-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EYristqELJvrb+fxtvZRxg+K6E58U/D4XTr8iFjl9DLFwrMyQCzs1tJiv/VV8TTL F87PL/f6rUuiYLBNJnmApA== /in/edgar/work/20000811/0000912057-00-036593/0000912057-00-036593.txt : 20000921 0000912057-00-036593.hdr.sgml : 20000921 ACCESSION NUMBER: 0000912057-00-036593 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACCAR FINANCIAL CORP CENTRAL INDEX KEY: 0000731288 STANDARD INDUSTRIAL CLASSIFICATION: [6153 ] IRS NUMBER: 916029712 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11677 FILM NUMBER: 694001 BUSINESS ADDRESS: STREET 1: 777 106TH AVE N E STREET 2: PO BOX 1518 CITY: BELLEVUE STATE: WA ZIP: 98004 BUSINESS PHONE: 4254557400 MAIL ADDRESS: STREET 1: PO BOX 1518 STREET 2: 777 106TH AVE NE CITY: BELLEVUE STATE: WA ZIP: 98004 10-Q 1 a10-q.txt 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For quarterly period ended June 30, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from _______________ to _______________ Commission File No. 0-12553 PACCAR FINANCIAL CORP. - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Washington 91-6029712 ---------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 777 - 106th Avenue N.E., Bellevue, Washington 98004 - --------------------------------------------- --------- Address of Principal Executive Offices) (Zipcode) Registrant's telephone number, including area code: (425) 468-7100 - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 145,000 shares at July 31, 2000. THE REGISTRANT IS A WHOLLY-OWNED SUBSIDIARY OF PACCAR FINANCIAL SERVICES CORPORATION AND MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS (H)(1)(a) AND (b) OF FORM 10-Q AND IS, THEREFORE, FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT. Item 1 FINANCIAL STATEMENTS PACCAR Financial Corp. BALANCE SHEETS (Thousands of Dollars)

*The December 31, 1999 Balance Sheet has been restated to reflect the business combination described in Note B. See accompanying notes. -2- PACCAR Financial Corp. STATEMENTS OF INCOME AND RETAINED EARNINGS (Thousands of Dollars)

Earnings per share and dividends per share are not reported because the Company is a wholly owned subsidiary of PACCAR Financial Services Corporation. *The three months ended June 30, 1999 and six months ended June 30, 1999 Income Statements have been restated to reflect the business combination described in Note B. See accompanying notes. -3- PACCAR Financial Corp. STATEMENTS OF CASH FLOWS (Thousands of Dollars)

*The six months ended June 30, 1999 Statements of Cashflows has been restated to reflect the business combination described in Note B. See accompanying notes. -4- PACCAR Financial Corp. NOTES TO FINANCIAL STATEMENTS NOTE A--BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, in the opinion of management, all adjustments considered necessary for a fair presentation have been included. NOTE B--BUSINESS COMBINATIONS PACCAR Inc ("PACCAR") reorganized its U.S. finance and leasing operations to improve operating efficiency and to minimize funding costs. Effective May 1, 2000, PACCAR transferred the stock of the Company to PACCAR Financial Services Corporation ("PFSC"), a wholly owned subsidiary of PACCAR. PFSC was formed in January 2000 to support the expanding financial services activities of PACCAR. The transfer had no impact on the Support Agreement between PACCAR and the Company. In addition, effective May 1, 2000, PACCAR Leasing Corporation ("PLC"), another wholly owned subsidiary of PACCAR, was merged into the Company. The merger was accounted for as a combination of entities under common control and treated for accounting purposes in a manner similar to a "pooling of interests". Since both subsidiaries are wholly owned by PACCAR, no consideration was exchanged to effect the merger. The principal operations of PLC consist of franchising PACCAR dealerships to engage in full-service and finance leasing as members of the PACLease system. PLC provides lease financing and various services to franchisees on a fee basis. PLC also engages in full-service leasing directly with its customers through Company owned stores. At December 31, 1999, PLC had total assets of $406.8 million and has been profitable for each of the last five years. The accompanying financial statements, supporting schedules, and other information as of and for the three and six month periods ended June 30, 2000, are presented as if the Company and PLC were combined for the entire period, and the financial statements of prior periods presented have been restated to reflect the combination for all periods presented. Summarized results of operations of the separate companies for the period from January 1, 2000 through May 1, 2000, the date of the merger, are as follows:

