GREEN TREE FLOORPLAN RECIEVABLES MASTER TRUST
8-K, 1998-11-23
ASSET-BACKED SECURITIES
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<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                            -------------------------

                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported):November 16, 1998

              GREEN TREE FLOORPLAN RECEIVABLES MASTER TRUST 1998-1
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        Minnesota                     33-62433             Applied for     
- --------------------------------------------------------------------------------
(State or other jurisdiction        (Commission           (IRS employer
      of incorporation)             file numbers)       identification no.)


 1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota  55102-1639
- --------------------------------------------------------------------------------
  (Address of principal executive offices)                          (Zip code)

       Registrant's telephone number, including area code: (612) 293-3400


                                 Not Applicable
- --------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)
<PAGE>
 
Item 5.  Other Events.

     Pursuant to the Pooling and Servicing Agreement between Green Tree
     Financial Corporation (the "Servicer") and Norwest Bank Minnesota (the
     "Trustee"), on November 16, 1998 the Trustee made distributions to the
     holders of the certificates representing interests in the Trust (the
     "Certificateholders") and delivered to the Certificateholders the Monthly
     Report required by Section 1.01 of the Servicing Agreement attached hereto
     as Exhibit 99.1.

Item 7.  Financial Statements and Exhibits

         (c)   Exhibits.

               The following is filed herewith. The exhibit number corresponds
               with Item 601(b) of Regulation S-K.

               Exhibit No.     Description
               ----------      -----------
                  99.1         Monthly Report delivered to
                               Certificateholders on November 16, 1998.
<PAGE>
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: November 16, 1998


                                       FLOORPLAN RECEIVABLES MASTER TRUST
                                       1998-1

                                       By GREEN TREE FINANCIAL CORPORATION
                                          as Servicer with respect to the Trust


                                       By: /s/Phyllis A. Knight        
                                           -----------------------------
                                           Phyllis A. Knight
                                           Senior Vice President and Treasurer
<PAGE>
 
                             INDEX TO EXHIBITS



Exhibit
Number                                                             Page
- -------                                                           ------
 99.1      Monthly Report delivered to Certificateholders            5
           on November 16, 1998.

<PAGE>
 
                            FORM OF MONTHLY STATEMENT

                  GreenTree Floorplan Receivables Master Trust
                                  Series 1998-1

     Pursuant to the Pooling and Servicing Agreement dated as of December 1,
1995 (hereinafter as such agreement may have been or may be from time to time
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Green Tree Financial Corporation as servicer (the "Servicer"), Green Tree
Floorplan Funding Corp. as transferor (the "Transferor"), and Norwest Bank
Minnesota as trustee (the "Trustee"), as supplemented by the Series 1998-1
Supplement dated as of March 1, 1998 (the Supplement") among the Servicer, the
Transferor and the Trustee, as Servicer is required to prepare certain
information each month regarding current distributions to the Series 1998-1
Certificateholders and the performance of the Green Tree Floorplan Receivables
Master Trust (the "Trust") during the previous month. The information which is
required to be prepared with respect to the performance of the Trust during the
month of October 1998 is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
1998-1 Certificate (a "Certificate"). Certain other information is presented
based on the aggregate amounts for the Trust as a whole. Capitalized terms used
in this Monthly Statement have their respective meanings set forth in the
Pooling and Servicing Agreement and the Supplement.

A)   Information regarding distribution in respect of
     the Class A Certificates per $1,000 original
     certificate principal amount

     (1)  The total amount of the distribution in
          respect of Class A Certificates, per $1,000
          original certificate principal amount                             4.70
                                                                   -------------
     (2)  The amount of the distribution set forth in
          paragraph 1 above in respect of interest on
          the Class A Certificates, per $1,000 original
          certificate principal amount                                      4.70
                                                                   -------------
     (3)  The amount of the distribution set forth in
          paragraph 1 above in respect of principal of
          the Class A Certificates, per $1,000 original
          certificate principal amount                                      0.00
                                                                   -------------
B)   Class A Investor Charge Offs and Reimbursement of
     Charge Offs

