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Phillips Daniel T · SC 13G · Firstplus Financial Group Inc · On 2/18/97

Filed On 2/18/97 · SEC File 5-47527 · Accession Number 899078-97-32

This Filing's "Filed As Of" Date was Corrected by the SEC on 2/21/97.

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 2/14/97  Phillips Daniel T                 SC 13G®     2/18/97    1:5    Firstplus Financial Group Inc     Jenkens & Gilchrist

Statement of Beneficial Ownership · Schedule 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G      Schedule 13g - Rac Financial Group, Inc.               5      8K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (RTF, XML, et al.) Certification Identification and Classification of Members of the Group Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company Not Applicable Notice of Dissolution of Group Ownership Ownership of Five Percent or Less of a Class Ownership of More than Five Percent on Behalf of Another Person
1	1st Page
3	Item 3. Not Applicable
"	Item 4. Ownership
4	Item 5. Ownership of Five Percent or Less of a Class
"	Item 6. Ownership of More than Five Percent on Behalf of Another Person
5	Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company
"	Item 8. Identification and Classification of Members of the Group
"	Item 9. Notice of Dissolution of Group
"	Item 10. Certification

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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13G

 UNDER THE SECURITIES EXCHANGE ACT OF 1934

RAC FINANCIAL GROUP, INC
(NAME OF ISSUER)

COMMON STOCK, $.01 PAR VALUE
(TITLE OF CLASS OF SECURITIES)

 749207106
(CUSIP NUMBER)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.                                     

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).                                                                         

(Continued on following pages)

 Page 1 of 5 Pages
CORPDAL:61711.1  28835-00003                                                    

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CUSIP No. 749207106               Schedule 13G            Page 2 of 5 Pages     

1        NAME OF REPORTING PERSON                             DANIEL T. PHILLIPS
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON             

2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                      
                                                                             (a)
                                                                             (b)
3        SEC USE ONLY                                                           
4        CITIZENSHIP OR PLACE OF ORGANIZATION                                   

     United States

           5     SOLE VOTING POWER                   4,348,774

                          This number includes 335,000 shares which are owned by
                          Phillips Partnership. Mr. Phillips has the sole voting
NUMBER OF            control over the shares through an irrevocable   
                          five-year voting proxy.See footnotes 1 and 2 to Item 4
SHARES                                                              

   BENEFICIALLY     6         SHARED VOTING POWER                              0

OWNED BY                                                              
                    7         SOLE DISPOSITIVE POWER                   4,013,774
EACH                                                              

    REPORTING       8         SHARED DISPOSITIVE POWER                   335,000

PERSON WITH                                                               

9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON           

 4,348,774
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*  
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9                        

17.4%   
12       TYPE OF REPORTING PERSON*                                              

IN      
-------- ---------

*SEE INSTRUCTION BEFORE FILLING OUT!

CORPDAL:61711.1  28835-00003                                                    

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CUSIP No. 749207106                    Schedule 13G            Page 3 of 5 Pages

Item 1.                                                                         

(a)      Name of Issuer:                                      

RAC Financial Group, Inc.                   

(b)      Address of Issuer's Principal Executive Offices:     

1250 West Mockingbird Lane                  
Dallas, Texas 75247                         

Item 2.                                                                         

(a)      Name of Person Filing:                               

Daniel T. Phillips                          

       (b)      Address of Principal Business Office or, if none, Residence:

1250 West Mockingbird Lane                  
Dallas, Texas 75247                         

(c)      Citizenship:                                         

United States                               

(d)      Title of Class of Securities:                        

Common Stock, $.01 par value                

(e)      CUSIP No.:                                           

749207106                                   

Item 3.           Not Applicable.                                               

Item 4.           Ownership.                                                    

         The following  information  relates to the reporting person's ownership
of Common  Stock,  $.01 par value,  of the issuer as of December 31, 1996.      

CORPDAL:61711.1  28835-00003                                                    

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CUSIP No. 749207106                    Schedule 13G            Page 4 of 5 Pages

(a)      Amount Beneficially Owned:                           

4,348,774                                   

(b)      Percent of Class:                                    

17.4%                                       

(c)      Number of Shares as to Which Such Person Has:        

                      (i)        Sole power to vote or to direct the vote:

    4,348,774(1)

                       (ii)        shared power to vote or to direct the vote:

0       

                 (iii)        sole power to dispose or to direct the
       disposition of:

 4,013,774

                    (iv)        shared power to dispose or to direct the
       disposition of;

  335,000(2)

Item 5.           Ownership of Five Percent or Less of a Class.                 

                           If this  statement  is being filed to report the fact
                  that as of the date hereof the reporting  person has ceased to
                  be the beneficial owner of more than five percent of the class
of securities, check the following [ ].     

Item 6.         Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable.                             

--------
(1)      Includes 335,000 shares of Common Stock owned by Phillips Partnership. 
The general  partner of Phillips  Partnership  is Lenox  Investment  Corporation
("Lenox"),  which is owned 50% by Daniel T.  Phillips  and 50% by his wife.  The
limited  partners  of Phillips  Partnership  are the Daniel T.  Phillips  Trust,
Daniel T. Phillips and Mr.  Phillips' wife. Mr. Phillips has voting control over
the shares owned by Phillips Partnership through an irrevocable five-year voting
proxy.                                                                          

(2)      Mr. Phillips shares dispositive power over the 335,000 shares owned by 
Phillips  Partnership  with his wife,  due to his and his  wife's  ownership  of
Phillips Partnership's general partner.                                         

CORPDAL:61711.1  28835-00003                                                    

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CUSIP No. 749207106                    Schedule 13G            Page 5 of 5 Pages

Item 7.           Identification and Classification of the Subsidiary Which     
                 Acquired the Security Being Reported on by the Parent Holding
Company.                                    

Not Applicable.                             

Item 8.           Identification and Classification of Members of the Group.    

Not Applicable.                             

Item 9.           Notice of Dissolution of Group.                               

Not Applicable.                             

Item 10.          Certification.                                                

Not Applicable.                             

         After reasonable  inquiry and to the best of my knowledge and belief, I
certify that the information  set forth in this statement is true,  complete and
correct.                                                                        

Date: February 14, 1997                                                         

DANIEL T. PHILLIPS

By: /s/ Daniel T. Phillips
Name: Daniel T. Phillips

CORPDAL:61711.1  28835-00003

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This SC 13G Filing	Date	First	Last	Other Filings

	12/31/96	3		10-Q
Filed As Of	2/14/97	5		10-Q
Filed On	2/18/97			SC 13G
Corrected On	2/21/97

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Phillips Daniel T · SC 13G · Firstplus Financial Group Inc · On 2/18/97

Filed On 2/18/97 · SEC File 5-47527 · Accession Number 899078-97-32

This Filing's "Filed As Of" Date was Corrected by the SEC on 2/21/97.

Statement of Beneficial Ownership · Schedule 13GFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Statement of Beneficial Ownership · Schedule 13G
Filing Table of Contents