<PAGE>
 
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
                                 UNITED STATES
                      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 QUARTERLY PERIOD ENDED JUNE 30, 1998
 
                                      OR
 
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
                      COMMISSION FILE NUMBER 33-80775-01
 
                               ----------------
 
                            CASE CREDIT CORPORATION
            (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
               DELAWARE                              76-0394710
       (STATE OF INCORPORATION)         (I.R.S. EMPLOYER IDENTIFICATION NO.)
 
                        233 LAKE AVE., RACINE, WI 53403
          (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES INCLUDING ZIP CODE)
 
      REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (414) 636-6011
 
                               ----------------
 
  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 [_]
 
  Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
 
  Common Stock, par value $5.00 per share: 200 shares outstanding as of June
30, 1998.
 
  The registrant meets the conditions set forth in General Instruction H(1)(a)
and (b) of Form 10-Q and is therefore filing this form with the reduced
disclosure format permitted by General Instruction H of Form 10-Q.
 
 
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<PAGE>
 
                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
Part I--Financial Information
  Case Credit Corporation and Subsidiaries
    Statements of Income...................................................   3
    Balance Sheets.........................................................   4
    Statements of Cash Flows...............................................   5
    Statements of Changes in Stockholder's Equity..........................   6
    Notes to Financial Statements..........................................   7
    Management's Analysis of Results of Operations.........................   9
Part II--Other Information
  Item 1. Legal Proceedings................................................   *
  Item 2. Changes in Securities............................................   *
  Item 3. Defaults Upon Senior Securities..................................   *
  Item 4. Submission of Matters to a Vote of Security Holders..............   *
  Item 5. Other Information................................................   *
  Item 6. Exhibits and Reports on Form 8-K.................................  10
</TABLE>
--------
*  No response to this item is included herein for the reason that it is
   inapplicable, is not required pursuant to General Instruction H of Form 10-
   Q, or the answer to such item is negative.
 
                                       2
<PAGE>
 
                                     PART I
                             FINANCIAL INFORMATION
 
                    CASE CREDIT CORPORATION AND SUBSIDIARIES
 
                       CONSOLIDATED STATEMENTS OF INCOME
 
           FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (IN MILLIONS)
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                           SIX
                                                        THREE MONTHS     MONTHS
                                                            ENDED         ENDED
                                                          JUNE 30,      JUNE 30,
                                                        --------------  ---------
                                                         1998    1997   1998 1997
                                                        ------  ------  ---- ----
<S>                                                     <C>     <C>     <C>  <C>
Revenues:
  Finance income earned on retail notes and finance
   leases.............................................. $   32  $   24  $62  $46
  Interest income from Case Corporation................      5       4   10   10
  Net gain on retail notes sold........................     13      13   33   33
  Securitization and servicing fee income..............     13      11   22   22
  Lease income on operating leases.....................     15       8   26   14
  Other income.........................................      2      --    3    1
                                                        ------  ------  ---  ---
    Total revenues.....................................     80      60  156  126
Expenses:
  Interest expense.....................................     31      22   60   44
Operating expenses:
  Fees charged by Case Corporation.....................      6       5   12   10
  Administrative and operating expenses................      5       3    8    5
  Provision for credit losses..........................     --      --    1   --
  Depreciation of equipment on operating leases........      9       5   16    9
  Other................................................      2      --    2    1
                                                        ------  ------  ---  ---
    Total operating expenses...........................     22      13   39   25
                                                        ------  ------  ---  ---
    Total expenses.....................................     53      35   99   69
                                                        ------  ------  ---  ---
Income before taxes....................................     27      25   57   57
Income tax provision...................................      9       8   20   18
                                                        ------  ------  ---  ---
Net income............................................. $   18  $   17  $37  $39
                                                        ======  ======  ===  ===
</TABLE>
 
  The accompanying notes to financial statements are an integral part of these
                             Statements of Income.
 
