<PAGE>
<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 8, 1998
Capita Equipment Receivables Trust 1996-1
<TABLE>
<S> <C> <C>
A New York Commission File I.R.S Employer
Corporation NO. 333-08645 No. 13-7097632
</TABLE>
c/o AT&T Capital Corporation
2 Gatehall Drive Parsippany, NJ 07054
Telephone Number (973) 606-3500
Page 2 of 10
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<PAGE>
ITEM 5. OTHER EVENTS
<TABLE>
<S> <C> <C> <C>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: SEPTEMBER 8, 1998 PAYMENT DATE: SEPTEMBER 15, 1998
COLLECTION PERIOD: AUGUST 31, 1998
</TABLE>
I. INFORMATION REGARDING THE CONTRACTS
<TABLE>
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $ 1,065,550,887.70
b. End of Collection Period $ 1,004,232,634.04
c. Reduction for Collection Period $ 61,318,253.66
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 25,050,517.53
b. End of Collection Period $ 24,838,284.92
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts
with respect to Collection Period 523
b. Required Payoff Amounts of Liquidated Contracts $ 2,966,809.64
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 1,660,561.11
e. Liquidation Proceeds Allocated to Owner Trust $ 1,287,302.91
f. Liquidation Proceeds Allocated to Depositor $ 373,258.20
g. Current Realized Losses $ 1,679,506.73
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect
to Collection Period 1,804
b. Required Payoff Amounts of Prepaid Contracts $ 6,065,274.54
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>
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 112,390 92.06% 951,906,912.23 92.50%
b. 31-60 days 4,907 4.02% 41,982,191.54 4.08%
c. 61-90 days 2,078 1.70% 16,338,296.37 1.59%
d. 91-120 days 1,290 1.06% 8,535,760.43 0.83%
e. 120+ days 1,424 1.17% 10,307,758.39 1.00%
f. Total 122,089 100.00% 1,029,070,918.96 100.00%
Page 3 of 10
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7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
</TABLE>
<TABLE>
<CAPTION>
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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
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
8/31/98 4.08% 1.59% 0.83% 1.00%
7/31/98 4.04% 1.42% 0.82% 1.17%
6/30/98 3.90% 1.37% 0.77% 1.41%
5/31/98 4.46% 1.51% 0.80% 1.41%
4/30/98 4.47% 1.54% 0.98% 1.25%
3/31/98 3.85% 1.61% 0.98% 1.12%
2/28/98 6.83% 2.00% 0.79% 1.09%
1/31/98 4.39% 1.21% 0.65% 0.94%
12/31/97 3.50% 1.25% 0.54% 0.85%
11/30/97 2.78% 0.42% 0.24% 0.16%
10/31/97 3.64% 1.07% 0.45% 0.73%
9/30/97 3.21% 0.95% 0.48% 0.82%
8/31/97 3.58% 0.95% 0.50% 0.80%
7/31/97 3.11% 0.90% 0.53% 0.78%
6/30/97 3.53% 0.90% 0.57% 0.69%
5/31/97 3.06% 0.99% 0.58% 0.63%
4/30/97 2.99% 1.08% 0.47% 0.64%
3/31/97 3.73% 0.96% 0.46% 0.61%
2/28/97 3.70% 0.97% 0.55% 0.55%
1/31/97 3.27% 0.97% 0.49% 0.40%
12/31/96 4.10% 0.96% 0.39% 0.20%
11/30/96 3.49% 0.83% 0.34% 0.00%
10/31/96 2.90% 0.64% 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-98 AUGUST-98 AUGUST-98
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated
Contracts 523 1,772 3,926 15,278
b. Number of Liquidated
Contracts as a Percentage
of Initial Contracts 0.186% 0.631% 1.399% 5.444%
c. Required Payoff Amounts of
Liquidated Contracts 2,966,810 13,213,652 27,679,164 90,841,960
d. Liquidation Proceeds Allocated
to Owner Trust 1,287,303 4,234,426 8,474,411 18,662,822
e. Aggregate Current Realized
Losses 1,679,507 8,979,225 19,204,753 72,179,139
f. Aggregate Current Realized
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance 0.053% 0.282% 0.603% 2.266%
Page 4 of 10
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<PAGE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
</TABLE>
