FIRSTPLUS INVESTMENT CORP
8-K, 1998-09-01
ASSET-BACKED SECURITIES
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<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 31, 1998
                       (Date of earliest event reported)


                     FIRSTPLUS HOME LOAN OWNER TRUST 1998-2
                    (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 September 10, 1997 and the related Prospectus
Supplement, dated March 5, 1998 (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 1998-2 Asset Backed Notes, Series
1998-2, 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 M-1 Notes, Class M-2 Notes and Class B-1 Notes.

         The Notes were issued pursuant to an Indenture dated as of March 1,
1998 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1998-2 (the
"Issuer" or the "Trust") and U.S. 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 March 1, 1998 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1998-2, as Issuer,  and U.S. Bank
National Association, as Indenture Trustee and Co-Owner Trustee) for the month
of August 1998.


Item 7.  Financial Statements and Exhibits.

         (c)     Exhibits

<TABLE>
<CAPTION>
                 Exhibit No.      Description
                 -----------      -----------
                  <S>            <C>
                        99.1      Servicer's Monthly Statement (August 1998)
</TABLE>


                                      -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



August 31, 1998                         By: /s/ LEE REDDIN, VICE PRESIDENT
                                           -----------------------------------
                                           Lee Reddin, Vice President





                                      -3-
<PAGE>   4
                              INDEX TO EXHIBITS


<TABLE>
<CAPTION>

EXHIBIT
NUMBER                          DESCRIPTION
- -------                         -----------
<S>                     <C>
 99.1                   Servicer's Monthly Statement (August 1998)

</TABLE>


<PAGE>   1
                                                                    EXHIBIT 99.1


               FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
                    FIRSTPLUS INVESTMENT CORPORATION (SELLER)
                 FIRSTPLUS HOME LOAN OWNER TRUST 1998-2 (ISSUER)
               THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-2
                          AGREEMENT DATED MARCH 1, 1998

                      SERVICER'S MONTHLY REMITTANCE REPORT

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
                                 Principal       Optimal    Current        Principal         Principal                   Interest
                Original       Balance Before   Principal    Pass          Remittance          Carry         Interest      Carry  
Class          Face Value       Distribution     Balance    Through     (Including Turbo)     Forward       Remittance    Forward 
- ----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>               <C>                 <C>      <C>           <C>                   <C>         <C>             <C>   
A-1          125,683,000.00    100,183,449.22      0.00     5.76625%      8,203,838.59          0.00        497,449.09      0.00  
A-2           39,716,000.00     39,716,000.00      0.00        6.23%              0.00          0.00        206,192.23      0.00  
A-3           83,435,000.00     83,435,000.00      0.00        6.32%              0.00          0.00        439,424.33      0.00  
A-4           23,603,000.00     23,603,000.00      0.00        6.54%              0.00          0.00        128,636.35      0.00  
A-5           30,765,000.00     30,765,000.00      0.00        6.61%              0.00          0.00        169,463.88      0.00  
A-6           35,135,000.00     35,135,000.00      0.00        6.96%              0.00          0.00        203,783.00      0.00  
A-7           30,521,000.00     30,521,000.00      0.00        7.16%              0.00          0.00        182,108.63      0.00  
A-8           22,517,000.00     22,517,000.00      0.00        7.39%              0.00          0.00        138,667.19      0.00  
A IO*         53,038,000.00     53,038,000.00      0.00        5.00%              0.00          0.00        220,991.67      0.00  
M-1           50,500,000.00     50,500,000.00      0.00        7.22%              0.00          0.00        303,841.67      0.00  
M-2           27,775,000.00     27,775,000.00      0.00        7.51%              0.00          0.00        173,825.21      0.00  
B-1           22,725,000.00     22,725,000.00      0.00        8.19%              0.00          0.00        155,098.13      0.00  
B-2*          12,625,000.00     12,625,000.00      0.00        8.36%              0.00          0.00         87,954.17      0.00  
R*                     0.00      2,986,260.89      0.00                           0.00                            0.00      0.00  
- ----------------------------------------------------------------------------------------------------------------------------------
Totals       505,000,000.00    482,486,710.11      0.00                   8,203,838.59                    2,907,435.55            
- ----------------------------------------------------------------------------------------------------------------------------------