                                       3
<PAGE>
 
                    CASE CREDIT CORPORATION AND SUBSIDIARIES
 
                          CONSOLIDATED BALANCE SHEETS
 
                   AS OF JUNE 30, 1998 AND DECEMBER 31, 1997
                        (IN MILLIONS, EXCEPT SHARE DATA)
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                          JUNE 30, DECEMBER 31,
                         ASSETS                             1998       1997
                         ------                           -------- ------------
<S>                                                       <C>      <C>
Cash and cash equivalents................................  $   21     $   67
Retail notes and finance leases..........................   2,049      1,733
Due from Trusts..........................................     296        267
                                                           ------     ------
    Total receivables....................................   2,345      2,000
Allowance for credit losses..............................     (21)       (22)
                                                           ------     ------
    Total receivables--net...............................   2,324      1,978
Affiliated receivables...................................     --          67
Equipment on operating leases, at cost...................     393        209
Accumulated depreciation.................................     (42)       (30)
                                                           ------     ------
    Net equipment on operating leases....................     351        179
Property and equipment, at cost..........................       4          4
Accumulated depreciation.................................      (1)        (1)
                                                           ------     ------
    Net property and equipment...........................       3          3
Other assets.............................................     143         68
                                                           ------     ------
    Total................................................  $2,842     $2,362
                                                           ======     ======
<CAPTION>
          LIABILITIES AND STOCKHOLDER'S EQUITY
          ------------------------------------
<S>                                                       <C>      <C>
Short-term debt..........................................  $1,357     $1,147
Accounts payable and other accrued liabilities...........      67         64
Affiliated payables......................................     --          39
Deposits withheld from dealers...........................      17         18
Long-term debt...........................................   1,008        735
                                                           ------     ------
    Total liabilities....................................   2,449      2,003
                                                           ------     ------
Minority Interest........................................       2          2
Stockholder's equity:
  Common Stock, $5 par value, 200 shares authorized,
   issued and outstanding................................     --         --
  Paid-in capital........................................     244        244
  Cumulative translation adjustment......................     (19)       (16)
  Retained earnings......................................     166        129
                                                           ------     ------
    Total stockholder's equity...........................     391        357
                                                           ------     ------
    Total................................................  $2,842     $2,362
                                                           ======     ======
</TABLE>
 
  The accompanying notes to financial statements are an integral part of these
                                Balance Sheets.
 
                                       4
<PAGE>
 
                    CASE CREDIT CORPORATION AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
 
                FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (IN MILLIONS)
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                SIX MONTHS
                                                              ENDED JUNE 30,
                                                              ----------------
                                                               1998     1997
                                                              -------  -------
<S>                                                           <C>      <C>
Operating activities:
  Net income................................................. $    37  $    39
  Adjustments to reconcile net income to net cash provided
   (used) by operating activities:
    Depreciation and amortization............................      17       10
    Deferred income tax expense..............................     --        (2)
    Net gain on retail notes sold............................     (33)     (33)
    Changes in components of working capital:
      (Increase) decrease in other assets....................     (76)     (14)
      Increase (decrease) in accounts payables and other
       accrued liabilities...................................     (36)     (20)
      Other, net.............................................     (10)     --
                                                              -------  -------
        Net cash provided (used) by operating activities.....    (101)     (20)
                                                              -------  -------
Investing activities:
  Cost of receivables acquired...............................  (1,486)  (1,238)
  Collections of receivables.................................     513      241
  Proceeds from sales of receivables.........................     727      789
  Investments in joint ventures..............................       1      --
  Purchase of equipment on operating leases..................    (189)     (51)
  Expenditures for property and equipment....................     --        (1)
                                                              -------  -------
        Net cash provided (used) by investing activities.....    (434)    (260)
                                                              -------  -------
Financing activities:
  Proceeds from issuance of long-term debt...................     279      --
  Net increase (decrease) in short-term debt and revolving
   credit facilities.........................................     210      335
  Capital contributions from Case Corporation................     --        20
                                                              -------  -------
        Net cash provided (used) by financing activities.....     489      355
                                                              -------  -------
Increase (decrease) in cash and cash equivalents.............     (46)      75
Cash and cash equivalents, beginning of period...............      67       17
                                                              -------  -------
Cash and cash equivalents, end of period..................... $    21  $    92
                                                              =======  =======
Cash paid during the period for interest..................... $    52  $    43
                                                              =======  =======
Cash paid during the period for taxes........................ $    26  $    19
                                                              =======  =======
</TABLE>
 
  The accompanying notes to financial statements are an integral part of these
                           Statements of Cash Flows.
 
