<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: August 10, 1998
Capita Equipment Receivables Trust 1996-1
A New York Commission File I.R.S. Employer
Corporation NO. 333-08645 No. 13-7097632
c/o AT&T Capital Corporation
44 Whippany Road, Morristown, NJ 07962
Telephone Number (973) 397-3000
Page 2 of 10
<PAGE>
<PAGE>
ITEM 5. OTHER EVENTS
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: AUGUST 10, 1998 PAYMENT DATE: AUGUST 17, 1998
COLLECTION PERIOD: JULY 31, 1998
I. INFORMATION REGARDING THE CONTRACTS
<TABLE>
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $1,130,983,133.41
b. End of Collection Period $1,065,550,887.70
c. Reduction for Collection Period $ 65,432,245.70
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 26,917,278.75
b. End of Collection Period $ 25,050,517.53
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts
with respect to Collection Period 507
---
b. Required Payoff Amounts of Liquidated Contracts $ 5,571,916.38
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received(1) $ 2,316,941.45
e. Liquidation Proceeds Allocated to Owner Trust $ 1,758,819.03
f. Liquidation Proceeds Allocated to Depositor $ 558,122.42
g. Current Realized Losses $ 3,813,097.35
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect
to Collection Period 1,783
-----
b. Required Payoff Amounts of Prepaid Contracts $ 6,579,084.90
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>
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 117,723 91.84% 1,009,310,500.12 92.55%
b. 31-60 days 5,144 4.01% 44,079,455.91 4.04%
c. 61-90 days 2,234 1.74% 15,514,541.88 1.42%
d. 91-120 days 1,304 1.02% 8,911,427.31 0.82%
e. 120+ days 1,782 1.39% 12,785,480.01 1.17%
f. Total 128,187 100.00% 1,090,601,405.23 100.00%
</TABLE>
Page 3 of 10
<PAGE>
<PAGE>
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>
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
JULY-98 JULY-98 JULY-98
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated 507 1,996 4,102 14,755
Contracts
b. Number of Liquidated 0.181% 0.711% 1.462% 5.258%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 5,571,916 15,114,071 29,143,797 87,875,151
Liquidated Contracts
d. Liquidation Proceeds Allocated 1,758,819 4,475,805 8,247,150 17,375,519
to Owner Trust
e. Aggregate Current Realized 3,813,097 10,638,266 20,896,647 70,499,632
Losses
f. Aggregate Current Realized 0.120% 0.334% 0.656% 2.213%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
</TABLE>
Page 4 of 10
<PAGE>
<PAGE>
II. INFORMATION REGARDING THE SECURITIES
<TABLE>
<CAPTION>
1. SUMMARY OF BALANCE INFORMATION
-----------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS CLASS FACTOR AS OF
CLASS COUPON AUGUST 17, 1998 AUGUST 17, 1998 OF JULY 15, 1998 JULY 15, 1998
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <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% $416,222,076.23 0.63160 $483,521,083.17 0.73372
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. $1,090,601,405.23 0.34239 $1,157,900,412.17 0.36352
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,090,601,405.23 and the CCA Balance is
$110,294,588.54.
2. MONTHLY PRINCIPAL AMOUNT
<TABLE>
<S> <C>
a. Principal Balance of Notes and
Equity Certificates
(End of Prior Collection Period) $1,157,900,412.17
b. Contract Pool Principal Balance (End of Collection Period) $1,065,550,887.70
c. Monthly Principal Amount $ 92,349,524.47
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 64,070,575.62
b. Liquidation Proceeds Allocated to Owner Trust $ 1,758,819.03
c. Required Payoff Amounts of Prepaid Contracts $ 6,579,084.90
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection $ 233,173.24
Account and Note Distribution Account
g. Extension Fees Allocated to Owner Trust $ 5,951.37
h. Total Gross Collections (sum of (a) through (g)) $ 72,647,604.16
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 72,647,604.16
b. Withdrawal from Cash Collateral Account $ 1,901,294.28
c. Total Available Funds $ 74,548,898.44
</TABLE>
Page 5 of 10
<PAGE>
<PAGE>
5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
ITEM AMOUNT REMAINING AVAILABLE FUNDS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
a. Total Available Funds 74,548,898.44
b. Servicing Fee 1,178,107.43 73,370,791.01
c. Interest on Notes:
i) Class A-1 Notes 0.00 73,370,791.01
ii) Class A-2 Notes 0.00 73,370,791.01
iii) Class A-3 Notes 2,461,928.18 70,908,862.83
iv) Class A-4 Notes 2,094,484.67 68,814,378.16
v) Class B Notes 977,287.50 67,837,090.66
d. Interest on Equity 538,083.73 67,299,006.94
Certificates
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes 0.00 67,299,006.94
ii) Class A-2 Notes 0.00 67,299,006.94
iii) Class A-3 Notes 67,299,006.94 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 0.00 0.00
Collateral Account
g. Amount to be applied in 0.00 0.00
accordance with CCA
Loan Agreement
h. Balance, if any, to Equity 0.00 0.00
Certificates
</TABLE>
Page 6 of 10
<PAGE>
<PAGE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
AUGUST 17, 1998
ITEM PAYMENT DATE
-------------------------------------------------------------------------------------------------
<S> <C>
a. Available Cash Collateral Amount (Beginning) 117,395,929.44
b. Deposits to Cash Collateral Account 0.00
c. Withdrawals from Cash Collateral Account 1,901,294.28
d. Releases of Cash Collateral Account Surplus 5,200,046.61
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 110,294,588.54
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 110,294,588.54
g. Cash Collateral Account Shortfall 0.00
(Excess, if any, of (f) over (e))
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 85,244,071.02
2) The Aggregate Principal Balance of the Notes 25,050,517.53
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2)) 110,294,588.54
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 110,294,588.54
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls 0.00
b. Principal Deficiency Amount 1,901,294.28
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates 0.00
d. Total Cash Collateral Account 1,901,294.28
Withdrawals
</TABLE>
Page 7 of 10
<PAGE>
<PAGE>
IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3
AMOUNTS NOTES NOTES NOTES
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. Interest Due $ - $ - $ 2,461,928.18
2. Interest Paid $ - $ - $ 2,461,928.18
3. Interest Shortfall $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $67,299,006.94
5. Total Distribution Amount $ - $ - $69,760,935.12
((2) plus (4))
</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 $ 6,071,784.07
2. Interest Paid $2,094,484.67 $977,287.50 $538,083.73 $ 6,071,784.07
3. Interest Shortfall $ - $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $ - $67,299,006.94
5. Total Distribution Amount $2,094,484.67 $977,287.50 $538,083.73 $73,370,791.01
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM JULY-98 JUNE-98
COLLECTION PERIOD COLLECTION PERIOD
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contract 280,634 N.A.
b. Cut-Off Date Contract Pool 3,185,229,329 N.A.
Principal Balance
c. Original Weighted Average 38.6 months N.A.
Remaining Term
d. Weighted Average 56.1 months N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 128,187 134,617
b. Average Contract 8,312 8,401
Principal Balance
c. Weighted Average 27.2 27.6
Remaining Term
</TABLE>
Page 8 of 10
<PAGE>
<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%
</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
<PAGE>
<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 August 17, 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