     (1)  The amount of Class A Investor Charge Offs                        0.00
                                                                   -------------
     (2)  The amount of Class A Investor Charge Offs
          set forth in paragraph 1 above, per $1,000
          original certificate principal amount                             0.00
                                                                   -------------
     (3)  The total amount reimbursed in respect of
          Class A Investor Charge Offs                                      0.00
                                                                   -------------
     (4)  The amount set forth in paragraph 3 above,
          per $1,000 original certificate principal
          amount                                                            0.00
                                                                   -------------
     (5)  The amount, if any, by which the outstanding
          principal balance of the Class A Certificates
          exceeds the Class A Invested Amount after
          giving effect to all transactions on such
          Distribution Date                                                 0.00
                                                                   -------------
C)   Information regarding distributions in respect of
     the Class B Certificates, per $1,000 original
     certificate principal amount

     (1)  The total amount of the distribution in
          respect of Class B Certificates, per $1,000
          original certificate principal amount                             4.89
                                                                   -------------
<PAGE>
 
     (2)  The amount of the distribution set forth in
          paragraph 1 above in respect of interest on
          the Class B Certificates, per $1,000 original
          certificate principal amount                                      4.89
                                                                   -------------
     (3)  The amount of the distribution set forth in
          paragraph 1 above in respect of principal of
          the Class B Certificates, per $1,000 original
          certificate principal amount                                      0.00
                                                                   -------------
D)   Amount of reductions in Class B Invested Amount
     pursuant to clauses (c), (d), and (e) of the
     definition of Class B Invested Amount

     (1)  The amount of reductions in Class B Invested
          Amount pursuant to clauses (c), (d), and (e)
          of the definition of Class B Invested Amount                      0.00
                                                                   -------------
     (2)  The amount of reductions in the Class B
          Invested Amount set forth in paragraph 1
          above, per $1,000 original certificate
          principal amount                                                  0.00
                                                                   -------------
     (3)  The total amount reimbursed in respect of
          such reductions in the Class B Invested
          Amount                                                            0.00
                                                                   -------------
     (4)  The amount set forth in paragraph 3 above,
          per $1,000 original certificate principal
          amount                                                            0.00
                                                                   -------------
     (5)  The amount, if any, by which the outstanding
          principal balance of the Class B Certificates
          exceeds the Class B Invested Amount after
          giving effect to all transactions on such
          Distribution Date                                                 0.00
                                                                   -------------
E)   Information regarding distributions in respect of
     the Class C Certificates, per $1,000 original
     certificate principal amount

     (1)  The total amount of the distribution in
          respect of Class C Certificates, per $1,000
          original certificate principal amount                             4.97
                                                                   -------------

     (2)  The amount of the distribution set forth in
          paragraph 1 above in respect of interest on
          the Class C Certificates, per $1,000 original
          certificate principal amount                                      4.97
                                                                   -------------

     (3)  The amount of the distribution set forth in
          paragraph 1 above in respect of principal of
          the Class C Certificates, per $1,000 original
          certificate principal amount                                      0.00
                                                                   -------------
F)   Amount of reductions in Class C Invested Amount
     pursuant to clauses (c), (d), and (e) of the
     definition of Class C Invested Amount

     (1)  The amount of reductions in Class C Invested
          Amount pursuant to clauses (c), (d), and (e)
          of the definition of Class C Invested Amount                      0.00
                                                                   -------------

     (2)  The amount of reductions in the Class C
          Invested Amount set forth in paragraph 1
          above, per $1,000 original certificate
          principal amount                                                  0.00
                                                                   -------------
     (3)  The total amount reimbursed in respect of
          such reductions in the Class C Invested
          Amount                                                            0.00
                                                                   -------------
     (4)  The amount set forth in paragraph 3 above,
          per $1,000 original certificate principal
          amount                                                            0.00
                                                                   -------------
     (5)  The amount, if any, by which the outstanding
          principal balance of the Class C Certificates
          exceeds the Class C Invested Amount after
          giving effect to all transactions on such
          Distribution Date                                                 0.00
                                                                   -------------

