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<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: January 10, 2000
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 10
<PAGE>
NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2
MONTHLY SERVICING REPORT
DETERMINATION DATE: JANUARY 10, 2000 PAYMENT DATE: JANUARY 18, 2000
COLLECTION PERIOD: DECEMBER 31, 1999
ITEM 5. OTHER
<TABLE>
<CAPTION>
I. INFORMATION REGARDING THE CONTRACTS
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $ 883,131,557
b. End of Collection Period $ 852,739,908
c. Reduction for Collection Period $ 30,391,649
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 14,368,424
b. End of Collection Period $ 14,160,543
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 357
with respect to Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 2,813,563
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received $ 303,824
e. Liquidation Proceeds Allocated to Owner Trust $ 288,999
f. Liquidation Proceeds Allocated to Depositor $ 14,825
g. Current Realized Losses $ 2,524,564
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 175
to Collection Period
b. Required Payoff Amounts of Prepaid Contracts $ 2,133,858
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 $ --
</TABLE>
Page 3 of 10
<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 53,746 89.59% $ 786,578,667 90.73%
b. 31-60 days 3,085 5.14% $ 46,450,604 5.36%
c. 61-90 days 1,450 2.42% $ 16,366,135 1.89%
d. 91-120 days 705 1.18% $ 8,663,447 1.00%
e. 120+ days 1,006 1.68% $ 8,841,597 1.02%
f. Total 59,992 100.00% $ 866,900,451 100.00%
</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>
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%
3/31/99 4.41% 1.34% 0.56% 0.54%
2/28/99 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%
</TABLE>
Page 4 of 10
<PAGE>
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
DECEMBER-99 DECEMBER-99 DECEMBER-99
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 357 786 1,247 2,314
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.510% 1.123% 1.782% 0.825%
c. Required Payoff Amounts of
Liquidated Contracts 2,813,563 8,381,673 15,458,197 28,295,888
d. Liquidation Proceeds Allocated
to Owner Trust 288,999 860,474 1,407,688 2,134,206
e. Aggregate Current Realized
Losses 2,524,564 7,521,198 14,050,509 26,161,682
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.188% 0.560% 1.046% 1.948%
</TABLE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS COUPON JANUARY 18, 2000 JANUARY 18, 2000 DECEMBER 15, 1999 DECEMBER 15, 1999
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
<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 $3,571,688 0.04189
c. Class A-3 Notes 5.450000% $449,728,419 0.95686 $470,004,229 1.00000
d. Class A-4 Notes 5.450000% $201,430,384 1.00000 $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $83,605,110 0.68042 $86,129,571 0.70097
f. Class B Notes 5.660000% $14,472,071 0.93713 $14,935,103 0.96711
g. Class C Notes (Quarterly Paying) 6.190000% $47,820,845 0.93713 $49,350,821 0.96711
h. Total 7.210000% $69,843,622 0.93713 $72,078,183 0.96711
N.A. $866,900,451 0.64556 $897,499,980 0.66835
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $866,900,450.55 and the CCA Balance is $73,464,442.72.
Page 5 of 10
<PAGE>
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 897,499,980
b. Contract Pool Principal Balance (End of Collection Period) $ 852,739,908
c. Monthly Principal Amount $ 44,760,072
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 31,445,319
b. Liquidation Proceeds Allocated to Owner Trust $ 288,999
c. Required Payoff Amounts of Prepaid Contracts $ 2,133,858
d. Required Payoff Amounts of Purchased Contracts $ --
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution. $ 91,011
g. Extension Fees Allocated to Owner Trust $ --
h. Total Gross Collections (sum of (a) through (g)) $ 33,959,188
4. DETERMINATION OF AVAILABLE FUNDS $ 33,959,188
a. Total Gross Collections $ 1,778,290
b. Withdrawal from Cash Collateral Account $ 35,737,478
c. Total Available Funds
</TABLE>
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
ITEM AMOUNT REMAINING AVAILABLE FUNDS
<S> <C> <C>
a. Total Available Funds $ 35,737,478
b. Servicing Fee $ 919,929 $ 34,817,549
c. Interest on Notes:
i) Class A-1 Notes $ - $ 34,817,549
ii) Class A-2 Notes $ 15,745 $ 34,801,804
iii) Class A-3 Notes $ 2,134,603 $ 32,667,201
iv) Class A-4 Notes $ 914,830 $ 31,752,372
v) Class A-5 Notes $ 394,761 $ 31,357,611
vi) Class B Notes $ 70,444 $ 31,287,167
vii) Class C Notes $ 254,568 $ 31,032,599
viii) Class D Notes $ 433,070 $ 30,599,529
d. Principal of Notes
i) Class A-1 Notes $ - $ 30,599,529
ii) Class A-2 Notes $ 3,571,688 $ 27,027,841
iii) Class A-3 Notes $ 20,275,810 $ 6,752,031
iv) Class A-4 Notes $ -- $ 6,752,031
v) Class A-5 Notes $ 2,524,461 $ 4,227,570
vi) Class B Notes $ 463,032 $ 3,764,538
vii) Class C Notes $ 1,529,976 $ 2,234,561
viii) Class D Notes $ 2,234,561 $ --
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 6 of 10
<PAGE>
III. Information Regarding the Cash Collateral Account
1. Balance Reconciliation
<TABLE>
<CAPTION>
JANUARY 18, 2000
ITEM PAYMENT DATE
<S> <C>
a. Available Cash Collateral Amount (Beginning) 75,242,733
b. Deposits to Cash Collateral Account --
c. Withdrawals from Cash Collateral Account 1,778,290
d. Releases of Cash Collateral Account Surplus --
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 73,464,443
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 84,511,585
g. Cash Collateral Account Shortfall 11,047,142
(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 70,351,042
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 14,160,543
3) Total ((1) plus (2)) 84,511,585
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 866,900,451
d. Requisite Cash Collateral Amount 84,511,585
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 1,778,290
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
d. Total Cash Collateral Account Withdrawals 1,778,290
</TABLE>
Page 7 of 10
<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 $ -- $ 15,745 $ 2,134,603 $ 914,830
2. Interest Paid $ -- $ 15,745 $ 2,134,603 $ 914,830
3. Interest Shortfall $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ -- $ 3,571,688 $ 20,275,810 $ --
5. Total Distribution Amount $ -- $ 3,587,434 $ 22,410,413 $ 914,830
((2) plus (4))
</TABLE>
<TABLE>
<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 $ 394,761 $ 70,444 $ 254,568 $ 433,070 $ 4,218,020
2. Interest Paid $ 394,761 $ 70,444 $ 254,568 $ 433,070 $ 4,218,020
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ 2,524,461 $ 463,032 $ 1,529,976 $ 2,234,561 $ 30,599,529
5. Total Distribution Amount $ 2,919,222 $ 533,476 $ 1,784,544 $ 2,667,631 $ 34,817,549
((2) plus (4))
</TABLE>
Page 8 of 10
<PAGE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
AS OF END OF AS OF END OF
ITEM DECEMBER-99 NOVEMBER-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 59,992 61,126
b. Average Contract $14,214 $14,448
Principal Balance
c. Weighted Average 36.7 37.4
Remaining Term
</TABLE>
VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
<TABLE>
<CAPTION>
PAYMENT DATE SINCE ISSUE
PERIOD CPR
<S> <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%
10 Oct-99 8.067%
11 Nov-99 7.852%
12 Dec-99 7.803%
13 Jan-00 7.484%
</TABLE>
Page 9 of 10
<PAGE>
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 January 18, 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 10 of 10
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