<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: August 22, 1996
(Date of earliest event reported)
FIRSTPLUS INVESTMENT CORPORATION
(Exact name of Registrant as specified in its charter)
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<S> <C> <C>
Nevada 33-65373 75-2596063
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
</TABLE>
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. 33-65373) filed with the Securities and Exchange Commission
(the "Commission") on December 22, 1996, as amended by Amendment No. 1 thereto
filed with the Commission on April 23, 1996, as further amended by Amendment
No. 2 thereto filed with the Commission on May 10, 1996 and as further amended
by Amendment No. 3 thereto filed with the Commission on May 22, 1996
(collectively, the "Registration Statement"), pursuant to which the Registrant
registered $1,000,000,000 aggregate principal amount of its asset-backed
certificates, 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 June 14, 1996 and the related
Prospectus Supplement, dated June 14, 1996 (collectively, the "Prospectus"),
which were previously filed with the Commission pursuant to Rule 424(b)(5),
with respect to the Registrant's FIRSTPLUS Asset-Backed Certificates, Series
1996-2, consisting of the following Classes of Certificates (collectively, the
"Certificates"): (i) Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, and Class A-8 Certificates,
(collectively, the "Offered Certificates"), (ii) Class B Certificates, and
(iii) Class R Certificates. Only the Offered Certificates were offered by the
Prospectus.
The Certificates represent the entire undivided interest in the Trust
created pursuant to the Pooling and Servicing Agreement dated as of June 1,
1996 (the "Pooling and Servicing Agreement") between the FIRSTPLUS INVESTMENT
CORPORATION, as depositor, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, and First Trust of California, National Association, as trustee (the
"Trustee").
The Registrant is filing this Current Report on Form 8-K solely for the
purpose of filing the Servicer's Monthly Statement (as such term is defined in
the Pooling and Servicing Agreement) for the month of July 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Servicer's Monthly Statement (July 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
August 22, 1996 By: /s/ CHRISTOPHER J. GRAMLICH
------------------------------------
Christopher J. Gramlich,
Senior Vice President
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EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Servicer's Monthly Statement (July 1996)
<PAGE> 1
EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR)
FIRSTPLUS HOME LOAN TRUST 1996-2
THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2
AGREEMENT DATED JUNE 1, 1996
CERTIFICATE ADMINISTRATOR'S MONTHLY STATEMENT
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
<S> <C> <C> <C> <C> <C> <C>
A-1 71,160,000.00 71,160,000.00 6.80% 1,176,931.48 0.00 403,240.00
A-2 17,200,000.00 17,200,000.00 6.95% 0.00 0.00 99,616.67
A-3 39,080,000.00 39,080,000.00 7.15% 0.00 0.00 232,851.67
A-4 10,630,000.00 10,630,000.00 7.35% 0.00 0.00 65,108.75
A-5 25,460,000.00 25,460,000.00 7.47% 0.00 0.00 158,488.50
A-6 30,380,000.00 30,380,000.00 7.85% 0.00 0.00 198,735.83
A-7 27,060,000.00 27,060,000.00 8.00% 0.00 0.00 180,400.00
A-8 20,655,000.00 20,655,000.00 8.22% 0.00 0.00 141,486.75
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 55,833.33
R 0.00 0.00 0.00% 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------
Totals 250,000,000.00 1,176,931.48 1,535,761.50
- --------------------------------------------------------------------------------------------------------------
Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral Losses Balance Factor
A-1 0.00 1,580,171.48 0.00 0.00 69,983,068.52 98.346077%
A-2 0.00 99,616.67 0.00 0.00 17,200,000.00 100.000000%
A-3 0.00 232,851.67 0.00 0.00 39,080,000.00 100.000000%
A-4 0.00 65,108.75 0.00 0.00 10,630,000.00 100.000000%
A-5 0.00 158,488.50 0.00 0.00 25,460,000.00 100.000000%
A-6 0.00 198,735.83 0.00 0.00 30,380,000.00 100.000000%
A-7 0.00 180,400.00 0.00 0.00 27,060,000.00 100.000000%
A-8 0.00 141,486.75 0.00 0.00 20,655,000.00 100.000000%
B 0.00 55,833.33 0.00 0.00 8,375,000.00 100.000000%
R 0.00 0.00 665,688.31 0.00 665,688.31 0.000000%
- --------------------------------------------------------------------------------------------------------------
Totals 2,712,692.98 294,488,756.83
- --------------------------------------------------------------------------------------------------------------
AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
A-1 337925AA9 1000.000000 16.539288 5.666666 22.205894 983.460772
A-2 337925AB7 1000.000000 0.000000 5.791667 5.791667 1000.000000
A-3 337925AC5 1000.000000 0.000000 5.958333 5.958333 1000.000000
A-4 337925AD3 1000.000000 0.000000 6.125000 6.125000 1000.000000
A-5 337925AE1 1000.000000 0.000000 6.225000 6.225000 1000.000000
