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                                   UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549

                                     FORM 10-K

(Mark One)
     /X/  Annual report pursuant to Section 13 or 15(d) of the Securities
          Exchange Act of 1934 for the fiscal year ended December 31, 1998.

     / /  Transition report pursuant to Section 13 or 15(d) of the Securities
          Exchange Act of 1934 for the transition period from
          __________ to __________

COMMISSION FILE NUMBER: 333-58677

                      NEWCOURT EQUIPMENT TRUST SECURITIES 1998-1
                      (ISSUER WITH RESPECT TO THE SECURITIES)
                        NEWCOURT RECEIVABLES CORPORATION II
                              (DEPOSITOR OF THE TRUST)

                (Exact name of registrant as specified in its charter)

                    DELAWARE                      35-2010710
(State or other jurisdiction                      (I.R.S. Employer
of incorporation or organization)                 Identification No.)

     2700 BANK ONE TOWER, 111 MONUMENT CIRCLE, INDIANAPOLIS, INDIANA 46204-5787
                             TELEPHONE: (317) 229-3406
    (Address and telephone number of the of the registrant's principal executive
                                      office)


REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (317) 229-3406

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:  NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:  NONE

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                   Yes       No  X
                                       ---      ---

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

     State the aggregate market value of the registrant's common stock held by
non-affiliates of the registrant: Not Applicable


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     Indicate the number of shares outstanding of the registrant's classes of
common stock, as of the latest practicable date: Not Applicable


                         DOCUMENTS INCORPORATED BY REFERENCE

                                         None








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PART I

Item 1. Business

Not Applicable

Item 2.   Properties

          Newcourt Equipment Trust Securities 1998-1 (the "Trust") was formed
pursuant to a Trust Agreement, dated as of October 15, 1998 between Newcourt
Receivables Corporation II (the "Trust Depositor") and The Bank of New York
(Delaware), as Owner Trustee.  The property of the Trust includes a pool of
contracts consisting of (i) conditional sale agreements, promissory notes with
related security agreements, operating and finance leases, installment payment
agreements, and similar types of financing agreements with end-users ("End-User
Contracts") in each case with respect to certain information technology
equipment, communications equipment, commercial business and industrial
equipment, medical equipment, resources equipment and transportation and
construction equipment (collectively, the "Equipment"),  certain computer
software and related support and consulting services (together with the
Equipment, the "Financed Items"), together with certain rights of financing
originators under finance program agreements and vendor assignments with vendors
of the Financed Items, as well as the Equipment or a security interest in the
Equipment and (ii) limited  recourse contractual payment obligations payable by
vendors and secured by the vendors' interest in the End-User Contracts
originated by such vendors and by the Equipment related to such End-User
Contracts.

Item 3.   Legal Proceedings

          There are no material pending legal proceedings with respect to the
Trust or the Trust Depositor involving the Trust, the Trust Depositor or
Newcourt Financial USA Inc., as Servicer, other than ordinary or routine
litigation incidental to the Trust assets or the Servicer's duties under the
Pooling and Servicing Agreement, dated as of October 15, 1998 among the Trust
Depositor, the Trust, Newcourt Financial USA Inc., as Servicer, and Harris Trust
and Savings Bank, as Indenture Trustee.

Item 4.   Submission of Matters to a Vote of Security Holders

          None

PART II

Item 5.   Market for Registrant's Common Equity and Related Stockholder Matters

(a)       The Trust has issued the 5.007% Class A-1 Receivable-Backed Notes,
          Series 1998-1 ("Class A-1 Notes"), 5.170% Class A-2 Receivable-Backed
          Notes, Series 1998-1 ("Class A-2 Notes"), 5.240% Class A-3
          Receivable-Backed Notes, Series 1998-1 ("Class A-3 Notes"), 5.393%
          Class A-4 Receivable-Backed Notes, Series 1998-1 ("Class A-4 Notes"),
          5.970% Class B Receivable-Backed Notes, Series 1998-1 ("Class B
          Notes"), 6.940% Class C Receivable-Backed Notes, Series 1998-1
          ("Class C Notes"), the 8.060% Class D Receivable-Backed Notes, Series
          1998-1 ("Class D Notes") and the 9.440% Class E Receivable-Backed
          Notes, Series 1998-1 ("Class E Notes" and together with the Class A-1
          Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, the Class B
          Notes, the Class C Notes and the Class D Notes, the "Notes").  There
          is no established public trading market for the Notes.

