<PAGE>   1
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10 - Q


/x/      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934.........................For the period ended
         September 30, 1996

                                       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
                                     ---    ---

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<PAGE>   2
                          PART I. FINANCIAL INFORMATION

                            RAILCAR TRUST NO. 1992-1

                           CONSOLIDATED BALANCE SHEETS

                                   (UNAUDITED)

                                 (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                             SEPTEMBER 30,     DECEMBER 31,
                                                                  1996             1995
                                                             -------------     ------------
<S>                                                            <C>              <C>
                                   ASSETS

Cash and cash equivalents ...............................      $     454        $     448

Restricted cash .........................................          1,446           18,885

Rent receivable from GE Capital Railcar Associates, Inc.          12,753           12,753

Prepaid expenses and other ..............................          1,061            1,234
                                                               ---------        ---------

       Total current assets .............................         15,714           33,320

Rental equipment ........................................        875,271          912,607

Deferred financing fees .................................          3,293            4,075
                                                               ---------        ---------

Total assets ............................................      $ 894,278        $ 950,002
                                                               =========        =========

                        LIABILITIES AND TRUST DEFICIT

Accrued interest and other expenses .....................      $   7,090        $   8,621

Current maturities of long-term debt ....................         84,859           79,844
                                                               ---------        ---------

       Total current liabilities ........................         91,949           88,465

Long-term debt:
   Trust notes ..........................................        737,311          795,498
   Secured indebtedness .................................         48,192           70,255
                                                               ---------        ---------

       Total long-term debt .............................        785,503          865,753

Minority interest in Partnership ........................         10,285           10,784

Trust (deficit) equity:
   Capital distributions in excess of contributions .....        (68,605)         (68,605)
   Cumulative net earnings ..............................         75,146           53,605
                                                               ---------        ---------

       Net trust (deficit) equity .......................          6,541          (15,000)
                                                               ---------        ---------

Total liabilities and trust (deficit) equity ............      $ 894,278        $ 950,002
                                                               =========        =========
</TABLE>


        See accompanying notes to the consolidated financial statements.


                                       1
<PAGE>   3
                            RAILCAR TRUST NO. 1992-1

                        CONSOLIDATED STATEMENTS OF INCOME

                                   (UNAUDITED)

                                 (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                  THREE MONTH PERIODS               NINE MONTH PERIODS
                                                  ENDED SEPTEMBER 30,               ENDED SEPTEMBER 30,
                                                 1996             1995             1996             1995
                                              ---------        ---------        ---------        ---------
<S>                                           <C>              <C>              <C>              <C>
Rental revenue from GE Capital Railcar
Associates, Inc. .........................    $  38,259        $  37,682        $ 114,776        $ 114,199
                                              ---------        ---------        ---------        ---------

Operating expenses:
   Depreciation ..........................      (12,445)         (12,445)         (37,336)         (37,336)
   General, administrative and other .....         (102)            (119)            (348)            (392)
                                              ---------        ---------        ---------        ---------

       Total operating expenses ..........      (12,547)         (12,564)         (37,684)         (37,728)
                                              ---------        ---------        ---------        ---------

Operating income .........................       25,712           25,118           77,092           76,471

Interest expense .........................      (17,906)         (19,573)         (54,891)         (60,015)

Minority interest ........................         (220)            (214)            (660)            (653)
                                              ---------        ---------        ---------        ---------

Net income ...............................    $   7,586        $   5,331        $  21,541        $  15,803
                                              =========        =========        =========        =========
</TABLE>


        See accompanying notes to the consolidated financial statements.


                                       2
<PAGE>   4
                            RAILCAR TRUST NO. 1992-1

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

                                 (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                        NINE MONTH PERIODS ENDED
                                                                              SEPTEMBER 30,
                                                                          1996            1995
                                                                        --------        --------
<S>                                                                     <C>             <C>
Operating activities:
   Net income .....................................................     $ 21,541        $ 15,803
   Adjustments to reconcile net income to net cash provided by
     operating activities:
       Depreciation ...............................................       37,336          37,336
       Amortized discount on debt and deferred financing fees .....        1,011           1,151
       Income of minority interest ................................          660             653
       Changes in assets and liabilities, net:
         Restricted cash ..........................................       17,439          18,319
         Rent receivable from GE Capital Railcar Associates, Inc. .         --               577
         Other ....................................................       (1,476)         (1,573)
                                                                        --------        --------

       Net cash provided by operating activities ..................       76,511          72,266

