<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 21, 1996
(Date of earliest event reported)
FIRSTPLUS INVESTMENT CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada 333-11855 75-2596063
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
3773 Howard Hughes Parkway
Suite 300N
Las Vegas, Nevada 89109
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (702) 892-3772
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Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-11855) filed with the Securities and Exchange Commission
(the "Commission") on September 12, 1996 (the "Registration Statement"),
pursuant to which the Registrant registered $1,240,625,000 aggregate principal
amount of its asset backed securities, issuable in various series, for sale in
accordance with the provisions of the Securities Act of 1933, as amended (the
"Act"). Reference is also hereby made to the Prospectus dated September 16,
1996 and the related Prospectus Supplement, dated September 24, 1996
(collectively, the "Prospectus"), which were previously filed with the
Commission pursuant to Rule 424(b)(5), with respect to the FIRSTPLUS HOME LOAN
OWNER TRUST 1996-3 Asset Backed Notes and Asset Backed Certificates, Series
1996-3, consisting of (A) the following classes of Asset Backed Notes
(collectively, the "Notes"): (i) Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class A-5 Notes, Class A-6 Notes, Class A-7 Notes, and
Class A-8 Notes, and (B) the Asset Backed Certificates (the "Certificates" and,
together with the Notes, the "Offered Securities").
The Notes were issued pursuant to an Indenture dated as of September 1,
1996 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (the
"Issuer" or the "Trust") and First Bank National Association, as Indenture
Trustee (the "Indenture Trustee"). The Notes are secured by the assets of the
Trust pursuant to the Indenture.
The Certificates represent the entire undivided ownership interest in
the Trust and were issued pursuant to the Trust Agreement dated as of September
1, 1996 (the "Trust Agreement") among FIRSTPLUS INVESTMENT CORPORATION, as
Depositor, FIRSTPLUS RESIDUAL HOLDINGS, INC., as the Company, Wilmington Trust
Company, as Owner Trustee, and First Bank National Association, as Co-Owner
Trustee.
The Registrant is filing this Current Report on Form 8-K for the purpose
of filing the Servicer's Monthly Statement (as such term is defined in the Sale
and Servicing Agreement dated as of September 1, 1996 among FIRSTPLUS INVESTMENT
CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and Servicer,
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3, as Issuer, and First Bank National
Association, as Indenture Trustee and Co-Owner Trustee) for the month of October
1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Servicer's Monthly Statement (October 1996)
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.
FIRSTPLUS INVESTMENT CORPORATION
October 23, 1996 By: /s/ CHRISTOPHER J. GRAMLICH
---------------------------------
Christopher J. Gramlich,
Senior Vice President
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
------- -----------
99.1 Servicer's Monthly Statement (October 1996)
<PAGE> 1
EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (ISSURER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
AGREEMENT DATED SEPTEMBER 27, 1996
SERVICER'S MONTHLY NOTE AND CERTIFICATE REMITTANCE REPORT
<TABLE>
<CAPTION>
Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry Total
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 65,000,000.00 65,000,000.00 6.75% 1,488,993.90 0.00 365,625.00 0.00 1,854,618.90
A-2 49,000,000.00 49,000,000.00 6.85% 0.00 0.00 279,708.33 0.00 279,708.33
A-3 22,000,000.00 22,000,000.00 7.05% 0.00 0.00 129,250.00 0.00 129,250.00
A-4 32,000,000.00 32,000,000.00 7.20% 0.00 0.00 192,000.00 0.00 192,000.00
A-5 20,000,000.00 20,000,000.00 7.25% 0.00 0.00 120,833.33 0.00 120,833.33
A-6 47,000,000.00 47,000,000.00 7.60% 0.00 0.00 297,666.67 0.00 297,666.67
A-7 29,000,000.00 29,000,000.00 7.80% 0.00 0.00 188,500.00 0.00 188,500.00
A-8 24,750,000.00 24,750,000.00 8.00% 0.00 0.00 165,000.00 0.00 165,000.00
Certificates 11,250,000.00 11,250,000.00 8.30% 0.00 0.00 77,812.50 0.00 77,812.50
R 0.00 0.00 0.00% 0.00 0.00 0.00 0.00 0.00
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Totals 300,000,000.00 300,000,000.00 1,488,993.90 1,816,395.83 3,305,389.73
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<CAPTION>
Over Allocated Ending
Collateral Losses Balance Factor
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 0.00 63,511,006.10 97.709240%
A-2 0.00 0.00 49,000,000.00 100.000000%
A-3 0.00 0.00 22,000,000.00 100.000000%
A-4 0.00 0.00 32,000,000.00 100.000000%
A-5 0.00 0.00 20,000,000.00 100.000000%
A-6 0.00 0.00 47,000,000.00 100.000000%
A-7 0.00 0.00 29,000,000.00 100.000000%
A-8 0.00 0.00 24,750,000.00 100.000000%
Certificates 0.00 0.00 11,250,000.00 100.000000%
R 989,285.35 0.00 989,285.35
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299,500,291.45
- ---------------------------------------------------------------------------
