<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 1997-2
(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 June 12, 1997 and the related Prospectus Supplement,
dated June 12, 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 1997-2 Asset Backed Notes, Series 1997-2,
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 A-9 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 June 1,
1997 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (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 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 June 1, 1997 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1997-2, 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)
-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
October 10, 1997 By: /s/ LEE REDDIN
----------------------------
Lee Reddin, Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (October 1997)
</TABLE>
<PAGE> 1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED June 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 Turb Forward Remittance
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 53,220,000.00 32,421,758.38 6.34% 8,640,962.41 0.00 171,294.96
A-2 103,860,000.00 103,860,000.00 6.31% 0.00 0.00 546,130.50
A-3 84,010,000.00 84,010,000.00 6.52% 0.00 0.00 456,454.33
A-4 80,400,000.00 80,400,000.00 6.64% 0.00 0.00 444,880.00
A-5 64,750,000.00 64,750,000.00 6.82% 0.00 0.00 367,995.83
A-6 46,400,000.00 46,400,000.00 6.88% 0.00 0.00 266,026.67
A-7 54,900,000.00 54,900,000.00 7.54% 0.00 0.00 344,955.00
A-8 49,230,000.00 49,230,000.00 7.58% 0.00 0.00 310,969.50
A-9 46,355,000.00 46,355,000.00 7.82% 0.00 0.00 302,080.08
M-1 78,750,000.00 78,750,000.00 7.60% 0.00 0.00 498,750.00
M-2 39,375,000.00 39,375,000.00 7.59% 0.00 0.00 249,046.88
B-1 31,875,000.00 31,875,000.00 7.93% 0.00 0.00 210,640.63
B-2(Certificates) 16,875,000.00 16,875,000.00 8.54% 0.00 0.00 120,093.75
R 0.00 9,763,427.56 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Totals 750,000,000.00 738,965,185.94 8,640,962.41 4,289,318.13
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral. Losses Balance Factor
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 8,812,257.37 0.00 0.00 23,780,795.97 44.683946%
A-2 0.00 546,130.50 0.00 0.00 103,860,000.00 100.000000%
A-3 0.00 456,454.33 0.00 0.00 84,010,000.00 100.000000%
A-4 0.00 444,880.00 0.00 0.00 80,400,000.00 100.000000%
A-5 0.00 367,995.83 0.00 0.00 64,750,000.00 100.000000%
A-6 0.00 266,026.67 0.00 0.00 46,400,000.00 100.000000%
A-7 0.00 344,955.00 0.00 0.00 54,900,000.00 100.000000%
A-8 0.00 310,969.50 0.00 0.00 49,230,000.00 100.000000%
A-9 0.00 302,080.08 0.00 0.00 46,355,000.00 100.000000%
M-1 0.00 498,750.00 0.00 0.00 78,750,000.00 100.000000%
M-2 0.00 249,046.88 0.00 0.00 39,375,000.00 100.000000%
B-1 0.00 210,640.63 0.00 0.00 31,875,000.00 100.000000%
B-2(Certificates) 0.00 120,093.75 0.00 0.00 16,875,000.00 100.000000%
R 0.00 0.00 3,530,053.86 0.00 13,293,481.42 0.000000%
- -------------------------------------------------------------------------------------------------------------------------
Totals 12,930,280.54 733,854,277.39
- -------------------------------------------------------------------------------------------------------------------------
</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-1 609.202525 162.363067 3.218620 165.581687 446.839458
A-2 1000.000000 0.000000 5.258333 5.258333 1000.000000
A-3 1000.000000 0.000000 5.433333 5.433333 1000.000000
A-4 1000.000000 0.000000 5.533333 5.533333 1000.000000
A-5 1000.000000 0.000000 5.683333 5.683333 1000.000000
A-6 1000.000000 0.000000 5.733333 5.733333 1000.000000
A-7 1000.000000 0.000000 6.283333 6.283333 1000.000000
A-8 1000.000000 0.000000 6.316667 6.316667 1000.000000
A-9 1000.000000 0.000000 6.516667 6.516667 1000.000000
M-1 1000.000000 0.000000 6.333333 6.333333 1000.000000
M-2 1000.000000 0.000000 6.325000 6.325000 1000.000000
B-1 1000.000000 0.000000 6.608333 6.608333 1000.000000
B-2(Certificates) 1000.000000 0.000000 7.116667 7.116667 1000.000000
</TABLE>
Determination Date October 7, 1997
Distribution Date October 10, 1997
Original weighted average sercurities rate = 7.04%
Current weighted average sercurities rate = 7.07%
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED JUNE 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
--------------- --------------- ---------------
<S> <C> <C> <C>
Scheduled Monthly Payments 6,232,003.55 1,130,210.73 7,362,214.28
