<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 1997-4
(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 333-26527 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 September 10, 1997 and the related Prospectus
Supplement, dated November 14, 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 1997-4 Asset Backed Notes,
Series 1997-4, 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 M-1 Notes and Class M-2 Notes.
The Notes were issued pursuant to an Indenture dated as of November 1,
1997 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-4 (the
"Issuer" or the "Trust") and U.S. 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 November 1, 1997 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1997-4, as Issuer, and U.S. 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 1997-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1997-4
AGREEMENT DATED NOVEMBER 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 182,000,000.00 182,000,000.00 5.79625% 4,991,568.65 0.00 879,097.92 0.00
A-2 111,000,000.00 111,000,000.00 6.30% 0.00 0.00 582,750.00 0.00
A-3 85,500,000.00 85,500,000.00 6.40% 0.00 0.00 456,000.00 0.00
A-4 87,200,000.00 87,200,000.00 6.57% 0.00 0.00 477,420.00 0.00
A-5 50,600,000.00 50,600,000.00 6.62% 0.00 0.00 279,143.33 0.00
A-6 71,500,000.00 71,500,000.00 6.82% 0.00 0.00 406,358.33 0.00
A-7 55,000,000.00 55,000,000.00 6.96% 0.00 0.00 319,000.00 0.00
A-8 61,675,000.00 61,675,000.00 7.31% 0.00 0.00 375,703.54 0.00
A-8 IO* 61,675,000.00 61,675,000.00 6.41% 0.00 0.00 329,447.29 0.00
M-1 90,900,000.00 90,900,000.00 7.14% 0.00 0.00 540,855.00 0.00
M-2 47,722,500.00 47,722,500.00 7.33% 0.00 0.00 291,504.94 0.00
B-1* 43,177,500.00 43,177,500.00 7.69% 0.00 0.00 276,695.81 0.00
B-2* 22,725,000.00 22,725,000.00 8.52% 0.00 0.00 161,347.50 0.00
R* 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
Totals 909,000,000.00 909,000,000.00 4,991,568.65 5,375,323.66
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Total Allocated Ending Pool
Class Distribution Turbo Losses Balance Factor
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 5,870,666.57 0.00 0.00 177,008,431.35 97.257380%
A-2 582,750.00 0.00 0.00 111,000,000.00 100.000000%
A-3 456,000.00 0.00 0.00 85,500,000.00 100.000000%
A-4 477,420.00 0.00 0.00 87,200,000.00 100.000000%
A-5 279,143.33 0.00 0.00 50,600,000.00 100.000000%
A-6 406,358.33 0.00 0.00 71,500,000.00 100.000000%
A-7 319,000.00 0.00 0.00 55,000,000.00 100.000000%
A-8 375,703.54 0.00 0.00 61,675,000.00 100.000000%
A-8 IO* 329,447.29 0.00 0.00 61,675,000.00 100.000000%
M-1 540,855.00 0.00 0.00 90,900,000.00 100.000000%
M-2 291,504.94 0.00 0.00 47,722,500.00 100.000000%
B-1* 276,695.81 0.00 0.00 43,177,500.00 100.000000%
B-2* 161,347.50 0.00 0.00 22,725,000.00 100.000000%
R* 0.00 2,034,999.00 0.00 0.00 0.000000%
- ----------------------------------------------------------------------------------------------------
Totals 10,366,892.31 904,008,431.35
- ----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End Determination Date December 5, 1997
CLASS CUSIP Distribution Remittance Remittance Distribution Balance Distribution Date December 10, 1997
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 337325CE9 1000.000000 27.426201 4.830208 32.256410 972.573799
A-2 337325CF6 1000.000000 0.000000 5.250000 5.250000 1000.000000
A-3 337325CG4 1000.000000 0.000000 5.333333 5.333333 1000.000000
A-4 337925CH2 1000.000000 0.000000 5.475000 5.475000 1000.000000
A-5 337925CJ8 1000.000000 0.000000 5.516667 5.516667 1000.000000
A-6 337925CK5 1000.000000 0.000000 5.683333 5.683333 1000.000000
A-7 337925CL3 1000.000000 0.000000 5.800000 5.800000 1000.000000
A-8 IO* 337925CM1 1000.000000 n/a 6.091667 6.091667 1000.000000
M-1 337925CN9 1000.000000 0.000000 5.950000 5.950000 1000.000000
M-2 337925CP4 1000.000000 0.000000 6.108333 6.108333 1000.000000
B-1* 337-937-AB2 1000.000000 0.000000 6.408333 6.408333 1000.000000
B-2* 337-937-AC0 1000.000000 0.000000 7.100000 7.100000 1000.000000
</TABLE>
Original weighted average securities rate = 6.65%
Current weighted average securities rate = 6.65%
* I. The Class A-8 IO, B-1, B-2 and R refer to the A-8 IO, B-1, B-2, and Excess
Components of the Residual Interest Certificate.
II. Balances for A-8 IO are Notional.
4
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1997-4
AGREEMENT DATED NOVEMBER 1, 1997
<TABLE>
<CAPTION>
SERVICER'S MONTHLY REMITTANCE REPORT
- ----------------------------------------------------------------------------------------------------------------
COLLECTIONS ON THE MORTGAGE LOANS:
INTEREST PRINCIPAL TOTAL
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 5,936,803.81 1,094,319.70 7,031,123.51
Recovery of Delinquent Scheduled Payments 1,322,772.03 149,608.23 1,472,380.26
Principal Prepayments 466,524.12 1,712,641.72 2,179,165.84
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 152,972.70 0.00 152,972.70
Collection Account Earnings 293.57 0.00 293.57
Available Collection Amount 7,879,366.23 2,956,569.65 10,835,935.88
FEES:
Servicing Fee 468,750.00
Indenture Trustee Fee 145.83
Owner Trustee Fee 0.00
Total Fees: 468,895.83
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amount 9,000,000.00
Current Undercollateralization Amount 6,965,001.00
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 0.00
Required Overcollateralization Amount 31,500,000.00
AMOUNT IN PREFUNDING ACCOUNT: 150,000,001.75
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 237
Ending Weighted Average Remaining Maturity 236
Beginning Weighted Average Coupon 13.857%
Ending Weighted Average Coupon 13.750%
Beginning Number of Loans 22,955
Ending Number of Loans 22,902
Beginning Unpaid Principle Balance of Home Loans 749,999,998.25
Ending Unpaid Principle Balance of Home Loans 747,043,428.60
Loans Paid in Full 53
DELINQUENCIES:
# $ % of $
--- --- ------
30-59 Days 103 3,091,972.00 0.4123%
60-89 Days 4 149,837.00 0.0200%
Over 90 2 45,299.00 0.0060%
Total 109 3,287,108.00 0.4383%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
</TABLE>
* Assumes entire prefunded account is used to purchase home loans
5