-5- Following is a reconciliation of total finance revenue and net income as previously reported for 1999 to the restated amounts:

NOTE C--TRANSACTIONS WITH PACCAR INC AND AFFILIATES The Company and PACCAR are parties to a Support Agreement which obligates PACCAR to provide, when required, financial assistance to the Company to assure that the Company maintains a ratio of net earnings available for fixed charges to fixed charges (as defined) of at least 1.25 to 1 for any fiscal year. The support agreement also requires PACCAR to own, directly or indirectly, all outstanding voting stock of the Company. The required ratio for the six months ended June 30, 2000 and 1999, was met without assistance. PACCAR has charged the Company for certain administrative services it provides. Beginning in 2000, PFSC began charging the Company for certain administrative services it provides and certain services the Company receives indirectly from PACCAR. These costs are charged to the Company based upon the Company's specific use of the services at PACCAR's and PFSC's cost. Management considers these charges reasonable and not significantly different from the costs that would be incurred if the Company were on a stand-alone basis. In lieu of current year payment, PACCAR and PFSC have recognized certain of these administrative services as an additional investment in the Company. The Company records the investment as paid-in capital. The Company may pay a dividend for the paid-in capital invested in the prior year. No cash dividends were paid to PACCAR or PFSC in the first quarter of 2000, and cash dividends of $3,217 were paid to PACCAR in the first quarter of 1999. No cash dividends were paid to PACCAR or PFSC in the second quarter of 2000 or 1999. Periodically, the Company borrows funds from PACCAR and makes loans to PACCAR. Loans outstanding from PACCAR amounted to $23,287 at June 30, 2000 and $9,799 at December 31, 1999. Loans outstanding to PACCAR were $5,921 at June 30, 2000. There were no loans outstanding to PACCAR at December 31, 1999. The Company periodically loans funds to certain foreign finance and leasing affiliates of PACCAR. These various affiliates have Support Agreements with PACCAR similar to the Company's Support Agreement. The foreign affiliates operate in the United Kingdom, Canada and Australia, and any resulting currency exposure is fully hedged. The foreign finance affiliates provide financing and leasing of trucks and related equipment manufactured primarily by PACCAR and sold through PACCAR's independent dealer networks in the United Kingdom, Canada and Australia. The Company will not make loans to the foreign affiliates in excess of the equivalent of $50 million United States dollars, unless the amount in excess of such limits is guaranteed by PACCAR. The Company periodically reviews the funding alternatives for these affiliates, and these limits may be revised in the future. There was a total of $31 million and $24 million in loans outstanding to a foreign affiliate operating in the United Kingdom at June 30, 2000 and December 31, 1999, respectively, and no loans outstanding to other foreign affiliates for either period. -6- NOTE D--PREFERRED STOCK The Company's Articles of Incorporation provide that the 6% noncumulative, nonvoting preferred stock (100% owned by PFSC) is redeemable only at the option of the Company's Board of Directors. Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Net income for the first half of 2000 increased to $18.1 million from $17.8 million for the first half of 1999. The finance margin improved 16% to $65.1 million for the first half of 2000, from $56.0 million for first half of 1999, primarily due to growth in receivable balances. Average receivables of $3.8 billion for the six months ended June 30, 2000 were 23% higher than the same period last year, reflecting record volume. New lending volume increased 11% to $1 billion for year to date 2000 from $.9 billion for the same period last year. The average margin rate on receivables has continued to decline to 3.18% for the first half of 2000 from 3.28% for the same period in 1999 due primarily to higher leverage. Selling, general and administrative expenses of $22.4 million for the first half of 2000 were 4% higher than the first half of 1999 due to higher staffing and systems costs, partially offset by Year 2000 related costs incurred in 1999. The provision for losses was $14.4 million for the first half of 2000, an increase of 127%, compared to $6.3 million for the first half of 1999 primarily due to high credit losses. Credit losses increased to $10.3 million in the first half of 2000 compared to $2.3 million in the first half of 1999. In the second quarter of 2000, the provision for losses was $7.7 million compared to $6.7 million