Recovery of Delinquent Scheduled Payments 1,241,443.73 230,997.25 1,472,440.98
Principal Prepayments 803,937.12 3,749,700.57 4,553,637.69
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Available Collection Amount 8,277,384.40 5,110,908.55 13,388,292.95
FEES:
Servicing Fee 461,853.24
Trustee Fee 1,539.51
Owner Trustee Fee 0.00
Total Fees: 463,392.75
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 13,293,481.42
Required Overcollaterlization Amount 33,750,000.00
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 0.00
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 227
Ending Weighted Average Remaining Maturity 226
Beginning Weighted Average Coupon 13.750%
Ending Weighted Average Coupon 13.740%
Beginning Number of Loans 24,126
Ending Number of Loans 23,990
Beginning Unpaid Principle Balance of Home Loans 738,965,185.94
Ending Unpaid Principle Balance of Home Loans 733,854,277.39
Loans Paid in Full 136
<CAPTION>
DELINQUENCIES:
# $ % of $
----- ------------ -------
<C> <C> <C> <C>
30-59 Days 147 4,321,224.00 0.5848%
60-89 Days 53 1,604,839.00 0.2172%
Over 90 47 1,390,478.00 0.1882%
Total 247 7,316,541.00 0.9901%
LIQUIDATED LOANS:
<CAPTION>
Principal Interest
<S> <C> <C>
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>
<CAPTION>
BACKUP CALCULATIONS:
- --------------------
DEPOSIT TO NOTE PAYMENT ACCOUNT*:
<S> <C> <C>
Available Collection Amount 13,388,292.95
Cap Interest Release pursuant to Section 5.03 A 4.11
Remaing Prefunding Balance after end of funding period 0.00
Note Payment Account Earnings 5,376.23
--------
Total Deposits 13,393,673.29
Note Payment Account balance 13,393,673.29
* Collection Account earnings paid to servicer as apart of
Servicing Compensation were
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) paragraphs
Remaining Balance
-----------------
ServIcing Fee 461,853.24 12,931,820.05
Indenture Trustee Fee 1,539.51 12,930,280.54
Owner Trustee Fee 0.00 12,930,280.54
Senior Noteholders Interest Payment Amount 3,210,786.87 9,719,493.67
Class M-1 Noteholders Interest Payment Amount 498,750.00 9,220,743.67
Class M-2 Noteholders Interest Payment Amount 249,046.88 8,971,696.79
Class B-1 Noteholders Interest Payment Amount 210,640.63 8,761,056.16
Class B-2 Certificateholders Distributable Amount 120,093.75 8,640,962.41
Senior Note Regular Prinicipal Payment Amount 5,110,908.55 3,530,053.86
Class M-1 Regular Prinicipal Payment Amount 0.00 3,530,053.86
Class M-2 Regular Prinicipal Payment Amount 0.00 3,530,053.86
Class B-1 Regular Prinicipal Payment Amount 0.00 3,530,053.86
Class B-2 Certificateholders Regular Prinicipal Distributable Amount 0.00 3,530,053.86
Class M-1 Deffered Amount 0.00 3,530,053.86
Class M-2 Deffered Amount 0.00 3,530,053.86
Class B-1 Deffered Amount 0.00 3,530,053.86
Class B-2 Certificateholders Loss Reimbursement Deficiency Amount 0.00 3,530,053.86
Servicing Advance Reimbursement Amount 0.00 3,530,053.86
Overcollateralization Deficency amount to Senior Note Holder 3,530,053.86 0.00
Overcollateralization Deficency amount to Class M-1 Notes 0.00 0.00
Overcollateralization Deficency amount to Class M-2 Notes 0.00 0.00
Overcollateralization Deficency amount to Class B-1 Notes 0.00 0.00
Overcollateralization Deficency 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>
<TABLE>
<CAPTION>
Check:
<S> <C>
Sources of Cash:
Collection Account 13,393,673.29
Guranteed Payments 0.00
---------------
13,393,673.29
Uses of Cash:
- -------------
Principal Distributed 8,640,962.41
Interest Distributed 4,289,318.13
Fees Paid 463,392.75
---------------
13,393,673.29
Cert. Principal 8,640,962.41
Cert. Int 4,289,318.13
---------------
Fees 463,392.75
---------------
Total 13,393,673.29
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CAPITALIZED INTEREST:
- ---------------------
<S> <C>
Beginning balance: 0.00
Capitalized interest acct requirement (projected interest shortfall) 0.00
Less amount to be released to residual interest 4.11
Holder on July 10 pursuant to section 5.03(d)
Less amount to be distributed to note payment account 0.00
Account on July 6 required by section 5.03(a)
Plus Account earnings posted in due period 3.23
Prefunding account earnings posted in due period 0.88
Ending balance on distribution date 0.00
<CAPTION>
07/01/97
Projected Shortfall
Amount Days S. Rate
- ------ ---- -------
<S> <C> <C> <C>
0.00 x 78 x 4.50% = 0.00
Interest Shortfall
- ------------------
Wtd Pref. Bal
- -------------
ERR x 30 x 7.04% = ERR
859,272.75
ERR
</TABLE>
