FIRSTPLUS FINANCIAL Completes $492,375,000 Asset-backed Securitization

Business Wire, March 12, 1998

DALLAS--(BUSINESS WIRE)--March 12, 1998--FIRSTPLUS Financial Group, Inc. (NYSE:FP) today announced that it has completed the issuance of $492,375,000 million in asset-backed notes. The securities, which are backed by high loan-to-value home equity loans, were issued by FIRSTPLUS Home Loan Owner Trust 1998-2. This is the Company's sixteenth offering, underwritten by a syndicate led by PaineWebber Incorporated and co-managed by Deutsche Morgan Grenfell, J. P. Morgan & Co., and Merrill Lynch & Co.

The offering utilized a senior/subordinated structure and consisted of 11 classes of notes. It was the Company's fifth public offering of asset-backed securities without a monoline insurance policy. The securities were rated by Moody's Investors Service, Inc., Duff & Phelps Credit Rating Co., and Fitch IBCA, Inc. The securitization's publicly offered classes, associated average lives and yield spreads with respect to one-month LIBOR for the A-1 Notes and the related U.S. Treasury Bonds for the remaining notes are as follows:

                                          Average     Spread to
Class              Amount     Rating        Life      Benchmark
---------    ------------     -------      -----    ------------

A-1 Notes    $125,683,000     AAA/Aaa       0.90    LIBOR   .11%

A-2 Notes      39,716,000     AAA/Aaa       2.00      0.6100%

A-3 Notes      83,435,000     AAA/Aaa       3.00      0.7200%

A-4 Notes      23,603,000     AAA/Aaa       4.00      0.8400%

A-5 Notes      30,765,000     AAA/Aaa       5.00      0.9600%

A-6 Notes      35,135,000     AAA/Aaa       7.00      1.2000%

A-7 Notes      30,521,000     AAA/Aaa      10.00      1.4000%

A-8 Notes      22,517,000     AAA/Aaa      11.83      1.6300%

M-1 Notes      50,500,500      AA/Aa2       8.17      1.4500%

M-2 Notes      27,775,500       A/A2        8.17      1.7500%

B-1 Notes      22,750,000    BBB/Baa3       8.17      2.4500%