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National Auto Credit Announces New President

15 January 1999

National Auto Credit Announces New President

    SOLON, Ohio, Jan. 15 -- National Auto Credit, Inc.
(OTC BULLETIN BOARD: NAKD), announced today that the Company has named Richard
M. Cohen as President.  Mr. Cohen will take over operating responsibility from
Mr. Thomas W. Cross, a principal with Jay Alix & Associates, Inc. who has
served as Interim Chief Executive Officer since June, 1998.
    Mr. Cohen, a CPA, is President of Richard M. Cohen Consultants, and has
over 20 years of business experience, including 10 years on Wall Street as a
corporate finance specialist, and as head of a public company in the
communications field.  Mr. Cohen holds a BS from the Wharton School of the
University of Pennsylvania and an MBA from Stanford University.
    Mr. Cohen said, "I am excited about the prospects for NAC.  The Company
has stabilized its operations, paid off its lender debt and stands ready to
capitalize on what should be many opportunities in the sub-prime automobile
finance market."
    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.