in the first quarter of 2000. Credit losses for the second quarter of 2000 increased $4.1 million to $7.2 million compared to the first quarter of 2000. Although the rate of portfolio growth in the second quarter was comparable to the first quarter, the increase in the allowance for losses was $3.1 million lower based on management's assessment of the adequacy of the allowance for losses. Higher fuel costs continued to impact operating margins for many truck operators, contributing to a higher level of repossessions. Declines in used truck prices further increased the amount and overall level of credit losses. Management expects these trends to continue, until fuel prices decline or operators successfully pass those costs on to their customers. The level of the allowance for losses reflects the risks inherent in the financing of commercial highway transportation equipment. -7- LIQUIDITY AND CAPITAL RESOURCES During the first half of 2000, the Company funded its portfolio growth primarily through the issuance of medium-term notes and commercial paper as well as short-term bank notes and term debt. Medium-term notes, net of repayments, increased $517 million from December 31, 1999. In March 2000 the Company completed a shelf registration under the Securities Act of 1933 to issue up to $2.5 billion of senior debt securities for issuance to the public. At the end of June 2000, $575 million of such securities had been issued. The Company also completed a $1.5 billion bank syndicated credit facility at the beginning of the third quarter of 2000 to provide liquidity to its commercial paper program. In order to minimize exposure to fluctuations in interest rates, the Company seeks to borrow funds or enter into interest rate contracts with interest rate characteristics similar to the characteristics of its receivables and leases. Other considerations affecting the Company's funding operations include the amount of fixed and variable rate receivables, the maturity schedule of existing debt, the availability of desired debt maturities and the level of interest rates. As of June 30, 2000, the Company and PACCAR maintained total unused bank lines of credit of $1,095 million, which are largely used to support the Company's commercial paper borrowings. Of this, $1,040 million are shared with PACCAR and $55 million pertain to the Company alone. Other information on liquidity and sources of capital as presented in the Company's 1999 Annual Report on Form 10-K continues to be relevant.(1) Item 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There have been no material changes in the Company's market risk during the six months ended June 30, 2000. For additional information, refer to Item 7a of the Company's December 31, 1999 Report 10-K.(1) PART II--OTHER INFORMATION Item 6 EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits filed as part of this report are listed in the accompanying Exhibit Index. (b) There were no reports on Form 8-K for the quarter ended June 30, 2000. - ------------------------ (1) This information excludes the effects, if any, of the business combination described in Note B. -8- PACCAR Financial Corp. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PACCAR Financial Corp. (Registrant) Date: August 11, 2000 BY: /s/ Andrew J. Wold -------------------------------- Andrew J. Wold President (Authorized Officer) BY: /s/ Steven E. Giese --------------------------------- Steven E. Giese Controller (Chief Accounting Officer) -9- PACCAR Financial Corp. EXHIBIT INDEX 2 Plan of Merger of PACCAR Leasing Corporation, a Delaware Corporation, and PACCAR Financial Corp., A Washington Corporation effective May 1, 2000. 3.1 Restated Articles of Incorporation of the Company, as amended (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K dated March 26, 1985. Amendment incorporated by reference to Exhibit 19.1 to the Company's Quarterly Report on Form 10-Q dated August 13, 1985, File Number 0-12553). 3.2 By-Laws of the Company, as amended (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10 dated October 20, 1983, File Number 0-12553). 4.1 Indenture for Senior Debt Securities dated as of December 1, 1983 and first Supplemental Indenture dated as of June 19, 1989 between the Company and Citibank, N.A. (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 10-K dated March 26, 1984, File Number 0-12553 and Exhibit 4.2 to the Company's Registration Statement on Form S-3 dated June 23, 1989, Registration Number 33-29434). 4.3 Forms of Medium-Term Note, Series H (incorporated by reference to Exhibits 4.3A and 4.3B to the Company's Registration Statement on Form S-3 dated March 11, 1996, Registration Number 333-01623). Form of Letter of Representation among the Company, Citibank, N.A. and the Depository Trust Company, Series H (incorporated by reference to Exhibit 4.4 to the Company's Registration Statement on Form S-3 dated March 11, 1996, Registration Number 333-01623). 