 |   |   |   | 0.5 |   |
| Total      assets                                                                                              |   | $                  | 3,922.5 |   |                 | $      | 4,125.0 |   |   | $ | (202.5 | ) |   |   | (4.9 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Net      accounts due to      affiliates                                                                       |   | $                  | 12.6    |   |                 | $      | - |   |   | $ | 12.6 |   |   | N.M. |   |
| Senior      and secured      borrowings                                                                        |   |               | 3,431.4 |   |                 |   | 3,679.1 |   |   |   | (247.7 | ) |   |   | (6.7 | ) |
| Other      liabilities                                                                                         |   |               | 177.7   |   |                 |   | 173.3 |   |   |   | 4.4 |   |   |   | 2.5 |   |
| Total      liabilities                                                                                         |   |               | 3,621.7 |   |                 |   | 3,852.4 |   |   |   | (230.7 | ) |   |   | (6.0 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Total      shareowner’s      equity                                                                      |   |               | 300.8   |   |                 |   | 272.6 |   |   |   | 28.2 |   |   |   | 10.3 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |    |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Total      liabilities and shareowner’s equity                                                                                                                                                                                                                                                                                                                                                                                           |   | $                  | 3,922.5 |   |                 | $      | 4,125.0 |   |   | $ | (202.5 | ) |   |   | (4.9 | ) |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | As      of         |   |   |                 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | April      30,2009 |   |   | October      31,2008 |   |   | Change |   |
| Delinquencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |               |   |   |                 |   |   |   |   |
| Retail      notes & finance leases greater than 60 days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               | 1.0    | %      |                 |   | 0.9 | % |   |   | 0.1 |   |
|          Wholesale notes greater than 60      days                                                                                        |   |               | 0.5    | %      |                 |   | 0.4 | % |   |   | 0.1 |   |
|          Wholesale accounts greater than 60      days                                                                                     |   |               | 2.5    | %      |                 |   | 2.0 | % |   |   | 0.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |               |   |   |                 |   |   |   |   |   |   |   |
| Allowance      to finance receivable coverage      ratio                                                                                  |   |               | 1.2    | %      |                 |   | 1.0 | % |   |   | 0.2 |   |

|                                                                                         |   | 2009   |   |   | 2008   |   |   | Change |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Charge-offs                                                                                  |   |   |   |   |   |   |   |   |   |
| Retail      notes & finance leases charge-offs – three months                      |   | $      | 7.8    |   |   | $      | 7.3    |   |   | $ | 0.5 |   |
| Retail      notes & finance leases charge-offs – six months                        |   |   | 10.5   |   |   |   | 11.2   |   |   |   | (0.7 | ) |
|                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Retail      notes & finance leases charge-offs to liquidations – three      months |   |   | 2.8    | %      |   |   | 1.7    | %      |   |   | 1.1 |   |
| Retail      notes & finance leases charge-offs to liquidations – six      months   |   |   | 2.2    | %      |   |   | 1.4    | %      |   |   | 0.8 |   |

----

INDEX

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | April      30,2009 |   |   | October      31,2008 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------------|--------|
| Revolver      bank      loan                                                                                                  |   | $                  | 800.0  |   |                 | $      | 800.0 |   |
| NFC      revolving loan      utilized                                                                                         |   |               | (519.0 | )      |                 |   | (454.0 | ) |
| Mexican      sub-revolver loan      utilized                                                                                  |   |               | (55.0  | )      |                 |   | (100.0 | ) |
| Total      availability                                                                                                                                |   | $                  | 226.0  |   |                 | $      | 246.0 |   |

----

INDEX

|                                                                                                                                                                                                                                                                                                                                                                                                 |  Fitch | Standardand      Poor’s |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------------------------|
| Senior      unsecured debt                                                                                                                                                                                                                                                                                                                                                                           | BB-         | BB-                           |
|                                                                                                                                                                                                                                                                                                                                                                                                 |        |                          |
| Outlook      as of February 2008                                                                                                                                                                                                                                                                                                                                                                     | Negative    | Negative                      |
|                                                                                                                                                                                                                                                                                                                                                                                                 |        |                          |
| In      July 2006, Moody’s withdrew its credit rating for both NIC and      NFC.  In January 2006, Standard and Poor’s changed its outlook      to Negative from Stable. During February and May 2008, Standard and Poor’s      and Fitch, respectively, removed both NIC and NFC from the credit watch      with negative implications while outlook remains  Negative. |

----

INDEX

Item 3. 

