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<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: April 10, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1
(Issuer with respect to the Securities)
FIRSTPLUS INVESTMENT CORPORATION
(Originator of the Trust described herein)
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C> <C>
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)
</TABLE>
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 February 21, 1997
and the related Prospectus Supplement, dated February 21, 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 1997-1
Asset Backed Notes and Asset Backed Certificates, Series 1997-1, 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 February 1,
1997 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (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 February
1, 1997 (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 February 1, 1997 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1997-1, as Issuer, and First Bank
National Association, as Indenture Trustee and Co-Owner Trustee) for the month
of April 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (April 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
April 10, 1997 By: /s/ CHRISTOPHER J. GRAMLICH
------------------------------
Christopher J. Gramlich, Senior
Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
EXHIBIT
NUMBER EXHIBIT
- ------- -------
99.1 Servicer's Monthly Statement (April 1997)
<PAGE> 1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1
AGREEMENT DATED FEBRUARY 27, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry Total
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward Distribution
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 139,980,000.00 137,114,703.98 6.05% 4,186,803.90 0.00 691,286.63 0.00 4,878,090.53
A-2 64,680,000.00 64,680,000.00 6.28% 0.00 0.00 338,492.00 0.00 338,492.00
A-3 65,160,000.00 65,160,000.00 6.45% 0.00 0.00 350,235.00 0.00 350,235.00
A-4 49,750,000.00 49,750,000.00 6.60% 0.00 0.00 273,625.00 0.00 273,625.00
A-5 49,170,000.00 49,170,000.00 6.70% 0.00 0.00 274,532.50 0.00 274,532.50
A-6 93,110,000.00 93,110,000.00 6.95% 0.00 0.00 539,262.08 0.00 539,262.08
A-7 61,330,000.00 61,330,000.00 7.16% 0.00 0.00 365,935.67 0.00 365,935.67
A-8 37,570,000.00 37,570,000.00 7.33% 0.00 0.00 229,490.08 0.00 229,490.08
Certificates 39,250,000.00 39,250,000.00 7.64% 0.00 0.00 249,891.67 0.00 249,891.67
R 0.00 1,933,865.96 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 600,000,000.00 599,068,569.94 4,186,803.90 3,312,750.63 7,499,554.53
- ----------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Over Allocated Ending Pool
Class Collateral Losses Balance Factor
- ---------------------------------------------------------------------------------
A-1 0.00 0.00 132,927,900.08 94.962066%
A-2 0.00 0.00 64,680,000.00 100.000000%
A-3 0.00 0.00 65,160,000.00 100.000000%
A-4 0.00 0.00 49,750,000.00 100.000000%
A-5 0.00 0.00 49,170,000.00 100.000000%
A-6 0.00 0.00 93,110,000.00 100.000000%
A-7 0.00 0.00 61,330,000.00 100.000000%
A-8 0.00 0.00 37,570,000.00 100.000000%
Certificates 0.00 0.00 39,250,000.00 100.000000%
R 2,568,187.89 0.00 4,502,053.85 0.000000%
- ---------------------------------------------------------------------------------
Totals 597,449,953.93
- ---------------------------------------------------------------------------------
</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>
A-1 979.530676 29.910015 4.938467 34.848482 949.620661
A-2 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-3 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-4 1000.000000 0.000000 5.500000 5.500000 1000.000000
A-5 1000.000000 0.000000 5.583333 5.583333 1000.000000
A-6 1000.000000 0.000000 5.791667 5.791667 1000.000000
A-7 1000.000000 0.000000 5.966667 5.966667 1000.000000
A-8 1000.000000 0.000000 6.108333 6.108333 1000.000000
Certificates 1000.000000 0.000000 6.366667 6.366667 1000.000000
</TABLE>
Original weighted average securities rate = 6.65%
Current weighted average securities rate = 6.66%
Determination Date 4/4/96
Distribution Date 4/10/96
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1
