<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: February 08, 2000
Newcourt Equipment Trust Securities 1998-2
A New York Commission File I.R.S. Employer
Corporation No. 333-34793 No. 13-7135550
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: FEBRUARY 8, 2000 PAYMENT DATE: FEBRUARY 15, 2000
COLLECTION PERIOD: JANUARY 31, 2000
<TABLE>
<CAPTION>
ITEM 5. OTHER
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
<S> <C> <C>
a. Beginning of Collection Period $ 852,739,908
b. End of Collection Period $ 819,879,385
c. Reduction for Collection Period $ 32,860,523
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 14,160,544
b. End of Collection Period $ 14,707,725
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts
with respect to Collection Period 170
-----------
b. Required Payoff Amounts of Liquidated Contracts $ 2,399,243
c. Total Reserve for Liquidation Expenses $ --
d. Total Liquidation Proceeds Received $ 428,370
e. Liquidation Proceeds Allocated to Owner Trust $ 413,065
f. Liquidation Proceeds Allocated to Depositor $ 15,305
g. Current Realized Losses $ 1,986,177
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect
to Collection Period 233
-----------
b. Required Payoff Amounts of Prepaid $ 2,288,298
Contracts
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with
respect to Collection Period 0
-----------
b. Required Payoff Amounts of Purchased Contracts $ --
</TABLE>
Page 3 of 10
<PAGE>
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
- --------------------------------------------------------------------------------
% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
- --------------------------------------------------------------------------------
a. Current 52,949 89.56% $759,740,043 91.03%
b. 31-60 days 2,990 5.06% $ 43,454,557 5.21%
c. 61-90 days 1,354 2.29% $ 14,406,951 1.73%
d. 91-120 days 762 1.29% $ 8,102,637 0.97%
e. 120+ days 1,065 1.80% $ 8,882,921 1.06%
f. Total 59,120 100.00% $834,587,109 100.00%
7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
- --------------------------------------------------------------------------------
% OF % OF % OF % OF
AGGREGATE AGGREGATE AGGREGATE AGGREGATE
REQUIRED REQUIRED REQUIRED REQUIRED
PAYOFF PAYOFF PAYOFF PAYOFF
AMOUNTS AMOUNTS AMOUNTS AMOUNTS
COLLECTION
PERIODS 31-60 DAYS 61-90 DAYS 91-120 DAYS 120+ DAYS
PAST DUE PAST DUE PAST DUE PAST DUE
- --------------------------------------------------------------------------------
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%
3/31/99 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%
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
JANUARY-00 JANUARY-00 JANUARY-00
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated Contracts 170 711 1,300 2,484
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.243% 1.016% 1.858% 0.885%
c. Required Payoff Amounts of
Liquidated Contracts 2,399,243 7,952,818 16,422,498 30,695,131
d. Liquidation Proceeds Allocated
to Owner Trust 413,065 933,604 1,680,039 2,547,272
e. Aggregate Current Realized
Losses 1,986,177 7,019,214 14,742,459 28,147,859
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.148% 0.523% 1.098% 2.096%
</TABLE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE CLASS FACTOR PRINCIPAL BALANCE CLASS FACTORS
AS OF AS OF AS OF AS OF
CLASS COUPON FEBRUARY 15, 2000 FEBRUARY 15, 2000 JANUARY 12, 2000 JANUARY 12, 2000
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <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% $424,545,275 0.90328 $449,728,419 0.95686
d. Class A-4 Notes 5.450000% $201,430,384 1.00000 $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $80,939,259 0.65873 $83,605,110 0.68042
f. Class B Notes 5.660000% $13,983,105 0.90547 $14,472,071 0.93713
g. Class C Notes (Quarterly Paying) 6.190000% $46,205,178 0.90547 $47,820,845 0.93713
h. Total 7.210000% $67,483,908 0.90547 $69,843,622 0.93713
N.A. $834,587,109 0.62150 $866,900,451 0.64556
</TABLE>
Page 5 of 10
<PAGE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $ 834,587,109 and the CCA Balance is $ 71,280,453.
