<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: November 18, 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
<PAGE> 2
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 November 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (November 1996)
</TABLE>
-2-
<PAGE> 3
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
November 18, 1996 By: /s/ CHRISTOPHER J. GRAMLICH
---------------------------------------
Christopher J. Gramlich,
Senior Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (November 1996)
</TABLE>
<PAGE> 1
EXHIBIT 99.1
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
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL CURRENT PRINCIPAL PRINCIPAL INTEREST
ORIGINAL BALANCE BEFORE PASS REMITTANCE CARRY INTEREST CARRY
CLASS FACE VALUE DISTRIBUTION THROUGH (INCLUDING TURBO) FORWARD REMITTANCE FORWARD
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 65,000,000.00 63,511,006.10 6.75% 1,910,521.98 0.00 357,249.41 0.00
A-2 49,000,000.00 49,000,000.00 6.85% 0.00 0.00 279,708.33 0.00
A-3 22,000,000.00 22,000,000.00 7.05% 0.00 0.00 129,250.00 0.00
A-4 32,000,000.00 32,000,000.00 7.20% 0.00 0.00 192,000.00 0.00
A-5 20,000,000.00 20,000,000.00 7.25% 0.00 0.00 120,833.33 0.00
A-6 47,000,000.00 47,000,000.00 7.60% 0.00 0.00 297,666.67 0.00
A-7 29,000,000.00 29,000,000.00 7.80% 0.00 0.00 188,500.00 0.00
A-8 24,750,000.00 24,750,000.00 8.00% 0.00 0.00 165,000.00 0.00
Certificates 11,250,000.00 11,250,000.00 8.30% 0.00 0.00 77,812.50 0.00
R 0.00 989,285.35 0.00% 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 300,000,000.00 299,500,291.45 1,910,521.98 1,808,020.24
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
TOTAL OVER ALLOCATED ENDING POOL
CLASS DISTRIBUTION COLLATERAL LOSSES BALANCE FACTOR
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 2,267,771.39 0.00 0.00 61,600,484.12 94.769976%
A-2 279,708.33 0.00 0.00 49,000,000.00 100.000000%
A-3 129,250.00 0.00 0.00 22,000,000.00 100.000000%
A-4 192,000.00 0.00 0.00 32,000,000.00 100.000000%
A-5 120,833.33 0.00 0.00 20,000,000.00 100.000000%
A-6 297,666.67 0.00 0.00 47,000,000.00 100.000000%
A-7 188,500.00 0.00 0.00 29,000,000.00 100.000000%
A-8 165,000.00 0.00 0.00 24,750,000.00 100.000000%
Certificate 77,812.50 0.00 0.00 11,250,000.00 100.000000%
R 0.00 1,287,932.36 0.00 2,277,217.71 0.000000%
- ------------------------------------------------------------------------------------------
Totals 3,718,542.22 298,877,701.83
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
PRINCIPAL
BALANCE BEFORE PRINCIPAL INTEREST TOTAL END
CLASS CUSIP DISTRIBUTION REMITTANCE REMITTANCE DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 n/a 977.092402 29.392646 5.496145 34.888791 947.699758
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
</TABLE>
Original weighted average securities rate = 7.27%
Current weighted average securities rate = 7.27%
Determination Date November 13, 1996
Distribution Date November 20, 1996
<PAGE> 2
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
---------------------------------------------------------
<TABLE>
<CAPTION>
Available Collection Amount 3,679,077.72
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 2,459,948.11 252,007.57 2,711,955.68
Recovery of Delinquent Scheduled Payments 382,260.57 31,388.82 413,649.39
Principal Prepayments 214,279.42 339,193.23 553,472.65
Repurchases 0.00 0.00 0.00
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 3,056,488.10 622,589.62 3,679,077.72
FEES:
Servicing Fee 159,320.67
Trustee Fee 1,593.21
Custodian Fee 2,549.13
Certificate Guaranty Insurance 69,517.16
Owner Trustee Fee 0.00
Total Fees: 232,980.17
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount n/a
Interim Required Overcollateralization Amount 15,000,000.00
Required Overcollateralization 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 101,527.19
Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account (270,055.72)
COLLATERAL INFORMATION:
Beginning Unpaid Principle Balance of Home Loans 254,913,066.84
Weighted Avg. Rem. Maturity 229
Weighted Average Coupon 14.608%
Remaining Number of Loans 8,708
Remaining Unpaid Principle Balance of Home Loans 254,290,477.22
Loans Paid in Full 13
</TABLE>
DELINQUENCIES:
<TABLE>
<CAPTION>
# $ % of $
- - ------
<S> <C> <C> <C>
30-59 Days 7 207,312.34 0.0815%
60-89 Days 1 25,000.00 0.0098%
Over 90 0 0.00 0.0000%
Total 8 232,312.34 0.0914%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00
</TABLE>
<PAGE> 3
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Available Collection Amount 3,679,077.72
Cap Interest Release 270,055.72
Guaranteed Payment 0.00
Reserve Account Withdraws 0.00
------------
Total Deposits 3,949,133.44
Note Distribution Account earnings 2,388.95
------------
Note Distribution Account balance 3,951,522.39
Principal Collections 622,589.62
Interest Collections 3,056,488.10
------------
WIRE FROM FFI TO FIRST TRUST 3,679,077.72
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 159,320.67 3,792,201.72
Guaranty Insurance Premium 69,517.16 3,722,684.56
Indenture Trustee Fee 1,593.21 3,721,091.35
Owner Trustee Fee 0.00 3,721,091.35
Custodial Fee 2,649.13 3,718,542.22
Noteholders Interest Distributable Amount 1,730,207.74 1,988,334.48
Regular Principal Distributable Amount 622,589.62 1,365,744.86
Excess Spread to Class A-1 note as a part of the 1,287,932.36 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 Reduction Amount 0.00 0.00
OverCollateralization Reduction Amount 0.00 0.00
Reimbursed Servicing Advances 0.00 0.00
<PAGE> 4
RESERVE ACCOUNT:
Beginning Balance 11,250,000.00
Current Deposits 0.00
Current Earnings 47,873.09
Withdraw of Excess Reserve Account Amount to Residual Holder 47,873.09
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
Beginning Balance: 513,494.35
Cap Interest Acct Requirement (Projected Interest Shortfall) 101,527.19
Less Amount to be released to Residual Interest (336,427.33)
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be distributed to Note Distribution (270,055.72)
Account on Oct. 16 required by Section 5.04(a)
Plus Account Earnings posted in Due Period 4,779.90
Prefunding Account Earnings posted in Due Period 189,735.99
Ending Balance on Distribution Date 101,527.19
PREFUNDING ACCOUNT:
Beginning Balance 44,587,224.61
Less Draw for First funding 0.00
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
4