                             Green Tree Financial Corporation, as Servicer

                             By:
                                ------------------------------
                                Name:  Phyllis A. Knight
                                Title: Sr. Vice President and Treasurer
<PAGE>
 
RECEIVABLES --

Beginning of the Month Principal Receivables:
Removed Principal Receivables:                                  1,599,216,066.22
                                                                ----------------
Additional Principal Receivables:                                           0.00
                                                                ----------------
End of the Month Principal Receivables:                                     0.00
                                                                ----------------
End of the Month Total Receivables:                             1,634,935,671.20
                                                                ----------------
                                                                1,634,935,671.20
                                                                ----------------
Excess Funding / Prefunding Account Balance
Aggregate Invested Amount (all Master Trust Series)                         0.00
                                                                ----------------
                                                                1,493,000,000.00
                                                                ----------------
End of the Month Transferor Amount                                 34,995,875.60
                                                                ----------------

DELINQUENCIES AND LOSSES ---

End of the Month Delinquencies:                                 RECEIVABLES
   30-60 Days Delinquent                                            1,864,100.90
                                                                ----------------
   61-90 Days Delinquent                                              809,366.28
                                                                ----------------
   90+ Days Delinquent                                              1,454,963.53
                                                                ----------------
   Total 30+ Days Delinquent                                        4,128,430.71
                                                                ----------------

Defaulted Accounts During the Month                                         0.00
                                                                ----------------

INVESTED AMOUNTS --

Class A Initial Invested Amount                 400,400,000.00
                                                --------------
Class B Initial Invested Amount                  20,475,000.00
                                                --------------
Class C Initial Invested Amount                  19,337,000.00
                                                --------------
Class D Initial Invested Amount                  14,788,000.00
                                                --------------
INITIAL INVESTED AMOUNT                                           455,000,000.00
                                                                  --------------

Class A Invested Amount                         400,400,000.00
                                                --------------
Class B Invested Amount                          20,475,000.00
                                                --------------
Class C Invested Amount                          19,337,000.00
                                                --------------
Class D Invested Amount                          14,788,000.00
                                                --------------
INVESTED AMOUNT
                                                                  455,000,000.00
                                                                  --------------

Class A Adjusted Invested Amount                400,400,000.00
                                                --------------
Class B Adjusted Invested Amount                 20,475,000.00
                                                --------------
Class C Invested Amount                          19,337,000.00
                                                --------------
Class D Invested Amount                          23,047,804.50
                                                --------------
ADJUSTED INVESTED AMOUNT                                          463,259,804.50
                                                                  --------------

MONTHLY SERVICING FEE                                                 772,099.67
                                                                  --------------
INVESTOR DEFAULT AMOUNT                                                     0.00
                                                                  --------------
SERIES 1998-1 INFORMATION
<PAGE>
 
SERIES 1998-1 ALLOCATION PERCENTAGE                                       30.48%
                                                                  --------------
SERIES 1998-1 ALLOCABLE FINANCE CHARGE                              4,045,587.10
                                                                  --------------
SERIES 1998-1 UNREIMBURSED CHARGE-OFFS                                      0.00
                                                                  --------------
SERIES 1998-1 ALLOCABLE DEFAULTED AMOUNT                                    0.00
                                                                  --------------
SERIES 1998-1 MONTHLY FEES                                            772,099.67
                                                                  --------------
SERIES 1998-1 ALLOCABLE PRINCIPAL COLLECTIONS                     132,927,897.70
                                                                  --------------
SERIES 1998-1 REQUIRED TRANSFEROR AMOUNT                           18,530,392.18
                                                                  --------------
FLOATING ALLOCATION PERCENTAGE                                            28.97%
                                                                  --------------

INVESTOR FINANCE CHARGE COLLECTIONS                                 3,749,786.41
                                                                  --------------
INVESTOR DEFAULT AMOUNT                                                     0.00
                                                                  --------------
PRINCIPAL ALLOCATION PERCENTAGE                                           28.97%
                                                                  --------------
AVAILABLE PRINCIPAL COLLECTIONS                                   123,127,501.13
                                                                  --------------

