<PAGE>
 
________________________________________________________________________________

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549


                                   FORM 10-Q


     * QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934..................For the period ended March 31, 1998

                                      OR

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

                        Commission File Number 33-44946

                           RAILCAR TRUST NO. 1992-1

            (Exact name of Registrant as specified in its charter)

                  Delaware                                36-3822700
     (State or other jurisdiction of                   (I.R.S. Employer
      Incorporation or organization)                  Identification No.)

                         c/o Wilmington Trust Company
                              Rodney Square North
                              1100 N. Market St.
                          Wilmington, Delaware 19890
             (Address of principal executive offices and ZIP code)

Registrant's telephone number, including area code:  (302) 651-1000

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    X      No  ________
                             --------              

________________________________________________________________________________
<PAGE>
 
                         PART I. FINANCIAL INFORMATION

                           RAILCAR TRUST NO. 1992-1

                          CONSOLIDATED BALANCE SHEETS

                                  (UNAUDITED)

                                (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                    MARCH 31,     DECEMBER 31,
                                                                      1998           1997
                                                                 --------------  -------------
<S>                                                              <C>             <C>
                              ASSETS
 
Cash and cash equivalents......................................       $    636       $    587
 
Restricted cash................................................            866         18,888
 
Rent receivable from GE Capital Railcar Associates, Inc........         12,753         12,753
 
Prepaid expenses and other.....................................          1,057          1,144
                                                                      --------       --------
 
   Total current assets........................................         15,312         33,372
 
Rental equipment...............................................        800,599        813,044
 
Deferred financing fees........................................          1,977          2,171
                                                                      --------       --------
 
Total assets...................................................       $817,888       $848,587
                                                                      ========       ========
 
                         LIABILITIES AND TRUST SURPLUS
 
Accrued interest and other expenses............................       $  6,281       $  6,850
 
Current maturities of long-term debt...........................         95,647        110,999
                                                                      --------       --------
 
   Total current liabilities...................................        101,928        117,849
 
Long-term debt:
 Trust notes...................................................        617,885        642,351
 Secured indebtedness..........................................         27,537         27,912
                                                                      --------       --------
 
   Total long-term debt........................................        645,422        670,263
 
Minority interest in Partnership...............................          9,287          9,453
 
Trust surplus:
 Capital distributions in excess of contributions..............        (69,355)       (69,355)
 Cumulative net earnings.......................................        130,606        120,377
                                                                      --------       --------
 
   Net trust surplus...........................................         61,251         51,022
                                                                      --------       --------
 
Total liabilities and trust surplus............................       $817,888       $848,587
                                                                      ========       ========
</TABLE>

        See accompanying notes to the consolidated financial statements.

                                       1
<PAGE>
 
                           RAILCAR TRUST NO. 1992-1

                       CONSOLIDATED STATEMENTS OF INCOME

                                  (UNAUDITED)

                                (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                             THREE MONTH PERIOD ENDED         
                                                                                     MARCH 31,                
                                                                                1998           1997           
                                                                           --------------  ------------       
<S>                                                                        <C>             <C>                
Rental revenue from GE Capital Railcar Associates, Inc..................   $      38,259   $    38,259        
                                                                           -------------   -----------         
                                                                                                              
Operating expenses:                                                                                           
  Depreciation..........................................................         (12,445)      (12,445)       
  General, administrative and other.....................................             (70)          (64)       
                                                                           -------------   -----------         
                                                                                                              
      Total operating expenses..........................................         (12,515)      (12,509)       
                                                                           -------------   -----------         
                                                                                                              
Operating income........................................................          25,744        25,750        
                                                                                                              
Interest expense........................................................         (15,295)      (17,064)       
                                                                                                              
Minority interest.......................................................            (220)         (220)       
                                                                           -------------   -----------         
                                                                                                              
Net income..............................................................   $      10,229   $     8,466        
                                                                           =============   ===========         
</TABLE>

       See accompanying notes to the consolidated financial statements.

