<PAGE>
Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: September 7, 1999
Newcourt Equipment Trust Securities 1998-2
<TABLE>
<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation NO. 333-34793 No. 13-7135550
</TABLE>
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
Page 2 of 9
<PAGE>
NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: SEPTEMBER 8, 1999 PAYMENT DATE: SEPTEMBER 15, 1999
COLLECTION PERIOD: August 31, 1999
<TABLE>
<CAPTION>
ITEM 5. OTHER
<S> <C>
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $1,014,522,008
b. End of Collection Period $ 981,169,606
c. Reduction for Collection Period $ 33,352,402
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 13,701,080
b. End of Collection Period $ 12,409,407
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts with respect to 180
Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 2,500,037
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received $ 151,307
e. Liquidation Proceeds Allocated to Owner Trust $ 145,507
f. Liquidation Proceeds Allocated to Depositor $ 5,800
g. Current Realized Losses $ 2,354,530
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect to Collection 215
Period
b. Required Payoff Amounts of Prepaid Contracts $ 3,351,065
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with respect to 0
Collection Period
b. Required Payoff Amounts of Purchased Contracts $ -
</TABLE>
Page 3 of 9
<PAGE>
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 58,040 91.12% $919,061,185 92.50%
b. 31-60 days 2,989 4.69% $ 44,161,268 4.44%
c. 61-90 days 1,390 2.18% $ 15,719,894 1.58%
d. 91-120 days 600 0.94% $ 6,743,853 0.68%
e. 120+ days 677 1.06% $ 7,892,814 0.79%
f. Total 63,696 100.00% $993,579,013 100.00%
</TABLE>
7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
% OF % OF % OF % OF
AGGREGATE AGGREGATE AGGREGATE AGGREGATE
REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF
AMOUNTS AMOUNTS AMOUNTS AMOUNTS
COLLECTION
PERIODS 31-60 DAYS PAST DUE 61-90 DAYS PAST DUE 91-120 DAYS PAST DUE 120+ DAYS PAST DUE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
8/31/99 4.44% 1.58% 0.68% 0.79%
7/31/99 4.50% 1.51% 0.82% 0.71%
6/30/99 4.21% 1.83% 0.67% 0.67%
5/31/99 5.11% 1.70% 0.68% 0.58%
4/30/99 4.19% 1.28% 0.53% 0.52%
3/31/99 4.41% 1.34% 0.56% 0.54%
2/28/99 5.64% 1.79% 0.58% 0.45%
1/31/99 5.45% 1.51% 0.69% 0.01%
12/31/98 4.64% 1.30% 0.01% 0.01%
</TABLE>
8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
AUGUST-99 AUGUST-99 AUGUST-99
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 180 826 1,253 1,364
b. Number of Liquidated
Contracts as a Percentage 0.064% 0.294% 0.446% 0.486%
of Initial Contracts
c. Required Payoff Amounts of
Liquidated Contracts 2,500,037 8,178,873 15,381,612 16,772,670
d. Liquidation Proceeds Allocated
to Owner Trust 145,507 405,163 784,474 1,012,740
e. Aggregate Current Realized
Losses 2,354,530 7,773,709 14,597,138 15,759,930
f. Aggregate Current Realized
Losses as a Percentage of 0.175% 0.579% 1.087% 1.174%
Cut-off Date Contract Pool
Principal Balance
</TABLE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF
CLASS COUPON SEPTEMBER 15, 1999 SEPTEMBER 15, 1999
RATE PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
a. Class A-1 Notes 5.195000% $ 1,814,844 0.00563
b. Class A-2 Notes 5.290000% $ 85,272,196 1.00000
c. Class A-3 Notes 5.450000% $470,004,229 1.00000
d. Class A-4 Notes 5.450000% $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $ 94,056,091 0.76548
f. Class B Notes 5.660000% $ 15,442,996 1.00000
g. Class C Notes (Quarterly Paying) 6.190000% $ 51,029,031 1.00000
h. Total 7.210000% $ 74,529,242 1.00000
N.A. $993,579,013 0.73989
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS AUGUST 14, 1999 JUNE 15, 1999
PAYMENT DATE PAYMENT DATE
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Class A-1 Notes $ 33,600,782 0.10426
b. Class A-2 Notes $ 85,272,196 1.00000
c. Class A-3 Notes $ 470,004,229 1.00000
d. Class A-4 Notes $ 201,430,384 1.00000
e. Class A-5 Notes $ 96,914,228 0.78874
f. Class B Notes $ 15,442,996 1.00000
g. Class C Notes (Quarterly Paying) $ 51,029,031 1.00000
h. Total $ 74,529,242 1.00000
$1,028,223,088 0.76569
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $993,579,013 and the CCA Balance is $81,256,282.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates (End of
Prior Collection Period) $1,028,223,088
b. Contract Pool Principal Balance (End of Collection Period) $ 981,169,606
c. Monthly Principal Amount $ 47,053,482
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 34,759,868
b. Liquidation Proceeds Allocated to Owner Trust $ 145,507
c. Required Payoff Amounts of Prepaid Contracts $ 3,351,065
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note $ 94,298
Distribution.
