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DCR Rates SNAAC Securitization Corp. IV

14 September 1999

DCR Rates SNAAC Securitization Corp. IV

    NEW YORK, Sept. 13 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned a 'A' (Single-A) rating to the $27,944,364, 7.63 percent Class A
Notes and a 'BBB' (Triple-B) rating to the $7,924,521, 10.46 percent Class B
Notes issued by SNAAC Securitization Corp. IV, 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 fourth securitization and
fourth rated by DCR.
    The placement agent for the transaction was PNC Capital Markets, Inc.
    Duff & Phelps Credit Rating Co. (DCR) is a leading global rating agency
with 33 local market offices providing ratings and research on debt issues and
insurance claims paying ability in more than 50 countries.  For additional
research on SNAAC Securitization Corp. IV, visit DCR's web site at
http://www.dcrco.com (Quick Search: SNAAC).
    DCR's research is also available on Bloomberg at DCR and First Call's
BondCall Direct/Research Direct at http://www.firstcall.com, as well as
through other third-party providers.