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National Auto Credit Board Rejects Bid to Reinstate Sam Frankino as Chairman

23 February 1998

National Auto Credit Board Rejects Bid to Reinstate Sam Frankino as Chairman

    SOLON, Ohio, Feb. 23 -- National Auto Credit, Inc.
announced that at a special meeting of the Board of Directors of
National Auto Credit, Inc., held on February 21, 1998, the Board by a
4 to 4 vote declined to reinstate Sam Frankino as Chairman of the Company, and
to make him interim Chief Executive Officer and Chief Operating Officer.  The
day before the meeting, Mr. Frankino, as  the Company's majority shareholder,
had filled three purported vacancies on the Board with his own nominees,
namely, John A. Gleason, Jim McNamara and William Marshall.  Hunter Brown,
Noah Herndon and Per Hoel, the three outside directors who were already in
office, voted against reinstatement, as did Robert J. Bronchetti, who is on
leave of absence as the Company's Chief Executive Officer and President.
    At Board meetings held on January 16 and 19, 1998, Messrs. Brown, Herndon
and Hoel were empowered, as a Special Committee, to investigate information
provided to the Company by its former auditors, Deloitte & Touche, LLP,
concerning potentially improper activities that might affect the Company's
financial accounting records.  The Special Committee was also empowered by
unanimous vote to perform, during the pendency of the investigation, the
functions of the Chairman and President of the Company.  Mr. Frankino sought
reinstatement even though the investigation has not yet been concluded.
    The statements contained in this release that are not purely historical
are forward looking statements within the meaning of the Securities and
Exchange Act of 1934.  Among the factors that could cause actual results to
differ materially from the forward looking statements are the potential for
greater than anticipated non-performing contracts, the potential for lower
than anticipated recoverability of amounts advanced to the Company's member
dealers, availability of funds under the Company's financing arrangements, and
other factors as discussed in the Company's reports filed with the Securities
and Exchange Commission.

SOURCE  National Auto Credit, Inc.