<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 10, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4
(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
<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 November 15, 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 1996-4 Asset Backed Notes and Asset Backed Certificates, Series
1996-4, 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 November 1,
1996 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (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 Certificates represent the entire undivided ownership interest in
the Trust and were issued pursuant to the Trust Agreement dated as of November
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 November 1, 1996 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-4, 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)
-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
March 10, 1997 By: /s/ CHRISTOPHER J. GRAMLICH
-----------------------------
Christopher J. Gramlich,
Senior Vice President
-3-
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (March 1997)
</TABLE>
<PAGE> 1
EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-4
AGREEMENT DATED NOVEMBER 1, 1996
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-1 100,750,000.00 90,867,779.98 6.12% 3,345,027.97 0.00
A-2 37,740,000.00 37,740,000.00 6.14% 0.00 0.00
A-3 50,270,000.00 50,270,000.00 6.28% 0.00 0.00
A-4 27,520,000.00 27,520,000.00 6.45% 0.00 0.00
A-5 37,100,000.00 37,100,000.00 6.53% 0.00 0.00
A-6 56,620,000.00 56,620,000.00 6.87% 0.00 0.00
A-7 44,340,000.00 44,340,000.00 7.09% 0.00 0.00
A-8 21,950,000.00 21,950,000.00 7.31% 0.00 0.00
Certificates 23,710,000.00 23,710,000.00 7.60% 0.00 0.00
R 0.00 6,401,409.07 0.00% 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Totals 400,000,000.00 396,519,189.05 3,345,027.97
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Interest
Interest Carry Total Over Allocated
Class Remittance Forward Distribution Collateral. Losses
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 463,425.68 0.00 3,808,453.65 0.00 0.00
A-2 193,103.00 0.00 193,103.00 0.00 0.00
A-3 263,079.67 0.00 263,079.67 0.00 0.00
A-4 147,920.00 0.00 147,920.00 0.00 0.00
A-5 201,885.83 0.00 201,885.83 0.00 0.00
A-6 324,149.50 0.00 324,149.50 0.00 0.00
A-7 261,975.50 0.00 261,975.50 0.00 0.00
A-8 133,712.08 0.00 133,712.08 0.00 0.00
Certificates 150,163.33 0.00 150,163.33 0.00 0.00
R 0.00 0.00 0.00 1,933,809.93 0.00
- -------------------------------------------------------------------------------------------------------------------
Totals 2,139,414.59 5,484,442.56
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------
Ending Pool
Class Balance Factor
- --------------------------------------------------------------
<S> <C> <C>
A-1 87,522,752.01 86.871218%
A-2 37,740,000.00 100.000000%
A-3 50,270,000.00 100.000000%
A-4 27,520,000.00 100.000000%
A-5 37,100,000.00 100.000000%
A-6 56,620,000.00 100.000000%
A-7 44,340,000.00 100.000000%
A-8 21,950,000.00 100.000000%
Certificates 23,710,000.00 100.000000%
R 8,335,219.00 0.000000%
- --------------------------------------------------------------
Totals 395,107,971.01
- --------------------------------------------------------------
</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 337925 AK7 901.913449 33.201270 4.599759 37.801029 868.712179
A-2 337925 AL5 1000.000000 0.000000 5.116667 5.116667 1000.000000
A-3 337925 AM3 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-4 337925 AT8 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-5 337925 AN1 1000.000000 0.000000 5.441667 5.441667 1000.000000
A-6 337925 AP6 1000.000000 0.000000 5.725000 5.725000 1000.000000
A-7 337925 AQ4 1000.000000 0.000000 5.908333 5.908333 1000.000000
A-8 337925 AR2 1000.000000 0.000000 6.091667 6.091667 1000.000000
Certificates 1000.000000 0.000000 6.333333 6.333333 1000.000000
Original weighted average securities rate = 6.57%
Current weighted average securities rate = 6.57%
</TABLE>
Determination Date 03/04/96
Distribution Date 03/10/96
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-4
AGREEMENT DATED NOVEMBER 1, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<S> <C> <C> <C>
Available Collection Amount 5,910,893.19
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 3,147,782.18 431,117.20 3,578,899.38
Recovery of Delinquent Scheduled Payments 855,816.90 96,800.39 952,617.29
Principal Prepayments 484,596.01 825,734.72 1,310,330.73
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 4,488,195.09 1,353,652.31 5,841,847.40
Repurchases 271.29 57,565.73 57,837.02
Collection Account Earnings 11,208.77 0.00 11,208.77
Note Distribution Account Earnings 4,423.00 0.00 4,423.00
Available Collection Amounts 4,504,098.15 1,411,218.04 5,915,316.19
FEES:
Servicing Fee 247,824.49
Trustee Fee 1,179.61
Custodian Fee 3,538.82
Certificate Guaranty Insurance 178,330.71
Owner Trustee Fee 0.00
Total Fees: 430,873.63
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 8,335,219.00
Interim Required Overcollateralization Amount 15,999,996.56
Required Overcollateralization Amount 28,999,993.76
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date? No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 13,000,000.00
Current Reserve Fund Balance 13,000,000.00
Reserve Fund Requirement 13,000,000.00
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITAL 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 225
Ending Weighted Average Remaining Maturity 224
Beginning Weighted Average Coupon 14.513%
Ending Weighted Average Coupon 14.520%
Beginning Number of Loans 13,815
Ending Number of Loans 13,778
Beginning Unpaid Principle Balance of Home Loans 396,519,189.05
Ending Unpaid Principle Balance of Home Loans 395,107,971.01
Loans Paid in Full 37
DELINQUENCIES:
# $ % of $
- - ------
30-59 Days 117 3,082,459.00 0.7774%
60-89 Days 48 1,439,875.00 0.3631%
Over 90 33 879,585.00 0.2218%
Total 198 5,401,919.00 1.3623%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
RESERVE ACCOUNT:
Beginning balance 13,000,000.00
Current deposits 0.00
Current earnings 49,847.63
Withdraw of excess reserve account amount to residual interest holders 49,847.63
Ending balance 13,000,000.00
CAPITALIZED INTEREST:
Beginning balance: 0.00
Capitalized interest acct requirement (projected interest shortfall) 0.00
Less amount to be released to residual interest 186.41
Holder on Dec. 10 pursuant to section 5.04(d)
Less amount to be distributed to note distribution 0.00
Account on Dec. 6 required by section 5.04(a)
Plus Account earnings posted in due period 81.44
Prefunding account earnings posted in due period 104.97
Ending balance on distribution date 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 section 5.03 (c)
Less amount to be distributed to certificate distribution 0.00
Account required by section 5.03 (c)
Ending balance 0.00
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
Servicing Trustee Cust Cert
Fee Fee Fee Ins*
Bal Days 0.75% 0.0040% 0.012% 0.024%
<S> <C> <C> <C> <C> <C> <C>
Beginning Pool Principal Balance 353,881,638.82 30 247,824.49 1,179.61 3,538.82 178,330.71
</TABLE>
