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National Auto Credit Announces Financial Results for the Three Months Ended April 30, 2002

    NEW YORK--June 14, 2002--National Auto Credit, Inc. (OTC/BB:NAKD) today announced its financial results for the three months ended April 30, 2002.
    For the three months ended April 30, 2002, National Auto Credit, Inc. ("NAC") incurred a net loss from continuing operations of $703,000, or $0.08 per share. For the three months ended April 30, 2001, NAC incurred a net loss from continuing operations of $1.2 million, or $0.10 per share
    Revenues for the three months ended April 30, 2002 were $138,000 as compared to $226,000 for the three months ended April 30, 2001. Revenues were comprised principally of interest income from investments and NAC's income from its investment in the Angelika Film Theatre. Costs and expenses for the three months ended April 30, 2002 were $841,000 as compared to $1.4 million for the three months ended April 30, 2001.
    For the three months ended April 30, 2002, NAC reported income from discontinued operations of $182,000, or $0.02 per share. For the three months ended April 30, 2001, NAC reported a loss from discontinued operations of $1.1 million, or $0.10 per share, principally as a result of the suspension of the ZoomLot Corporation subsidiaries e-commerce operations effective December 31, 2001.
    As NAC continues to implement its restructuring and relocation activities pursuant to a plan, costs and expenses, inclusive of litigation charges and other non-recurring charges and write-downs of asset values and the effects of discontinued operations, have exceeded revenues for each of the three months ended April 30, 2002 and 2001.
    At April 30, 2002, NAC had cash and cash equivalents of $5.1 million and marketable securities of $1.0 million.
    This news release may include statements that constitute forward-looking statements, usually containing the words "believe", "estimate", "project", "expects", or similar expressions, These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements. By making these forward-looking statements, NAC undertakes no obligation to update these statements for revisions or changes after the date of this document.


              National Auto Credit, Inc. and Subsidiaries
                 Condensed Consolidated Balance Sheets
                   (in thousands, except share data)

                                        April 30,        January 31,
                                          2002             2002                                  
                                       (unaudited)
                                        ---------         ----------
  ASSETS
Cash and cash equivalents                 $ 5,030           $ 6,122
Marketable securities                         994               994
Investment in AFC                           9,313             9,220
Property and equipment, net of accumulated 
 depreciation of $64, and $57, respectively    70                71
Income taxes refundable                     3,507             3,507
Other assets                                  462               620
                                      -----------     -------------
                                         $ 19,376          $ 20,534
                                      ===========     =============


   LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Self-insurance claims                       $ 761             $ 769
Accrued income taxes                          697               697
Other liabilities                           2,114             2,743
                                      -----------    --------------
  Total liabilities                         3,572             4,209

Commitments and contingencies                   -                 -

Stockholders' Equity:
Preferred stock                                 -                 -
Common stock,  $.05 par value;
  authorized 40,000,000 shares; issued 
  39,377,589 and 39,377,589 shares, 
  respectively                              1,969             1,969
Additional paid-in capital                174,337           174,337
Retained deficit                         (136,867)         (136,346)
Accumulated other comprehensive income 
 (loss)                                      (133)             (133)
Treasury stock, at cost, 30,735,835 and 
  30,735,835 shares, respectively         (23,502)          (23,502)
                                       ----------        ----------     
  Total stockholders' equity               15,804            16,325
                                       ----------        ----------
                                         $ 19,376          $ 20,534
                                       ==========        ==========

              National Auto Credit, Inc. and Subsidiaries
            Condensed Consolidated Statements of Operations
                 (in thousands, except per share data)
                              (unaudited)


                                              Three Months Ended
                                                  April 30,
                                          ----------------------------
                                             2002              2001
                                          -------------    -----------

Revenues
 Interest income from investments            $ 45             $ 140
 Income from AFC investment                    93                86
                                    -------------       -----------
  Total revenues                              138               226
                                    -------------       -----------

Costs and Expenses
 General and administrative                   841             1,436
                                    -------------       -----------
   Total costs and expenses                   841             1,436
                                    -------------     -------------

Loss from continuing operations
  before income taxes                        (703)           (1,210)
Provision for income taxes                      -                 -
                                    -------------     -------------
Loss from continuing operations              (703)           (1,210)
Income (loss) from discontinued 
 operations, net of tax                       182            (1,144)
                                    -------------     -------------
Net loss                                     (521)           (2,354)
Accretion of discount on redeemable 
 preferred stock                                -               (24)
                                    -------------     -------------
Net loss applicable to common stock        $ (521)         $ (2,378)
                                    =============     =============
                                                      
Basic and diluted earnings (loss) per share
 Continuing operations                     $ (.08)           $ (.10)
 Discontinued operations                      .02              (.10)
                                    -------------     -------------
   Net earnings (loss) per share           $ (.06)             (.20)
                                    =============     =============

Weighted average number of shares outstanding
  Basic and diluted                         8,642            11,606
                                    =============     =============