<PAGE>   1

                                 UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-Q


(Mark one)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED            SEPTEMBER 30, 1996
                               ------------------------------------------

                                       OR


[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from                      to
                               --------------------    ------------------

COMMISSION FILE NO. 2-92121

                       DEL TACO RESTAURANT PROPERTIES II
                        a California limited partnership
             (Exact name of registrant as specified in its charter)

                   CALIFORNIA                           33-0064245
          (State or other jurisdiction of            (I.R.S. Employer
          incorporation or organization)          Identification Number)

23041 AVENIDA DE LA CARLOTA, SUITE 400, LAGUNA HILLS, CA        92653
        (Address of principal executive offices)              (Zip Code)

                                 (714) 462-7399
              (Registrant's telephone number, including area code)

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  X   No
    ---     ---




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<PAGE>   2

                                     INDEX

                       DEL TACO RESTAURANT PROPERTIES II
                       ---------------------------------


<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                                        PAGE NUMBER
------------------------------                                        -----------
<S>                                                                   <C>
Item 1.  Financial Statements and Supplementary Data


Balance Sheets at September 30, 1996 (Unaudited) and
     December 31, 1995                                                     3

Statements of Income for the three and nine months ended
     September 30, 1996 and 1995 (Unaudited)                               4

Statements of Cash Flows for the nine months ended
     September 30, 1996 and 1995 (Unaudited)                               5

Notes to Financial Statements                                              6


Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations                     8


PART II. OTHER INFORMATION
--------------------------

Item 6.  Exhibits and Reports on Form 8-K                                 10


SIGNATURES                                                                11
----------                                                                                                          
</TABLE>





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<PAGE>   3

                       DEL TACO RESTAURANT PROPERTIES II
                       ---------------------------------

                                 BALANCE SHEETS
                                 --------------



<TABLE>
<CAPTION>
                                                                        SEPTEMBER 30   December 31
                                                                            1996          1995    
                                                                        ------------   -----------
                                                                         (UNAUDITED)
<S>                                                                     <C>            <C>
                                          ASSETS 
                                          ------
CURRENT ASSETS:
  Cash                                                                    $  117,157    $  108,954
  Receivable from General Partner (Note 4)                                    35,548        36,166
  Deposits                                                                     1,000         1,000
                                                                          ----------    ----------
    Total current assets                                                     153,705       146,120
                                                                          ----------    ----------

PROPERTY AND EQUIPMENT, AT COST
  Land and improvements                                                    1,806,006     1,806,006
  Buildings and improvements                                               1,238,879     1,238,879
  Machinery and equipment                                                    898,950       898,950
                                                                          ----------    ----------
                                                                           3,943,835     3,943,835
  Less--accumulated depreciation                                           1,364,739     1,256,682
                                                                          ----------    ----------
                                                                           2,579,096     2,687,153
                                                                          ----------    ----------

                                                                          $2,732,801    $2,833,273
                                                                          ==========    ==========


                                LIABILITIES AND PARTNERS' EQUITY
                                --------------------------------

CURRENT LIABILITIES:
  Payable to Limited Partners                                                  6,023         3,562
  Accounts Payable                                                               759         1,050
                                                                          ----------    ----------
    Total current liabilities                                                  6,782         4,612
                                                                          ----------    ----------

PARTNERS' EQUITY
  Limited Partners                                                         2,747,811     2,849,424
  General Partner-Del Taco, Inc.                                             (21,792)      (20,763)
                                                                          ----------    ----------
                                                                           2,726,019     2,828,661
                                                                          ----------    ----------

                                                                          $2,732,801    $2,833,273
                                                                          ==========    ==========
</TABLE>




                         The accompanying notes are an
                  integral part of these financial statements





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<PAGE>   4
                       DEL TACO RESTAURANT PROPERTIES II
                       ---------------------------------

                              STATEMENTS OF INCOME
                              --------------------

                                  (UNAUDITED)
                                  -----------


<TABLE>
<CAPTION>
                                                   THREE MONTHS ENDED             NINE MONTHS ENDED
                                                      SEPTEMBER 30                   SEPTEMBER 30
                                                  1996           1995            1996           1995   
                                                --------       --------        --------       --------
<S>                                             <C>           <C>             <C>            <C>
REVENUES:
  Rent (Notes 3 and 4)                          $114,583       $114,459         $319,601      $328,795
  Interest                                           569            547            1,542         1,802
  Other                                              275             75              665           450
                                                --------       --------         --------      --------
                                                 115,427        115,081          321,808       331,047
                                                --------       --------         --------      --------
EXPENSES:
  General and administrative                      10,726          8,867           42,734        39,038
  Depreciation                                    36,017         36,017          108,054       108,055
                                                --------       --------         --------      -------- 
                                                  46,743         44,884          150,788       147,093
                                                --------       --------         --------      -------- 
Net income                                      $ 68,684       $ 70,197         $171,020      $183,954 
                                                ========       ========         ========      ========
 
Net income per Limited
  Partnership Unit (Note 2)                     $   2.52       $   2.57         $   6.27      $   6.74
                                                ========       ========         ========      ========
</TABLE>





                         The accompanying notes are an
                  integral part of these financial statements.





