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National Auto Credit, Inc. Year-end Update

4 May 1999

National Auto Credit, Inc. Year-end Update

    SOLON, Ohio, May 3 -- National Auto Credit, Inc.
(OTC BULLETIN BOARD: NAKD), announced today that its annual report on Form
10-K for the fiscal year ended January 31, 1999 would not be available within
the prescribed time period because its financial statements and the external
audit thereon have not yet been completed.  As previously announced, Grant
Thornton, LLP was newly appointed to act as the Company's independent
accountants for the fiscal years ended January 31, 1999, 1998 and 1997 audits.
    As part of its audit processes, the Company, in conjunction with its
independent accountants, is evaluating the sufficiency of its loan loss
reserves, the methodologies utilized in the recognition of income through a
comprehensive analysis of its historical portfolio performance and the
adequacy of the self-insurance automobile claims liability from the
discontinued rental car operations.  The amount of the increase in loan loss
reserves is expected to be material.
    The Company and its independent accountants are working towards the
completion of the audits and fiscal year-end financial statements as
expeditiously as possible.  The release date of the Company's Form 10-K to the
United States Securities and Exchange Commission is expected to occur by the
end of June 1999.
    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.