<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: October 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)
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) 866-2236
<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 October 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 October 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Servicer's Monthly Statement (October 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
October 10, 1997 By: /s/ LEE REDDIN
------------------------------
Lee Reddin, Vice President
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<PAGE> 4
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Servicer's Monthly Statement (October 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-1 139,980,000.00 100,664,081.15 6.05% 7,341,102.88 0.00 507,514.74 0.00 7,848,617.62
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 19,136,396.32 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 600,000,000.00 579,820,477.47 7,341,102.88 3,128,978.74 10,470,081.62
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Over Allocated Ending Pool
Class Collateral. Losses Balance Factor
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 0.00 93,322,978.27 66.668794%
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 2,961,992.29 462,386.03 21,636,002.58 0.000000%
- ----------------------------------------------------------------------------------------------
Totals 574,978,980.85
- ----------------------------------------------------------------------------------------------
</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 337925AU5 719.131884 52.443941 3.625623 56.069564 666.687943
A-2 337925AV3 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-3 337925AW1 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-4 337925AX9 1000.000000 0.000000 5.500000 5.500000 1000.000000
A-5 337925AY7 1000.000000 0.000000 5.583333 5.583333 1000.000000
A-6 337925AZ4 1000.000000 0.000000 5.791667 5.791667 1000.000000
A-7 337925BA8 1000.000000 0.000000 5.966667 5.966667 1000.000000
A-8 337925BB6 1000.000000 0.000000 6.108333 6.108333 1000.000000
Certificates 337925BC4 1000.000000 0.000000 6.366667 6.366667 1000.000000
</TABLE>
Original weighted average sercurities rate = 6.65%
Current weighted average sercurities rate = 6.70%
Determination Date October 6, 1997
Distribution Date October 10, 1997
<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>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 4,121,044.61 735,944.72 4,856,989.33
Recovery of Delinquent Scheduled Payments 1,826,914.54 170,158.85 1,997,073.39
Principal Prepayments 588,111.17 3,471,322.10 4,059,433.27
Foreclosure Collections 0.00 0.00 0.00
Substitution Adjustment 30,856.95 1,684.92 32,541.87
Funds Received on Charged Off Loans 795.11 0.00 795.11
Total Collections on Mortgage Loans 6,567,722.38 4,379,110.59 10,946,832.97
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 26,021.24 0.00 26,021.24
Note Distribution Account Earnings 3,031.69 0.00 3,031.69
Capitalized Interest Release 0.00 0.00 0.00
Available Collection Amounts 6,596,775.31 4,379,110.59 10,975,885.90
FEES:
Servicing Fee 362,387.80
Trustee Fee 1,932.73
Custodian Fee 5,798.20
Guaranty Insurance 135,685.55
Owner Trustee Fee 0.00
Total Fees: 505,804.28
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 21,636,002.58
Interim Required Overcollaterlization Amount 23,999,944.55
Required Overcollaterlization Amount 44,999,896.07
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
Deposits on Subsequent Transfer 6,980,675.34
Current Reserve Fund Balance 20,999,951.52
Reserve Fund Requirement 20,999,951.52
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 228
Ending Weighted Average Remaining Maturity 227
Beginning Weighted Average Coupon 14.100%
Ending Weighted Average Coupon 14.100%
Beginning Number of Loans 19,122
Ending Number of Loans 18,977
Beginning Unpaid Principle Balance of Home Loans 579,820,477.47
Ending Unpaid Principle Balance of Home Loans 574,978,980.85
Loans Paid in Full 145
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCIES:
# $ % of $
- - ------
<C> <C> <C> <C>
30-59 Days 190 5,424,873.00 0.9356%
60-89 Days 104 2,977,183.00 0.5135%
Over 90 171 5,131,242.00 0.8850%
Total 465 13,533,298.00 2.3340%
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATED LOANS:
Principal Interest
--------- --------
<S> <C> <C>
Liquidation Proceeds 0.00 795.11
Write-Offs 462,386.03 0.00
Net Losses 462,386.03 (795.11)
</TABLE>
* Assumes entire prefunded account is used to purchase home loans
<PAGE> 3
BACKUP CALCULATIONS:
<TABLE>
<CAPTION>
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<S> <C>
Principal and Interest 10,946,832.97
Cap Interest Release 0.00
Guranteed Payment 0.00
Reserve Account Withdrawals 0.00
Prefunding Account Deposit 0.00
Collection Account Withdrawals/Collection Account Earnings 26,021.24
Total Deposits 10,972,854.21
Note Distribution Account earnings 3,031.69
Note Distribution Account balance 10,975,885.90
</TABLE>
<TABLE>
<CAPTION>
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
-----------------
<S> <C> <C>
ServIcing Fee 362,387.80 10,613,498.10
Guaranty Insurance Premium 135,685.55 10,477,812.55
Indenture Trustee Fee 1,932.73 10,475,879.82
Owner Trustee Fee 0.00 10,475,879.82
Custodian Fee 5,798.20 10,470,081.62
Noteholders Interest Distributable Amount 2,879,087.07 7,590,994.55
Regular Principal Distributable Amount 4,379,110.59 3,211,883.96
Excess Spread to Class A-1 note as a part of the 2,961,992.29 249,891.67
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
Reimbured Servicing Advances 0.00 0.00
</TABLE>
<PAGE> 4
RESERVE ACCOUNT:
<TABLE>
<S> <C>
Beginning balance 20,999,951.52
Current deposits 0.00
Current earnings 90,670.91
Withdraw of excess reserve account amount to residual interest holders 90,670.91
Ending balance 20,999,951.52
</TABLE>
