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                       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: November 20, 1996
                       (Date of earliest event reported)


                        FIRSTPLUS INVESTMENT CORPORATION
             (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) 866-2202




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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 notes and asset backed certificates, 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 and the related Prospectus Supplement (collectively, the
"Prospectus"), which will be filed with the Commission pursuant to Rule
424(b)(5), with respect to the Registrant's Asset Backed Notes and Asset Backed
Certificates, Series 1996-4 (the "Offered Securities").

         The Registrant is filing this Current Report on Form 8-K to file the
Consent of Independent Accountants to the inclusion in the Prospectus of the
accountant's report dated January 22, 1996 in the audit of the consolidated
financial statements of MBIA Insurance Corporation and Subsidiaries. The
Consent of Independent Accountants is set forth in Exhibit 23.2 hereto.


Item 7.        Financial Statements and Exhibits.

         (c)   Exhibits

               Exhibit No.       Description

                  23.2           Consent of Independent Accountants








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                                   Signatures

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                           FIRSTPLUS INVESTMENT CORPORATION



November 20, 1996                          By: /s/ CHRISTOPHER J. GRAMLICH
                                              -------------------------------
                                              Christopher J. Gramlich,
                                              Senior Vice President





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                                 EXHIBIT INDEX




       Exhibit No.            Description
       -----------            -----------
                                                    
         23.2           Consent of Independent Accountants