<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 20, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3
(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 333-11855 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 September 24, 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 1996-3 Asset Backed Notes and Asset Backed Certificates, Series
1996-3, 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 September
1, 1996 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (the
"Issuer" or the "Trust") and First Bank National Association, as Indenture
Trustee (the "Indenture 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 September
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 September 1, 1996 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-3, 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)
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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
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 1996-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
AGREEMENT DATED SEPTEMBER 27, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry Total
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward Distribution
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 65,000,000.00 57,066,464.13 6.75% 2,745,143.09 0.00 320,998.86 0.00 3,066,141.95
A-2 49,000,000.00 49,000,000.00 6.85% 0.00 0.00 279,708.33 0.00 279,708.33
A-3 22,000,000.00 22,000,000.00 7.05% 0.00 0.00 129,250.00 0.00 129,250.00
A-4 32,000,000.00 32,000,000.00 7.20% 0.00 0.00 192,000.00 0.00 192,000.00
A-5 20,000,000.00 20,000,000.00 7.25% 0.00 0.00 120,833.33 0.00 120,833.33
A-6 47,000,000.00 47,000,000.00 7.60% 0.00 0.00 297,666.67 0.00 297,666.67
A-7 29,000,000.00 29,000,000.00 7.80% 0.00 0.00 188,500.00 0.00 188,500.00
A-8 24,750,000.00 24,750,000.00 8.00% 0.00 0.00 165,000.00 0.00 165,000.00
CERTIFICATES 11,250,000.00 11,250,000.00 8.30% 0.00 0.00 77,812.50 0.00 77,812.50
R 0.00 5,273,128.98 0.00% 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------
Totals 300,000,000.00 297,339,593.11 2,745,143.09 1,771,769.69 4,516,912.78
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------
Over
Collateral. Allocated Ending Pool
Class (From Turbo) Losses Balance Factor
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 0.00 54,321,321.04 83.571263%
A-2 0.00 0.00 49,000,000.00 100.000000%
A-3 0.00 0.00 22,000,000.00 100.000000%
A-4 0.00 0.00 32,000,000.00 100.000000%
A-5 0.00 0.00 20,000,000.00 100.000000%
A-6 0.00 0.00 47,000,000.00 100.000000%
A-7 0.00 0.00 29,000,000.00 100.000000%
A-8 0.00 0.00 24,750,000.00 100.000000%
CERTIFICATES 0.00 0.00 11,250,000.00 100.000000%
R 1,548,250.19 0.00 6,821,379.17 0.000000%
- ---------------------------------------------------------------------
Totals 296,142,700.21
- ---------------------------------------------------------------------
</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 337928 AA 3 877.945602 42.232971 4.938444 47.171415 835.712631
A-2 337928 AB 1 1000.000000 0.000000 5.708333 5.708333 1000.000000
A-3 337928 AC 9 1000.000000 0.000000 5.875000 5.875000 1000.000000
A-4 337928 AD 7 1000.000000 0.000000 6.000000 6.000000 1000.000000
A-5 337928 AE 5 1000.000000 0.000000 6.041667 6.041667 1000.000000
A-6 337928 AF 2 1000.000000 0.000000 6.333333 6.333333 1000.000000
A-7 337928 AG 0 1000.000000 0.000000 6.500000 6.500000 1000.000000
A-8 337928 AJ 4 1000.000000 0.000000 6.666667 6.666667 1000.000000
Certificates 337928 AH 8 1000.000000 0.000000 6.916667 6.916667 1000.000000
</TABLE>
Original weighted average sercurities rate = 7.27%
Current weighted average sercurities rate = 7.28%
Determination Date February 13, 1996
Distribution Date February 20, 1996
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
AGREEMENT DATED SEPTEMBER 27, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