<CAPTION>
- ------------------------------------------------------------------------------------------
            
                Total                      Allocated        Ending                Pool
Class        Distribution       Turbo        Losses         Balance              Factor
- ------------------------------------------------------------------------------------------
<S>          <C>            <C>             <C>          <C>                  <C>       
A-1          8,701,287.68                        0.00     91,979,610.63         73.183812%
A-2            206,192.23                        0.00     39,716,000.00        100.000000%
A-3            439,424.33                        0.00     83,435,000.00        100.000000%
A-4            128,636.35                        0.00     23,603,000.00        100.000000%
A-5            169,463.88                        0.00     30,765,000.00        100.000000%
A-6            203,783.00                        0.00     35,135,000.00        100.000000%
A-7            182,108.63                        0.00     30,521,000.00        100.000000%
A-8            138,667.19                        0.00     22,517,000.00        100.000000%
A IO*          220,991.67                        0.00     53,038,000.00        100.000000%
M-1            303,841.67                        0.00     50,500,000.00        100.000000%
M-2            173,825.21                        0.00     27,775,000.00        100.000000%
B-1            155,098.13                        0.00     22,725,000.00        100.000000%
B-2*            87,954.17                        0.00     12,625,000.00        100.000000%
R*                   0.00    2,234,767.53   14,930.14      5,206,098.28          0.000000%
- ------------------------------------------------------------------------------------------
Totals      11,111,274.14                                476,502,708.91
- ------------------------------------------------------------------------------------------
</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      337925DA6                797.112173     65.274051         3.957966           69.232018        731.838122
A-2      337925DB4               1000.000000      0.000000         5.191667            5.191667       1000.000000
A-3      337925DC2               1000.000000      0.000000         5.266667            5.266667       1000.000000
A-4      337925DD0               1000.000000      0.000000         5.450000            5.450000       1000.000000
A-5      337925DE8               1000.000000      0.000000         5.508333            5.508333       1000.000000
A-6      337925DF5               1000.000000      0.000000         5.800000            5.800000       1000.000000
A-7      337925DG3               1000.000000      0.000000         5.966667            5.966667       1000.000000
A-8      337925DH1               1000.000000      0.000000         6.158333            6.158333       1000.000000
A IO*    337937AH9               1000.000000      n/a              4.166667            4.166667       1000.000000
M-1      337925DJ7               1000.000000      0.000000         6.016667            6.016667       1000.000000
M-2      337925DK4               1000.000000      0.000000         6.258333            6.258333       1000.000000
B-1*     337925DL2               1000.000000      0.000000         6.825000            6.825000       1000.000000
B-2*     337937AJ5               1000.000000      0.000000         6.966667            6.966667       1000.000000
</TABLE>


     Original weighted average securities rate =             7.17%
     Current weighted average securities rate =              7.43%

*I.  The Class A IO, B-2 and R refer to the A IO, B-2, and Excess Components
     of the Residual Interest Certificate.
II.  Balances for A IO are Notional.

Determination Date                 August 5, 1998   
Distribution Date                  August 10, 1998  
<PAGE>   2




               FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
                    FIRSTPLUS INVESTMENT CORPORATION (SELLER)
                 FIRSTPLUS HOME LOAN OWNER TRUST 1998-2 (ISSUER)
               THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-2
                          AGREEMENT DATED MARCH 1, 1998

                      SERVICER'S MONTHLY REMITTANCE REPORT
- --------------------------------------------------------------------------------



<TABLE>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:

                                                            Interest      Principal            Total
                                                          ------------   ------------      -------------
<S>                                                       <C>              <C>              <C>         
Scheduled Monthly Payments                                4,402,580.04     520,289.29       4,922,869.33
Recovery of Delinquent Scheduled Payments                   633,533.25      70,933.36         704,466.61
Principal Prepayments                                       407,638.06   5,377,848.41       5,785,486.47
Foreclosure Collections                                           0.00           0.00               0.00
Prefunding Account Deposit                                        0.00           0.00               0.00
Collection Account Earnings                                  31,112.01           0.00          31,112.01

Available Collection Amount                               5,474,863.36   5,969,071.06      11,443,934.42

FEES:

Servicing Compensation                                                                        332,249.53
Indenture Trustee Fee                                                                             416.67
Owner Trustee Fee                                                                                   0.00

Total Fees:                                                                                   332,666.20

UNDERCOLLATERALIZATION INFORMATION:

Original Undercollateralization Amunt                                                       5,000,000.00
Current Undercollateralization Amount                                                               0.00

