<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: November 10, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-3
(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 333-26527 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 September 10, 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 1997-3 Asset Backed Notes, Series 1997-3,
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, Class M-2 Notes and Class B-1 Notes.
The Notes were issued pursuant to an Indenture dated as of September 1,
1997 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-3 (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 September 1, 1997 among FIRSTPLUS INVESTMENT
CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and Servicer,
FIRSTPLUS HOME LOAN OWNER TRUST 1997-3, as Issuer, and U.S. Bank National
Association, as Indenture Trustee and Co-Owner Trustee) for the month of
November 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (November 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
November 10, 1997 By: /s/ LEE REDDIN
--------------------------------
Lee Reddin, Vice President
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<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
<S> <C>
99.1 Servicer's Monthly Statement (November)
</TABLE>
<PAGE> 1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1997-3
AGREEMENT DATED SEPTEMBER 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<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-1 166,090,000.00 159,780,771.42 5.72500% 9,188,130.15 0.00 787,697.01
A-2 91,430,000.00 91,430,000.00 6.48% 0.00 0.00 493,722.00
A-3 83,220,000.00 83,220,000.00 6.57% 0.00 0.00 455,629.50
A-4 70,500,000.00 70,500,000.00 6.80% 0.00 0.00 399,500.00
A-5 47,090,000.00 47,090,000.00 6.86% 0.00 0.00 269,197.83
A-6 57,740,000.00 57,740,000.00 7.08% 0.00 0.00 340,666.00
A-7 50,430,000.00 50,430,000.00 7.22% 0.00 0.00 303,420.50
A-8 47,580,000.00 47,580,000.00 7.55% 0.00 0.00 299,357.50
M-1 88,880,000.00 88,880,000.00 7.32% 0.00 0.00 542,168.00
M-2 44,440,000.00 44,440,000.00 7.52% 0.00 0.00 278,490.67
B-1 36,360,000.00 36,360,000.00 7.79% 0.00 0.00 236,037.00
B-2(Certificates) 24,240,000.00 24,240,000.00 8.50% 0.00 0.00 171,700.00
R 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
Totals 808,000,000.00 801,690,771.42 9,188,130.15 4,577,586.01
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Interest
Carry Total Allocated Ending Pool
Class Forward Distribution Turbo Losses Balance Factor
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 9,975,827.16 0.00 0.00 150,592,641.27 90.669301%
A-2 0.00 493,722.00 0.00 0.00 91,430,000.00 100.000000%
A-3 0.00 455,629.50 0.00 0.00 83,220,000.00 100.000000%
A-4 0.00 399,500.00 0.00 0.00 70,500,000.00 100.000000%
A-5 0.00 269,197.83 0.00 0.00 47,090,000.00 100.000000%
A-6 0.00 340,666.00 0.00 0.00 57,740,000.00 100.000000%
A-7 0.00 303,420.50 0.00 0.00 50,430,000.00 100.000000%
A-8 0.00 299,357.50 0.00 0.00 47,580,000.00 100.000000%
M-1 0.00 542,168.00 0.00 0.00 88,880,000.00 100.000000%
M-2 0.00 278,490.67 0.00 0.00 44,440,000.00 100.000000%
B-1 0.00 236,037.00 0.00 0.00 36,360,000.00 100.000000%
B-2(Certificates) 0.00 171,700.00 0.00 0.00 24,240,000.00 100.000000%
R 0.00 0.00 4,071,919.94 0.00 0.00 0.000000%
- ----------------------------------------------------------------------------------------------------------
Totals 13,765,716.16 792,502,641.27
- ----------------------------------------------------------------------------------------------------------
</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 337925BS9 962.013194 55.320189 4.742591 60.062780 906.693005
A-2 337925BT7 1000.000000 0.000000 5.400000 5.400000 1000.000000
A-3 337925BU4 1000.000000 0.000000 5.475000 5.475000 1000.000000
A-4 337925BV2 1000.000000 0.000000 5.666667 5.666667 1000.000000
A-5 337925BW0 1000.000000 0.000000 5.716667 5.716667 1000.000000
A-6 337925BX8 1000.000000 0.000000 5.900000 5.900000 1000.000000
A-7 337925BY6 1000.000000 0.000000 6.016667 6.016667 1000.000000
A-8 337925BZ3 1000.000000 0.000000 6.291667 6.291667 1000.000000
M-1 337925CA7 1000.000000 0.000000 6.100000 6.100000 1000.000000
M-2 337925CB5 1000.000000 0.000000 6.266667 6.266667 1000.000000
B-1 Certificates 337925CC3 1000.000000 0.000000 6.491667 6.491667 1000.000000
B-2 Certificates 337925CD1 1000.000000 0.000000 7.083333 7.083333 1000.000000
</TABLE>
Original weighted average securities rate = 6.81%
Current weighted average securities rate = 6.83%
Determination Date November 5, 1997
Distribution Date November 10, 1997