Item 4.

| ·   | Management      is committed to achieving and maintaining a strong control environment,      high ethical standards and financial reporting integrity. This commitment      will continue to be communicated to and reinforced with our      employees. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Management      will continue to foster awareness and understanding of standards and      principles for accounting and financial reporting. This includes the      implementation and clarification of specific accounting policies and      procedures and effective execution of our accounting training      program. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

INDEX

| ·   | Management      will continue to monitor adherence to company accounting policies and      procedures through the testing of key controls directly linked to these      accounting policies to test for operating effectiveness and help ensure      critical accounting procedures are being performed    correctly. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

INDEX

PART II

Item 6. 

----

INDEX

|                    | Navistar Financial    Corporation     |
|-------------------------|---------------------------------------|
|                    |                                  | (Registrant) |
|                    |                                  |   |
| Date:      June 8, 2009 | By:  /s/        / | DAVID L. DERFELT |
|                    |                                  | David      L. Derfelt |
|                    |                                  | V.P.,      and Controller |
|                    |                             | (Principal      Accounting  Officer) |

----

INDEX

| 10  | Material      Contracts (incorporated by reference): 10.1           Note      Purchase Agreement, dated as of April 30, 2009, among the Seller,      Navistar Financial Corporation, individually and as servicer, Royal Bank      of Canada, as agent for the investors, and Thunder Bay  Funding, LLC, as the conduit      investor.  Filed as Exhibit 10.1 to the Corporation’s Form 8-K      on May 6, 2009.   Commission File No.      001-04146. 10.2           Pooling      Agreement, dated as of April 30, 2009, between Navistar Financial      Retail Receivables Corporation, as seller, and Navistar Financial 2009-A      Owner Trust, as issuer.  Filed as Exhibit 10.2 to the      Corporation’s Form 8-K on May 6, 2009.   Commission File      No. 001-04146. 10.3           Indenture,      dated as of April 30, 2009, between Navistar Financial 2009-A Owner      Trust, as issuer, and The Bank of New York Mellon, as indenture      trustee.  Filed as Exhibit 10.3 to the Corporation’s Form 8-K on      May 6, 2009.   Commission File No. 001-04146. 10.4           Trust      Agreement, dated as of April 30, 2009, between Navistar Financial      Retail Receivables Corporation, as seller, and Deutsche Bank Trust Company      Delaware, as owner trustee.  Filed as Exhibit 10.4 to the      Corporation’s Form 8-K on May 6, 2009.   Commission File      No. 001-04146. 10.5           Purchase      Agreement, dated as of April 30, 2009, between Navistar Financial      Retail Receivables Corporation and Navistar Financial      Corporation.  Filed as Exhibit 10.5 to the Corporation’s Form      8-K on May 6, 2009.   Commission File No.      001-04146. 10.6           Servicing      Agreement, dated April 30, 2009, among Navistar Financial Retail      Receivables Corporation, The Bank of New York Mellon, as indenture      trustee, Navistar Financial 2009-A Owner Trust, as issuer, and Navistar      Financial Corporation, as servicer.  Filed as Exhibit 10.6 to      the Corporation’s Form 8-K on May 6, 2009.   Commission      File No. 001-04146. 10.7           Amendment      No. 1 to Receivables Sale Agreement, dated as of April 30, 2009, between      Navistar Financial Corporation and Truck Retail Accounts Corporation, as      consented to by JPMorgan Chase Bank, N.A., as agent.  Filed as      Exhibit 10.7 to the Corporation’s Form 8-K on May 6,      2009.   Commission File No. 001-04146. |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  31 |  Rule      13a-14(a) and 15d-14(a) Certifications: 31.1 Certification      of Principal Executive Officer 31.2 Certification      of Principal Financial  Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 32       | Section      1350 Certification: CEO and CFO Certification Pursuant to of Chapter 1350      of Chapter 63 of Title 18 of the United States Code                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----