SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: September 18, 1997
(Date of earliest event reported)
FIRSTPLUS Investment Corporation
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(Exact Name of Registrant as Specified in its Charter)
Nevada 333-26527 75-2596063
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
377 Howard Hughes Parkway
Suite 300N
Las Vegas, Nevada 89101
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (702) 892-3772
No Change
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
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Reference is hereby made to the Registrant's Registration Statement
on Form S-3 (File No. 333-26527) pursuant to which the Registrant
registered issuances of FIRSTPLUS Home Loan Owner Trust 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 September 10, 1997
(collectively, the "Prospectus"), which were previously filed with the
Commission pursuant to Rule 424(b)(5), relating to the publicly offered
FIRSTPLUS Home Loan Owner Trust 1997-3 Asset Backed Notes and Asset
Backed Certificates, Series 1997-3, consisting of (A) the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class
A-8, Class M-1 and Class M-2 Asset Backed Notes (the "Notes") and (B)
the Class B-1 Asset Backed Certificates (the "Certificates" and,
together with the Notes, the "Publicly Offered Securities").
Capitalized terms used but not defined herein have the meanings assigned
to such terms in the Prospectus.
The Publicly Offered Securities were sold to Bear, Stearns & Co.
Inc. ("Bear Stearns"), Banc One Capital Corporation, Merrill Lynch,
Pierce, Fenner & Smith Incorporated and PaineWebber Incorporated
(collectively, the "Underwriters") pursuant to the terms of an
underwriting agreement dated September 10, 1997, as supplemented by a
terms agreement dated September 10, 1997, each among Bear Stearns, as
representative (the "Representative") of the Underwriters (such
underwriting agreement, together with such terms agreement, the
"Underwriting Agreement"), the Registrant, FIRSTPLUS Financial, Inc.
("FFI") and FIRSTPLUS Financial Group, Inc. A copy of the Underwriting
Agreement is filed herewith as Exhibit 1.1.
The Notes were issued pursuant to an Indenture dated as of
September 1, 1997 (the "Indenture") among FIRSTPLUS Home Loan Owner
Trust 1997-3 (the "Issuer" or the "Trust") and U.S. Bank National
Association, as Indenture Trustee (the "Indenture Trustee"). A copy of
the Indenture is filed herewith as Exhibit 4.1.
The Notes are secured by the assets of the Trust pursuant to the
Indenture. The assets of the Trust primarily include a pool of home
loans (the "Home Loans") consisting of loans which are secured by
mortgages, deeds of trust or other similar security instruments. The
Home Loans consist of loans for which the related proceeds were used to
finance (i) property improvements, (ii) debt consolidation, or (iii) a
combination of property improvements, cash-out or other consumer
purposes.
The Certificates represent the entire undivided ownership interest
in the Trust and were issued pursuant to the Trust Agreement dated as of
September 1, 1997 (the "Trust Agreement") among the Registrant, as
Depositor, FIRSTPLUS Residual Holdings, Inc., as the Company, Wilmington
Trust Company, as Owner Trustee, and U.S. Bank National
Association, as Co-Owner Trustee. A copy of the Trust Agreement is
filed herewith as Exhibit 4.2.
The Home Loans were sold by FFI to the Registrant pursuant to the
terms of a Loan Sale Agreement dated as of September 1, 1997 (the "Loan
Sale Agreement") and were simultaneously sold by the Registrant to the
Trust pursuant to the Sale and Servicing Agreement (defined below). A
copy of the Loan Sale Agreement is filed herewith as Exhibit 10.1.
The Home Loans will be serviced by FFI, an affiliate of the
Registrant, pursuant to the terms of a Sale and Servicing Agreement
dated as of September 1, 1997 (the "Sale and Servicing Agreement") among
the Registrant, as Seller, FFI, as Transferor and Servicer, the Issuer,
and U.S. Bank National Association, as Indenture Trustee and Co-Owner
Trustee. A copy of the Sale and Servicing Agreement is filed herewith
as Exhibit 10.2.
Set forth below is a brief description of certain characteristics
of the Home Loans included in the Home Loan Pool as of the end of the
Funding Period.
The Home Loan Pool consists of 25,638 Home Loans having a Pool
Principal Balance as of the respective Cut-Off Dates of the related Home
Loans of $799,999,152.46. The Home Loans (by Pool Principal Balance as
of the applicable Cut-Off Dates) have the characteristics set forth in
the following tables:
HOME LOAN RATE
RANGE OF NUMBER OF PERCENT OF TOTAL
HOME LOAN HOME AGGREGATE BY AGGREGATE
RATES (%) LOANS PRINCIPAL BALANCE ($) PRINCIPAL BALANCE (%)
Less than 11.00% 164 $ 5,083,243.33 0.64%
11.00 to 11.99 2,736 93,125,075.03 11.64
12.00 to 12.99 6,148 205,322,475.25 25.67
13.00 to 13.99 6,830 217,261,597.71 27.16
14.00 to 14.99 5,092 152,364,415.36 19.05
15.00 to 15.99 3,001 85,031,646.01 10.63
16.00 to 16.99 1,189 30,866,085.04 3.86
17.00 to 17.99 378 8,824,645.71 1.10
18.00 to 18.99 91 1,917,961.76 0.24
19.00 to 19.99 9 202,007.26 0.03
TOTAL 25,638 $799,999,152.46 100.00%
The weighted average Home Loan Rate of the Home Loans as of the Cut-Off
Date was approximately 13.801% per annum.