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<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1997-3
AGREEMENT DATED SEPTEMBER 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
- -------------------------------------------------------------------------------
COLLECTIONS ON THE MORTGAGE LOANS:
<TABLE>
<CAPTION>
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 8,200,177.13 1,452,365.80 9,652,542.93
Recovery of Delinquent Scheduled Payments 101,788.68 10,821.43 112,610.11
Principal Prepayments 749,059.89 3,113,451.31 3,862,511.20
Foreclosure Collections 0.00 0.00 0.00
Cap Interest Release pursuant to Section 5.03 A 0.00 538,724.13 538,724.13
Remaining Prefunding Account Deposit 0.00 847.54 847.54
Collection Account Earnings 20,304.53 0.00 20,304.53
Available Collection Amount 9,071,330.23 5,116,210.21 14,187,540.44
FEES:
Servicing Fee 404,511.20
Indenture Trustee Fee 1,078.70
Owner Trustee Fee 0.00
Total Fees: 405,589.90
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amount 8,000,000.00
Current Undercollateralization Amount 732,729.54
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 0.00
Required Overcollaterlization Amount 24,000,000.00
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 538,724.13
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 225
Ending Weighted Average Remaining Maturity 225
Beginning Weighted Average Coupon 13.780%
Ending Weighted Average Coupon 13.800%
Beginning Number of Loans 20,695
Ending Number of Loans 25,467
Beginning Unpaid Principle Balance of Home Loans 647,217,923.80
Ending Unpaid Principle Balance of Home Loans 792,308,635.86
Loans Paid in Full N/A
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCIES:
# $ % of $
--- --- ------
<S> <C> <C> <C>
30-59 Days 50 1,409,518.00 0.2178%
60-89 Days 20 594,824.00 0.0919%
Over 90 0 0.00 0.0000%
Total 70 2,004,342.00 0.3097%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
</TABLE>
5
<PAGE> 3
CAPITALIZED INTEREST:
<TABLE>
<CAPTION>
<S> <C>
Beginning balance: 860,093.25
Capitalized interest acct requirement (projected interest shortfall) 0.00
Less amount to be released to Transferor 734,230.63
on November 10 pursuant to section 5.03(d)
Less amount to be distributed to note payment account 538,724.13
on November 8 required by section 5.03(a)
Plus Account earnings posted in due period 5,161.94
Prefunding account earnings posted in due period 407,699.57
Ending balance on distribution date 0.00
</TABLE>
5
<PAGE> 4
BACKUP CALCULATIONS:
DEPOSIT TO NOTE PAYMENT ACCOUNT*:
<TABLE>
<S> <C>
Available Collection Amount 14,187,540.44
Note Payment Account Earnings 2,991.45
-------------
Total Deposits 14,190,531.89
Note Payment Account balance 14,190,531.89
</TABLE>
WITHDRAWS FROM NOTE PAYMENT ACCOUNT:
To retain in the note payment account or deposit into the certificate
distribution account for payment on the payment date as applicable pursuant to
section 5.01 (c)
<TABLE>
<CAPTION>
Remaining Balance
-----------------
<S> <C> <C>
Servicing Compensation 423,737.03 13,766,794.86
Indenture Trustee Fee 1,078.70 13,765,716.16
Owner Trustee Fee 0.00 13,765,716.16
Senior Noteholders Interest Payment Amount 3,891,358.34 9,874,357.82
Class M-1 Noteholders Interest Payment Amount 278,490.67 9,595,867.15
Class M-2 Noteholders Interest Payment Amount 236,037.00 9,359,830.15
Class B-1 Certificateholders Interest Distributable Amount 171,700.00 9,188,130.15
Class B-2 Certificateholders Interest Distributable Amount 0.00 9,188,130.15
Senior Note Regular Prinicipal Payment Amount 5,116,210.21 4,071,919.94
Class M-1 Regular Prinicipal Payment Amount 0.00 4,071,919.94
Class M-2 Regular Prinicipal Payment Amount 0.00 4,071,919.94
Class B-1 Regular Prinicipal Payment Amount 0.00 4,071,919.94
Class B-2 Certificateholders Regular Prinicipal Distributable Amount 0.00 4,071,919.94
Class M-1 Deferred Amount 0.00 4,071,919.94
Class M-2 Deferred Amount 0.00 4,071,919.94
Class B-1 Deferred Amount 0.00 4,071,919.94
Class B-2 Certificateholders Loss Reimbursement Deficiency Amount 0.00 4,071,919.94
Servicing Advance Reimbursement Amount 0.00 4,071,919.94
Overcollateralization Deficiency amount to Senior Note Holder 4,071,919.94 0.00
Overcollateralization Deficiency amount to Class M-1 Notes 0.00 0.00
Overcollateralization Deficiency amount to Class M-2 Notes 0.00 0.00
Overcollateralization Deficiency amount to Class B-1 Notes 0.00 0.00
Overcollateralization Deficiency amount to Class B-2 Certificates 0.00 0.00
Remaining Amount to Certificate Account for payment to Class R 0.00 0.00
on the payment Date
</TABLE>
5