                                      -4-
<PAGE>   5

                       DEL TACO RESTAURANT PROPERTIES II
                       ---------------------------------

                            STATEMENTS OF CASH FLOWS
                            ------------------------

                                  (UNAUDITED)
                                  -----------

<TABLE>
<CAPTION>
                                                     NINE MONTHS ENDED
                                                       SEPTEMBER 30
                                                      1996      1995  
                                                    --------  --------
<S>                                                 <C>       <C>     
CASH FLOWS FROM OPERATING ACTIVITIES:

 Net income                                         $171,020   $183,954
 Adjustments to reconcile net income to net
  cash provided by operating activities:
    Depreciation                                     108,054    108,055
    Increase (decrease) in payable to
     Limited Partners                                  2,461    (13,605)
    (Increase) decrease in receivable from
     General Partner                                     618       (121)
    Increase (decrease) in accounts payable             (288)     4,955
                                                    --------   --------

     Net cash provided by operating activities       281,865    283,238

CASH FLOWS FROM FINANCING ACTIVITIES:

 Cash distributions to partners                      273,662    295,080
                                                    --------   --------

Net increase (decrease) in cash                        8,203    (11,842)

Beginning cash balance                               108,954    133,369
                                                    --------   --------

Ending cash balance                                 $117,157   $121,527
                                                    ========   ========
</TABLE>





                         The accompanying notes are an
                 integral part of these financial  statements.





                                      -5-
<PAGE>   6

                       DEL TACO RESTAURANT PROPERTIES II
                       ---------------------------------

                         NOTES TO FINANCIAL STATEMENTS
                         -----------------------------

                               SEPTEMBER 30, 1996
                               ------------------


NOTE 1 - BASIS OF PRESENTATION

The accompanying financial statements, some of which are unaudited, have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X.  Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements and should therefore be read in conjunction
with the financial statements and notes thereto contained in the Registrant's
annual report on Form 10-K for the year ended December 31, 1995.  In the
opinion of management, all adjustments (consisting of normal recurring
accruals) necessary to present fairly the partnership's financial position at
September 30, 1996, the results of operations and cash flows for the nine month
periods ended September 30, 1996 and 1995 have been included.  Operating
results for the three and nine months ended September 30, 1996 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1996.

NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per Limited Partnership Unit is based upon the weighted average
number of Units outstanding during the periods presented which amounted to
27,006 in 1996 and 1995.

Pursuant to the Partnership Agreement, annual partnership income or loss is
allocated one percent to the General Partner and 99 percent to the Limited
Partners.  Partnership gains from any sale or refinancing will be allocated one
percent to the General Partner and 99 percent to the Limited Partners until
allocated gains and profits equal losses, distributions and syndication costs
previously allocated.  Additional gains will be allocated 15 percent to the
General Partner and 85 percent to the Limited Partners.





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<PAGE>   7


DEL TACO RESTAURANT PROPERTIES II
---------------------------------
NOTES TO FINANCIAL STATEMENTS - CONTINUED
-----------------------------------------
SEPTEMBER 30, 1996
------------------

NOTE 3 - LEASING ACTIVITIES

The Registrant leases (the "Leases") certain properties (the "Properties") for
operation of restaurants to Del Taco, Inc. ("General Partner") on a triple net
basis.  The Leases are for terms of 35 years commencing with the completion of
the restaurant facility located on each Property and require monthly rentals
equal to 12 percent of the gross sales of the restaurants.  There is no minimum
rental under any of the Leases.  The Registrant had a total of five Properties
leased as of September 30, 1996 and 1995.


NOTE 4 - TRANSACTIONS WITH DEL TACO

The receivable from General Partner consists primarily of rent accrued for the
month of September. The September rent was collected on October 11, 1996.

Del Taco, Inc. serves in the capacity of general partner in other partnerships
which are engaged in the business of operating restaurants and four
partnerships which were formed for the purpose of acquiring real property in
California for construction of Mexican-American restaurants for lease under
long-term agreements to Del Taco, Inc. for operation under the Del Taco trade
name.

In addition, see Note 5 with respect to certain distributions to the General
Partner.

NOTE 5 - DISTRIBUTIONS

On October 14, 1996, a distribution to the Limited Partners of $103,342  or
approximately $3.83 per Limited Partnership Unit, was approved.  Such
distribution was paid on October 15, 1996.  The General Partner also received a
distribution of $1,044 with respect to its 1% partnership interest.





