<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: December 10, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2
(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 333-26527 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) 866-2236
<PAGE> 2
ITEM 5. Other Events.
Reference is hereby made to Amendment No. 1 to the Registrant's
Registration Statement on Form S-3 (File No. 333-26527) filed with the
Securities and Exchange Commission (the "Commission") on May 22, 1997 (the
"Registration Statement"), pursuant to which the Registrant registered
$5,000,000,000 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 June 12, 1997 and the related Prospectus Supplement,
dated June 12, 1997 (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 1997-2 Asset Backed Notes, Series 1997-2,
consisting of the following classes of Asset Backed Notes (collectively, the
"Offered Securities"): (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, Class A-8
Notes, Class A-9 Notes, Class M-1 Notes, Class M-2 Notes and Class B-1 Notes.
The Notes were issued pursuant to an Indenture dated as of June 1, 1997
(the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (the "Issuer"
or the "Trust") and First Bank National Association, as Indenture Trustee and
Co-Owner Trustee (the "Indenture Trustee" and "Co-Owner Trustee"). The Notes
are secured by the assets of the Trust pursuant to the Indenture.
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 June 1, 1997 among FIRSTPLUS INVESTMENT
CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and Servicer,
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2, as Issuer, and First Bank National
Association, as Indenture Trustee and Co-Owner Trustee) for the month of
December 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (December 1997)
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<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
December 10, 1997 By: /s/ LEE REDDIN
----------------------------
Lee Reddin, Vice President
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<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
- ------- -------
<S> <C>
99.1 Servicer's Monthly Statement (December 1997)
</TABLE>
<PAGE> 1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED JUNE 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry
Class Face Value Distribution Through (Including Turbo) Forward
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 53,220,000.00 14,202,678.94 6.34% 8,603,924.42 0.00
A-2 103,860,000.00 103,860,000.00 6.31% 0.00 0.00
A-3 84,010,000.00 84,010,000.00 6.52% 0.00 0.00
A-4 80,400,000.00 80,400,000.00 6.64% 0.00 0.00
A-5 64,750,000.00 64,750,000.00 6.82% 0.00 0.00
A-6 46,400,000.00 46,400,000.00 6.88% 0.00 0.00
A-7 54,900,000.00 54,900,000.00 7.54% 0.00 0.00
A-8 49,230,000.00 49,230,000.00 7.58% 0.00 0.00
A-9 46,355,000.00 46,355,000.00 7.82% 0.00 0.00
M-1 78,750,000.00 78,750,000.00 7.60% 0.00 0.00
M-2 39,375,000.00 39,375,000.00 7.59% 0.00 0.00
B-1 31,875,000.00 31,875,000.00 7.93% 0.00 0.00
B-2(Certificates) 16,875,000.00 16,875,000.00 8.54% 0.00 0.00
R 0.00 17,087,061.26 0.00
- --------------------------------------------------------------------------------------------------------------
Totals 750,000,000.00 728,069,740.20 8,603,924.42
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Interest
Class Interest Carry Total Over Allocated Ending Pool
Remittance Forward Distribution Collateral. Losses Balance Factor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 75,037.49 0.00 8,678,961.91 0.00 0.00 5,598,754.52 10.520020%
A-2 546,130.50 0.00 546,130.50 0.00 0.00 103,860,000.00 100.000000%
A-3 456,454.33 0.00 456,454.33 0.00 0.00 84,010,000.00 100.000000%
A-4 444,880.00 0.00 444,880.00 0.00 0.00 80,400,000.00 100.000000%
A-5 367,995.83 0.00 367,995.83 0.00 0.00 64,750,000.00 100.000000%
A-6 266,026.67 0.00 266,026.67 0.00 0.00 46,400,000.00 100.000000%
A-7 344,955.00 0.00 344,955.00 0.00 0.00 54,900,000.00 100.000000%
A-8 310,969.50 0.00 310,969.50 0.00 0.00 49,230,000.00 100.000000%
A-9 302,080.08 0.00 302,080.08 0.00 0.00 46,355,000.00 100.000000%
M-1 498,750.00 0.00 498,750.00 0.00 0.00 78,750,000.00 100.000000%
M-2 249,046.88 0.00 249,046.88 0.00 0.00 39,375,000.00 100.000000%
B-1 210,640.63 0.00 210,640.63 0.00 0.00 31,875,000.00 100.000000%
B-2(Certificates) 120,093.75 0.00 120,093.75 0.00 0.00 16,875,000.00 100.000000%
R 0.00 0.00 0.00 2,912,718.14 547,694.57 19,452,084.83 0.000000%
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 4,193,060.66 12,796,985.08 721,830,839.35
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<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-1 266.867323 161.667126 1.409949 163.077075 105.200198
A-2 1000.000000 0.000000 5.258333 5.258333 1000.000000
A-3 1000.000000 0.000000 5.433333 5.433333 1000.000000
A-4 1000.000000 0.000000 5.533333 5.533333 1000.000000
A-5 1000.000000 0.000000 5.683333 5.683333 1000.000000
A-6 1000.000000 0.000000 5.733333 5.733333 1000.000000
A-7 1000.000000 0.000000 6.283333 6.283333 1000.000000
A-8 1000.000000 0.000000 6.316667 6.316667 1000.000000
A-9 1000.000000 0.000000 6.516667 6.516667 1000.000000
M-1 1000.000000 0.000000 6.333333 6.333333 1000.000000
M-2 1000.000000 0.000000 6.325000 6.325000 1000.000000
B-1 1000.000000 0.000000 6.608333 6.608333 1000.000000
B-2(Certificates) 1000.000000 0.000000 7.116667 7.116667 1000.000000
Original weighted average securities rate = 7.04%
Current weighted average securities rate = 7.09%
</TABLE>
Determination Date December 5, 1997
Distribution Date December 10, 1997
4
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED JUNE 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
------------ ------------ -------------
<S> <C> <C> <C>
Scheduled Monthly Payments 6,729,348.28 1,193,597.74 7,922,946.02
Recovery of Delinquent Scheduled Payments 133,673.01 68,931.48 202,604.49
Principal Prepayments 656,738.00 4,428,677.06 5,085,415.06
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 30,290.30 0.00 30,290.30
Available Collection Amount 7,550,049.59 5,691,206.28 13,241,255.87
FEES:
Servicing Fee 455,043.59
Trustee Fee 1,516.81
Owner Trustee Fee 0.00
Total Fees: 456,560.40
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 19,452,084.83
Required Overcollateralization Amount 31,875,000.00
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:
Beginning Weighted Average Remaining Maturity 226
Ending Weighted Average Remaining Maturity 225
Beginning Weighted Average Coupon 13.740%
Ending Weighted Average Coupon 13.730%
Beginning Number of Loans 23,820
Ending Number of Loans 23,639
Beginning Unpaid Principle Balance of Home Loans 728,069,740.20
Ending Unpaid Principle Balance of Home Loans 721,830,839.35
Loans Paid in Full 181
DELINQUENCIES:
# $ % of $
--- --- ------
30-59 Days 173 5,019,825.00 0.6895%
60-89 Days 73 2,099,621.00 0.2884%
Over 90 135 4,096,499.00 0.5627%
Total 381 11,215,945.00 1.5405%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 547694.57 0.00
Net Losses 547,694.57 0.00
</TABLE>
* Assumes entire prefunded account is used to purchase home loans
5