Financing activities:
   Borrowings .....................................................         --              --
   Principal payments on borrowings ...............................      (75,347)        (71,171)
   Distribution to beneficiaries ..................................         --              --
   Cash contributed ...............................................         --              --
   Distributions to minority interest .............................       (1,158)         (1,158)
                                                                        --------        --------

       Net cash used in financing activities ......................      (76,505)        (72,329)
                                                                        --------        --------

Net increase (decrease) in cash ...................................            6             (63)
Cash and equivalents at beginning of the period ...................          448             472
                                                                        --------        --------

Cash and equivalents at end of the period .........................     $    454        $    409
                                                                        ========        ========

Supplemental cash flow information:

     Interest paid during the period ..............................     $ 55,637        $ 60,705
                                                                        ========        ========
</TABLE>


        See accompanying notes to the consolidated financial statements.


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<PAGE>   5
                            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. 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. No contingent rental
payment was required in 1995 or 1994.

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, 1995. 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.



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 of 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.


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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>
                                            SEPTEMBER 30,           DECEMBER 31,
                                                1996                    1995
                                            -------------           ------------
                                                       (IN THOUSANDS)
<S>                                          <C>                    <C>
Rail cars (at cost) .....................    $ 1,388,582            $ 1,388,582
Accumulated depreciation ................       (513,311)              (475,975)
                                             -----------            -----------

Net Book Value ..........................    $   875,271            $   912,607
                                             ===========            ===========
</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>
                                               SEPTEMBER 30,         DECEMBER 31,
                                                   1996                  1995
                                               -------------         ------------
                                                         (IN THOUSANDS)
<S>                                             <C>                   <C>
Trust notes                                     $ 798,834             $ 855,483
Secured indebtedness                               71,528                90,114
                                                ---------             ---------
   Total debt                                     870,362               945,597
Less:  Current maturities                         (84,859)              (79,844)
                                                ---------             ---------
   Long-term debt                               $ 785,503             $ 865,753
                                                =========             =========
</TABLE>


                                       5
<PAGE>   7
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 1996.

Debt Maturities and Repayments

Current maturities of long-term debt of $84.9 million at September 30, 1996
represent debt which is being serviced from the 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 nine months of 1996 and 1995, on a consolidated basis the Trust
received rental revenues of $114.8 and $114.2 million, respectively, pursuant to
the Leases. Operating income was $77.1 and $76.5 million for the first nine
months of 1996 and 1995, respectively. Interest expense, net, was $54.9 million
and $60.0 million for the first nine months of 1996 and 1995, respectively. The
reduction of interest expense was due to scheduled repayments of Trust Notes and
Assumed Indebtedness. Consolidated net income of the Trust was $21.5 million and
$15.8 million for the first nine months of 1996 and 1995, respectively.

The Trust generated $76.5 million in cash from operating activities during the
first nine months of 1996. Those amounts were used to repay the Assumed
Indebtedness and the Trust Notes as payments became due. Of the net cash from
operating activities, $75.3 million was used in order to reduce borrowings and
$1.2 million was distributed to the minority interests in the Partnership. The
principal amount outstanding under the Assumed Indebtedness was decreased by
$18.6 million to a total of $71.5 million at quarter-end, and the principal
amount outstanding under the Trust Notes was decreased by $56.8 million to a
total amount of $799.6 million at quarter-end.

During the first nine months of 1996, no distributions were made to the holders
of the Beneficial Interests in the Trust.


                                       6
<PAGE>   8
                                     PART II


ITEM 5.           OTHER INFORMATION

                  The Quarterly Report on Form 10-Q for the quarter ended
                  September 28, 1996 for General Electric Capital Corporation is
                  hereby incorporated by reference.

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

                  (a)  Exhibits

                       28.1 Quarterly Report on Form 10-Q for the quarter ended
                             September 28, 1996 for General Electric Capital
                             Corporation.

                  (b)  Reports on Form 8-K

                       none


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<PAGE>   9
                                   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.

November 14, 1996                          RAILCAR TRUST NO. 1992-1



                                           By: /s/ David A. Vanaskey, Jr.
                                               --------------------------
                                               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.                    11/14/96
       -----------------------------------------       --------------------
                David A. Vanaskey, Jr.
          Senior Financial Services Officer


                 /s/ Bruce L. Bisson                        11/14/96
       -----------------------------------------       --------------------
                   Bruce L. Bisson
                    Vice President


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                                EXHIBIT INDEX
                               

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

 28.1                   Quarterly Report on Form 10-Q for the quarter ended
                        September 28, 1996 for General Electric Capital
                        Corporation.