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National Auto Credit Announces Financial Statement Audit Schedule

29 October 1998

National Auto Credit Announces Financial Statement Audit Schedule

    SOLON, Ohio, Oct. 28 -- National Auto Credit, Inc.
(OTC Bulletin Board: NAKD) announced today that its Special Committee of the
Board of Directors has engaged Grant Thornton, LLP, the Company's independent
auditors, to conduct audits of its financial statements for the years ended
January 31, 1997 and 1999.  Upon completion of these audits and in conjunction
with the completion of the fiscal year ended January 31, 1998 audit, which has
been substantially completed, the Company would then be able to file an Annual
Report on Form 10-K, with the Securities and Exchange Commission, which would
include the required audited financial statements for the three years ending
January 31, 1999.  This filing is tentatively scheduled to occur in April,
1999.
    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.