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National Auto Credit Announces Agreement on Debt

9 March 1998

National Auto Credit Announces

    SOLON, Ohio, March 6 -- National Auto Credit, Inc.
announced that it has reached an agreement with its lenders to
defer certain principal payments due under its credit agreements.  The
payments, which were originally due on January 21, 1998, were extended and
were due upon the earlier of March 6, 1998 or when the Special Committee of
the Board of Directors of the Company ceases to function.  The payments have
been further extended for a period not to exceed ten (10) days.
    The terms of the Company's agreement with its lenders include:  that the
interest rate to be paid in all of the Company's borrowings (more than
$81 million) which became effective as of February 1, 1998, will continue to
be at least the prime rate of interest; that the Company will make a principal
payment totaling approximately $5.5 million on March 6, 1998; and that all
debts owed to the Company's lenders will mature on March 16, 1998.  The
Company will continue to operate on internally generated funds until the
Company's use of its line of credit is restored or alternative sources of
capital are secured.
    The Company also confirmed that only two people, John A. Gleason and Jim
McNamara, were validly appointed to the Board of Directors by majority
shareholder Sam J. Frankino, and that there was no vacancy available for the
appointment of William Marshall as an eighth director.
    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.