<TABLE>
<CAPTION>
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PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS CLASS FACTOR AS OF
CLASS COUPON SEPTEMBER 15, 1998 SEPTEMBER 15, 1998 OF AUGUST 17, 1998 AUGUST 17, 1998
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.6000% $0.00 0.00000 $0.00 0.00000
b. Class A-2 Notes 5.9500% $0.00 0.00000 $0.00 0.00000
c. Class A-3 Notes 6.1100% $354,691,589.96 0.53823 $416,222,076.23 0.63160
d. Class A-4 Notes 6.2800% $400,220,000.00 1.00000 $400,220,000.00 1.00000
e. Class B Notes 6.5700% $178,500,000.00 1.00000 $178,500,000.00 1.00000
f. Equity Certificates 6.7500% $95,659,329.00 0.75021 $95,659,329.00 0.75021
g. Total N.A. $1,029,070,918.96 0.32308 $1,090,601,405.23 0.34239
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of
the collection period is $1,029,070,918.96 and the CCA Balance
is $105,176,895.64.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 1,090,601,405.23
b. Contract Pool Principal Balance (End of Collection Period) $ 1,004,232,634.04
c. Monthly Principal Amount $ 86,368,771.19
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 60,626,281.41
b. Liquidation Proceeds Allocated to Owner Trust $ 1,287,302.91
c. Required Payoff Amounts of Prepaid Contracts $ 6,065,274.54
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution Account $ 218,945.61
g. Extension Fees Allocated to Owner Trust $ 10,729.45
h. Total Gross Collections (sum of (a) through (g)) $ 68,208,533.92
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 68,208,533.92
b. Withdrawal from Cash Collateral Account $ 161,021.16
c. Total Available Funds $ 68,369,555.08
</TABLE>
Page 5 of 10
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5. APPLICATION OF AVAILABLE FUNDS
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<CAPTION>
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ITEM AMOUNT REMAINING AVAILABLE FUNDS
---------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 68,369,555.08
b. Servicing Fee 1,109,948.84 67,259,606.23
c. Interest on Notes:
i) Class A-1 Notes 0.00 67,259,606.23
ii) Class A-2 Notes 0.00 67,259,606.23
iii) Class A-3 Notes 2,119,264.07 65,140,342.16
iv) Class A-4 Notes 2,094,484.67 63,045,857.49
v) Class B Notes 977,287.50 62,068,569.99
d. Interest on Equity
Certificates 538,083.73 61,530,486.27
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes 0.00 61,530,486.27
ii) Class A-2 Notes 0.00 61,530,486.27
iii) Class A-3 Notes 61,530,486.27 0.00
iv) Class A-4 Notes 0.00 0.00
v) Class B Notes 0.00 0.00
vi) Equity Certificates 0.00 0.00
f. Deposit to Cash
Collateral Account 0.00 0.00
g. Amount to be applied in
accordance with CCA
Loan Agreement 0.00 0.00
h. Balance, if any, to Equity
Certificates 0.00 0.00
</TABLE>
Page 6 of 10
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<PAGE>
III.INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
SEPTEMBER 15, 1998
ITEM PAYMENT DATE
------------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 110,294,588.54
b. Deposits to Cash Collateral Account 0.00
c. Withdrawals from Cash Collateral Account 161,021.16
d. Releases of Cash Collateral Account
(Excess, if any of (a) plus (b) minus (c) over (f)) 4,956,671.74
e. Available Cash Collateral Amount (End)
(Sum of (a) plus (b) minus (c) minus (d)) 105,176,895.64
f. Requisite Cash Collateral Amount 105,176,895.64
g. Cash Collateral Account Shortfall
(Excess, if any, of (f) over (e)) 0.00
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For Payment Dates from, and including, the
November 1996 Payment Date to,
and including, the October 1997 Payment Date
1) Initial Cash Collateral Amount 207,040,000.00