Cut-Off Date Loan Principal Balances
RANGE OF
CUT-OFF DATE NUMBER OF AGGREGATE
PRINCIPAL BALANCE ($) HOME LOANS PRINCIPAL BALANCE($)
Less than 10,000.00 197 $ 1,887,337.06
10,000.00 to 19,999.99 4,058 67,281,977.42
20,000.00 to 29,999.99 9,601 244,636,771.69
30,000.00 to 39,999.99 7,094 247,728,623.63
40,000.00 to 49,999.99 3,217 148,357,375.66
50,000.00 to 59,999.99 816 45,494,356.29
60,000.00 to 69,999.99 468 30,473,851.43
70,000.00 to 79,999.99 187 14,138,859.28
TOTAL 25,638 $799,999,152.46
The average principal balance of the Home Loans as of the Cut-Off Date
was approximately $35,773.65.
Original Loan Principal Balances
Aggregate
Range of Principal Balances Number of Principal
at Origination ($) Home Loans Balance
Less than 10,000.00 11 $ 81,741.45
10,000.00 to 19,999.99 3,301 50,532,803.16
20,000.00 to 29,999.99 9,306 226,494,877.43
30,000.00 to 39,999.99 7,667 258,151,747.53
40,000.00 to 49,999.99 2,956 128,727,583.72
50,000.00 to 59,999.99 1,566 80,891,249.20
60,000.00 to 69,999.99 579 36,443,683.91
70,000.00 to 79,999.99 210 15,340,295.90
80,000.00 to 89,999.99 42 3,335,170.16
Total 25,638 $799,999,152.46
The average principal balance of the Initial Home Loans at origination
was approximately $31,453.69.
Geographic Concentration
Number of Aggregate
State Home Loans Principal Balance
Alabama . . . . . . . . . . . . . . . . . . . . . . . 3 $ 89,597.92
Alaska . . . . . . . . . . . . . . . . . . . . . . . 46 1,633,706.42
Arizona . . . . . . . . . . . . . . . . . . . . . . . 919 26,739,919.33
Arkansas . . . . . . . . . . . . . . . . . . . . . . 81 2,483,855.88
California . . . . . . . . . . . . . . . . . . . . . 7,664 253,920,339.05
Colorado . . . . . . . . . . . . . . . . . . . . . . 1,052 32,849,399.13
Connecticut . . . . . . . . . . . . . . . . . . . . . 128 4,036,592.54
Delaware . . . . . . . . . . . . . . . . . . . . . . 29 880,624.82
District of Columbia . . . . . . . . . . . . . . . . 10 336,524.80
Florida . . . . . . . . . . . . . . . . . . . . . . . 2,509 76,046,622.61
Georgia . . . . . . . . . . . . . . . . . . . . . . . 1,222 36,462,657.82
Idaho . . . . . . . . . . . . . . . . . . . . . . . . 341 10,418,025.86
Illinois . . . . . . . . . . . . . . . . . . . . . . 573 17,045,333.65
Indiana . . . . . . . . . . . . . . . . . . . . . . . 638 20,014,431.35
Iowa . . . . . . . . . . . . . . . . . . . . . . . . 107 3,243,450.42
Kansas . . . . . . . . . . . . . . . . . . . . . . . 320 9,834,978.37
Kentucky . . . . . . . . . . . . . . . . . . . . . . 337 10,343,038.75
Louisiana . . . . . . . . . . . . . . . . . . . . . . 121 3,401,522.88
Maine . . . . . . . . . . . . . . . . . . . . . . . . 14 421,897.12
Maryland . . . . . . . . . . . . . . . . . . . . . . 673 21,634,004.40
Massachusetts . . . . . . . . . . . . . . . . . . . . 398 11,759,636.19
Michigan . . . . . . . . . . . . . . . . . . . . . . 686 19,913,865.82
Minnesota . . . . . . . . . . . . . . . . . . . . . . 251 7,932,518.90
Mississippi . . . . . . . . . . . . . . . . . . . . . 115 3,396,177.55
Missouri . . . . . . . . . . . . . . . . . . . . . . 493 13,899,548.85
Montana . . . . . . . . . . . . . . . . . . . . . . . 58 1,682,167.27
Nebraska . . . . . . . . . . . . . . . . . . . . . . 142 4,438,137.16
Nevada . . . . . . . . . . . . . . . . . . . . . . . 728 23,260,032.20
New Hampshire . . . . . . . . . . . . . . . . . . . . 59 1,827,336.82
New Jersey . . . . . . . . . . . . . . . . . . . . . 226 6,857,115.24
New Mexico . . . . . . . . . . . . . . . . . . . . . 209 6,927,380.21
New York . . . . . . . . . . . . . . . . . . . . . . 126 3,644,775.18
North Carolina . . . . . . . . . . . . . . . . . . . 682 20,464,071.27