A-6 337925AF8 1000.000000 0.000000 6.541667 6.541667 1000.000000
A-7 337925AG6 1000.000000 0.000000 6.666667 6.666667 1000.000000
A-8 337925AH4 1000.000000 0.000000 6.850000 6.850000 1000.000000
B
Determination Date July 17, 1996
Distribution Date July 22, 1996
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR)
FIRSTPLUS HOME LOAN TRUST 1996-2
THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2
AGREEMENT DATED JUNE 1, 1996
CERTIFICATE ADMINISTRATOR'S MONTHLY STATEMENT
- -------------------------------------------------------------------------------
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<S> <C>
Available Remittance 2,567,590.21
</TABLE>
COLLECTIONS ON THE MORTGAGE LOANS:
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<CAPTION>
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 1,770,335.61 218,992.47 1,989,328.08
Recovery of Delinquent Scheduled Payments 172,219.94 17,213.31 189,433.25
Principal Prepayments 153,252.91 275,037.39 428,290.30
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 2,095,808.46 511,243.17 2,607,051.63
FEES:
Servicing Fee 39,461.42
Excess Servicing Fee 13,153.81
Trustee Fee 460.38
Custodian Fee 841.84
Certificate Guaranty Insurance 0.00
FHA Insurance Premium Acct. Deposit 6,085.34
Totals: 60,002.79
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 0.00
Aggregate Balance of Loans with Claims rejected by FHA 0.00
Cumulative FHA Insurance Proceeds Received 0.00
FHA Insurance Proceeds this Due Period 0.00
OVERCOLLATERALIZATION INFORMATION:
Current Class A Overcollateralization 9,040,688.31
Required Class A Overcollateralization Level N/A
AMOUNT IN PREFUNDING ACCOUNT: 40,611,975.34
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 254,634.09
Amount to be Disbursed to Certificate Acct(5.16a) 165,639.34
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COLLATERAL INFORMATION:
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<CAPTION>
Title 1 Conventional Total
------- ------------ -----
<S> <C> <C> <C>
Weighted Avg. Rem. Maturity 209 217 216
Weighted Average Coupon 13.609% 14.27% 14.027%
Remaining Number of Loans 988 6,832 7,820
Remaining Dollar Amount of Loans 19,935,965.86 188,940,815.63 188,940,815.63
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DELINQUENCIES:
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<CAPTION>
30 Days 60 Days 90 Days Total
------------ ------------- ------------- --------------
$ % $ % $ % $ %
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Conventionals 374,863.07 0.198 0.00 0.000 0.00 0.000 374,863.07 0.198
Title 1's 53,066.78 0.270 0.00 0.000 0.00 0.000 53,066.78 0.270
Combined 427,929.85 0.205 0.00 0.000 0.00 0.000 427,929.85 0.205
</TABLE>
RECOVERIES:
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<CAPTION>
This Period Cumulative
------------ ----------
<S> <C> <C>
Defaulted Loans 0.00 0.00
Liquidated Loans 0.00 0.00
</TABLE>
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BACKUP CALCULATIONS:
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<S> <C> <C> <C> <C>
Amount Available 2,733,234.35
FHA Insurance Prem. 6,085.34 2,727,149.01 Principal Collections 511,243.17
Cert. Ins. Prem. 0.00 2,727,149.01 Interest Collections 2,095,808.46
Trustee Fee 460.38 2,726,688.63 Less Servicing Fee 39,461.42
Cust. Fee 841.84 2,725,846.79 ------------
A1-A8 INT 1,479,928.17 1,245,918.62 WIRE FROM FFI TO FIRST TRUST 2,567,590.21
A-1 Prin 511,243.17 734,675.45
A-2 Prin 0.00 734,675.45 Certificate Acct Earning 4.80
A-3 Prin 0.00 734,675.45 Cap Int Release(5.16a) 165,639.34
A-4 Prin 0.00 734,675.45 ------------
A-5 Prin 0.00 734,675.45 2,733,234.35
A-6 Prin 0.00 734,675.45
A-7 Prin 0.00 734,675.45
A-8 Prin 0.00 734,675.45
B-Int 55,833.33 678,842.12
B-Prin 0.00 678,842.12
Cert Ins. Reimb 0.00 678,842.12
Excess Servicing 13,153.81 665,688.31
O.C to Class A-1 665,688.31 0.00
O.C to Class A-2 0.00 0.00
O.C to Class A-3 0.00 0.00
O.C to Class A-4 0.00 0.00
O.C to Class A-5 0.00 0.00
O.C to Class A-6 0.00 0.00
O.C to Class A-7 0.00 0.00
O.C to Class A-8 0.00 0.00
</TABLE>
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<TABLE>
<S> <C>
FHA INSURANCE PREMIUM ACCOUNT:
Beginning Balance 10,000.00
FHA Insurance Premium Acc. Dep. 6,085.34
Earnings Current Due Period 9.15
Less Payment for FHA Premiums 0.00
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16,094.49
CAPITALIZED INTEREST:
Beginning Balance: 1,117,421.00
Less Amount to be released to Depositor 697,147.57
on July 20 pursuant to Section 5.16(d)
Less Amount to be distributed to Certificate 165,639.34
Account required by Section 5.16(a)
-------------
Ending Balance on Distribution Date
Plus Prefunding Account Earnings 52,641.41
Cap Int. Earnings 1,020.12
-------------
Beginning Balance August 1st 308,295.62
PREFUNDING ACCOUNT:
Beginning Balance 80,891,144.24
Less 1st Subsequent funding 40,279,168.90
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Ending Balance 40,611,975.34
</TABLE>
