<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: November 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 November 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
---------- -----------
99.1 Servicer's Monthly Statement (November 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
November 10, 1997 By: /s/ LEE REDDIN
---------------------------------
Lee Reddin, Vice President
-3-
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
99.1 Servicer's Monthly Statement (November)
</TABLE>
<PAGE> 1
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
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 39,980,000.00 93,322,978.27 6.05% 8,230,369.59 0.00 470,503.35 0.00
A-2 64,680,000.00 64,680,000.00 6.28% 0.00 0.00 338,492.00 0.00
A-3 65,160,000.00 65,160,000.00 6.45% 0.00 0.00 350,235.00 0.00
A-4 49,750,000.00 49,750,000.00 6.60% 0.00 0.00 273,625.00 0.00
A-5 49,170,000.00 49,170,000.00 6.70% 0.00 0.00 274,532.50 0.00
A-6 93,110,000.00 93,110,000.00 6.95% 0.00 0.00 539,262.08 0.00
A-7 61,330,000.00 61,330,000.00 7.16% 0.00 0.00 365,935.67 0.00
A-8 37,570,000.00 37,570,000.00 7.33% 0.00 0.00 229,490.08 0.00
Certificates 39,250,000.00 39,250,000.00 7.64% 0.00 0.00 249,891.67 0.00
R 0.00 21,636,002.58 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------
Totals 600,000,000.00 574,978,980.85 8,230,369.59 3,091,967.35
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------
Total Over Allocated Ending Pool
Class Distribution Collateral. Losses Balance Factor
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 8,700,872.94 0.00 0.00 85,092,608.68 60.789119%
A-2 338,492.00 0.00 0.00 64,680,000.00 100.000000%
A-3 350,235.00 0.00 0.00 65,160,000.00 100.000000%
A-4 273,625.00 0.00 0.00 49,750,000.00 100.000000%
A-5 274,532.50 0.00 0.00 49,170,000.00 100.000000%
A-6 539,262.08 0.00 0.00 93,110,000.00 100.000000%
A-7 365,935.67 0.00 0.00 61,330,000.00 100.000000%
A-8 229,490.08 0.00 0.00 37,570,000.00 100.000000%
Certificates 249,891.67 0.00 0.00 39,250,000.00 100.000000%
R 0.00 3,186,761.05 1,117,196.47 23,705,567.16 0.000000%
------------------------------------------------------------------------------------------------------
Totals 11,322,336.94 568,818,175.84
------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End Determination Date November 4, 1997
CLASS CUSIP Distribution Remittance Remittance Distribution Balance Distribution Date November 10, 1997
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 337925AU5 666.687943 58.796754 3.361218 62.157972 607.891189
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 securities rate = 6.65%
Current weighted average securities rate = 6.71%
<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 5,943,248.15 920,441.25 6,863,689.40
Recovery of Delinquent Scheduled Payments 179,424.88 15,538.81 194,963.69
Principal Prepayments 611,553.63 4,107,214.31 4,718,767.94
Foreclosure Collections 0.00 0.00 0.00
Substitution Adjustment 12,842.11 414.17 13,256.28
Funds Received on Charged Off Loans 1,041.31 0.00 1,041.31
Total Collections on Mortgage Loans 6,748,110.08 5,043,608.54 11,791,718.62
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 26,506.86 0.00 26,506.86
Note Distribution Account Earnings 5,048.71 0.00 5,048.71
Capitalized Interest Release 0.00 0.00 0.00
Available Collection Amounts 6,779,665.65 5,043,608.54 11,823,274.19
Fees:
Servicing Fee 359,361.86
Trustee Fee 1,916.60
Custodian Fee 5,749.79
Guaranty Insurance 133,909.00
Owner Trustee Fee 0.00
Total Fees: 500,937.25
Overcollateralization Information:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 23,705,567.16
Interim Required Overcollateralization Amount 23,999,944.55
Required Overcollateralization 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 227
Ending Weighted Average Remaining Maturity 226
Beginning Weighted Average Coupon 14.100%
Ending Weighted Average Coupon 14.090%
Beginning Number of Loans 18,977
Ending Number of Loans 18,767
Beginning Unpaid Principle Balance of Home Loans 574,978,980.85
Ending Unpaid Principle Balance of Home Loans 568,818,175.84
Loans Paid in Full 210
</TABLE>
<TABLE>
<CAPTION>
Delinquencies:
# $ % of $
------ ------------- --------
<C> <C> <C> <C>
30-59 Days 217 6,280,965.00 1.0924%
60-89 Days 98 2,955,748.00 0.5141%
Over 90 221 6,517,513.00 1.1335%
Total 536 15,754,226.00 2.7400%
Liquidated Loans:
Principal Interest
Liquidation Proceeds 0.00 1041.31
Write-Offs 1,117,196.47 0.00
Net Losses 1,117,196.47 (1,041.31)
</TABLE>
*Assumes entire prefunded account is used to purchase home loans
<PAGE> 3
Check:
<TABLE>
<CAPTION>
<S> <C>
Sources of Cash
Collection Account 11,823,274.19
Guaranteed Payments 0.00
-------------
11,823,274.19
Uses of Cash:
Principal Distributed 8,230,369.59
Interest Distributed 3,091,967.35
Fees Paid 500,937.25
-------------
11,823,274.19
Cert. Principal 8,230,369.59
Cert. Int 3,091,967.35
Fees 500,937.25
-------------
Total 11,823,274.19
</TABLE>
<PAGE> 4
<TABLE>
Reserve Account:
<S> <C>
Beginning balance 20,999,951.52
Current deposits 0.00
Current earnings 93,647.44
Withdraw of excess reserve account amount to residual interest holders 93,647.44
Ending balance 20,999,951.52
</TABLE>
<PAGE> 5
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<TABLE>
<S> <C>
Principal and Interest 11,791,718.62
Cap Interest Release 0.00
Guaranteed Payment 0.00
Reserve Account Withdrawals 0.00
Prefunding Account Deposit 0.00
Collection Account Withdrawals/Collection Account Earnings 26,506.86
Total Deposits 11,818,225.48
Note Distribution Account earnings 5,048.71
Note Distribution Account balance 11,823,274.19
</TABLE>
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)
<TABLE>
<CAPTION>
Remaining Balance
-----------------
<S> <C> <C>
Servicing Fee 359,361.86 11,463,912.33
Guaranty Insurance Premium 133,909.00 11,330,003.33
Indenture Trustee Fee 1,916.60 11,328,086.73
Owner Trustee Fee 0.00 11,328,086.73
Custodian Fee 5,749.79 11,322,336.94
Noteholders Interest Distributable Amount 2,842,075.68 8,480,261.26
Regular Principal Distributable Amount 5,043,608.54 3,436,652.72
Excess Spread to Class A-1 note as a part of the Noteholders
Monthly Principal distributable Amount 3,186,761.05 249,891.67
</TABLE>
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date.
<TABLE>
<S> <C> <C>
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
Reimbursed Servicing Advances 0.00 0.00
</TABLE>