4.4 Forms of Medium-Term Note, Series I (incorporated by reference to Exhibits 4.2A and 4.2B to the Company's Registration Statement on Form S-3 dated September 10, 1998, Registration Number 333-63153). Form of Letter of Representation among the Company, Citibank, N.A. and the Depository Trust Company, Series I (incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-3 dated September 10, 1998, Registration Number 333-63153). 4.5 Forms of Medium-Term Note, Series J (incorporated by reference to Exhibits 4.2A and 4.2B to the Company's Registration Statement on Form S-3 dated March 2, 2000, Registration Number 333-31502). Form of Letter of Representation among the Company, Citibank, N.A. and the Depository Trust Company, Series J (incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-3 dated March 2, 2000, Registration Number 333-31502). 10.1 Support Agreement between the Company and PACCAR dated as of June 19, 1989 (incorporated by reference to Exhibit 28.1 to the Company's Registration Statement on Form S-3 dated June 23, 1989, Registration Number 33-29434). 12.1 Statement re computation of ratio of earnings to fixed charges of the Company pursuant to SEC reporting requirements for the six-month periods ended June 30, 2000 and 1999. 12.2 Statement re computation of ratio of earnings to fixed charges of the Company pursuant to the Support Agreement with PACCAR for the six-month periods ended June 30, 2000 and 1999. -10- 12.3 Statement re computation of ratio of earnings to fixed charges of PACCAR and subsidiaries pursuant to SEC reporting requirements for the six-month periods ended June 30, 2000 and 1999. 27.1 Financial Data Schedule for Article 5 of Regulation S-X, Item 601(c) for the six-month period ended June 30, 2000. The following schedules are submitted to reflect restatement of reported amounts in previously submitted Financial Data Schedules as a result of the May 1, 2000 merger which was accounted for as a combination of entities under common control and treated for accounting purposes in a manner similar to a "pooling of interests". 27.2 For the three months ended March 31, 2000 - restated 27.3 For the twelve months ended December 31, 1999 - restated 27.4 For the nine months ended September 30, 1999 - restated 27.5 For the six months ended June 30, 1999 - restated 27.6 For the three months ended March 31, 1999 - restated 27.7 For the twelve months ended December 31, 1998 - restated 27.8 For the nine months ended September 30, 1998 - restated 27.9 For the six months ended June 30, 1998 - restated 27.10 For the three months ended March 31, 1998 - restated 27.11 For the twelve months ended December 31, 1997 - restated Other exhibits listed in Item 601 of Regulation S-K are not applicable. -11- EX-2 2 ex-2.txt EXHIBIT 2 EXHIBIT 2 PLAN OF MERGER OF PACCAR LEASING CORPORATION, A DELAWARE CORPORATION, AND PACCAR FINANCIAL CORP., A WASHINGTON CORPORATION This Plan of Merger shall be effective as of May 1, 2000, by the Boards of Directors of PACCAR Leasing Corporation, a Delaware corporation ("PLC"), and PACCAR Financial Corp., a Washington corporation ("PFC"), for the purpose of merging PLC with and into PFC. 1. MERGER. PLC and PFC are both wholly-owned subsidiaries of PACCAR Inc, a Delaware corporation. PLC will be merged with and into PFC, and PFC will be the surviving corporation. 2. MANNER AND BASIS OF CONVERTING SHARES AND TERMS AND CONDITIONS OF MERGER. As of the effective date of the merger, which is the date of which the Articles of Merger are filed with the Washington Secretary of State, (a) all of the outstanding shares of common stock of PLC shall be canceled; (b) the separate corporate existence of PLC shall cease; (c) all right, title, and interest of PLC in any real or personal property, both tangible and intangible, shall be vested with PFC without reversion or impairment; and (d) PFC shall have all liabilities of PLC. 3. TAX FREE MERGER. For federal income tax purposes, the merger shall be accounted for as a tax free merger pursuant to Sections 368(a)(1)(A) of the Internal Revenue Code of 1986, as amended, and the applicable regulations issued under such Code. Dated ___________________, 2000. PACCAR Leasing Corporation, a Delaware corporation By: /s/ Mark C Pigott ------------------------------- M. C. Pigott, Chairman PACCAR Financial Corp., a Washington corporation By: /s/ Mark C Pigott ------------------------------- M. C. Pigott, Chairman EX-12.1 3 ex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 PACCAR Financial Corp. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES PURSUANT TO SEC REPORTING REQUIREMENTS (Thousands of Dollars)

