<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: December 11, 2000
Newcourt Equipment Trust Securities 1998-2
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<S> <C> <C>
A New York Commission File I.R.S. Employer
Corporation NO. 333-34793 No. 13-7135550
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c/o AT&T Capital Corporation
650 Cit Drive Livingston, NJ 07039
Telephone Number (973) 535-5909
Page 2 of 9
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ITEM 5. OTHER
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NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: DECEMBER 8, 2000 PAYMENT DATE: DECEMBER 15, 2000
COLLECTION PERIOD: NOVEMBER 30, 2000
I. INFORMATION REGARDING THE CONTRACTS
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $550,295,073
b. End of Collection Period $525,796,640
c. Reduction for Collection Period $ 24,498,433
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 10,719,983
b. End of Collection Period $ 11,771,514
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 131
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 1,077,014
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received $ 217,264
e. Liquidation Proceeds Allocated to Owner Trust $ 217,264
f. Liquidation Proceeds Allocated to Depositor $ --
g. Current Realized Losses $ 859,750
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 335
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 1,656,477
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with 0
respect to Collection Period -
b. Required Payoff Amounts of Purchased Contracts $ --
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Page 3 of 9
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6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
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% OF AGGREGATE
NUMBER OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS PAYOFF AMOUNTS AMOUNTS
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<S> <C> <C> <C> <C>
a. Current 42,433 90.30% $489,317,628 91.02%
b. 31-60 days 2,397 5.10% $ 29,075,506 5.41%
c. 61-90 days 1,066 2.27% $ 8,893,707 1.65%
d. 91-120 days 488 1.04% $ 4,871,925 0.91%
e. 120+ days 608 1.29% $ 5,409,388 1.01%
f. Total 46,992 100.00% $537,568,154 100.00%
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7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
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% 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
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<S> <C> <C> <C> <C>
11/30/00 5.41% 1.65% 0.91% 1.01%
10/31/00 4.11% 1.73% 0.81% 0.78%
9/30/00 4.52% 1.57% 0.82% 0.82%
8/31/00 3.85% 1.89% 0.78% 0.78%
7/31/00 4.22% 1.69% 0.81% 1.06%
6/30/00 4.02% 1.77% 0.87% 0.98%
5/31/00 4.37% 1.59% 0.88% 0.91%
4/30/00 4.45% 1.75% 0.77% 0.94%
3/31/00 4.33% 1.68% 0.82% 0.90%
2/29/00 5.27% 1.81% 0.85% 1.13%
1/31/00 5.21% 1.73% 0.97% 1.06%
12/31/99 5.36% 1.89% 1.00% 1.02%
11/30/99 5.15% 1.75% 1.10% 1.18%
10/31/99 5.05% 1.91% 1.04% 0.95%
9/30/99 4.32% 1.77% 0.72% 0.92%
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%
03/31/99 4.41% 1.34% 0.56% 0.54%
02/28/99 5.64% 1.79% 0.58% 0.45%
01/31/99 5.45% 1.51% 0.69% 0.01%
12/31/98 4.64% 1.30% 0.01% 0.01%
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8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
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<CAPTION>
----------------------------------------------------------------------------------------
COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
NOVEMBER-00 NOVEMBER-00 NOVEMBER-00
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<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 131 613 1,370 4,950
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.187% 0.876% 1.958% 7.073%
c. Required Payoff Amounts of
Liquidated Contracts 1,077,013.54 5,184,384.68 11,785,715.35 51,538,942.85
d. Liquidation Proceeds Allocated
to Owner Trust 217,263.86 810,121.68 2,041,194.07 6,540,123.92
e. Aggregate Current Realized
Losses 859,749.68 4,374,263.00 9,744,521.28 44,998,818.93
f. Aggregate Current Realized
Losses as a Percentage of
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Page 4 of 9
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Cut-off Date Contract Pool
Principal Balance
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<S> <C> <C> <C> <C>
II. INFORMATION REGARDING THE SECURITIES 0.064% 0.326% 0.726% 3.351%
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1. SUMMARY OF BALANCE INFORMATION
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PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS COUPON DECEMBER 15, 2000 DECEMBER 15, 2000 NOVEMBER 15, 2000 NOVEMBER 15, 2000
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
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<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.195000% $ 0 0.00000 $ 0 0.00000
b. Class A-2 Notes 5.290000% $ 0 0.00000 $ 0 0.00000
c. Class A-3 Notes 5.450000% $193,065,929 0.41077 $211,339,085 0.44965
d. Class A-4 Notes 5.450000% $201,430,384 1.00000 $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $ 56,435,196 0.45930 $ 58,369,565 0.47504
f. Class B Notes 5.660000% $ 9,488,614 0.61443 $ 9,843,413 0.63740
g. Class C Notes 6.190000% $ 31,354,230 0.61444 $ 32,526,575 0.63741
h. Class D Notes 7.210000% $ 45,793,802 0.61444 $ 47,506,035 0.63741
I. Total N.A. $537,568,154 0.40031 $561,015,058 0.41777
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Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $537,568,154.25 and the CCA Balance is $55,056,923.80.