                                       5
<PAGE>
 
                    CASE CREDIT CORPORATION AND SUBSIDIARIES
 
           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY
                                 (IN MILLIONS)
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                     CUMULATIVE
                                      COMMON PAID IN TRANSLATION RETAINED
                                      STOCK  CAPITAL ADJUSTMENT  EARNINGS TOTAL
                                      ------ ------- ----------- -------- -----
<S>                                   <C>    <C>     <C>         <C>      <C>
BALANCE, DECEMBER 31, 1996........... $ --    $199      $ (6)      $ 47   $240
  Net income.........................   --     --        --          82     82
  Translation adjustment.............   --     --        (10)       --     (10)
  Capital contributions from Case....   --      45       --         --      45
                                      -----   ----      ----       ----   ----
BALANCE, DECEMBER 31, 1997...........   --     244       (16)       129    357
  Net income.........................   --     --        --          37     37
  Translation adjustment.............   --     --         (3)       --      (3)
                                      -----   ----      ----       ----   ----
BALANCE, JUNE 30, 1998............... $ --    $244      $(19)      $166   $391
                                      =====   ====      ====       ====   ====
</TABLE>
 
 
 
  The accompanying notes to financial statements are an integral part of these
                 Statements of Changes in Stockholder's Equity.
 
                                       6
<PAGE>
 
                   CASE CREDIT CORPORATION AND SUBSIDIARIES
 
                         NOTES TO FINANCIAL STATEMENTS
 
(1) BASIS OF PRESENTATION
 
  The accompanying financial statements reflect the consolidated results of
Case Credit Corporation and its subsidiaries ("Case Credit" or the "Company").
All significant intercompany transactions have been eliminated in
consolidation.
 
  In the opinion of management, the accompanying unaudited financial
statements of Case Credit contain all adjustments which are of a normal
recurring nature necessary to present fairly the financial position as of June
30, 1998, and the results of operations, changes in shareholder's equity and
cash flows for the periods indicated. It is suggested that these interim
financial statements be read in conjunction with the financial statements and
the notes thereto included in the Company's 1997 Annual Report on Form 10-K
for the year ended December 31, 1997. Interim financial results are not
necessarily indicative of operating results for an entire year.
 
  Certain reclassifications have been made to conform the prior years'
financial statements to the 1998 presentation.
 
(2) ACCOUNTING PRONOUNCEMENTS
 
  Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income." This
statement establishes standards for the reporting and display of comprehensive
income and its components. Components of comprehensive income include net
income and all other non-owner changes in equity. SFAS No. 130 requires that
an enterprise classify items of comprehensive income by their nature in a
financial statement for the period in which they are recognized. For interim
reporting, the Company has chosen to disclose comprehensive income in the
Notes to Financial Statements. See Note 6, "Comprehensive Income."
 
  In June 1998, the Financial Accounting Standards Board issued SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities." This statement
establishes accounting and reporting standards for derivative instruments,
including certain derivative instruments embedded in other contracts, and for
hedging activities. This statement must be adopted no later than January 1,
2000, although earlier application is permitted. The Company is currently
evaluating the impact of adopting SFAS No. 133.
 
  Effective January 1, 1998, the Company adopted Statement of Position ("SOP")
No. 98-1, "Accounting for the Costs of Computer Software Developed or Obtained
for Internal Use." The Company's accounting for costs of computer software
developed or obtained for internal use is consistent with the guidelines
established in the SOP and, as a result, the adoption of this statement had no
material effect on the Company's financial position or results of operations.
 
  The Company will adopt SOP No. 98-5, "Reporting on the Costs of Start-Up
Activities," effective January 1, 1999. Adoption of this statement will have
no material effect on the Company's financial position or results of
operations.
 
(3) ASSET-BACKED SECURITIZATIONS
 
  During the first half of 1998, limited-purpose business trusts organized by
Case Credit issued $766 million of asset-backed securities to outside
investors, of which $50 million was issued pursuant to a private placement. As
of June 30, 1998, Case Credit has sold $753 million of U.S. and Canadian
retail notes to the trusts in connection with these issuances. Case Credit
will sell the remaining retail notes to the trusts as receivables are
generated. During the first half of 1997, limited-purpose business trusts
organized by Case Credit issued $830 million of asset-backed securities to
outside investors. As of June 30, 1997, Case Credit had sold $822 million of
U.S. and Canadian retail notes to the trusts in connection with these
issuances. The proceeds from the sale of the retail notes were used to repay
outstanding debt and to finance additional receivables.
 
