<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: February 10, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4
(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) 892-3772
<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 September 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 September 16,
1996 and the related Prospectus Supplement, dated November 15, 1996
(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 1996-4 Asset Backed Notes and Asset Backed Certificates, Series
1996-4, 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 November 1,
1996 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (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 November
1, 1996 (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 November 1, 1996 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-4, as Issuer, and First Bank
National Association, as Indenture Trustee and Co-Owner Trustee) for the month
of February 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (February 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
February 20, 1997 By: /s/ Christopher J. Gramlich
-------------------------------------
Christopher J. Gramlich,
Senior Vice President
-3-
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (February 1997)
</TABLE>
<PAGE> 1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-4
AGREEMENT DATED NOVEMBER 1, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry
Class Face Value Distribution Through (Including Turbo) Forward
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 100,750,000.00 94,955,985.29 6.12% 4,088,205.31 0.00
A-2 37,740,000.00 37,740,000.00 6.14% 0.00 0.00
A-3 50,270,000.00 50,270,000.00 6.28% 0.00 0.00
A-4 27,520,000.00 27,520,000.00 6.45% 0.00 0.00
A-5 37,100,000.00 37,100,000.00 6.53% 0.00 0.00
A-6 56,620,000.00 56,620,000.00 6.87% 0.00 0.00
A-7 44,340,000.00 44,340,000.00 7.09% 0.00 0.00
A-8 21,950,000.00 21,950,000.00 7.31% 0.00 0.00
Certificates 23,710,000.00 23,710,000.00 7.60% 0.00 0.00
R 0.00 3,897,703.03 0.00% 0.00 0.00
- ---------------------------------------------------------------------------------------
Totals 400,000,000.00 398,103,688.32 4,088,205.31
- ---------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Interest
Interest Carry Total Over Allocated Ending Pool
Class Remittance Forward Distribution Collateral. Losses Balance Factor
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 484,275.52 0.00 4,572,480.83 0.00 0.00 90,867,779.98 90.191345%
A-2 193,103.00 0.00 193,103.00 0.00 0.00 37,740,000.00 100.000000%
A-3 263,079.67 0.00 263,079.67 0.00 0.00 50,270,000.00 100.000000%
A-4 147,920.00 0.00 147,920.00 0.00 0.00 27,520,000.00 100.000000%
A-5 201,885.83 0.00 201,885.83 0.00 0.00 37,100,000.00 100.000000%
A-6 324,149.50 0.00 324,149.50 0.00 0.00 56,620,000.00 100.000000%
A-7 261,975.50 0.00 261,975.50 0.00 0.00 44,340,000.00 100.000000%
A-8 133,712.08 0.00 133,712.08 0.00 0.00 21,950,000.00 100.000000%
Certificates 150,163.33 0.00 150,163.33 0.00 0.00 23,710,000.00 100.000000%
R 0.00 0.00 0.00 2,503,706.04 0.00 6,401,409.07 0.000000%
- ---------------------------------------------------------------------------------------------------------
Totals 2,160,264.43 6,248,469.74 396,519,189.05
- ---------------------------------------------------------------------------------------------------------
</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> <C>
A-1 337925 AK7 942.491169 40.577720 4.806705 45.384425 901.913449
A-2 337925 AL5 1000.000000 0.000000 5.116667 5.116667 1000.000000
A-3 337925 AM3 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-4 337925 AT8 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-5 337925 AN1 1000.000000 0.000000 5.441667 5.441667 1000.000000
A-6 337925 AP6 1000.000000 0.000000 5.725000 5.725000 1000.000000
A-7 337925 AQ4 1000.000000 0.000000 5.908333 5.908333 1000.000000
A-8 337925 AR2 1000.000000 0.000000 6.091667 6.091667 1000.000000
Certificates 337925 AS 0 1000.000000 0.000000 6.333333 6.333333 1000.000000
</TABLE>
Original weighted average sercurities rate = 6.57%
Current weighted average sercurities rate = 6.57%
Determination Date 02/03/96