<CAPTION>
Principal
AMOUNTS PER 1,000 Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 n/a 1000.000000 22,907598 5.625000 28.532598 977.092402
A-2 n/a 1000.000000 0.000000 5.708333 5.708333 1000.000000
A-3 n/a 1000.000000 0.000000 5.875000 5.875000 1000.000000
A-4 n/a 1000.000000 0.000000 6.000000 6.000000 1000.000000
A-5 n/a 1000.000000 0.000000 6.041667 6.041667 1000.000000
A-6 n/a 1000.000000 0.000000 6.333333 6.333333 1000.000000
A-7 n/a 1000.000000 0.000000 6.500000 6.500000 1000.000000
A-8 n/a 1000.000000 0.000000 6.666667 6.666667 1000.000000
Certificates n/a 1000.000000 0.000000 6.916667 6.916667 1000.000000
- ------------------------------------------------------------------------------------------------------------
Determination Date October 14, 1996
Distribution Date October 21, 1996
</TABLE>
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
AGREEMENT DATED SEPTEMBER 27, 1996
SERVICER'S MONTHLY NOTE AND CERTIFICATE REMITTANCE REPORT
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<TABLE>
<S> <C> <C> <C>
Available Collection Amount 3,195,615.94
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Mnthly Payments 2,269,476.18 192,401.23 2,461,877.41
Recovery of Delinquent Scheduled Payments 196,765.81 15,537.30 212,303.11
Principal Prepayments 229,665.40 291,770.02 521,435.42
Repurchases 0.00 0.00 0.00
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 2,695,907.39 499,708.55 3,195,615.94
FEES:
Servicing Fee 159,632.98
Trustee Fee 212.84
Custodian Fee 340.55
Certificate Guaranty Insurance 0.00
Owner Trustee Fee 0.00
Total Fees: 160,186.37
OVERCOLLATERALIZATION INFORMATION:
Orginal Overcollateralization Amount 0.00
Current Overcollateralization Amount n/a
Interim Required Overcollaterlization Amount 15,000,000.00
Required Overcollaterlization Amount for Due Period 26,250,000.00
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 11,250,000.00
Current Reserve Fund Balance 11,250,000.00
Reserve Fund Requirement 11,250,000.00
AMOUNT IN PREFUNDING ACCOUNT: 44,587,224.61
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 513,494.35
Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 269,960.16
COLLATERAL INFORMATION:
Beginning Unpaid Principle Balance of Home Loans 255,412,775.39
Weighted Avg. Rem. Maturity 229
Weighted Average Coupon 14.622%
Remaining Number of Loans 8,721
Remainig Unpaid Principle Balance of Home Loans 254,913,066.84
Loans Paid in Full 7
DELINQUENCIES: # $ % OF $
30-59 Days 1 25,000.00 0.0098%
60-89 Days 1 20,000.00 0.0078%
Over 90 0 0.00 0.0000%
Total 2 45,000.00 0.0177%
LIQUIDATED LOANS:
Pincipal Interest
Liquidated Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00
</TABLE>
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<TABLE>
<S> <C>
RESERVE ACCOUNT
Beginning Balance 11,250,000.00
Current Deposits 0.00
Current Earnings 6,247.95
Withdraw of Excess Reserve Account Amount to Residual Holder 6,247.95
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
Beginning Balance: 1,478,978.66
Cap Interest Acct Requirement (Projected Interest Shortfall 513,494.35
Less Amount to be released to Residual Interest 720,496.45
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be distributed to Note Distribution 269,960.16
Account on Oct. 21 required by Section 5.04(a)
Plus Account Earnings posted in Due Period 209.76
Prefunding Account Earnings posted in Due Period 24,762.54
Ending Balance on Distribution Date 513,494.35
PREFUNDING ACCOUNT:
Beginning Balance 85,179,187.64
Less Draw for First funding 40,591,963.03
Less Amount to be distributed to Note Distribution 0.00
Account required by Section 5.03(c)
Less Amount to be distributed to Certificate Distribution 0.00
Account required by Section 5.03(c)
Ending Balance 44,587,224.61
</TABLE>
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT
<TABLE>
<S> <C> <C> <C>
Available Collection Amount 3,195,615.94 Principal Collections 499,708.55
Cap Interest Release 269,960.16 Interest Collections 2,695,907.39
Guaranteed Payment 0.00 WIRE FROM FFI TO FIRST TRUST 3,195,615.94
Reserve Account Withdraws 0.00
Total Deposits 3,465,576.10
WITHDRAWS FROM NOTE DISTRIBUTION ACCOUNT:
To The Note Distribution Account for Disbursement
on Distribution Date Pursuant to Sections
5.01 (c) paragraphs (i) to (iv)
Remaining Balance
Servicing Fee 159,632.98 3,305,943.12
Guaranty Insurance Premium 0.00 3,305,943.12
Indenture Trustee Fee 212.84 3,305,730.28
Owner Trustee Fee 0.00 3,305,730.28
Custodial Fee 340.55 3,305,389.73
Noteholders Interest Distributable Amount 1,738,583.33 1,566,806.40
Regular Principal Distributable Amount 499,708.55 1,067,097.85
Excess Spread to Class A-1 note as a part of the 989,285.35 77,812.50
Noteholders Monthly Principal distributable Amount
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date
Certificateholder Interest Distributable Amount 77,812.50 0.00
Certificateholder Principal Distributable Amount 0.00 0.00
Securities Insurer Reimbursement Amount 0.00 0.00
OverCollateralization Reduction Amount 0.00 0.00
Reimbursed Servicing Advances 0.00 0.00
</TABLE>