                                       7
<PAGE>
 
                   CASE CREDIT CORPORATION AND SUBSIDIARIES
 
                  NOTES TO FINANCIAL STATEMENTS--(CONCLUDED)
 
(4) LONG-TERM DEBT
 
  During the first quarter of 1998, Case Credit issued $279 million of its
medium-term notes, with maturities of two to three years and interest rates
ranging from 5.84% to 6.0%, as part of the Company's $550 million medium-term
note program. Case Credit established this medium-term note program during the
fourth quarter of 1997 pursuant to a shelf registration statement filed with
the Securities and Exchange Commission in September 1997. The net proceeds
from the offerings will be used to fund Case Credit's growth initiatives and
for other corporate purposes, including repayment of indebtedness.
 
(5) INCOME TAXES
 
  On a consolidated basis, the Company's 1998 year-to-date effective tax rate
of 35% was equal to the U.S. statutory rate. The Company's June 1997 year-to-
date effective tax rate of 32% was lower than the U.S. statutory rate
primarily due to reductions in the tax valuation reserves in certain foreign
jurisdictions offset by state income taxes and foreign income taxed at
different rates.
 
(6) COMPREHENSIVE INCOME
 
  Effective January 1, 1998, the Company adopted SFAS No. 130, "Reporting
Comprehensive Income." The components of comprehensive income for the three
and six months ended June 30, 1998 and 1997, are as follows (in millions):
 
<TABLE>
<CAPTION>
                                               THREE MONTHS      SIX MONTHS
                                                   ENDED            ENDED
                                                 JUNE 30,         JUNE 30,
                                               ---------------   -------------
                                                1998     1997    1998    1997
                                               ------   ------   -----   -----
      <S>                                      <C>      <C>      <C>     <C>
      Net income.............................. $   18   $   17   $  37   $  39
      Translation adjustment, net of taxes....     (5)      (2)     (3)     (3)
                                               ------   ------   -----   -----
      Comprehensive income.................... $   13   $   15   $  34   $  36
                                               ======   ======   =====   =====
</TABLE>
 
(7) OTHER MATTERS
 
  During the second quarter of 1998, Case Corporation announced the creation
of Case Capital Corporation, a broad-based financing company for the global
marketplace. Case Capital Corporation will include separate businesses that
offer loans and leases for construction, agriculture and other industries;
commercial lending within equipment industries; multiple lines of insurance
products and private label credit cards.
 
(8) SUBSEQUENT EVENTS
 
  Case Credit established a $550 million medium-term note program during the
fourth quarter of 1997 pursuant to a shelf registration statement filed with
the Securities and Exchange Commission in September 1997. The medium-term note
program was increased to $1 billion pursuant to a shelf registration statement
filed with the Securities and Exchange Commission in May 1998. During the
third quarter, and as of the date of this filing, Case Credit has issued $350
million of its fixed and floating rate medium-term notes under this program,
with maturities of two to three years and interest rates ranging from 5.9% to
6.1%. The net proceeds from the offerings will be used to fund Case Credit's
growth initiatives and for other corporate purposes, including repayment of
indebtedness.
 
                                       8
<PAGE>
 
                   CASE CREDIT CORPORATION AND SUBSIDIARIES
 
                MANAGEMENT'S ANALYSIS OF RESULTS OF OPERATIONS
 
 Six Months Ended June 30, 1998 vs. Six Months Ended June 30, 1997
 
NET INCOME
 
  Net income for the first six months of 1998 was $37 million as compared to
$39 million for the first six months of 1997. The $2 million decrease in year-
over-year net income is primarily due to increased interest expense as a
result of higher average on-book receivables, as well as increased
depreciation of equipment on operating leases. These amounts were partially
offset by higher earnings as a result of increased levels of on-balance-sheet
receivables, including higher lease income from operating leases.
 
REVENUES
 
  Case Credit reported total revenues of $156 million for the first six months
of 1998 and $126 million for the first six months of 1997. Finance income
earned on retail notes and finance leases increased to $62 million in the
first six months of 1998 as compared to $46 million for the same period in
1997, primarily due to increased levels of on-balance-sheet receivables. In
addition, operating lease income increased $12 million to a total of $26
million for the first six months of 1998, reflecting the growth in Case
Credit's operating lease portfolio.
 