CLASS A FLOATING ALLOCATION                                               25.04%
                                                                  --------------
CLASS A REQUIRED AMOUNT                                                    0.00%
                                                                  --------------

CLASS B FLOATING ALLOCATION                                                1.28%
CLASS B REQUIRED AMOUNT                                                    0.00%
                                                                  --------------

CLASS C FLOATING ALLOCATION                                                1.21%
CLASS D FLOATING ALLOCATION                                                1.44%

TOTAL EXCESS SPREAD                                                 1,652,043.14
                                                                  --------------

YIELD AND BASE RATE--

Base Rate (Current Month)                         7.52%
                                                -------
Base Rate (Prior Month)                           7.74%
                                                -------
Base Rate (Two Months Ago)                        7.76%
                                                -------
THREE MONTH AVERAGE BASE RATE                                              7.67%
                                                                  --------------

Series Adjusted Portfolio Yield (Current Month)   9.71%
                                                -------
Series Adjusted Portfolio Yield (Prior Month)    10.16%
                                                -------
Series Adjusted Portfolio Yield (Two Months Ago) 10.97%
                                                -------
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO     
YIELD                                                                     10.28%
                                                                  --------------
PRINCIPAL COLLECTIONS--

CLASS A PRINCIPAL PERCENTAGE                                              25.04%
                                                                  --------------
   Class A Principal Collections         106,420,308.80
                                         --------------

CLASS B PRINCIPAL PERCENTAGE                                               1.28%
                                                                  --------------
   Class B Principal Collections           5,441,947.61
                                         --------------
CLASS C PRINCIPAL PERCENTAGE                                               1.21%
                                                                  --------------
   Class C Principal Collections           5,139,484.29
                                         --------------

CLASS D PRINCIPAL PERCENTAGE                                               1.44%
                                                                  --------------
   Class D Principal Collections           6,125,760.42
                                         --------------

AVAILABLE PRINCIPAL COLLECTIONS          123,127,501.13
                                         --------------

REALLOCATED PRINCIPAL COLLECTIONS                                           0.00
                                                                  --------------
SERIES 1998-1 PRINCIPAL SHORTFALL                                           0.00
                                                                  --------------
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER
PRINCIPAL SHARING SERIES                                                    0.00
                                                                  --------------

ACCUMULATION --

Controlled Accumulation Amount                     0.00
                                         --------------
Deficit Controlled Accumulation Amount             0.00
                                         --------------
CONTROLLED DEPOSIT AMOUNT                          0.00
                                         --------------
<PAGE>
 
PRINCIPAL FUNDING ACCOUNT BALANCE                                           0.00
                                                                  --------------
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER
PRINCIPAL SHARING SERIES                                          123,127,501.13
                                                                  --------------

INVESTOR CHARGE OFFS AND REIMBURSEMENTS--

CLASS A INVESTOR CHARGE OFFS                                                0.00
                                                                  --------------
REDUCTIONS IN CLASS B INVESTED AMOUNT  (OTHER THAN
BY PRINCIPAL PAYMENTS)                                                      0.00
                                                                  --------------
REDUCTIONS IN CLASS C INVESTED AMOUNT (OTHER
THAN BY PRINCIPAL PAYMENTS)                                                 0.00
                                                                  --------------
REDUCTIONS IN CLASS D INVESTED AMOUNT (OTHER
THAN BY PRINCIPAL PAYMENTS)                                                 0.00
                                                                  --------------

PREVIOUS CLASS A CHARGE OFFS REIMBURSED                                     0.00
                                                                  --------------
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS REIMBURSED                      0.00
                                                                  --------------
PREVIOUS CLASS C INVESTED AMOUNT REDUCTIONS REIMBURSED                      0.00
                                                                  --------------
PREVIOUS CLASS D INVESTED AMOUNT REDUCTIONS REIMBURSED                      0.00
                                                                  --------------

                             Green Tree Financial Corporation, as Servicer

                             By: 
                                --------------------------------
                                Name:  Phyllis A. Knight
                                Title: Sr. Vice President and Treasurer


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