Distribution Date 02/10/96
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-4
AGREEMENT DATED NOVEMBER 1, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Available Collection Amount 6,467,198.70
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 3,527,039.18 482,558.49 4,009,597.67
Recovery of Delinquent Scheduled Payments 809,385.41 212,092.16 1,021,477.57
Principal Prepayments 379,451.15 946,657.17 1,326,108.32
Repurchases (0.02) (56,894.61) (56,894.63)
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Withdrawal 0.00 86.06 86.06
Total 4,715,875.72 1,584,499.27 6,300,374.99
FEES:
Servicing Fee 217,874.83
Trustee Fee 1,162.00
Custodian Fee 3,486.00
Certificate Guaranty Insurance 0.00
Owner Trustee Fee 0.00
Total Fees: 222,522.83
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 6,401,409.07
Interim Required Overcollaterlization Amount 16,000,000.00
Required Overcollaterlization Amount 29,000,000.00
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date? No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 13,000,000.00
Current Reserve Fund Balance 13,000,000.00
Reserve Fund Requirement 13,000,000.00
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 153,820.10
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 225
Ending Weighted Average Remaining Maturity 224
Beginning Weighted Average Coupon 14.513%
Ending Weighted Average Coupon 14.525%
Beginning Number of Loans 12,164
Ending Number of Loans 13,815
Beginning Unpaid Principle Balance of Home Loans 348,599,720.79
Ending Unpaid Principle Balance of Home Loans 396,519,189.05
Loans Paid in Full 0
DELINQUENCIES:
<CAPTION>
# $ % of $
- - ------
<C> <C> <C> <C>
30-59 Days 94 2,646,646.00 0.6675%
60-89 Days 58 1,565,421.40 0.3948%
Over 90 20 540,484.77 0.1363%
Total 172 4,752,552.17 1.1986%
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>
<PAGE> 3
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<TABLE>
<S> <C>
Principal and Interest 6,300,374.99
Cap Interest Release 153,820.10
Guaranteed Payment 0.00
Reserve Account Withdrawals 0.00
Collection Account Withdrawals/Collection Account Earnings 13,003.61
------------
Total Deposits 6,467,198.70
Note Distribution Account earnings 3,793.87
------------
Note Distribution Account balance 6,470,992.57
</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 217,874.83 6,253,117.74
Guaranty Insurance Premium 0.00 6,253,117.74
Indenture Trustee Fee 1,162.00 6,251,955.74
Owner Trustee Fee 0.00 6,251,955.74
Custodian Fee 3,486.00 6,248,469.74
Noteholders Interest Distributable Amount 2,010,101.10 4,238,368.64
Regular Principal Distributable Amount 1,584,499.27 2,653,869.37
Excess Spread to Class A-1 note as a part of the 2,503,706.04 150,163.33
Noteholders Monthly Principal distributable Amount
</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 150,163.33 (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 Servcing Advances 0.00 (0.00)
</TABLE>
<TABLE>
<S> <C>
Principal Collections 1,584,499.27
Interest Collections 4,715,875.72
------------
WIRE FROM FFI TO FIRST TRUST 6,300,374.99
</TABLE>
<PAGE> 4
RESERVE ACCOUNT:
<TABLE>
<S> <C>
Beginning balance 13,000,000.00
Current deposits 0.00
Current earnings 55,528.05
Withdraw of excess reserve account amount to residual interest holders 55,528.05
Ending balance 13,000,000.00
CAPITALIZED INTEREST:
- ---------------------
Beginning balance: 117,665.84
Plus Account earnings posted in due period 587.71
Prefunding account earnings posted in due period 109,728.33
Less amount to be released to residual interest 74,161.78
Holder on Dec. 10 pursuant to section 5.04(d)
Less amount to be distributed to note distribution 153,820.10
Account on Dec. 6 required by section 5.04(a)
Ending balance on distribution date 0.00
Capitalized interest acct requirement (projected interest shortfall) 0.00
PREFUNDING ACCOUNT:
- -------------------
Beginning balance 49,560,902.82
Less draw for first funding 49,560,816.76
Less amount to be distributed to note distribution 86.06
Account required by section 5.03 (c)
Less amount to be distributed to certificate distribution 0.00
Account required by section 5.03 (c)
Ending balance 0.00
</TABLE>
