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<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: March 08, 1999
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 9
<PAGE>
<PAGE>
ITEMS. 5 OTHER
<TABLE>
<S> <C> <C> <C>
CAPITA EQUIPMENT RECEIVABLES TRUST 1996-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: MARCH 8, 1999 PAYMENT DATE: MARCH 15, 1999
COLLECTION PERIOD: FEBRUARY 28, 1999
</TABLE>
I. INFORMATION REGARDING THE CONTRACTS
<TABLE>
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection Period $ 718,461,829.55
b. End of Collection Period $ 668,369,630.10
c. Reduction for Collection Period $ 50,092,199.45
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 26,512,607.80
b. End of Collection Period $ 25,900,764.64
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 336
with respect to Collection Period
b. Required Payoff Amounts of Liquidated Contracts $ 2,409,007.13
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 1,316,621.77
e. Liquidation Proceeds Allocated to Owner Trust $ 1,076,966.77
f. Liquidation Proceeds Allocated to Depositor $ 239,655.00
g. Current Realized Losses $ 1,332,040.36
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 1,520
to Collection Period
b. Required Payoff Amounts of Prepaid Contracts $ 6,897,418.15
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 78,489 87.70% $607,265,728.45 87.47%
b. 31-60 days 5,086 5.68% $ 48,490,193.32 6.98%
c. 61-90 days 2,428 2.71% $ 16,963,633.17 2.44%
d. 91-120 days 1,446 1.62% $ 9,033,140.02 1.30%
e. 120+ days 2,044 2.28% $ 12,517,699.78 1.80%
f. Total 89,493 100.00% $694,270,394.74 100.00%
</TABLE>
Page 3 of 9
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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>
2/28/99 6.98% 2.44% 1.30% 1.80%
1/31/99 6.09% 2.24% 1.17% 1.74%
12/31/98 5.94% 1.90% 1.23% 1.45%
11/30/98 6.15% 1.94% 0.92% 1.30%
10/31/98 4.92% 1.55% 0.90% 1.28%
9/30/98 4.39% 1.47% 0.91% 1.24%
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
FEBRUARY-99 FEBRUARY-99 FEBRUARY-99 ------------
----------- ----------- -----------
<S> <C> <C> <C> <C>
a. Number of Liquidated 336 1,194 2,738 18,016
Contracts
b. Number of Liquidated 0.120% 0.425% 0.976% 6.420%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 2,409,007 7,834,285 17,636,491 108,478,451
Liquidated Contracts
d. Liquidation Proceeds Allocated 1,076,967 3,266,839 6,805,622 25,468,444
to Owner Trust
e. Aggregate Current Realized 1,332,040 4,567,446 10,830,868 83,010,007
Losses
f. Aggregate Current Realized 0.042% 0.143% 0.340% 2.606%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
</TABLE>
Page 4 of 9
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<PAGE>
II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
<TABLE>
<CAPTION>
PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS CLASS FACTOR AS OF
CLASS COUPON MARCH 15, 1999 MARCH 15, 1999 OF FEBRUARY 16, 1999 FEBRUARY 16, 1999
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% $19,891,065.75 0.03018 $70,595,108.35 0.10712
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. $694,270,394.75 0.21797 $744,974,437.35 0.23388
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $694,270,394.74 and the CCA Balance is $79,370,335.06.
