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National Auto Credit, Inc. Questions Propriety of Investor Effort

23 April 1999

National Auto Credit, Inc. Questions Propriety of Investor Effort

    SOLON, Ohio, April 22 -- National Auto Credit, Inc.
(OTC BULLETIN BOARD: NAKD), announced today that it had responded to an
attempt by an investor group, led by Ernest C. Garcia II, to join the
Company's Board of Directors and obtain more information regarding the
Company's financial condition, operations and prospects.
    In a letter to the investor, counsel to National Auto Credit stated that
the Company and its Board have maintained open communication channels with all
shareholders, including the controlling shareholder group consisting of Mr.
Garcia and Sam Frankino, former Chairman of the Board and the majority
shareholder of the Company.  Characterizing the group's actions as hostile and
misguided, the letter indicated that Mr. Garcia's efforts to force himself and
another individual onto the Board were null, void and without effect.  In
particular, the Company's Board of Directors consists of five members and does
not have any vacancies.  Similarly, Mr. Garcia's attempt to call a meeting of
the Board is without effect since only duly and validly elected Directors can
take action.  Furthermore, as to corporate action requiring a stockholder
vote, such action may not be taken by consent, but only at a duly called and
noticed meeting of shareholders.
    The Company also questioned the propriety of directly involving in the
Company anyone who has agreed to plead guilty to bank fraud, as disclosed in
Mr. Garcia's Schedule 13D filed with the Securities and Exchange Commission.
    The Company emphasized that significant progress has been made to date in
stabilizing the affairs of the Company and that it would continue its policy
of open communications with all of its constituencies and shareholders.  At
the same time, the Company will strive to preserve and maximize assets, ensure
proper financial controls and reporting, restore public confidence and
position itself for future growth.
    This press release may include statements that constitute forward-looking
statements, usually containing the words "believe," "estimate," "project," "
expects," or similar expressions.  These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995.  Forward-looking statements inherently involve risks and uncertainties
that could cause actual results to differ materially from the forward-looking
statements.  By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this press release.