The method of computing the ratio of earnings to fixed charges shown above complies with SEC reporting requirements but differs from the method called for in the Support Agreement between the Company and PACCAR. See Exhibit 12.2. -12- EX-12.2 4 ex-12_2.txt EXHIBIT 12.2 EXHIBIT 12.2 PACCAR Financial Corp. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES PURSUANT TO THE SUPPORT AGREEMENT BETWEEN THE COMPANY AND PACCAR (Thousands of Dollars)

-13- EX-12.3 5 ex-12_3.txt EXHIBIT 12.3 EXHIBIT 12.3 PACCAR AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of Dollars)

(1) Exclusive of interest, if any, paid to PACCAR. -14- EX-27.1 6 ex-27_1.txt EXHIBIT 27.1
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999 AND FROM THE BALANCE SHEETS AT JUNE 30, 2000 AND DECEMBER 31, 1999 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-2000 JUN-30-2000 7,588 0 4,128,742 64,792 0 0 66,085 17,100 4,182,703 0 1,730,000 0 31,000 14,500 455,294 4,182,703 0 174,005 0 107,647 0 14,413 0 29,576 11,472 18,104 0 0 0 18,104 0 0

EX-27.2 7 ex-27_2.txt EXHIBIT 27.2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 AND FROM THE BALANCE SHEETS AT MARCH 31, 2000 AND DECEMBER 31, 1999 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-2000 MAR-31-2000 10,406 0 3,900,294 64,318 0 0 55,272 14,819 3,950,168 0 1,278,000 0 31,000 14,500 442,064 3,950,168 0 82,966 0 50,261 0 6,705 0 14,772 5,717 9,055 0 0 0 9,055 0 0

EX-27.3 8 ex-27_3.txt EXHIBIT 27.3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1999 AND 1998 AND FROM THE BALANCE SHEETS AT DECEMBER 31, 1999 AND DECEMBER 31, 1998 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 YEAR DEC-31-1999 DEC-31-1999 6,471 0 3,689,394 60,707 0 0 56,244 14,120 3,732,313 0 1,198,000 0 31,000 14,500 426,774 3,732,313 0 297,279 0 177,457 0 16,042 0 61,548 23,759 37,789 0 0 0 37,789 0 0

