Securities Fraud Suit Filed Against National Auto Finance Company, Inc.

30 October 1998
Abbey, Gardy & Squitieri, LLP and the Law Offices of Curtis V. Trinko, LLP Announce Securities Fraud Suit Filed Against National Auto Finance Company, Inc.
    NEW YORK, Oct. 29 -- The following statement was issued today
by Abbey, Gardy & Squitieri, LLP and the Law Offices of Curtis V. Trinko, LLP:

    YOU ARE HEREBY NOTIFIED that a Class Action has been filed in the United
States District Court for the Southern District of Florida, on behalf of
purchasers of National Auto Finance Company, Inc. ("National
Auto" or the "Company") common stock during the period January 29, 1997
through April 15, 1997 (the "Class Period") including those who acquired
National Auto's stock in connection with the Company's January 29, 1997
initial public offering.
    The Complaint charges National Auto and certain of its officers and
directors, with violating the federal securities laws.  The plaintiff claims
that defendants misrepresented and concealed material facts concerning the
Company's financial results, including that the Company was artificially
inflating its revenue and earnings by, inter alia, concealing (through
misstatements of fact, fraudulent accounting, and non-compliance with
disclosure rules promulgated by the SEC) the existence of serious deficiencies
in the servicing and collection of loans by the Company's outside loan
servicer, and the fact that these serious deficiencies caused delinquencies
and losses to increase.  The plaintiff also claims that the Company issued
statements during the Class Period which falsely created the impression that
the Company's accounting practices were proper.  The plaintiff also claims
that the sales and growth forecasts contained in National Auto's Prospectus
and Registration Statement and subsequent public filings and statements, were
made in bad faith and without a reasonable basis.  The Complaint charges that
defendants knew, or were reckless in not knowing, that these statements were
overly optimistic, had no reasonable basis and were materially false and
misleading.
    Plaintiffs seek to recover damages on behalf of themselves and all
purchasers of National Auto's common stock during the Class Period.  Excluded
from the Class are the defendants and members of their immediate families, any
entity in which a defendant has a controlling interest and the heirs of any
such excluded party.
    Plaintiffs are represented by the law firms of Abbey, Gardy & Squitieri,
LLP of New York, New York and the Law Offices of Curtis V. Trinko of New York,
New York, which have significant experience and expertise prosecuting class
actions on behalf of investors and shareholders.
    If you are a member of the Class described above, you may, not later than
60 days from October 29, 1998, move the court to serve as lead plaintiff of
the Class, if you so choose.
    If you wish to discuss this action or have any questions concerning this
notice or your rights or interest, please CONTACT:

    Stephen T. Rodd, Esq.
    Peter D. Bull, Esq.
    Abbey, Gardy & Squitieri, LLP
    212 East 39th Street
    New York, New York 10016
    TELEPHONE: 800-889-3701 or 212-889-3700
    FAX:  212-684-5191
    E-MAIL:  srodd@a-g-s.com or pbull@a-g-s.com

    or

    Curtis V. Trinko, Esq.
    Timothy J. McFall, Esq.
    Law Offices of Curtis V. Trinko, LLP
    310 Madison Avenue, 14th Floor
    New York, New York 10017
    TELEPHONE:  212-490-9550
    FAX:  212-986-0158
    E-MAIL: ctrinko@ix.com.com