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National Auto Credit Announces Engagement

1 June 1998

National Auto Credit Announces Engagement of Turnaround Specialist Firm Jay Alix & Associates

    SOLON, Ohio, June 1 -- National Auto Credit, Inc.
(OTC BULLETIN BOARD: NAKD), announced today that the Company has engaged the
services of the corporate turnaround specialist firm Jay Alix & Associates to
advise the Company in refining the Company's business strategy and developing
new business strategies in light of the recent developments in the sub-prime
auto finance industry.  Jay Alix & Associates will also assist the Company in
coordinating communication with the Company's lenders, shareholders and other
interested parties.  The Company is currently in negotiations with its lender
group regarding the extension of the maturity date of its outstanding
indebtedness.
    Mr. Thomas W. Cross, a Principal with Jay Alix & Associates, has been
appointed Interim Chief Executive Officer of the Company.  Mr. Cross, with
over 30 years of business experience and a background in the finance industry,
specializes in leading financial and operational restructuring programs. Over
the past five years, he has played a key role in corporate turnaround efforts
at major U.S. and international companies.
    National Auto Credit, Inc. is a specialized financial services company
providing funding, receivables management and collection services to
automobile dealers who sell and finance the purchase of vehicles to retail
consumers with limited access to consumer credit.
    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.