<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: August 14, 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)
<TABLE>
<S> <C> <C>
Nevada 333-26527 75-2596063
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
</TABLE>
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 August 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Servicer's Monthly Statement (August 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
August 14, 1997 By: /s/ LEE REDDIN
-------------------------------------
Lee Reddin,
Vice President
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<PAGE> 4
Index to Exhibits
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<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (August 1997)
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<PAGE> 1
EXHIBIT 99.1
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 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 53,220,000.00 48,101,394.68 6.34% 7,804,598.16 0.00 254,135.70 0.00
A-2 103,860,000.00 103,860,000.00 6.31% 0.00 0.00 546,130.50 0.00
A-3 84,010,000.00 84,010,000.00 6.52% 0.00 0.00 456,454.33 0.00
A-4 80,400,000.00 80,400,000.00 6.64% 0.00 0.00 444,880.00 0.00
A-5 64,750,000.00 64,750,000.00 6.82% 0.00 0.00 367,995.83 0.00
A-6 46,400,000.00 46,400,000.00 6.88% 0.00 0.00 266,026.67 0.00
A-7 54,900,000.00 54,900,000.00 7.54% 0.00 0.00 344,955.00 0.00
A-8 49,230,000.00 49,230,000.00 7.58% 0.00 0.00 310,969.50 0.00
A-9 46,355,000.00 46,355,000.00 7.82% 0.00 0.00 302,080.08 0.00
M-1 78,750,000.00 78,750,000.00 7.60% 0.00 0.00 498,750.00 0.00
M-2 39,375,000.00 39,375,000.00 7.59% 0.00 0.00 249,046.88 0.00
B-1 31,875,000.00 31,875,000.00 7.93% 0.00 0.00 210,640.63 0.00
B-2(Certificates) 16,875,000.00 16,875,000.00 8.54% 0.00 0.00 120,093.75 0.00
R 0.00 2,302,857.87 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
Totals 750,000,000.00 747,184,252.55 7,804,598.16 4,372,158.87
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------
Total Over Allocated Ending Pool
Class Distribution Collateral. Losses Balance Factor
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 8,058,733.86 0.00 0.00 40,296,796.52 75.717393%
A-2 546,130.50 0.00 0.00 103,860,000.00 100.000000%
A-3 456,454.33 0.00 0.00 84,010,000.00 100.000000%
A-4 444,880.00 0.00 0.00 80,400,000.00 100.000000%
A-5 367,995.83 0.00 0.00 64,750,000.00 100.000000%
A-6 266,026.67 0.00 0.00 46,400,000.00 100.000000%
A-7 344,955.00 0.00 0.00 54,900,000.00 100.000000%
A-8 310,969.50 0.00 0.00 49,230,000.00 100.000000%
A-9 302,080.08 0.00 0.00 46,355,000.00 100.000000%
M-1 498,750.00 0.00 0.00 78,750,000.00 100.000000%
M-2 249,046.88 0.00 0.00 39,375,000.00 100.000000%
B-1 210,640.63 0.00 0.00 31,875,000.00 100.000000%
B-2(Certificates) 120,093.75 0.00 0.00 16,875,000.00 100.000000%
R 0.00 4,193,985.37 0.00 6,496,843.24 0.000000%
- ---------------------------------------------------------------------------------------
Totals 12,176,757.03 743,573,639.76
- ---------------------------------------------------------------------------------------
</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-1 903.821772 146.647842 4.775192 151.423034 757.173929
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
Original weighted average securities rate = 7.04%
Current weighted average securities rate = 7.05%
</TABLE>
Determination Date August 5, 1997
Distribution Date August 8, 1997
<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
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<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 6,311,221.53 1,165,109.91 7,476,331.44
Recovery of Delinquent Scheduled Payments 863,921.39 122,078.45 985,999.84
Principal Prepayments 884,026.63 2,323,392.03 3,207,418.66
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 32.40 32.40
Available Collection Amount 8,059,169.55 3,610,612.79 11,669,782.34
FEES:
Servicing Fee 352,542.10
Trustee Fee 1,175.14
Owner Trustee Fee 0.00
Total Fees: 353,717.24
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 6,496,843.24
Required Overcollateralization 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 859,428.63
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 228
Ending Weighted Average Remaining Maturity 228
Beginning Weighted Average Coupon 13.750%
Ending Weighted Average Coupon 13.750%
Beginning Number of Loans 18,449
Ending Number of Loans 24,246
Beginning Unpaid Principle Balance of Home Loans 564,067,365.64
Ending Unpaid Principle Balance of Home Loans 743,573,639.76
Loans Paid in Full 89
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCIES:
# $ % of $
- - ------
<S> <C> <C> <C>
30-59 Days 72 2,095,666.00 0.3715%
60-89 Days 22 643,452.00 0.1141%
Over 90 0 0.00 0.0000%
Total 94 2,739,118.00 0.4856%
LIQUIDATED LOANS:
</TABLE>
<TABLE>
<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>