                                      -7-
<PAGE>   8





ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          -----------------------------------------------------------
          AND RESULTS OF OPERATIONS
          -------------------------

Liquidity and Capital Resources
-------------------------------

The Registrant commenced offering of Limited Partnership Units on September 11,
1984.  By December 31, 1985, the sale of such Units provided a total
capitalization for the Registrant of $6,751,500.  Fifteen percent of the cash
received from the sale of Limited Partnership Units was used to pay commissions
to brokers and to reimburse the General Partner for offering costs incurred.
The remaining funds were expended for the acquisition of sites and construction
of seven restaurants.  In June 1986, the first two restaurants opened for
business.  Four additional restaurants opened in 1987, and the seventh
restaurant opened in April of 1988.  Approximately $5,600,000 was expended for
such purposes. Two restaurants were sold in 1994.

Since the restaurants owned by the Registrant commenced operation, cash flow
from Lease payments received from Del Taco, the Registrant's General Partner,
which leases all five remaining restaurants, has provided adequate liquidity
for operation of the Registrant.  However, the Registrant's overwhelmingly
predominant source of income to meet its expenses and fund distributions to its
Limited Partners is payments from Del Taco under the Leases, comprising
primarily rent calculated on the basis of the gross sales of the restaurants
operated on the Properties, as to which there are no contractually specified
minimum or guaranteed amounts. Thus, the adequacy of the Registrant's liquidity
and capital resources in the future will depend primarily upon the gross
revenues of such restaurants as well as upon Del Taco's financial condition and
results of operations generally.


Results of Operations
---------------------

The Registrant owned seven Properties that were under long-term lease to Del
Taco for restaurant operations.  Two restaurants were sold in 1994 and five are
currently operating.  For the five operating Del Taco restaurants, the
Registrant receives rental revenues equal to 12 percent of restaurant sales.





                                      -8-
<PAGE>   9



Rental revenues for the three months ended September 30, increased from
$114,459 in 1995 to $114,583 in 1996. The Registrant had rental revenues of
$319,601 for the nine months ended September 30, 1996, representing a decrease
from the rental revenues of $328,795 in 1995. The decrease in revenues is
directly attributable to decreased sales at the restaurants.

The following table sets forth the percentage relationship to total general and
administrative expenses of items included in the Registrant's Statements of
Income:


<TABLE>
<CAPTION>
                                                 Percentage of Total
                                           General & Administrative Expense
                                           --------------------------------

                                                  Nine Months Ended
                                                    September 30
                                                   1996       1995
                                                  -------    -------
<S>                                               <C>        <C> 
Accounting fees                                     36.39%     38.23%
Distribution of
  information to
  Limited Partners                                  60.49      59.25
Other                                                3.12       2.52  
                                                   ------     ------
                                                   100.00%    100.00%
                                                   ======     ======
</TABLE>



Operating expenses include general and administrative expenses which  consist
primarily of accounting fees and costs of distribution of information to the
Limited Partners.  General and administrative expenses increased for the three
months ended September 30 from $8,867 in 1995 to $10,726 in 1996. The increase
in general and administrative expense was caused primarily by printing costs
for new checks, envelopes and stationary and nonrecurring costs associated with
a special mailing to Limited Partners.  For the nine months ended September 30,
general and administrative expenses increased from $39,038 in 1995 to $42,734
in 1996. Depreciation expense was $36,017 for the three months ended September
30, 1996 and 1995. The Registrant incurred depreciation expense in the amount
of $108,054 for the nine months ended September 30, 1996 and $108,055 for the
nine months ended September 30, 1995.





                                      -9-
<PAGE>   10





For the three months ended September 30, 1996 revenues increased $346 and
expenses increased $1,859, creating a decrease in net income from $70,197 in
1995 to $68,684 in 1996. As a result of decreased revenues totaling $9,239 for
the nine months ended September 30, 1996 and increased expenses totaling $3,695
for the nine months ended September 30, 1996, the net income of the Registrant
decreased from $183,954 for the nine months ended September 30, 1995 to
$171,020 for the corresponding period in 1996.

For the reasons stated under "Liquidity and Capital Resources" above, the
Registrant's results of operations in the future will depend primarily upon the
gross revenues of the restaurants located on the Properties leased to Del Taco
as well as upon Del Taco's financial condition and results of operations
generally.


PART II. OTHER INFORMATION
--------------------------

Item 6.  Exhibits and Reports on Form 8-K

(b)      No reports on Form 8-K were filed during the nine months ended
         September 30, 1996.

(c)      Exhibit 27 - Financial Data Schedule.





                                      -10-
<PAGE>   11


                                   SIGNATURES


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 thereunto duly authorized.

                                        DEL TACO RESTAURANT PROPERTIES II
                                        (a California limited partnership)
                                        Registrant

                                        Del Taco, Inc.
                                        General Partner



Date:  October 30, 1996                 /s/ Robert J. Terrano
                                        ----------------------------------
                                        Robert J. Terrano
                                        Executive Vice President,
                                        Chief Financial Officer


Date:  October 30, 1996                 /s/ C. Douglas Mitchell
                                        ----------------------------------
                                        C. Douglas Mitchell
                                        Vice President and Corporate
                                        Controller





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