<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: March 20, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
(Issuer with respect to the Securities)
FIRSTPLUS INVESTMENT CORPORATION
(Originator of the Trust described herein)
(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 March 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (March 1997)
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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
March 20, 1997 By: /s/ CHRISTOPHER J. GRAMLICH
---------------------------------------------
Christopher J. Gramlich, Senior Vice President
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INDEX TO EXHIBITS
Exhibit No. Description
99.1 Servicer's Monthly Statement (March 1997)
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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 REMITTANCE REPORT
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<TABLE>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
------------ ------------- ------------
<S> <C> <C> <C>
Scheduled Monthly Payments 2,294,631.54 329,837.59 2,624,469.13
Recovery of Delinquent Scheduled Payments 676,806.21 81,218.28 758,024.49
Principal Prepayments 380,615.45 1,170,419.20 1,551,034.65
FHA Claims Paid 0.00 0.00 0.00
Non Performing Loan Sale 0.00 0.00 0.00
Collection Account Earnings 17,039.63 0.00 17,039.63
Note Distribution Account Earnings 1,284.93 0.00 1,284.93
Capitalized Interest Release 0.00 0.00 0.00
Available Collection Amount 3,370,377.76 1,581,475.07 4,951,852.83
FEES:
Servicing Fee 185,089.19
Trustee Fee 1,850.89
Custodian Fee 2,961.43
Guaranty Insurance 70,015.76
Total Fees: 259,917.27
OVERCOLLATERALIZATION INFORMATION:
Current Overcollateralization Amount 8,175,511.40
Interim Required Overcollaterlization Amount 14,999,719.86
Required Overcollaterlization Amount for Due Period 26,249,509.75
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 Account Balance 11,250,000.00
Reserve Account Requirement 11,250,000.00
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITALIZED INTEREST ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 0.00
Amount to be Disbursed from Capitalized Interest Account to Note
Distribution Account 0.00
COLLATERAL INFORMATION:
Beg. Weighted Avg. Rem. Maturity 226
End. Weighted Avg. Rem. Maturity 225
Beg. Weighted Average Coupon 14.610%
End. Weighted Average Coupon 14.610%
Beg. Number of Loans 10,184
End. Number of Loans 10,144
Beginning Unpaid Principle Balance of Home Loans 296,142,700.21
Remaining Unpaid Principle Balance of Home Loans 294,561,255.14
Loans Paid in Full 40
<CAPTION>
DELINQUENCIES:
# $ % of $
--- --- ------
<S> <C> <C>
30-59 Days 100 2,811,372.00 0.954%
60-89 Days 44 1,223,005.00 0.415%
Over 90 43 1,230,505.00 0.418%
Total 187 5,264,882.00 1.787%
<CAPTION>
LIQUIDATED LOANS:
Principal Interest Total
--------- -------- ------
<S> <C> <C> <C>
Liquidation Proceeds 0.00 0.00 0.00
Write-Offs/Net Losses 0.00 0.00 0.00
</TABLE>
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<TABLE>
<S> <C>
RESERVE ACCOUNT:
Beginning Balance 11,250,000.00
Current Deposits 0.00
Current Earnings 59,993.90
Withdraw of Excess Reserve Account Amount to Residual Holder 59,993.90
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
Beginning Balance: 0.00
Less Amount to be released to Residual Interest 0.00
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be Distributed to Note Distribution 0.00
Account on Oct. 16 Required by Section 5.04(a)
Plus Account Earnings Posted in Due Period 0.00
Prefunding Account Earnings posted in Due Period 0.00
Ending Balance on Distribution Date 0.00
Cap Interest Acct Requirement (Projected Interest Shortfall) 0.00
PREFUNDING ACCOUNT:
Beginning Balance 0.00
Less Draw for First funding 0.00
Less Amount to be Distributed to Note Distribution 0.00
Account Required by Setion 5.03 (c)
Less Amount to be Distributed to Certificate Distribution 0.00
Account Required by Setion 5.03 (c)
Ending Balance 0.00
</TABLE>
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<TABLE>
<S> <C>
Available Collection Amount 4,951,852.83
Guranteed Payment 0.00
Reserve Account Withdrawal 0.00
------------
Note Distribution Account balance 4,951,852.83
</TABLE>
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)
<TABLE>
<CAPTION>
Remaining Balance
<S> <C> <C>
ServIcing Fee 185,089.19 4,766,763.64
Guaranty Insurance Premium 70,015.76 4,696,747.88
Indenture Trustee Fee 1,850.89 4,694,896.99
Custodial Fee 2,961.43 4,691,935.56
Noteholders Interest Distributable Amount 1,678,515.76 3,013,419.80
Regular Principal Distributable Amount 1,581,475.07 1,431,944.73
Excess Spread to Class A-1 note as a part of the 1,354,132.23 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 Servcing Advances 0.00 0.00
</TABLE>