b. For Payment Dates from, and including, the
November 1997 Payment Date until
the Final Payment Date, the sum of
1) 8% of the Contract Pool Principal Balance 80,338,610.72
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 24,838,284.92
3) Total ((1) plus (2)) 105,176,895.64
c. Floor equal to the lesser of
1) 2% of Cut-Off Date Contract Pool Principal
Balance ($63,704,600); and 63,704,600.00
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance
d. Requisite Cash Collateral Amount 105,176,895.64
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls 0.00
b. Principal Deficiency Amount 161,021.16
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates 0.00
d. Total Cash Collateral Account Withdrawals 161,021.16
</TABLE>
Page 7 of 10
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IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
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DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3
AMOUNTS NOTES NOTES NOTES
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. Interest Due $ - $ - $ 2,119,264.07
2. Interest Paid $ - $ - $ 2,119,264.07
3. Interest Shortfall
((1) minus (2)) $ - $ - $ -
4. Principal Paid $ - $ - $ 61,530,486.27
5. Total Distribution Amount
((2) plus (4)) $ - $ - $ 63,649,750.34
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-4 CLASS B EQUITY
AMOUNTS NOTES NOTES CERTIFICATES TOTALS
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Interest Due $ 2,094,484.67 $ 977,287.50 $ 538,083.73 $ 5,729,119.96
2. Interest Paid $ 2,094,484.67 $ 977,287.50 $ 538,083.73 $ 5,729,119.96
3. Interest Shortfall
((1) minus (2)) $ - $ - $ - $ -
4. Principal Paid $ 0.00 $ - $ - $ 61,530,486.27
5. Total Distribution Amount
((2) plus (4)) $ 2,094,484.67 $ 977,287.50 $ 538,083.73 $ 67,259,606.23
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM AUGUST-98 JULY-98
COLLECTION PERIOD COLLECTION PERIOD
-------------------------------------------------------------------------------------
<S> <C> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts 280,634 N.A.
b. Cut-Off Date Contract Pool
Principal Balance 3,185,229,329 N.A.
c. Original Weighted Average
Remaining Term 38.6 months N.A.
d. Weighted Average
Original Term 56.1 months N.A.
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 122,089 128,187
b. Average Contract
Principal Balance 8,225 8,312
c. Weighted Average
Remaining Term 26.7 27.2
</TABLE>
Page 8 of 10
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<PAGE>
VI. CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1 PREPAYMENT SCHEDULE
<TABLE>
<CAPTION>
-----------------------------------------------------------
SINCE ISSUE
PERIOD CPR
-----------------------------------------------------------
<S> <C> <C>
0 Oct-96
1 Nov-96 10.866%
2 Dec-96 7.964%
3 Jan-97 8.606%
4 Feb-97 8.254%
5 Mar-97 7.615%
6 Apr-97 7.211%
7 May-97 8.268%
8 Jun-97 7.752%
9 Jul-97 7.784%
10 Aug-97 7.781%
11 Sep-97 7.506%
12 Oct-97 7.348%
13 Nov-97 7.346%
14 Dec-97 6.629%
15 Jan-98 6.741%
16 Feb-98 7.251%
17 Mar-98 6.870%
18 Apr-98 7.200%
19 May-98 7.072%
20 Jun-98 6.870%
21 Jul-98 7.232%
22 Aug-98 7.327%
23 Sep-98 7.253%
</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 9 of 10
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<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 October 1,
1996 (the "Transfer and Servicing
Agreement"), among Capita Equipment
Receivables Trust 1996-1, Antigua
Funding Corporation, Chase Manhattan Bank,
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, 1998.
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 A. Votek
---------------
Glenn A Votek
Executive Vice President and Treasurer
Page 10 of 10
