<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 33-65373 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. 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 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 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 (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 65,927,221.97 6.80% 2,108,790.55 0.00 373,587.59
A-2 17,200,000.00 17,194,901.55 6.95% 0.00 0.00 99,587.14
A-3 39,080,000.00 39,068,415.84 7.15% 0.00 0.00 232,782.64
A-4 10,630,000.00 10,626,849.04 7.35% 0.00 0.00 65,089.45
A-5 25,460,000.00 25,452,453.11 7.47% 0.00 0.00 158,441.52
A-6 30,380,000.00 30,370,994.71 7.85% 0.00 0.00 198,676.92
A-7 27,060,000.00 27,051,987.83 8.00% 0.00 0.00 180,346.53
A-8 20,655,000.00 20,648,877.41 8.22% 0.00 0.00 141,444.81
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 55,833.33
R 0.00 2,903,677.45 0.00% 0.00 0.00 0.00
====================================================================================================================================
TOTALS 250,000,000.00 247,620,369.91 2,108,790.55 1,505,789.93
====================================================================================================================================
<CAPTION>
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INTEREST
CARRY TOTAL OVER ALLOCATED ENDING POOL
CLASS FORWARD DISTRIBUTION COLLATERAL LOSSES BALANCE FACTOR
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <S> <C> <C> <C> <C> <C>
A-1 0.00 2,482,378.14 0.00 0.00 63,818,431.42 89.683012%
A-2 0.00 99,587.14 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 232,782.64 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 65,089.45 0.00 0.00 10,826,849.04 99.970358%
A-5 0.00 158,441.52 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 198,676.92 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 180,346.53 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 141,444.81 0.00 0.00 20,648,877.41 99.970358%
B 0.00 55,833.33 0.00 0.00 8,375,000.00 100.000000%
R 0.00 0.00 1,050,433.35 0.00 3,954,110.80 0.000000%
====================================================================================================================================
TOTALS 3,614,580.48 246,562,012.71
====================================================================================================================================
<CAPTION>
AMOUNTS PER 1,000 PRINCIPAL
BALANCE BEFORE PRINCIPAL INTEREST TOTAL END
CLASS CUSIP DISTRIBUTION REMITTANCE REMITTANCE DISTRIBUTION BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 337925AA9 926.464615 29.634493 5.249966 34.884460 896.830121
A-2 337925AB7 999.703578 0.000000 5.789950 5.789950 899.703578
A-3 337925AC5 999.703578 0.000000 5.956567 5.956567 999.703578
A-4 337925AD3 999.703579 0.000000 6.123184 6.123184 999.703579
A-5 337925AE1 999.703579 0.000000 6.223155 6.223155 999.703579
A-6 337925AF8 999.703578 0.000000 6.539727 6.539727 999.703578
A-7 337925AG6 999.703578 0.000000 6.664691 6.664691 999.703578
A-8 337925AH4 999.703578 0.000000 6.847969 6.847969 999.703578
Original weighted average Class A certificate rate = 7.35%
Current weighted average Class A certificate rate = 7.36%
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Determination Date October 15, 1996
Distribution Date October 21, 1996
</TABLE>
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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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<TABLE>
<CAPTION>
<S> <C> <C> <C>
Available Remittance 3,733,422.50
Collections on the Mortgage Loans:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 2,131,282.41 258,617.94 2,389,900.35
Recovery of Delinquent Scheduled Payments 473,307.67 46,261.46 519,569.13
Principal Prepayments 226,712.90 537,554.32 764,267.22
Repurchases (1,474.95) 215,923.46 214,446.53
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 2,829,828.03 1,058,357.20 3,888,185.23
FEES:
Servicing Fee 154,762.73
Excess Servicing Fee 51,587.58
Trustee Fee 1,805.57
Custodian Fee 3,301.60
Certificate Guaranty Insurance 57,194.69
FHA Insurance Premium Acct. Deposit 11,232.81
Total Fees: 279,884.98
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 44,980.22
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 12,329,110.80
Required Class A Overcollateralization Level N/A
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 0.00
Amount to be Disbursed to Certificate Acct(5.16a) 4,504.34
Collateral Information:
Title 1 Conventional Total
------- ------------ -----
Weighted Avg. Rem. Maturity 206 214 213
Weighted Average Coupon 13.711% 14.330% 14.263%
Remaining Number of Loans 1,361 8,044 9,405
Remaining Dollar Amount of Loans 26,873,849.61 219,688,163.10 246,562,012.71
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
Conventionals 1,010,993.97 0.460% 423,021.60 0.193% 369,828.73 0.168% 1,803,844.30 0.821%
Title 1's 469,518.16 1.747% 168,164.98 0.626% 219,261.74 0.816% 856,944.88 3.189%
Combined 1,480,512.13 0.600% 591,186.58 0.240% 589,090.47 0.239% 2,660,789.18 1.079%
LIQUIDATED LOANS: Liquidation Proceeds Written Off Net Losses/Gains
-------------------- ----------- ----------------
Principle Interest
Title 1 0.00 0.00 0.00 0.00
Conventional 0.00 0.00 0.00 0.00
</TABLE>
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BACKUP CALCULATIONS:
<TABLE>
<S> <C> <C> <C> <C>
Amount Available 3,739,702.73
----------------
FHA Insurance Prem. 11,232.81 3,728,469.92 Principal Collections 1,058,357.20
Cert. Ins. Prem. 57,194.69 3,671,275.23 Interest Collections 2,829,828.03
Trustee Fee 1,805.57 3,669,469.66 Less Servicing Fee 154,762.73
Cust. Fee 3,301.60 3,666,168.06 ------------
Prefunding Acct Dist. 0.00 3,666,168.06 WIRE FROM FFI TO FIRST TRUST 3,733,422.50
A1-A8 INT 1,449,956.60 2,216,211.46
A-1 Prin 1,058,357.20 1,157,854.26 Prefunding Acct Distribution 0.00
A-2 Prin 0.00 1,157,854.26 Certificate Acct Earning 1,775.89
A-3 Prin 0.00 1,157,854.26 Cap Int release(5.16a) 4,504.34
A-4 Prin 0.00 1,157,854.26 ------------
A-5 Prin 0.00 1,157,854.26 3,739,702.73
A-6 Prin 0.00 1,157,854.26
A-7 Prin 0.00 1,157,854.26
A-8 Prin 0.00 1,157,854.26
Cert Ins. Reimb 0.00 1,157,854.26
B-Int 55,833.33 1,102,020.93
B-Prin 0.00 1,102,020.93
Excess Servicing 51,587.58 1,050,433.35
O.C to Class A-1 1,050,433.35 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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FHA INSURANCE PREMIUM ACCOUNT:
Beginning Balance 38,882.79
FHA Insurance Premium Acc. Dep. 11,232.81
Earnings Current Due Period 119.21
Less Payment for FHA Premiums 0.00
----------------
Ending Balance 50,234.81
CAPITALIZED INTEREST:
Beginning Balance 4,075.82
Less Amount to be released to Depositor 0.00
on September 20 pursuant to Section 5.16(d)
Less Amount to be distributed to Certificate (4,504.34)
Account on September 19 required by Section 5.16(a)
Plus Prefunding Account Earnings 202.30
Cap Int. Earnings 226.22
----------------
Ending Balance on Distribution Date 0.00
Beginning Balance October 1st 0.00
PREFUNDING ACCOUNT:
Beginning Balance 0.00
Less Amount to be distributed to Certificate 0.00
Account on September 19 required by Section 5.15(c)
----------------
Ending Balance 0.00