North Dakota . . . . . . . . . . . . . . . . . . . . 7 206,935.96
Ohio . . . . . . . . . . . . . . . . . . . . . . . . 261 7,469,455.96
Oklahoma . . . . . . . . . . . . . . . . . . . . . . 348 10,067,831.86
Oregon . . . . . . . . . . . . . . . . . . . . . . . 298 9,186,015.27
Pennsylvania . . . . . . . . . . . . . . . . . . . . 504 14,780,294.48
Rhode Island . . . . . . . . . . . . . . . . . . . . 106 3,449,487.89
South Carolina . . . . . . . . . . . . . . . . . . . 535 15,073,203.40
South Dakota . . . . . . . . . . . . . . . . . . . . 11 293,656.99
Tennessee . . . . . . . . . . . . . . . . . . . . . . 426 11,885,647.64
Texas . . . . . . . . . . . . . . . . . . . . . . . . 6 139,772.54
Utah . . . . . . . . . . . . . . . . . . . . . . . . 323 10,222,558.40
Vermont . . . . . . . . . . . . . . . . . . . . . . . 17 515,455.45
Virginia . . . . . . . . . . . . . . . . . . . . . . 747 23,411,625.09
Washington . . . . . . . . . . . . . . . . . . . . . 828 27,305,259.01
West Virginia . . . . . . . . . . . . . . . . . . . . 16 485,536.31
Wisconsin . . . . . . . . . . . . . . . . . . . . . . 123 3,627,065.46
Wyoming . . . . . . . . . . . . . . . . . . . . . . . 122 4,040,064.97
Total 25,638 $799,999,152.46
Remaining Term to Maturity
Aggregate
Range of Remaining Number of Principal
Term to Maturity (Months) Home Loans Balance
0.00 to 29.99 . . . . . . . . . . . . . . . 1 $ 9,293.45
30.00 to 59.99 . . . . . . . . . . . . . . 341 6,419,558.87
60.00 to 89.99 . . . . . . . . . . . . . . 209 4,506,729.60
90.00 to 119.99 . . . . . . . . . . . . . . 2,343 57,920,409.60
120 to 149.99 . . . . . . . . . . . . . . . 312 8,507,006.37
150 to 179.99 . . . . . . . . . . . . . . . 9,036 270,860,913.58
180 to 209.99 . . . . . . . . . . . . . . . 29 820,049.62
210 to 239.99 . . . . . . . . . . . . . . . 4,785 153,401,414.09
240 to 269.99 . . . . . . . . . . . . . . . 9 231,094.53
270 to 299.99 . . . . . . . . . . . . . . . 8,568 297,124,774.97
300.00 to 329.99 . . . . . . . . . . . . . 5 197,907.69
Total . . . . . . . . . . . . . . 25,638 $799,999,152.46
The weighted average remaining term to maturity of the Home Loans as of
the Cut-Off Date was approximately 226 months.
Months Since Origination
Aggregate
Age Number of Principal
(In Months) Home Loans Balance
0.00 to 5.99 . . . . . . . . . . . . . . . 23,565 $743,889,542.62
6.00 to 11.99 . . . . . . . . . . . . . . . 936 27,282,513.31
12.00 to 17.99 . . . . . . . . . . . . . . 115 3,057,348.54
18.00 to 23.99 . . . . . . . . . . . . . . 391 9,099,332.44
24.00 to 29.99 . . . . . . . . . . . . . . 346 8,862,158.81
30.00 to 35.99 . . . . . . . . . . . . . . 131 3,672,656.46
36.00 to 41.99 . . . . . . . . . . . . . . 152 4,077,742.39
42.00 to 47.99 . . . . . . . . . . . . . . 2 57,857.89
Total 25,638 $799,999,152.46
The weighted average number of months since origination of the Home
Loans as of the Cut-Off Date was approximately 3.52 months.
Item 7. Financial Statements and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit No. Description
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1.1 Underwriting Agreement
4.1 Indenture
4.2 Trust Agreement
10.1 Loan Sale Agreement
10.2 Sale and Servicing Agreement
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
By: /s/ Lee F. Reddin
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Name: Lee F. Reddin
Title: Vice President
Dated: October 31, 1997
EXHIBIT INDEX
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Exhibit No. Description Page No.
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1.1 Underwriting Agreement & Terms Agreement
4.1 Indenture
4.2 Trust Agreement
10.1 Loan Sale Agreement
10.2 Sale and Servicing Agreement