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

                                    FORM 10Q



*    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 .........................For the period ended September 30,
     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>
                                                                  September 30,    DECEMBER 31,
                                                                       1998            1997
                                                                  --------------   -------------
<S>                                                               <C>              <C>
                                    Assets
 
Cash and cash equivalents......................................        $    628        $    587
 
Restricted cash................................................             878          18,888
 
Rent receivable from GE Capital Railcar Associates, Inc........          12,753          12,753
 
Prepaid expenses and other.....................................             765           1,144
                                                                       --------        --------
   Total current assets........................................          15,024          33,372
 
Rental equipment...............................................         775,709         813,044
 
Deferred financing fees........................................           1,619           2,171
                                                                       --------        --------
Total assets...................................................        $792,352        $848,587
                                                                       ========        ========
 
                         LIABILITIES AND TRUST EQUITY
 
Accrued interest and other expenses............................        $  5,778        $  6,850
 
Current maturities of long-term debt...........................          99,431         110,999
                                                                       --------        --------
   Total current liabilities...................................         105,209         117,849
 
Long-term debt:
 Trust notes...................................................         568,562         642,351
 Secured indebtedness..........................................          26,252          27,912
                                                                       --------        --------
   Total long-term debt........................................         594,814         670,263
 
Minority interest in Partnership...............................           8,954           9,453
 
Trust equity:
 Capital distributions in excess of contributions..............         (74,623)        (69,355)
 Cumulative net earnings.......................................         157,998         120,377
                                                                       --------        --------
   Net trust equity............................................          83,375          51,022
                                                                       --------        --------
Total liabilities and trust equity.............................        $792,352        $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 periods            Nine month periods
                                                 ended September 30,           ended September 30,
                                               1998            1997           1998            1997
                                           -------------   ------------   -------------   ------------
<S>                                        <C>             <C>            <C>             <C>            
Rental revenue from GE Capital Railcar
 Associates, Inc........................       $ 38,188       $ 39,026        $120,027       $115,543
                                               --------       --------        --------       --------
Operating expenses:
 Depreciation...........................        (12,446)       (12,445)        (37,336)       (37,336)
 General, administrative and other......           (106)           (71)           (247)          (282)
                                               --------       --------        --------       --------
   Total operating expenses.............        (12,552)       (12,516)        (37,583)       (37,618)
                                               --------       --------        --------       --------
Operating income........................         25,636         26,510          82,444         77,925
 
Interest expense........................        (14,207)       (16,135)        (44,162)       (49,756)
 
Minority interest.......................           (167)          (229)           (660)          (668)
                                               --------       --------        --------       --------
Net income..............................       $ 11,262       $ 10,146        $ 37,622       $ 27,501
                                               ========       ========        ========       ========
</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>
                                                                     Nine month periods ended
                                                                           September 30,
                                                                       1998           1997
                                                                     ---------     ---------
<S>                                                                   <C>           <C>         
Operating activities:
 Net income..............................................             $ 37,622      $ 27,501
 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                  781           890
   Income of minority interest...........................                  660           668
   Changes in assets and liabilities, net:
     Restricted cash.....................................               18,010        17,210
     Rent receivable from GE Capital Railcar Associates,
      Inc................................................                    -             -
     Other...............................................                 (819)       (1,279)
                                                                      --------      --------
    Net cash provided by operating activities.............              93,590        82,326
 
Financing activities:
 Borrowings..............................................                    -             -
 Principal payments on borrowings........................              (87,122)      (80,362)
 Distribution to beneficiaries...........................               (5,268)         (750)
 Cash contributed........................................                    -             -
 Distributions to minority interest......................               (1,159)       (1,166)
                                                                      --------      --------
 
   Net cash used in financing activities.................              (93,549)      (82,278)
                                                                      --------      --------
 
Net increase (decrease) in cash..........................                   41            48
Cash and equivalents at beginning of the period..........                  587           490
                                                                      --------      --------
 
Cash and equivalents at end of the period................             $    628      $    538
                                                                      ========      ========
 
Supplemental cash flow information:
 
  Interest paid during the period........................             $ 44,436      $ 50,181
                                                                      ========      ========
</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. 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 September 30, 1998, the audit of Additional Rent had
not been completed for 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, 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 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.


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,
                                         1998                   1997
                                     -------------           ------------
                                                (IN THOUSANDS)
        <S>                          <C>                     <C>
        Railcars (at cost)...          $1,388,582             $1,388,582
        Accumulated                                                      
         depreciation........            (612,873)              (575,538)
                                       ----------             ---------- 
        Net Book Value.......          $  775,709             $  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>
                                     September 30,            DECEMBER 31,
                                         1998                     1997
                                    -------------             ------------
                                                 (IN THOUSANDS)
        <S>                         <C>                       <C>
        Trust notes.......            $ 665,558                $ 733,806
        Secured                                                        
         indebtedness.....               28,687                   47,456
                                      ---------                --------- 
          Total debt......              694,245                  781,262
        Less:  Current                                                  
         maturities.......              (99,431)                (110,999)
                                      ---------                --------- 
          Long-term debt..            $ 594,814                $ 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 $99.4 million at September 30, 1998
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 1998 and 1997, on a consolidated basis the Trust
received rental revenues of $120.0 and $115.5 million, respectively, pursuant to
the Leases.  Operating income was $82.4 and $77.9 million for the first nine
months of 1998 and 1997, respectively. Interest expense, net, was $44.2 million
and $49.8 million for the first nine 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 $37.6 million and
$27.5 million for the first nine months of 1998 and 1997, respectively.

The Trust generated $93.6 million in cash from operating activities during the
first nine 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, $87.1 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
$18.8 million to a total of $28.7 million at quarter-end, and the principal
amount outstanding under the Trust Notes was decreased by $68.2 million to a
total amount of $665.6 million at quarter-end.

During the first nine months of 1998, $5,268 thousand of 1996 Additional Rent
was distributed 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 September 26,
         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 September
                   26, 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.

November 13, 1998              RAILCAR TRUST NO. 1992-1



                               By: /s/David A. Vanskey,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. Vanskey, Jr.                   11/13/98
   ----------------------------------           ---------------
          David A. Vanskey, Jr.
        Assistant Vice President
 
          /s/ Bruce L. Bisson                      11/13/98
   -----------------------------------         ----------------
            Bruce L. Bisson
            Vice President
                                        

                                       8