<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: September 9, 1996
(Date of earliest event reported)
FIRSTPLUS INVESTMENT CORPORATION
(Exact name of Registrant as specified in its charter)
<TABLE>
<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
<PAGE> 2
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 August 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Servicer's Monthly Statement (August 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
September 9, 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 (August 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 69,983,068.52 6.80% 1,950,469.31 0.00 396,570.72
A-2 71,200,000.00 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 0.00 665,688.31 0.00% 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------
Totals 250,000,000.00 249,488,756.83 1,950,469.31 1,529,092.22
- --------------------------------------------------------------------------------------------------------------
Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral Losses Balance Factor
A-1 0.00 2,347,040.03 0.00 0.00 68,032,599.21 95.605114%
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 1,136,157.65 0.00 1,801,845.96 0.000000%
- --------------------------------------------------------------------------------------------------------------
Totals 3,479,561.53 248,674,445.17
- --------------------------------------------------------------------------------------------------------------
AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
A-1 337925AA9 983.460772 27.409631 5.572944 32.982575 956.051141
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 August 15, 1996
Distribution Date August 20, 1996
</TABLE>
Original weighted average Class A certificate rate = 7.35%
Current weighted average Class A certificate rate = 7.35%
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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 3,381,423.27
</TABLE>
COLLECTIONS ON THE MORTGAGE LOANS:
<TABLE>
<CAPTION>
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 2,073,307.23 233,920.27 2,307,227.50
Recovery of Delinquent Scheduled Payments 396,097.45 79,749.51 475,846.96
Principal Prepayments 231,633.36 500,641.88 732,275.24
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 2,701,038.04 814,311.66 3,515,349.70
FEES:
Servicing Fee 133,926.43
Excess Servicing Fee 44,642.14
Trustee Fee 1,562.47
Custodian Fee 2,857.10
Certificate Guaranty Insurance 58,108.28
FHA Insurance Premium Acct. Deposit 11,378.88
Total Fees: 252,475.31
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 10,176,845.96
Required Class A Overcollateralization Level N/A
AMOUNT IN PREFUNDING ACCOUNT: 70,695.84
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 75,225.88
Amount to be Disbursed to Certificate Acct(5.16a) 216,354.30
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COLLATERAL INFORMATION:
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<CAPTION>
Title 1 Conventional Total
------- ------------ -----
<S> <C> <C> <C>
Weighted Avg. Rem. Maturity 201 202 202
Weighted Average Coupon 13.648% 13.349% 13.382%
Remaining Number of Loans 1,370 8,090 9,466
Remaining Dollar Amount of Loans 27,373,628.20 221,230,121.19 248,603,749.39
</TABLE>
DELINQUENCIES:
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<CAPTION>
30 Days 60 Days 90 Days Total
------------ ------------- ------------- --------------
$ % $ % $ % $ %
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Conventionals 827,211.61 0.374% 148,577.96 0.067% 0.00 0.000% 975,789.57 0.441%
Title 1's 384,074.00 1.403% 149,377.91 0.546% 0.00 0.000% 533,451.91 1.949%
Combined 1,211,285.61 0.487% 297,955.87 0.120% 0.00 0.000% 1,509,241.48 0.607%
</TABLE>
LIQUIDATED LOANS:
<TABLE>
<CAPTION>
Recovered Written Off Cumulative
--------- ----------- ----------
<S> <C> <C> <C>
Title 1 0.00 0.00 0.00
Conventional 0.00 0.00 0.00
</TABLE>
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BACKUP CALCULATIONS:
<TABLE>
<S> <C> <C> <C> <C>
Amount Available 3,598,110.41
FHA Insurance Prem. 11,378.88 3,586,731.53 Principal Collections 84,311.66
Cert. Ins. Prem. 58,108.28 3,528,623.25 Interest Collections 2,701,038.04
Trustee Fee 1,562.47 3,527,060.77 Less Servicing Fee 133,926.43
------------
Cust. Fee 2,857.10 3,524,203.68 WIRE FROM FFI TO FIRST TRUST 3,381,423.27
A1-A8 INT 1,473,258.89 2,050,944.79
A-1 Prin 814,311.66 1,236,633.13 Certificate Acct Earning 332.84
A-2 Prin 0.00 1,236,633.13 Cap Int Release(5.16a) 216,354.30
------------
A-3 Prin 0.00 1,236,633.13 3,598,110.41
A-4 Prin 0.00 1,236,633.13
A-5 Prin 0.00 1,236,633.13
A-6 Prin 0.00 1,236,633.13
A-7 Prin 0.00 1,236,633.13
A-8 Prin 0.00 1,236,633.13
Cert Ins. Reimb 0.00 1,236,633.13
B-Int 55,833.33 1,180,799.80
B-Prin 0.00 1,180,799.80
Excess Servicing 44,642.14 1,136,157.65
O.C to Class A-1 1,136,157.65 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 16,094.49
FHA Insurance Premium Acc. Dep. 11,378.88
Earnings Current Due Period 47.62
Less Payment for FHA Premiums 0.00
-------------
Ending Balance 27,520.99
CAPITALIZED INTEREST:
Beginning Balance: 308,295.62
Less Amount to be released to Depositor (168,079.10)
on August 20 pursuant to Section 5.16(d)
Less Amount to be distributed to Certificate (216,354.30)
Account on August 19 required by Section 5.16(a)
Plus Prefunding Account Earnings 147,806.03
Cap Int. Earnings 3,557.63
-------------
Ending Balance on Distribution Date 75,225.88
Beginning Balance September 1st 75,225.88
PREFUNDING ACCOUNT:
Beginning Balance 40,611,975.34
Less 2nd Subsequent funding 40,541,279.50
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Ending Balance 70,695.84
</TABLE>