AGREEMENT DATED FEBRUARY 27, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Available Collection Amount 7,754,657.28
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
------------ ------------ ------------
Scheduled Monthly Payments 4,242,720.56 550,045.74 4,792,766.30
Recovery of Delinquent Scheduled Payments 774,601.86 118,268.63 892,870.49
Principal Prepayments 492,402.59 950,301.64 1,442,704.23
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 5,509,725.01 1,618,616.01 7,128,341.02
Collection Account Earnings 11,781.83 0.00 11,781.83
Note Distribution Account Earnings 3,629.03 0.00 3,629.03
Capitalized Interest Release 610,905.40 0.00 610,905.40
Available Collection Amounts 6,136,041.27 1,618,616.01 7,754,657.28
FEES:
Servicing Fee 249,762.07
Trustee Fee 1,335.17
Custodian Fee 4,005.51
Guaranty Insurance 0.00
Owner Trustee Fee 0.00
Total Fees: 255,102.75
OVERCOLLATERALIZATION INFORMATION: *
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 4,502,053.85
Interim Required Overcollaterlization Amount 24,000,000.00
Required Overcollaterlization Amount 45,000,000.00
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date? No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 14,019,276.18
Current Reserve Fund Balance 17,169,222.35
Reserve Fund Requirement 17,169,222.35
AMOUNT IN PREFUNDING ACCOUNT: 109,450,790.58
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 1,160,720.26
Amount to be Disbursed from Capitalized Interest
Account to Note Distribution Account 610,905.40
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 234
Ending Weighted Average Remaining Maturity 232
Beginning Weighted Average Coupon 14.100%
Ending Weighted Average Coupon 14.100%
Beginning Number of Loans 13,019
Ending Number of Loans 15,983
Beginning Unpaid Principle Balance of Home Loans 399,619,317.56
Ending Unpaid Principle Balance of Home Loans 487,999,163.35
Loans Paid in Full 0
DELINQUENCIES:
# $ % of $
-- ------------ ------
30-59 Days 60 1,839,260.00 0.4603%
60-89 Days 15 535,362.00 0.1340%
Over 90 0 0.00 0.0000%
Total 75 2,374,622.00 0.5942%
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
<PAGE> 3
<TABLE>
<S> <C>
RESERVE ACCOUNT:
Beginning balance 14,019,276.18
Current deposits 3,149,946.17
Current earnings 61,681.65
Withdraw of excess reserve account amount to residual interest holders 61,681.65
Ending balance 17,169,222.35
CAPITALIZED INTEREST:
Beginning balance: 1,980,320.24
Capitalized interest acct requirement (projected interest shortfall) 1,160,720.26
Less amount to be released to residual interest 1,006,363.41
Holder on March 10 pursuant to section 5.04(d)
Less amount to be distributed to note distribution 610,905.40
Account on March 6 required by section 5.04(a)
Plus Account earnings posted in due period 9,891.08
Prefunding account earnings posted in due period 787,777.75
Ending balance on distribution date 1,160,720.26
PREFUNDING ACCOUNT:
Beginning balance 199,449,252.38
Less draw for first funding 89,998,461.80
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 109,450,790.58
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C>
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Principal and Interest 7,128,341.02 Principal Collections 1,618,616.01
Cap Interest Release 610,905.40 Interest Collections 5,509,725.01
Guranteed Payment 0.00 ------------
Reserve Account Withdrawals 0.00 WIRE FROM FFI TO FIRST TRUST 7,128,341.02
Collection Account Withdrawals/Collection Account Earnings 11,781.83
Total Deposits 7,751,028.25
Note Distribution Account earnings 3,629.03
Note Distribution Account balance 7,754,657.28
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)
Remaining Balance
-----------------
Servicing Fee 249,762.07 7,504,895.21
Guaranty Insurance Premium 0.00 7,504,895.21
Indenture Trustee Fee 1,335.17 7,503,560.04
Owner Trustee Fee 0.00 7,503,560.04
Custodian Fee 4,005.51 7,499,554.53
Noteholders Interest Distributable Amount 3,062,858.96 4,436,695.57
Regular Principal Distributable Amount 1,618,616.01 2,818,079.56
Excess Spread to Class A-1 note as a part of the 2,568,187.89 249,891.67
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 249,891.67 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
</TABLE>
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