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National Auto Credit, Inc. Receives Commitment of Investor

13 May 1999

National Auto Credit, Inc. Receives Commitment of Investor and Acquires Option to Purchase Investor Shares

    SOLON, Ohio, May 12 -- National Auto Credit, Inc.
(OTC BULLETIN BOARD: NAKD) announced today that it acquired an option to
purchase 2,849,630 shares of National Auto Credit common stock beneficially
owned by Ernest C. Garcia II.  The option is for an initial term of 45 days
and is exercisable at a price of $1.50 per share.  In consideration for the
option, the Company paid $1 million, all of which will be credited toward the
aggregate exercise price payable by the Company upon exercise of the option.
    The agreement further provides that Mr. Garcia will not take any action
which adversely impacts or interferes with the:  (i) business and operations
of the Company, (ii) completion of the audit of the Company's financial
statements, (iii) existence, composition, function or purpose of the Special
Committee of the Board or (iv) efforts of the Board to preserve and maximize
the Company's assets, continue to stabilize operations, ensure proper
financial and accounting reporting and controls, and restore public confidence
in the Company.
    Concurrent with the grant of the option, an independent director of the
Company's Board of Directors obtained a proxy to vote all of the shares
subject to the option.  In addition, Mr. Garcia agreed to cooperate with the
Company and its Board of Directors, as well as with all governmental
authorities, in connection with all inquiries and proceedings in which the
Company is involved.  The agreement also prohibits Mr. Garcia from acquiring
additional shares of the Company without the consent of the Company's Board.
    In the event that the Company does not exercise the option, the Company
granted Mr.Garcia the right to purchase an additional 2,849,630 shares at a
price equal to the lower of $1.50 per share or the average price of the shares
for the ten-day period preceding the option term, and the right to designate
one member to the Board, subject to the Board's approval.
    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.
    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.