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National Auto Credit Names GE Capital Executive as President

20 May 1999

National Auto Credit Names GE Capital Executive as President

    SOLON, Ohio, May 20 -- National Auto Credit, Inc.
(OTC BULLETIN BOARD: NAKD) announced today that it has appointed Allen D.
Rice, formerly an executive with General Electric Capital Services Inc., as
President.  Mr. Rice will assume his position and operating responsibilities
of National Auto Credit, effective immediately.
    Mr. Rice previously served as Vice President of Marketing for GE Capital's
Customized Auto Credit Services and participated in the successful
reorganization of the business into GE Capital's Auto Financial Services (AFS)
unit.  In his position as Vice President and Director of Loan Products for
AFS, Mr. Rice led the repositioning which greatly strengthened the company's
sub-prime automobile finance business.  GE Capital Auto Financial Services is
one of the largest originators of sub-prime automobile loans in the United
States.
    Mr. Rice's extensive experience in the sub-prime automobile financing
industry also includes serving as vice president and chief marketing officer
of First Merchants Acceptance Corporation, Chicago, where he directed the
growth of the company's portfolio of automobile receivables by more than six-
fold over a 30-month period.  He also established and managed the company's
first consumer lending subsidiary in the United Kingdom - First Merchants
Capital Limited, London.
    Prior to joining First Merchants, Mr. Rice founded Aegis International, a
management consulting firm that specializes in strategic planning, product
development, risk management and marketing for financial services and
manufacturing companies.  He previously served for nine years in senior
management positions with Transco Inc., a Chicago-based, multinational
provider of equipment leasing, manufacturing and engineering services.
    A graduate of the University of Utah, Mr. Rice also earned a master's
degree in business administration from DePaul University.  He is active with
the American Management Association and the American Marketing Association.
    "We are pleased with the outcome of our national search, undertaken by
A.T. Kearney," said James J. McNamara, Chairman of the Board of Directors.
"The caliber and extent of Allen's experience will serve National Auto Credit
well as we continue to stabilize the affairs of the Company and implement
strategic initiatives to position it for future growth."
    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 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.