<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $744,974,437.35
b. Contract Pool Principal Balance (End of Collection Period) $668,369,630.10
c. Monthly Principal Amount $ 76,604,807.25
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 46,993,327.75
b. Liquidation Proceeds Allocated to Owner Trust $ 1,076,966.77
c. Required Payoff Amounts of Prepaid Contracts $ 6,897,418.15
d. Required Payoff Amounts of Purchased Contracts $ -
e. Proceeds of Clean-up Call $ -
f. Investment Earnings on Collection Account and Note Distribution Account $ 139,403.16
g. Extension Fees Allocated to Owner Trust $ 3,292.36
h. Total Gross Collections (sum of (a) through (g)) $ 55,110,408.19
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Gross Collections $ 55,110,408.19
b. Withdrawal from Cash Collateral Account $ 311,334.81
c. Total Available Funds $ 55,421,743.00
</TABLE>
Page 5 of 9
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5. APPLICATION OF AVAILABLE FUNDS
<TABLE>
<CAPTION>
ITEM AMOUNT REMAINING AVAILABLE FUNDS
<S> <C> <C>
a. Total Available Funds $55,421,743.00
b. Servicing Fee $ 748,397.74 $54,673,345.26
c. Interest on Notes:
i) Class A-1 Notes $ - $54,673,345.26
ii) Class A-2 Notes $ - $54,673,345.26
iii) Class A-3 Notes $ 359,446.76 $54,313,898.50
iv) Class A-4 Notes $ 2,094,484.67 $52,219,413.83
v) Class B Notes $ 977,287.50 $51,242,126.33
d. Interest on Equity $ 538,083.73 $50,704,042.60
Certificates
e. Principal of Notes and
Equity Certificates:
i) Class A-1 Notes $ - $50,704,042.60
ii) Class A-2 Notes $ - $50,704,042.60
iii) Class A-3 Notes $50,704,042.60 $ -
iv) Class A-4 Notes $ - $ -
v) Class B Notes $ - $ -
vi) Equity Certificates $ - $ -
f. Deposit to Cash $ $ -
Collateral Account
g. Amount to be applied in $ - $ -
accordance with CCA
Loan Agreement
h. Balance, if any, to Equity $ - $ -
Certificates
</TABLE>
II. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
1. BALANCE RECONCILIATION
<TABLE>
<CAPTION>
MARCH 15, 1999
ITEM PAYMENT DATE
<S> <C>
a. Available Cash Collateral Amount (Beginning) $ 83,989,554.17
b. Deposits to Cash Collateral Account $ -
c. Withdrawals from Cash Collateral Account $ 311,334.81
d. Releases of Cash Collateral Account Surplus $ 4,307,884.30
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) $ 79,370,335.06
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount $ 79,370,335.06
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
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 $ 53,469,570.41
2) The Aggregate Principal Balance of the Notes $ 25,900,764.65
and the Equity Certificate Balance less the
Contract Pool Principal Balance
3) Total ((1) plus (2)) $ 79,370,335.06
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 $ 79,370,335.06
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls $ -
b. Principal Deficiency Amount $ 311,334.81
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates $ -
d. Total Cash Collateral Account Withdrawals $ 311,334.81
</TABLE>
Page 6 of 9
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<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 $ - $ - $ 359,446.76
2. Interest Paid $ - $ - $ 359,446.76
3. Interest Shortfall $ - $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $ 50,704,042.60
5. Total Distribution Amount $ - $ - $ 51,063,489.36
((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 $ 3,969,302.65
2. Interest Paid $2,094,484.67 $ 977,287.50 $ 538,083.73 $ 3,969,302.65
3. Interest Shortfall $ - $ $ - $ -
((1) minus (2))
4. Principal Paid $ - $ - $ - $50,704,042.60
5. Total Distribution Amount $2,094,484.67 $ 977,287.50 $ 538,083.73 $54,673,345.25
((2) plus (4))
</TABLE>
V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
<TABLE>
<CAPTION>
AS OF END OF AS OF END OF
ITEM FEBRUARY-99 JANUARY-99
COLLECTION PERIOD COLLECTION PERIOD
<S> <C> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS 280,634 N.A.
a. Original Number of Contracts 3,185,229,329 N.A.
b. Cut-Off Date Contract Pool
Principal Balance 38.6 months N.A.
c. Original Weighted Average
Remaining Term 56.1 months N.A.
d. Weighted Average
Original Term
2. CURRENT CONTRACT CHARACTERISTICS 89,493 95,010
a. Number of Contracts 7,468 7,562
b. Average Contract
Principal Balance 24.0 24.4
c. Weighted Average
Remaining Term
</TABLE>
Page 7 of 9
<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%
23 Sep-98 7.253%
24 Oct-98 7.147%
25 Nov-98 7.198%
26 Dec-98 7.079%
27 Jan-99 7.208%
28 Feb-99 7.415%
29 Mar-99 7.485%
</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 8 of 9
<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 March 15, 1999
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
Thomas G. Adams
_______________
Thomas G. Adams
Senior Vice President, Financial Reporting
Page 9 of 9
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