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DCR Rates SNAAC Securitization Corp. III

25 March 1999

DCR Rates SNAAC Securitization Corp. III

    NEW YORK, March 24 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned a 'A' (Single-A) rating to the $25,668,256, 7.00 percent Class A
Notes and a 'BBB' (Triple-B) rating to the $5,867,030, 8.67 percent Class B
Notes issued by SNAAC Securitization Corp. III, a wholly owned subsidiary of
Security National Automotive Acceptance Corp. (SNAAC).
    The ratings are based on SNAAC's historical performance, the strong legal
structure of the transaction and credit enhancement in the form of
subordination, a reserve fund and overcollateralization.
    SNAAC is a specialty finance company located in Cincinnati, Ohio.  SNAAC
originates loans to consumers and military personnel in the non-prime credit
sector of the retail automobile market and services all of the loans from the
company's headquarters.  The transaction is SNAAC's third securitization and
third rated by DCR.
    The placement agent for the transaction was PNC Capital Markets, Inc.