[JENKINS & GILCHRIST LETTERHEAD]


                                   July 3, 1997



FIRSTPLUS Financial Group, Inc.
1600 Viceroy, 8th Floor
Dallas, Texas 75235

    Re:  Registration Statement on Form S-4
         FIRSTPLUS Financial Group, Inc.

Gentlemen:

    On April 24, 1997, FIRSTPLUS Financial Group, Inc., a Nevada corporation
(the "Company"), filed with the Securities and Exchange Commission (the
"Commission") its registration statement on Form S-4 (No. 333-25715) (the
"Registration Statement") under the Securities Act of 1933, as amended (the
"Act").  The Registration Statement relates to the issuance by the Company of up
to 1,243,134 shares (the "Shares") of common stock, par value $.01 per share, of
the Company, pursuant to an Agreement and Plan of Merger dated as of February
19, 1997 (the "Merger Agreement").  We have acted as counsel to the Company in
connection with the preparation and filing of the Registration Statement.

    In connection therewith, we have examined and relied upon the original or
copies, certified to our satisfaction, of (i) the Amended and Restated Articles
of Incorporation and Bylaws of the Company, in each case as amended to date,
(ii) copies of resolutions of the Board of Directors of the Company authorizing
the issuance of the Shares pursuant to the Merger Agreement, (iii) the
Registration Statement, and all exhibits thereto, and (iv) such other documents
and instruments as we have deemed necessary for the expression of the opinions
herein contained.  In making the foregoing examinations, we have assumed the
genuineness of all signatures and the authenticity of all documents submitted to
us as originals, and the conformity to original documents of all documents
submitted to us as certified or photostatic copies.  As to various questions of
fact material to this opinion, we have relied, to the extent we deem reasonably
appropriate, upon representations or certificates of officers or directors of
the Company and upon documents, records and instruments furnished to us by the
Company, without independent check or verification of their accuracy.



FIRSTPLUS Financial Group, Inc.
July 3, 1997
Page 2


    Based upon the foregoing examination, we are of the opinion that the Shares
to be issued in connection with the merger contemplated by the Merger Agreement,
when issued as described in the Registration Statement, have been duly and
validly authorized for issuance and the Shares, when issued in the manner stated
in the Registration Statement, will be legally issued, fully paid and
nonassessable.

    We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the use of our name under the caption "Legal
Matters" in the Prospectus forming a part of the Registration Statement.  In
giving such consent, we do not admit that we come within the category of persons
whose consent is required by Section 7 of the Act or the rules and regulations
of the Commission thereunder.

                                       Respectfully submitted,

                                       JENKENS & GILCHRIST, A
                                       PROFESSIONAL CORPORATION



                                       By: /s/  RONALD J. FRAPPIER            
                                          ----------------------------------- 
                                          Ronald J. Frappier, Esq.