EXPENSES
 
  Interest expense for the first six months of 1998 was $60 million, up $16
million from the $44 million reported in the first six months of 1997. The
increase in interest expense resulted from higher average debt levels during
the first six months of 1998 as compared to the first six months of 1997,
primarily due to the growth in Case Credit's on-balance-sheet receivables and
increased equipment on operating leases.
 
  Operating expenses increased $14 million to a total of $39 million in the
second quarter of 1998 as compared to the first six months of 1997. This
increase primarily resulted from higher year-over-year depreciation expense
for equipment on operating leases relating to Case Credit's larger operating
lease portfolio, as well as higher operating expenses in support of Case
Credit's growth initiatives.
 
SERVICED PORTFOLIO
 
  During the first six months of 1998, Case Credit's serviced portfolio of
receivables increased 23% over the same time last year to a record $5.8
billion. Growth in the first six months resulted from Case Credit's focus on
new markets and new products, including retail financing through Case Credit's
European joint venture, Case Credit Europe S.A.S. Gross receivables originated
in the first six months of 1998 increased 36% to $2.1 billion versus the same
period in 1997. During the first six months of 1998, limited-purpose business
trusts organized by Case Credit issued $766 million of asset-backed securities
to outside investors, of which $50 million was issued pursuant to a private
placement. Case Credit has sold $753 million of U.S. and Canadian retail notes
to the trusts in connection with these issuances. During the first six months
of 1997, Case Credit issued $830 million of asset-backed securities to outside
investors. Case Credit had sold $822 million of U.S. and Canadian retail notes
to the trusts in connection with these issuances. The proceeds from the sale
of the retail notes were used to repay outstanding debt and to finance
additional receivables.
 
INTEREST RATE RISK MANAGEMENT
 
  The Company uses derivative financial instruments to manage its interest
rate exposures. Case Credit does not hold or issue financial instruments for
trading purposes. For information regarding Case Credit's interest rate risk
management, reference is made to Item 7 and Note 7 to the Case Credit
Financial Statements in the Company's 1997 Annual Report on Form 10-K. There
has been no material change in the Company's market risk exposures that affect
the quantitative and qualitative disclosures as presented as of December 31,
1997.
 
                                       9
<PAGE>
 
                                    PART II
 
                               OTHER INFORMATION
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
 
  (a) Exhibits.
 
  A list of the exhibits included as part of this Form 10-Q is set forth in the
Index to Exhibits that immediately precedes such exhibits, which is
incorporated herein by reference.
 
  (b) Reports on Form 8-K.
 
  Case Credit Corporation did not file any Current Reports on Form 8-K during
the quarter ended June 30, 1998.
 
                                       10
<PAGE>
 
                                   SIGNATURE
 
  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.
 
                                          Case Credit Corporation
 
                                                 /s/ Robert A. Wegner
                                          By __________________________________
                                                     Robert A. Wegner
                                                    Vice President and
                                                  Chief Financial Officer
                                             (Principal Financial Officer and
                                               Authorized Signatory for Case
                                                    Credit Corporation)
 
Date: August 13, 1998
 
                                       11
<PAGE>
 
                                 EXHIBIT INDEX
 
<TABLE>
<CAPTION>
                                                                     SEQUENTIAL
  EXHIBIT                                                               PAGE
  NUMBER                    DESCRIPTION OF EXHIBIT                    NUMBERS
  -------                   ----------------------                   ----------
 
 <C>       <S>                                                       <C>
  4(a)     Resolutions of the Board of Directors of Case Credit
           Corporation authorizing the public offering of debt se-
           curities of Case Credit Corporation in an aggregate
           principal amount of up to $1,000,000,000.
  4(b)     Form of Medium-Term Note, Series B (Fixed Rate) due
           from 9 months to 30 years from the date of issue.
  4(c)     Form of Medium-Term Note, Series B (Floating Rate) due
           from 9 months to 30 years from the date of issue.
  4(d)     Action of Authorized Officers of Case Credit Corpora-
           tion, dated July 27, 1998, establishing the Medium-Term
           Notes, Series B.
  4(e)     Officers' Certificate and Company Order of Case Credit
           Corporation, dated July 27, 1998, related to the Medi-
           um-Term Notes, Series B.
 10        Calculation Agency Agreement, dated as of July 27,
           1998, between Case Credit Corporation and The Bank of
           New York.
 12        Computation of Ratio of Earnings to Fixed Charges
 27        Financial Data Schedule
</TABLE>
 
                                       12