FIRSTPLUS Announces Signing of Agreement to Sell the Assets of FIRSTPLUS Consumer Finance, Inc. to the Thaxton Investment Corporation

Business Wire, Jan 14, 1999

DALLAS--(BUSINESS WIRE)--Jan. 14, 1999 --FIRSTPLUS Financial Group, Inc. (NYSE: FP) today announced that it has signed an agreement to sell all of the assets of FIRSTPLUS Consumer Finance, Inc., a wholly owned subsidiary of

FIRSTPLUS Financial Group, Inc., to the Thaxton Investment Corporation for approximately $51 million, subject to a $4 million hold-back and subject to a potential downward adjustment principally related to the amount of shareholders' equity of FIRSTPLUS Consumer Finance, Inc. as of January 31, 1999.

The sale is subject to certain regulatory approvals and other customary conditions.

FIRSTPLUS Financial Group, Inc. is a diversified consumer finance company that originates, services and sells consumer finance receivables. FIRSTPLUS is headquartered in Dallas, Texas.

The above statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements in this press release could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: conditions to closing, short-term interest rate fluctuations, level of defaults and prepayments, general economic conditions, competition, government regulation and possible future litigation, as well as the risks and uncertainties discussed in the Company's Current Report on Form 8-K, dated December 19, 1996, including without limitation, the uncertainties set forth from time to time in the Company's other public reports and filings and public statements.