<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 1997-3
(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 December 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (December 1997)
</TABLE>
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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
REVISED
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 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-1 166,090,000.00 150,592,641.27 5.75625% 8,754,724.89 0.00 722,374.08 0.00
A-2 91,430,000.00 91,430,000.00 6.48% 0.00 0.00 493,722.00 0.00
A-3 83,220,000.00 83,220,000.00 6.57% 0.00 0.00 455,629.50 0.00
A-4 70,500,000.00 70,500,000.00 6.80% 0.00 0.00 399,500.00 0.00
A-5 47,090,000.00 47,090,000.00 6.86% 0.00 0.00 269,197.83 0.00
A-6 57,740,000.00 57,740,000.00 7.08% 0.00 0.00 340,666.00 0.00
A-7 50,430,000.00 50,430,000.00 7.22% 0.00 0.00 303,420.50 0.00
A-8 47,580,000.00 47,580,000.00 7.55% 0.00 0.00 299,357.50 0.00
M-1 88,880,000.00 88,880,000.00 7.32% 0.00 0.00 542,168.00 0.00
M-2 44,440,000.00 44,440,000.00 7.52% 0.00 0.00 278,490.67 0.00
B-1 36,360,000.00 36,360,000.00 7.79% 0.00 0.00 236,037.00 0.00
B-2(Certificates) 24,240,000.00 24,240,000.00 8.50% 0.00 0.00 171,700.00 0.00
R 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
Totals 808,000,000.00 792,502,641.27 8,754,724.89 4,512,263.08
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Total Allocated Ending Pool
Class Distribution O/C Losses Balance Factor
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 9,477,098.97 0.00 0.00 141,837,916.38 85.398228%
A-2 493,722.00 0.00 0.00 91,430,000.00 100.000000%
A-3 455,629.50 0.00 0.00 83,220,000.00 100.000000%
A-4 399,500.00 0.00 0.00 70,500,000.00 100.000000%
A-5 269,197.83 0.00 0.00 47,090,000.00 100.000000%
A-6 340,666.00 0.00 0.00 57,740,000.00 100.000000%
A-7 303,420.50 0.00 0.00 50,430,000.00 100.000000%
A-8 299,357.50 0.00 0.00 47,580,000.00 100.000000%
M-1 542,168.00 0.00 0.00 88,880,000.00 100.000000%
M-2 278,490.67 0.00 0.00 44,440,000.00 100.000000%
B-1 236,037.00 0.00 0.00 36,360,000.00 100.000000%
B-2(Certificates) 171,700.00 0.00 0.00 24,240,000.00 100.000000%
R 0.00 3,814,594.17 0.00 3,081,864.63 0.000000%
- ---------------------------------------------------------------------------------------
Totals 13,266,987.97 786,829,781.01
- ---------------------------------------------------------------------------------------
</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>
A-1 337925BS9 906.693005 52.710728 4.349293 57.060021 853.982277
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 = 6.82%
INTEREST REMITTANCE ON A-1 BASED ON NUMBER OF DAYS IN THE MONTH. BE CAREFUL!
OC: TAKE OUT 538,724.13-ADJUSTMENT MADE BECAUSE WE REMITTED CAP INT AS
PRINC.-BE CAREFUL!
4
<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
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 6,436,565.36 1,246,796.48 7,683,361.84
Recovery of Delinquent Scheduled Payments 1,168,170.06 140,336.06 1,308,506.12
Principal Prepayments 1,213,383.98 3,552,998.18 4,766,382.16
Foreclosure Collections 0.00 0.00 0.00
Cap Interest Release pursuant to Section 5.03 A 0.00 0.00 0.00
Remaining Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 38,667.17 0.00 38,667.17
Available Collection Amount 8,856,786.57 4,940,130.72 13,796,917.29
FEES:
Servicing Fee 495,192.90
Indenture Trustee Fee 1,320.51
Owner Trustee Fee 0.00
Total Fees: 496,513.41
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amount 8,000,000.00
Current Undercollateralization Amount (0.00)
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 3,081,864.63
Required Overcollateralization Amount 24,000,000.00
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITALIZED INTEREST 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 13.800%
Ending Weighted Average Coupon 13.800%
Beginning Number of Loans 25,467
Ending Number of Loans 25,323
Beginning Unpaid Principle Balance of Home Loans 792,308,635.86
Ending Unpaid Principle Balance of Home Loans 786,829,781.01
Loans Paid in Full 144
DELINQUENCIES:
# $ % of $
- - ------
30-59 Days 77 2,186,286.00 0.2759%
60-89 Days 32 986,612.00 0.1245%
Over 90 18 559,542.00 0.0706%
Total 127 3,732,440.00 0.4711%
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