g. Extension Fees Allocated to Owner Trust $ -
h. Total Gross Collections (sum of (a) through (g)) $ 38,350,737
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 38,350,737
b. Withdrawal from Cash Collateral Account $ 2,148,986
c. Total Available Funds $ 40,499,723
</TABLE>
Page 4 of 9
<PAGE>
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
------------------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds $40,499,723
b. Servicing Fee $ 1,056,794 $39,442,929
c. Interest on Notes:
i) Class A-1 Notes $ 145,463 $39,297,466
ii) Class A-2 Notes $ 375,908 $38,921,558
iii) Class A-3 Notes $ 2,134,603 $36,786,955
iv) Class A-4 Notes $ 914,830 $35,872,126
v) Class A-5 Notes $ 444,190 $35,427,935
vi) Class B Notes $ 72,839 $35,355,096
vii) Class C Notes $ 263,225 $35,091,871
viii) Class D Notes $ 447,797 $34,644,075
d. Principal of Notes
i) Class A-1 Notes $31,785,938 $ 2,858,136
ii) Class A-2 Notes $ - $ -
iii) Class A-3 Notes $ - $ 2,858,136
iv) Class A-4 Notes $ - $ -
v) Class A-5 Notes $ 2,858,136 $ -
vi) Class B Notes $ - $ -
vii) Class C Notes $ - $ -
viii) Class D Notes $ - $ -
e. Deposit to Cash
Collateral Account $ - $ -
f. Amount to be applied in
accordance with CCA
Loan Agreement $ - $ -
g Balance, if any, to Equity
Certificates $ - $ -
</TABLE>
Page 5 of 9
<PAGE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
SEPTEMBER 15, 1999
ITEM PAYMENT DATE
-----------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 83,405,268
b. Deposits to Cash Collateral Account -
c. Withdrawals from Cash Collateral Account 2,148,986
d. Releases of Cash Collateral Account Surplus -
(Excess, if any of (a) plus (b) minus (c) over
(f))
e. Available Cash Collateral Amount (End) (Sum of (a)
plus (b) minus (c) minus (d)) 81,256,282
f. Requisite Cash Collateral Amount 94,000,846
g. Cash Collateral Account Shortfall (Excess, if any,
of (f) over (e)) 12,744,564
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For Payment Dates from, and including, the
January 1999 Payment Date to,
and including, the December 1999 Payment Date 94,000,846
1) Initial Cash Collateral Amount
b. For Payment Dates from, and including, the
January 2000 Payment Date until
the Final Payment Date, the sum of
1) 8.25% of the Contract Pool Principal Balance
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2))
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($16,785,865); and
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance
d. Requisite Cash Collateral Amount
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls -
b. Principal Deficiency Amount 2,148,986
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates -
d. Total Cash Collateral Account Withdrawals 2,148,986
</TABLE>
Page 6 of 9
<PAGE>
IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 145,463 $375,908 $2,134,603 $914,830
2. Interest Paid $ 145,463 $375,908 $2,134,603 $914,830
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $31,785,938 $ - $ - $ -
5. Total Distribution Amount $31,931,402 $375,908 $2,134,603 $914,830
((2) plus (4))
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-5 CLASS B CLASS C CLASS D
AMOUNTS NOTES NOTES NOTES NOTES TOTALS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Interest Due $ 444,190 $72,839 $263,225 $447,797 $ 4,798,855
2. Interest Paid $ 444,190 $72,839 $263,225 $447,797 $ 4,798,855
3. Interest Shortfall $ - $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $2,858,136 $ - $ - $ - $34,644,075
5. Total Distribution Amount $3,302,326 $72,839 $263,225 $447,797 $39,442,929
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM AUGUST-99 JULY-99
COLLECTION PERIOD COLLECTION PERIOD
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts 69,983 N.A.
b. Cut-Off Date Contract Pool $1,342,869,226 N.A.
Principal Balance
c. Original Weighted Average 46.30 N.A.
Remaining Term
d. Weighted Average 56.50 N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 63,696 64,402
b. Average Contract $15,404 $15,753
Principal Balance
c. Weighted Average 39.7 40.5
Remaining Term
</TABLE>
Page 7 of 9
<PAGE>
VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
PAYMENT DATE SINCE ISSUE
PERIOD CPR
----------------------------------------------------------------------------------
<S> <C> <C>
0 December-98
1 January-99 1.060%
2 Feb-99 4.881%
3 Mar-99 9.207%
4 April-99 10.595%
5 May-99 10.294%
6 Jun-99 9.272%
7 Jul-99 9.814%
8 Aug-99 8.969%
9 Sep-99 8.813%
</TABLE>
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS BEEN
PROVIDED TO THE INDENTURE TRUSTEE.
Page 8 of 9
<PAGE>
Servicer's Certificate
The undersigned, on behalf of AT&T Capital Corporation, in its capacity as
servicer (the "Servicer") under the Transfer and Servicing Agreement, dated as
of December 1, 1998 (the "Transfer and Servicing Agreement"), among Newcourt
Equipment Trust Securities 1998-2, Antigua Funding Corporation, The Bank of New
York, as trustee under the Indenture, and AT&T Capital Corporation, in its
individual capacity and as Servicer, DO HEREBY CERTIFY that I am a Responsible
Officer of the Servicer and, pursuant to Section 3.9 of the Transfer and
Servicing Agreement, I DO HEREBY FURTHER CERTIFY the following report with
respect to the Payment Date occurring on September 15, 1999.
This Certificate shall constitute the Servicer's Certificate as required by
Section 3.9 of the Transfer and Servicing Agreement with respect to the above
Payment Date. Any term capitalized but not defined herein shall have the meaning
ascribed thereto in the Transfer and Servicing Agreement.
AT&T CAPITAL CORPORATION
Thomas G. Adams
---------------
Thomas G. Adams
Senior Vice President, Financial Reporting
Page 9 of 9