                                       2
<PAGE>
 
                           RAILCAR TRUST NO. 1992-1

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  (UNAUDITED)

                                (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                        THREE MONTH PERIOD ENDED 
                                                                MARCH 31,
                                                             1998       1997
                                                           ---------  ---------
<S>                                                        <C>        <C>  
Operating activities:
 Net income...............................................  $ 10,229   $  8,466
 Adjustments to reconcile net income to net cash
  provided by operating activities:                                           
   Depreciation...........................................    12,445     12,445
   Amortized discount on debt and deferred financing fees.       272        308
   Income of minority interest............................       220        220
   Changes in assets and liabilities, net:
     Restricted cash......................................    18,022     16,533
     Rent receivable from GE Capital Railcar Associates,          -          -
      Inc.................................................
     Other................................................      (524)      (866)
                                                           ---------   --------
 
      Net cash provided by operating activities...........    40,664     37,106
 
Financing activities:
 Principal payments on borrowings.........................   (40,229)   (36,697)
 Distributions to minority interest.......................      (386)      (386)
                                                           ---------   --------
 
      Net cash used in financing activities...............   (40,615)   (37,083)
                                                           ---------   --------
 
Net increase in cash......................................        49         23
Cash and equivalents at beginning of the period...........       587        505
                                                           ---------   --------
 
Cash and equivalents at end of the period.................  $    636   $    528
                                                           =========   ========
 
Supplemental cash flow information:
 
  Interest paid during the period.........................  $ 15,708   $ 17,747
                                                           =========   ========
</TABLE>

       See accompanying notes to the consolidated financial statements.

                                       3
<PAGE>
 
                           RAILCAR TRUST NO. 1992-1
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)


NOTE A    BASIS OF PRESENTATION

Railcar Trust No. 1992-1 (the Trust) holds a majority interest in Railcar
Associates, LP, a limited partnership (the Partnership). The Partnership leases
approximately 59,000 railcars within the United States. GE Railcar Associates,
Inc. (the Lessee) is the sole lessee of the railcars. The leases mature in 2004
with quarterly fixed rental payments totaling approximately $153 million
annually. These rental payments are guaranteed by General Electric Capital
Corporation (GECC). The Lessee has an option to purchase all, but not less than
all, of the railcars under lease for approximately $500 million at the end of
the lease. The Lessee is responsible for maintenance, taxes, insurance and other
expenses involved with operating the railcars. The Lessee has an annual
obligation to make certain contingent rental payments to the Partnership.

The accompanying consolidated financial statements should be read in conjunction
with the consolidated financial statements included in the Trust's Annual Report
on Form 10-K for the year ended December 31, 1997.  The consolidated financial
information furnished herein reflects all adjustments (consisting of normal
recurring accruals) which are, in the opinion of management, necessary for a
fair presentation of the consolidated statements for the periods shown.

The partnership has the following partners:

          PARTNER                               INTEREST (%)

          Railcar Trust No. 1992-1                98.99 %
          GE Railcar Associates, Inc.              1.00 %
          GE Railcar Leasing Associates, Inc.      0.01 %

The Partners share in profits or losses and distributions in accordance with a
specific formula, as defined in the Amended and Restated Agreement of the
Limited Partnership.

As mentioned above, the Lessee has an annual obligation to make certain
contingent rental payments ("Additional Rent") to the Partnership in addition to
the previously described quarterly fixed rental payments.  The Additional Rent
calculation is prepared by the Lessee and is subject to verification by an
independent auditor.  As of March 31, 1998, the audit of Additional Rent had not
been completed for 1996 or 1997 and certain components of the Additional Rent
calculation are currently being disputed by the parties to the Leases.  Although
management does not expect Additional Rent to be material to the financial
statements of the Partnership for 1996 or 1997, the outcome of this dispute, and
the amount of Additional Rent, if any, that will ultimately be paid to the
Partnership cannot be determined at this time.  As a result, no Additional Rent
has been recorded by the Partnership for 1996, 1997 or 1998.

                                       4
<PAGE>
 
NOTE B         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation: The consolidated financial statements include the
financial results of the Trust and the Partnership.  All inter-entity
transactions have been eliminated.

Use of Estimates: The preparation of financial statements requires management to
make estimates and assumptions that affect amounts reported in the financial
statements and accompanying notes.  Such estimates and assumptions could change
in the future as more information becomes known which could impact the amounts
reported and disclosed herein.

Revenue Recognition:  All revenue is recognized as received from the
Partnership.

Cash, Cash Equivalents, and Restricted Cash: The Trust considers all highly
liquid investments with an original maturity of three months or less to be cash
equivalents.  Due to the short maturity of these instruments, the carrying
amount approximates fair value.  Restricted cash balances represent short-term
investments held by GECC. The investments are restricted as to the availability
to the Partnership and are available only to service principal and interest
payments on the Partnership's debt.

Rental Equipment: Rental equipment (railcars) are carried at cost, which is
based upon the historical cost of the contributing partners.  Railcars are
depreciated to estimated residual value using the straight-line method over the
term of the leases.