- --------------------------------------------------------------------------------
<TABLE>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 2,611,185.28 375,823.50 2,987,008.78
Recovery of Delinquent Scheduled Payments 663,988.22 167,029.34 831,017.56
Principal Prepayments 281,208.61 654,040.06 935,248.67
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 3,556,382.11 1,196,892.90 4,753,275.01
Collection Account Earnings 19,354.51 0.00 19,354.51
Note Distribution Account Earnings 24.95 0.00 24.95
Capitalized Interest Release 4.55 0.00 4.55
Prefunding Account Withdrawal 0.00 0.00 0.00
Available Collection Amount 3,575,766.12 1,196,892.90 4,772,659.02
FEES:
Servicing Fee 185,837.25
Trustee Fee 1,858.37
Custodian Fee 2,973.40
Certificate Guaranty Insurance 70,680.08
Owner Trustee Fee 0.00
Total Fees: 261,349.10
OVERCOLLATERALIZATION INFORMATION:
Current Overcollateralization Amount 6,821,379.17
Interim Required Overcollaterlization Amount 14,999,719.86
Required Overcollaterlization Amount for Due Period 26,249,509.75
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 11,250,000.00
Current Reserve Account Balance 11,250,000.00
Reserve Account Requirement 11,250,000.00
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:
Beg. Weighted Avg. Rem. Maturity 227
End. Weighted Avg. Rem. Maturity 226
Beg. Weighted Average Coupon 14.611%
End. Weighted Average Coupon 14.610%
Beg. Number of Loans 10,212
End. Number of Loans 10,184
Beginning Unpaid Principle Balance of Home Loans 297,339,593.11
Remaining Unpaid Principle Balance of Home Loans 296,142,700.21
Loans Paid in Full 0
DELINQUENCIES:
<CAPTION>
# $ % of $
- - ------
<C> <C> <C> <C>
30-59 Days 84 2,290,186.00 0.7733%
60-89 Days 24 669,003.00 0.2259%
Over 90 27 793,055.00 0.2678%
Total 135 3,752,244.00 1.2670%
LIQUIDATED LOANS:
<CAPTION>
Pincipal Interest Total
-------- -------- -----
<S> <C> <C> <C>
Liquidation Proceeds 0.00 0.00 0.00
Write-Offs/Net Losses 0.00 0.00 0.00
0.00
</TABLE>
<PAGE> 3
RESERVE ACCOUNT:
- ----------------
<TABLE>
<S> <C>
Beginning Balance 11,250,000.00
Current Deposits
Current Earnings 3,793.87
Withdraw of Excess Reserve Account Amount to Residual Holder 3,793.87
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
- ---------------------
Beginning Balance: 0.00
Less Amount to be released to Residual Interest 4.55
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be Distributed to Note Distribution 0.00
Account on Oct. 16 Required by Section 5.04(a)
Plus Account Earnings Posted in Due Period 3.95
Prefunding Account Earnings posted in Due Period 0.60
Ending Balance on Distribution Date (0.00)
Cap Interest Acct Requirement (Projected Interest Shortfall) 0.00
PREFUNDING ACCOUNT:
- -------------------
Beginning Balance 0.00
Less Draw for First funding 0.00
Less Amount to be Distributed to Note Distribution 0.00
Account Required by Setion 5.03 (c)
Less Amount to be Distributed to Certificate Distribution 0.00
Account Required by Setion 5.03 (c)
Ending Balance 0.00
</TABLE>
<PAGE> 4
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<TABLE>
<S> <C>
Beginning Balance 5,602.86
Available Collection Amount 4,772,659.02
Guranteed Payment 0.00
Reserve Account Withdrawal 0.00
------------
Note Distribution Account balance 4,778,261.88
</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 185,837.25 4,592,424.63
Guaranty Insurance Premium 70,680.08 4,521,744.55
Indenture Trustee Fee 1,858.37 4,519,886.18
Owner Trustee Fee 0.00 4,519,886.18
Custodial Fee 2,973.40 4,516,912.78
Noteholders Interest Distributable Amount 1,693,957.19 2,822,955.59
Regular Principal Distributable Amount 1,196,892.90 1,626,062.69
Excess Spread to Class A-1 note as a part of the 1,548,250.19 77,812.50
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 77,812.50 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>