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<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $561,015,058
b. Contract Pool Principal Balance (End of Collection Period) $525,796,640
c. Monthly Principal Amount $ 35,218,418
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 23,859,727
b. Liquidation Proceeds Allocated to Owner Trust $ 217,264
c. Required Payoff Amounts of Prepaid Contracts $ 1,656,477
d. Required Payoff Amounts of Purchased Contracts $ --
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution. $ 83,351
g. Extension Fees Allocated to Owner Trust $ --
h. Total Gross Collections (sum of (a) through (g)) $ 25,816,819
4. DETERMINATION OF AVAILABLE FUNDS 25,816,818.7
a. Total Gross Collections $ 845,140
b. Withdrawal from Cash Collateral Account $ 26,661,959
c. Total Available Funds
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5. APPLICATION OF AVAILABLE FUNDS
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ITEM AMOUNT REMAINING AVAILABLE FUNDS
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<S> <C> <C>
a. Total Available Funds $26,661,959
b. Servicing Fee $ 573,224 $26,088,735
c. Interest on Notes:
i) Class A-1 Notes $ -- $26,088,735
ii) Class A-2 Notes $ -- $26,088,735
iii) Class A-3 Notes $ 959,832 $25,128,903
iv) Class A-4 Notes $ 914,830 $24,214,074
v) Class A-5 Notes $ 267,527 $23,946,546
vi) Class B Notes $ 46,428 $23,900,118
vii) Class C Notes $ 167,783 $23,732,335
viii) Class D Notes $ 285,432 $23,446,903
d. Principal of Notes
i) Class A-1 Notes $ -- $23,446,903
ii) Class A-2 Notes $ -- $23,446,903
iii) Class A-3 Notes $18,273,157 $ 5,173,747
iv) Class A-4 Notes $ -- $ 5,173,747
v) Class A-5 Notes $ 1,934,370 $ 3,239,377
vi) Class B Notes $ 354,799 $ 2,884,579
vii) Class C Notes $ 1,172,345 $ 1,712,234
viii) Class D Notes $ 1,712,234 $ --
e. Deposit to Cash
Collateral Account $ -- $ --
f. Amount to be applied in
accordance with CCA
Loan Agreement $ -- $ --
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Page 5 of 9
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<S> <C> <C>
g Balance, if any, to Equity
Certificates $ -- $ --
</TABLE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
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DECEMBER 15, 2000
ITEM PAYMENT DATE
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<S> <C>
a. Available Cash Collateral Amount (Beginning) 56,119,328
b. Deposits to Cash Collateral Account --
c. Withdrawals from Cash Collateral Account 845,140
d. Releases of Cash Collateral Account Surplus 124,451
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 55,149,737
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 55,149,737
g. Cash Collateral Account Shortfall --
(Excess, if any, of (f) over (e))
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
1) Initial Cash Collateral Amount 94,000,846
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 43,378,223
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 11,771,514
3) Total ((1) plus (2)) 55,149,737
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($16,785,865); and 16,785,865
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance 537,568,154
d. Requisite Cash Collateral Amount 55,149,737
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 845,140
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
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<S> <C>
d. Total Cash Collateral Account Withdrawals 845,140
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IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
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DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
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<S> <C> <C> <C> <C>
1. Interest Due $ -- $ -- $ 959,832 $914,830
2. Interest Paid $ -- $ -- $ 959,832 $914,830
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ -- $ -- $18,273,157 $ --
5. Total Distribution Amount $ -- $ -- $19,232,988 $914,830
((2) plus (4))
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DISTRIBUTION CLASS A-5 CLASS B CLASS C CLASS D
AMOUNTS NOTES NOTES NOTES NOTES TOTALS
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<S> <C> <C> <C> <C> <C> <C>
1. Interest Due $ 267,527 $ 46,428 $ 167,783 $ 285,432 $ 2,641,832
2. Interest Paid $ 267,527 $ 46,428 $ 167,783 $ 285,432 $ 2,641,832
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $1,934,370 $ 354,799 $1,172,345 $1,712,234 $23,446,903
5. Total Distribution Amount $2,201,897 $ 401,227 $1,340,128 $1,997,666 $26,088,735
((2) plus (4))
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
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<CAPTION>
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AS OF END OF AS OF END OF
ITEM NOVEMBER-00 OCTOBER-00
COLLECTION PERIOD COLLECTION PERIOD
------------------------------------------------------------------------------------------------------------
1.ORIGINAL CONTRACT CHARACTERISTICS
<S> <C> <C>
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 46,992 48,932
b. Average Contract $11,189 $11,246
Principal Balance
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Page 7 of 9
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<S> <C> <C>
c. Weighted Average 28.7 29.4
Remaining Term
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VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
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<CAPTION>
--------------------------------------------------------- --------------------------------------------------------
PAYMENT DATE SINCE ISSUE PAYMENT DATE SINCE ISSUE
PERIOD CPR PERIOD CPR
--------------------------------------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0 December-98 14 Feb-00 7.416%
1 January-99 1.060% 15 Mar-00 7.402%
2 Feb-99 4.881% 16 Apr-00 7.666%
3 Mar-99 9.207% 17 May-00 7.357%
4 April-99 10.595% 18 Jun-00 7.546%
5 May-99 10.294% 19 Jul-00 7.511%
6 Jun-99 9.272% 20 Aug-00 7.296%
7 Jul-99 9.814% 21 Sep-00 7.425%
8 Aug-99 8.969% 22 Oct-00 7.386%
9 Sep-99 8.813% 23 Nov-00 7.418%
10 Oct-99 8.067% 24 Dec-00 7.100%
11 Nov-99 7.852%
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Page 8 of 9
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<S> <C> <C>
12 Dec-99 7.803%
13 Jan-00 7.484%
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VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID
CONTRACTS HAS BEEN PROVIDED TO THE INDENTURE TRUSTEE.
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 December 15, 2000.
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
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer
Page 9 of 9