EX-27.4 9 ex-27_4.txt EXHIBIT 27.4
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998 AND FROM THE BALANCE SHEETS AT SEPTEMBER 30, 1999 AND DECEMBER 31, 1998 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1999 SEP-30-1999 4,487 0 3,483,601 58,263 0 0 58,250 18,334 3,512,618 0 1,298,000 0 31,000 14,500 416,159 3,512,618 0 214,814 0 127,503 0 10,901 0 45,454 17,665 27,789 0 0 0 27,789 0 0

EX-27.5 10 ex-27_5.txt EXHIBIT 27.5
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998 AND FROM THE BALANCE SHEETS AT JUNE 30, 1999 AND DECEMBER 31, 1998 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1999 JUN-30-1999 5,865 0 3,316,794 55,573 0 0 59,784 17,325 3,350,713 0 1,168,000 0 31,000 14,500 380,764 3,350,713 0 139,004 0 81,872 0 6,348 0 29,312 11,471 17,841 0 0 0 17,841 0 0

EX-27.6 11 ex-27_6.txt EXHIBIT 27.6
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998 AND FROM THE BALANCE SHEETS AT MARCH 31, 1999 AND DECEMBER 31, 1998 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1999 MAR-31-1999 6,419 0 3,130,719 52,946 0 0 59,053 17,280 3,167,611 0 1,058,000 0 31,000 14,500 372,234 3,167,611 0 67,853 0 39,144 0 2,722 0 14,279 5,587 8,692 0 0 0 8,692 0 0

EX-27.7 12 ex-27_7.txt EXHIBIT 27.7
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1998 AND 1997 AND FROM THE BALANCE SHEETS AT DECEMBER 31, 1998 AND DECEMBER 31, 1997 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 12-MOS DEC-31-1998 DEC-31-1998 14,832 0 2,986,919 51,536 0 0 59,169 15,645 3,027,516 0 956,000 0 31,000 14,500 364,878 3,027,516 0 262,106 0 149,564 0 12,055 0 47,326 18,679 28,647 0 0 0 28,647 0 0

EX-27.8 13 ex-27_8.txt EXHIBIT 27.8
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997 AND FROM THE BALANCE SHEETS AT SEPTEMBER 30, 1998 AND DECEMBER 31, 1997 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1998 SEP-30-1998 10,086 0 2,786,321 48,820 0 0 58,075 18,511 2,822,638 0 899,000 0 31,000 14,500 361,050 2,822,638 0 193,445 0 110,380 0 8,124 0 41,365 16,204 25,161 0 0 0 25,161 0 0

EX-27.9 14 ex-27_9.txt EXHIBIT 27.9
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997 AND FROM THE BALANCE SHEETS AT JUNE 30, 1998 AND DECEMBER 31, 1997 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1998 JUN-30-1998 11,101 0 2,672,435 47,024 0 0 58,541 19,135 2,703,628 0 840,000 0 31,000 14,500 353,827 2,703,628 0 126,673 0 72,207 0 4,998 0 27,317 10,736 16,581 0 0 0 16,581 0 0

EX-27.10 15 ex-27_10.txt EXHIBIT 27.10
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997 AND FROM THE BALANCE SHEETS AT MARCH 31, 1998 AND DECEMBER 31, 1997 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1998 MAR-31-1998 8,036 0 2,549,717 44,850 0 0 64,032 20,287 2,580,153 0 960,000 0 31,000 14,500 345,658 2,580,153 0 61,082 0 34,647 0 2,021 0 13,446 5,398 8,048 0 0 0 8,048 0 0

EX-27.11 16 ex-27_11.txt EXHIBIT 27.11
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1997 AND 1996 AND FROM THE BALANCE SHEETS AT DECEMBER 31, 1997 AND DECEMBER 31, 1996 OF PACCAR FINANCIAL CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 12-MOS DEC-31-1997 DEC-31-1997 13,536 0 2,472,943 43,651 0 0 66,793 20,818 2,509,685 0 964,000 0 31,000 14,500 335,553 2,509,685 0 241,785 0 136,154 0 6,794 0 56,982 22,383 34,599 0 0 0 34,599 0 0

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