<TABLE>
<CAPTION>
                                                  MARCH 31,         DECEMBER 31,    
                                                     1998               1997       
                                              ------------------  ---------------- 
                                                        (IN THOUSANDS)             
          <S>                                 <C>                 <C>              
          Railcars (at cost)................         $1,388,582        $1,388,582  
          Accumulated depreciation..........           (587,983)         (575,538) 
                                                     ----------        ----------  
                                                                                   
          Net Book Value....................         $  800,599        $  813,044  
                                                     ==========        ==========   
</TABLE>

Income Taxes: The Trust does not provide for income taxes, as the liability for
such taxes is that of the beneficial owners of the Trust.
 
NOTE C         DEBT

          Debt consists of the following:
 
<TABLE>
<CAPTION>
                                                  MARCH 31,     DECEMBER 31,  
                                                    1998           1997      
                                               --------------  ------------- 
                                                       (IN THOUSANDS)        
          <S>                                  <C>             <C>           
          Trust notes......................       $711,148      $ 733,806    
          Secured indebtedness.............         29,921         47,456    
                                                  --------      ---------    
           Total debt......................        741,069        781,262    
          Less:  Current maturities........        (95,647)      (110,999)   
                                                  --------      ---------    
           Long-term debt..................       $645,422      $ 670,263    
                                                  ========      =========     
</TABLE>

                                       5
<PAGE>
 
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

Financial Liquidity and Capital Resources

Substantially all of the physical property of the Trust, consisting primarily of
railcars, was contributed to the Partnership of which the Trust is a 98.99%
partner.  At such time, the Partnership assumed the Assumed Indebtedness.  The
Partnership then leased to the Lessee all of the property contributed by the
Trust, along with other railcars it received as a contribution from its other
partners.  Financing of the Trust was accomplished by issuance of $998 million
of Trust Notes secured by the Trust's ownership interest in the Partnership.  No
new borrowings have occurred during 1998.

Debt Maturities and Repayments

Current maturities of long-term debt of $95.6 million at March 31, 1998
represent debt which is being serviced by cash flow from the leases.

Results of Operations

Fixed rental receipts by the Partnership under the Leases are used to service
the Assumed Indebtedness and other expenses of the Partnership.  Remaining
Partnership available cash is distributed to the partners, the Trust's share of
which must be used by the Trust to service the Trust Notes.

During the first three months of both 1998 and 1997, on a consolidated basis the
Trust received rental revenues of $38.3 million pursuant to the Leases.
Operating income was $25.7 million and $25.8 million for the first three months
of 1998 and 1997, respectively. Interest expense, net, was $15.3 million and
$17.1 million for the first three months of 1998 and 1997, respectively.  The
reduction of interest expense was due to scheduled repayments of Trust Notes and
Assumed Indebtedness. Consolidated net income of the Trust was $10.2 million and
$8.5 million for the first three months of 1998 and 1997, respectively.

The Trust generated $40.7 million in cash from operating activities during the
first three months of 1998.  Those amounts were used to repay the Assumed
Indebtedness and the Trust Notes as payments became due.  Of the net cash from
operating activities, $40.2 million was used in order to reduce borrowings and
$.4 million was distributed to the minority interests in the Partnership.  The
principal amount outstanding under the Assumed Indebtedness was decreased by
$17.5 million to a total of $29.9 million at quarter-end, and the principal
amount outstanding under the Trust Notes was decreased by $22.7 million to a
total amount of $711.1 million at quarter-end.

During first quarter 1998, no distributions were made to the holders of the
Beneficial Interests in the Trust.

                                       6
<PAGE>
 
                                    PART II

ITEM 5.   OTHER INFORMATION

          The Quarterly Report on Form 10-Q for the quarter ended March 28, 1998
          for General Electric Capital Corporation is hereby incorporated by
          reference.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits

               27    Financial Data Schedule

               99    Quarterly Report on Form 10-Q for the quarter ended March
                     28, 1998 for General Electric Capital Corporation.

          (b) Reports on Form 8-K

              none

                                       7
<PAGE>
 
                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

May 13, 1998                  RAILCAR TRUST NO. 1992-1



                              By:  /s/ David A. Vanaskey, Jr.
                                   --------------------------
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the date indicated.

                  Signature                                    Date
                  ---------                                    ----         
 
         /s/ David A. Vanaskey, Jr.                        May 13, 1998
   --------------------------------------            ----------------------
          David A. Vanaskey, Jr.
          Assistant Vice President
 
         /s/ Bruce L. Bisson                               May 13, 1998
   --------------------------------------            ----------------------
          Bruce L. Bisson
          Vice President

                                       8
<PAGE>
 
                                 Exhibit Index


          Exhibits

              27    Financial Data Schedule

              99    Quarterly Report on Form 10-Q for the quarter ended March
                    28, 1998 for General Electric Capital Corporation.