<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: November 10, 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
650 Cit Drive Livingston, NJ 07039
Telephone Number (973) 535-5909
Page 1 of 8
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<TABLE>
<S> <C> <C> <C>
Newcourt Equipment Trust Securities 1998-2
Monthly Servicing Report
Determination Date: November 10, 2000 Payment Date: November 15, 2000
Collection Period: October 31, 2000
</TABLE>
ITEM 5. OTHER
<TABLE>
<S> <C>
I. INFORMATION REGARDING THE CONTRACTS
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $577,937,266
b. End of Collection Period $550,295,073
c. Reduction for Collection Period $ 27,642,193
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 11,642,373
b. End of Collection Period $ 10,719,984
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 198
with respect to Collection Period ---
b. Required Payoff Amounts of Liquidated Contracts $ 2,211,769
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received $ 340,133
e. Liquidation Proceeds Allocated to Owner Trust $ 340,133
f. Liquidation Proceeds Allocated to Depositor $ -
g. Current Realized Losses $ 1,871,636
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 263
to Collection Period ---
b. Required Payoff Amounts of Prepaid Contracts $ 1,785,075
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 2 of 8
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6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
% OF AGGREGATE
NUMBER OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS PAYOFF AMOUNTS AMOUNTS
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 44,509 90.96% $519,328,997 92.57%
b. 31-60 days 2,348 4.80% $ 23,050,192 4.11%
c. 61-90 days 1,035 2.12% $ 9,729,089 1.73%
d. 91-120 days 500 1.02% $ 4,535,363 0.81%
e. 120+ days 540 1.10% $ 4,371,416 0.78%
f. Total 48,932 100.00% $561,015,058 100.00%
</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>
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%
</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
OCTOBER-00 OCTOBER-00 OCTOBER-00
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated
Contracts
b. Number of Liquidated 198 886 1,411 4,819
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 0.283% 1.266% 2.016% 6.886%
Liquidated Contracts
d. Liquidation Proceeds 2,211,769.05 7,212,710.19 12,504,741.47 50,461,929.31
Allocated to Owner Trust
e. Aggregate Current Realized 340,132.84 907,996.86 2,437,593.34 6,322,860.06
Losses
f. Aggregate Current Realized 1,871,636.21 6,304,713.33 10,067,148.13 44,139,069.25
Losses as a Percentage of
Cut-off Date Contract Pool
</TABLE>
Page 3 of 8
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<TABLE>
<S> <C> <C> <C> <C>
Principal Balance
II. INFORMATION REGARDING THE
SECURITIES 0.139% 0.469% 0.750% 3.287%
</TABLE>
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 NOVEMBER 15, 2000 NOVEMBER 15, 2000 OCTOBER 16, 2000 OCTOBER 16, 2000
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 $0 0.00000
c. Class A-3 Notes 5.450000% $211,339,085 0.44965 $233,600,662 0.49702
d. Class A-4 Notes 5.450000% $201,430,384 1.00000 $201,430,384 1.00000
e. Class A-5 Notes 5.500000% $58,369,565 0.47504 $60,726,143 0.49422
f. Class B Notes 5.660000% $9,843,413 0.63740 $10,275,652 0.66539
g. Class C Notes 6.190000% $32,526,575 0.63741 $33,954,804 0.66540
h. Class D Notes 7.210000% $47,506,035 0.63741 $49,591,992 0.66540
I. Total N.A. $561,015,058 0.41777 $589,579,638 0.43904
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $561,015,057.59 and the CCA Balance is $56,119,327.95.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 589,579,638
b. Contract Pool Principal Balance (End of Collection Period) $ 550,295,073
c. Monthly Principal Amount $ 39,284,565
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 28,273,208
b. Liquidation Proceeds Allocated to Owner Trust $ 340,133
c. Required Payoff Amounts of Prepaid Contracts $ 1,785,075
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution. $ 89,962
g. Extension Fees Allocated to Owner Trust $ -
h. Total Gross Collections (sum of (a) through (g)) $ 30,488,378
4. DETERMINATION OF AVAILABLE FUNDS 30,488,378.09
a. Total Gross Collections $ 1,453,897
b. Withdrawal from Cash Collateral Account $ 31,942,275
c. Total Available Funds
</TABLE>
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds $31,942,275
b. Servicing Fee $ 602,018 $31,340,257
c. Interest on Notes:
i) Class A-1 Notes $ - $31,340,257
ii) Class A-2 Notes $ - $31,340,257
iii) Class A-3 Notes $ 1,060,936 $30,279,321
iv) Class A-4 Notes $ 914,830 $29,364,491
v) Class A-5 Notes $ 278,328 $29,086,163
vi) Class B Notes $ 48,467 $29,037,696
vii) Class C Notes $ 175,150 $28,862,546
viii) Class D Notes $ 297,965 $28,564,581
d. Principal of Notes
i) Class A-1 Notes $ - $28,564,581
ii) Class A-2 Notes $ - $28,564,581
iii) Class A-3 Notes $22,261,577 $ 6,303,003
iv) Class A-4 Notes $ - $ 6,303,003
v) Class A-5 Notes $ 2,356,578 $ 3,946,425
vi) Class B Notes $ 432,239 $ 3,514,186
vii) Class C Notes $ 1,428,229 $ 2,085,957
viii) Class D Notes $ 2,085,957 $ -
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 4 of 8
<PAGE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
NOVEMBER 15, 2000
ITEM PAYMENT DATE
--------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 58,685,154
b. Deposits to Cash Collateral Account -
c. Withdrawals from Cash Collateral Account 1,453,897
d. Releases of Cash Collateral Account Surplus 1,111,930
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 56,119,328
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 56,119,328
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 45,399,344
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 10,719,984
3) Total ((1) plus (2)) 56,119,328
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 561,015,058
d. Requisite Cash Collateral Amount 56,119,328
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls -
b. Principal Deficiency Amount 1,453,897
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates -
d. Total Cash Collateral Account Withdrawals 1,453,897
</TABLE>
Page 5 of 8
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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 $ - $ - $ 1,060,936 $ 914,830
2. Interest Paid $ - $ - $ 1,060,936 $ 914,830
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $ 22,261,577 $ -
5. Total Distribution Amount $ - $ - $ 23,322,514 $ 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 $ 278,328 $ 48,467 $ 175,150 $ 297,965 $ 2,775,676
2. Interest Paid $ 278,328 $ 48,467 $ 175,150 $ 297,965 $ 2,775,676
3. Interest Shortfall $ - $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $ 2,356,578 $ 432,239 $ 1,428,229 $ 2,085,957 $ 28,564,581
5. Total Distribution Amount $ 2,634,906 $ 480,706 $ 1,603,379 $ 2,383,922 $ 31,340,257
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM OCTOBER-00 SEPTEMBER-00
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 48,932 50,570
b. Average Contract $11,246 $11,428
Principal Balance
c. Weighted Average 29.4 30.1
Remaining Term
</TABLE>
Page 6 of 8
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VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1998-2 PREPAYMENT SCHEDULE
<TABLE>
<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%
11 Nov-99 7.852%
12 Dec-99 7.803%
13 Jan-00 7.484%
</TABLE>
Page 7 of 8
<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 November 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 8 of 8