OVERCOLLATERALIZATION INFORMATION:

Original Overcollateralization Amount                                                               0.00
Current Overcollateralization Amount                                                        5,206,098.28
Required Overcollaterlization Amount                                                       17,499,999.95

LIBOR SECURITIES INFORMATION:

LIBOR Rate                                                                                       5.65625%
Number of Days in Class A-1 Accrual Period                                                            31

COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity                                                        243
Ending Weighted Average Remaining Maturity                                                           242
Beginning Weighted Average Coupon                                                                 13.700%
Ending Weighted Average Coupon                                                                    13.700%
Beginning Number of Loans                                                                         15,503
Ending Number of Loans                                                                            15,328
Beginning Unpaid Principle Balance of Home Loans                                          482,486,710.11
Ending Unpaid Principle Balance of Home Loans                                             476,502,708.91
Loans Paid in Full                                                                                   175
</TABLE>

<TABLE>
<CAPTION>
DELINQUENCIES:
                                                           #             $                % of $
                                                          ---         ---------           -------
<C>                                                        <C>        <C>                  <C>   
30-59 Days                                                 70         1,973,450            0.414%
60-89 Days                                                 23           696,458            0.146%
Over 90                                                    48         1,613,745            0.339%
Total                                                     141         4,283,653            0.899%

<CAPTION>
LIQUIDATED LOANS:
                                                                       Current        Cumulative
                                                                      ---------       ----------
<S>                                                                   <C>              <C>      
Write-Offs                                                            14,930.14        14,930.14
Liquidation Proceeds                                                       0.00             0.00
Net Losses                                                            14,930.14        14,930.14
</TABLE>



<PAGE>   3



BACKUP CALCULATIONS:

DEPOSIT TO NOTE PAYMENT ACCOUNT*:

<TABLE>
<S>                                                                        <C>          
Available Collection Amount                                                11,443,934.42
Withdrawal to Transferor                                                            0.00
Note Payment Account Earnings                                                       5.92
                                                                          --------------
Total Deposits                                                             11,443,940.34

Note Payment Account balance                                               11,443,940.34
</TABLE>


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)

<TABLE>
<CAPTION>
                                                                                  Remaining Balance
                                                                                  -----------------
<S>                                                               <C>             <C>          
                                       Servicing Compensation         332,249.53    11,111,690.81
                                        Indenture Trustee Fee             416.67    11,111,274.14
                                            Owner Trustee Fee               0.00    11,111,274.14
                   Senior Noteholders Interest Payment Amount       1,965,724.70     9,145,549.44
                Class M-1 Noteholders Interest Payment Amount         303,841.67     8,841,707.77
                Class M-2 Noteholders Interest Payment Amount         173,825.21     8,667,882.56
                 A IO Component Interest Distributable Amount         220,991.67     8,446,890.89
            Class B-1 Component Interest Distributable Amount         155,098.13     8,291,792.76
            Class B-2 Component Interest Distributable Amount          87,954.17     8,203,838.59
                Senior Note Regular Prinicipal Payment Amount       5,969,071.06     2,234,767.53
                  Class M-1 Regular Prinicipal Payment Amount               0.00     2,234,767.53
                  Class M-2 Regular Prinicipal Payment Amount               0.00     2,234,767.53
  Class B-1 Component Regular Prinicipal Distributable Amount               0.00     2,234,767.53
 Class B-2 Component  Regular Prinicipal Distributable Amount               0.00     2,234,767.53
                                    Class M-1 Deferred Amount               0.00     2,234,767.53
                                    Class M-2 Deferred Amount               0.00     2,234,767.53
                          Class B-1 Component Deferred Amount               0.00     2,234,767.53
     Class B-2 Component Loss Reimbursement Deficiency Amount               0.00     2,234,767.53
                       Servicing Advance Reimbursement Amount               0.00     2,234,767.53
 Overcollateralization Shortfall amount to Senior Note Holder       2,234,767.53             0.00    
    Overcollateralization Shortfall amount to Class M-1 Notes               0.00             0.00
    Overcollateralization Shortfall amount to Class M-2 Notes               0.00             0.00
Overcollateralization Shortfall amount to Class B-1 Component               0.00             0.00
Overcollateralization Shortfall amount to Class B-2 Component               0.00             0.00
  Remaining Amount for payment to Class R on the Payment Date               0.00             0.00     
</TABLE>





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