[LETTERHEAD OF JENKENS & GILCHRIST]


                               January 7, 1998

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

Re: FIRSTPLUS Financial Group, Inc. between the Company and the signatories 
    thereto - Registration Statement on Form S-8

Gentlemen:

     We are counsel to FIRSTPLUS Financial Group, Inc., a Nevada corporation 
(the "Company"), and have acted as such in connection with the preparation of 
the Registration Statement on Form S-8 (the "Registration Statement") to be 
filed with the Securities and Exchange Commission on or about January 7, 
1998, under the Securities Act of 1933, as amended (the "Securities Act"), 
relating to 125,000 shares (the "Shares") of the $0.01 par value common stock 
(the "Common Stock") of the Company that have been or may be issued by the 
Company under certain Nonqualified Stock Option Agreements between the
Company and the signatories thereto (the "Agreements").

     You have requested an opinion with respect to certain legal aspects of 
the proposed offering. In connection therewith, we have examined and relied 
upon the original, or copies identified to our satisfaction, of (1) the 
Amended and Restated Articles of Incorporation, as amended, and the Amended 
and Restated Bylaws of the Company, as amended; (2) minutes and records of 
the corporate proceedings of the Company with respect to the establishment of 
the Agreements, the issuance of the shares of Common Stock pursuant to the 
Agreements and related matters; (3) the Registration Statement and exhibits 
thereto, including the Agreements; and (4) such other documents and 
instruments as we have deemed necessary for the expression of 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, and as to the content and form of the 
Amended and Restated Articles of Incorporation, as amended, the Amended and 
Restated Bylaws, as amended, minutes, records, resolutions and other 
documents or writings of the Company, we have relied, to the extent deemed 
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.

     Based upon our examination, consideration of, and reliance on the 
documents and other matters described above, and subject to the assumptions 
noted below, we are of the opinion that the Company presently has available 
at least 125,000 shares of authorized but unissued shares and/or treasury 
shares of Common Stock from which may be issued the 125,000 Shares of Common 
Stock issued or proposed to be issued pursuant to the exercise of options 
granted or shares sold under the Agreements. Assuming that



     (1)  the shares to be granted or sold in the future will be duly granted 
in accordance with the terms of the Agreements;

     (2)  the Company maintains an adequate number of authorized but unissued 
shares and/or treasury shares available for issuance to those persons issued 
shares of Common Stock under the Agreements; and

     (3)  the consideration for the shares of Common Stock issued pursuant to 
the Agreements is actually received by the Company as provided in the 
Agreements and exceeds the par value of such shares;

then the 125,000 Shares of Common Stock that may be issued in accordance with 
the terms of the Agreements will be, when and if issued, duly and validly 
issued, fully paid and nonassessable.

     We are licensed to practice law only in The State of Texas. The opinions 
expressed herein are specifically limited to the laws of the State of Texas, 
the federal laws of the United States of America and Nevada general 
corporation law. We hereby consent to the filing of this opinion as an 
exhibit to the Registration Statement and to references to us included in or 
made a part of the Registration Statement. In giving this consent, we do not 
admit that we come within the category of persons whose consent is required 
under Section 7 of the Securities Act or the Rules and Regulations of the 
Securities and Exchange Commission thereunder.

                                        Very truly yours,

                                        Jenkens & Gilchrist,
                                        A Professional Corporation



                                        By:   /s/ Ronald J. Frappier
                                             -------------------------------
                                             Ronald J. Frappier,
                                             Authorized Signatory


cc: Ronald M Bendalin