(b)       Except for the Class D Notes and the Class E Notes, all of the Notes
          were issued in book-entry form only.  There is only one holder of
          record for each of the Class A-1 Notes, Class A-2 Notes, Class A-3
          Notes, Class A-4 Notes, Class B Notes and Class C Notes.

(c)       The Trust does not pay dividends.


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Item 6.   Selected Financial Data

          Not applicable.

Item 7.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations

          Not applicable.

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk

          Not applicable.

Item 8.   Financial Statements and Supplementary Data.

          Not applicable.

Item 9.   Changes in and Disagreements on Accounting and Financial Disclosure.

          None.

PART III.

Item 10.  Directors and Executive Officers of the Registrant

          Not applicable.

Item 11.  Executive Compensation

          Not applicable.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

          The Notes, other than the Class D Notes and Class E Notes, are
represented by one or more notes registered in the name of Cede & Co., the
nominee of The Depository Trust Company ("DTC").  An investor holding such Notes
is not entitled to receive a certificate representing such Notes except in
limited circumstances.  Accordingly, Cede & Co. is the sole holder of record of
the Notes, which it holds on behalf of brokers, dealers, banks and other
participants in the DTC system.  Such participants may hold Notes for their own
accounts or for the accounts of their customers.  The address of Cede & Co. is:

          Cede & Co.
          c/o The Depository Trust Company
          Seven Hanover Square
          New York, New York 10004

Item 13.  Certain Relationships and Related Transactions

          There has not been, and there is not currently proposed, any
transaction or series of transactions, to which any of the Trust, the Trust
Depositor, The Bank of New York (Delaware), as Owner Trustee, or Newcourt
Financial USA Inc., as Servicer, is a party with any Noteholder who, to the
knowledge of the Trust Depositor or the Servicer, owns of record or beneficially
owns more than five percent of the Notes.

Item 14.  Exhibits, Financial Statements and Reports on Form 8-K

          (a)  1.   Not applicable.


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               2.   Not applicable.
               3.   Exhibits:
                    Exhibit No.         Description
                    99.1                Annual Summary Statement
                    99.2                Annual Statement as to Compliance
                    99.3                Annual Independent Accountant's Report

          (b)  Reports on 8-K.
                    The Registrant has filed a Current Report on Form 8-K with
                    the Securities and Exchange Commission dated December 18,
                    1998.
          .
          (c)  see (a)3 above

          (d)  Not applicable.







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                                      SIGNATURES

          Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

                                      NEWCOURT EQUIPMENT TRUST SECURITIES 1998-1

                                      By:  Newcourt Receivables Corporation II

                                      By:  /s/  Steven K. Hudson
                                           -----------------------------------
                                                Steven K. Hudson
                                                Chief Executive Officer

          Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.



 SIGNATURE                      TITLE                          DATE

 /s/ Steven K. Hudson           Chief Executive Officer        May 26, 1999
 -----------------------------  (Principal Executive Officer)
 Steven K. Hudson

 /s/ Daniel A. Jauernig         Chief Financial Officer       May 26, 1999
 -----------------------------  (Principal Financial
 Daniel A. Jauernig             Officer), Chief Accounting
                                Officer and Director

 /s/ Bradley D. Nullmeyer       Director                       May 26, 1999
 -----------------------------
 Bradley D. Nullmeyer

 /s/ David F. Banks             Director                       May 26, 1999
 -----------------------------
 David F. Banks

 /s/ Peter H. Sorensen          Director                       May 26, 1999
 -----------------------------
 Peter H. Sorensen




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                                    EXHIBIT INDEX

Exhibit No.                        Description
-----------                        -----------

99.1                          Annual Summary Statement
99.2                          Annual Statement as to Compliance
99.3                          Annual Independent Accountant's Report








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