<TABLE>
<CAPTION>
2. MONTHLY PRINCIPAL AMOUNT
<S> <C>
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $866,900,451
b. Contract Pool Principal Balance (End of Collection Period) $819,879,385
c. Monthly Principal Amount $ 47,021,066
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 32,454,977
b. Liquidation Proceeds Allocated to Owner Trust $ 413,065
c. Required Payoff Amounts of Prepaid Contracts $ 2,288,298
d. Required Payoff Amounts of Purchased Contracts $ --
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution. $ 134,308
g. Extension Fees Allocated to Owner Trust $ --
h. Total Gross Collections (sum of (a) through (g)) $ 35,290,648
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 35,290,648
b. Withdrawal from Cash Collateral Account $ 1,986,080
c. Total Available Funds $ 37,276,728
5. APPLICATION OF AVAILABLE FUNDS
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
REMAINING
ITEM AMOUNT AVAILABLE FUNDS
- --------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds $37,276,728
b. Servicing Fee $ 888,271 $36,388,457
c. Interest on Notes:
i) Class A-1 Notes $ -- $36,388,457
ii) Class A-2 Notes $ -- $36,388,457
iii) Class A-3 Notes $ 2,042,517 $34,345,941
iv) Class A-4 Notes $ 914,830 $33,431,111
v) Class A-5 Notes $ 383,190 $33,047,921
vi) Class B Notes $ 68,260 $32,979,661
vii) Class C Notes $ 246,676 $32,732,985
viii) Class D Notes $ 419,644 $32,313,341
d. Principal of Notes
i) Class A-1 Notes $ -- $32,313,341
ii) Class A-2 Notes $ -- $32,313,341
iii) Class A-3 Notes $25,183,144 $ 7,130,197
iv) Class A-4 Notes $ -- $ 7,130,197
v) Class A-5 Notes $ 2,665,851 $ 4,464,347
vi) Class B Notes $ 488,965 $ 3,975,381
vii) Class C Notes $ 1,615,667 $ 2,359,714
viii) Class D Notes $ 2,359,714 $ --
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
FEBRUARY 15, 2000
ITEM PAYMENT DATE
a. Available Cash Collateral Amount (Beginning) 73,464,443
b. Deposits to Cash Collateral Account --
c. Withdrawals from Cash Collateral Account 1,986,080
d. Releases of Cash Collateral Account Surplus --
(Excess, if any of (a) plus (b) minus (c) over (f)) 71,478,363
e. Available Cash Collateral Amount (End)
(Sum of (a) plus (b) minus (c) minus (d)) 82,347,774
f. Requisite Cash Collateral Amount
g. Cash Collateral Account Shortfall
(Excess, if any, of (f) over (e)) 10,869,411
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 67,640,049
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 14,707,724
3) Total ((1) plus (2)) 82,347,774
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 834,587,109
d. Requisite Cash Collateral Amount 82,347,774
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 1,986,080
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
d. Total Cash Collateral Account Withdrawals 1,986,080
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 $ -- $ -- $ 2,042,517 $914,830
2. Interest Paid $ -- $ -- $ 2,042,517 $914,830
3. Interest Shortfall
((1) minus (2)) $ -- $ -- $ -- $ --
4. Principal Paid $ -- $ -- $25,183,144 $ --
5. Total Distribution Amount
((2) plus (4)) $ -- $ -- $27,225,661 $914,830
</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 $ 383,190 $ 68,260 $ 246,676 $ 419,644 $ 4,075,116
2. Interest Paid $ 383,190 $ 68,260 $ 246,676 $ 419,644 $ 4,075,116
3. Interest Shortfall
((1) minus (2)) $ -- $ -- $ -- $ -- $ --
4. Principal Paid $2,665,851 $ 488,965 $1,615,667 $2,359,714 $32,313,341
5. Total Distribution Amount
((2) plus (4)) $3,049,041 $ 557,225 $1,862,343 $2,779,358 $36,388,457
</TABLE>
Page 8 of 10
<PAGE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
- --------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM JANUARY-00 DECEMBER-99
COLLECTION PERIOD COLLECTION PERIOD
- --------------------------------------------------------------------------------
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts 69,983 N.A.
b. Cut-Off Date Contract Pool
Principal Balance $1,342,869,226 N.A.
c. Original Weighted Average
Remaining Term 46.30 N.A.
d. Weighted Average 56.50 N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 59,120 59,992
b. Average Contract
Principal Balance $13,868 $14,214
c. Weighted Average
Remaining Term 36.0 36.7
VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
- ---------------------------------------------
PAYMENT DATE SINCE ISSUE
PERIOD CPR
- ---------------------------------------------
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%
14 Feb-00 7.416%
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS
BEEN PROVIDED TO THE INDENTURE TRUSTEE.
Page 9 of 10
<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 February 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
-----------
Glenn Votek
Executive Vice President, and Treasurer
Page 10 of 10
