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National Auto Credit Holds Annual Meeting of Stockholders

16 September 1999

National Auto Credit Holds Annual Meeting of Stockholders

                    Stipulated Order Maintains Status Quo

    SOLON, Ohio, Sept. 15 -- National Auto Credit, Inc.
(OTC Bulletin Board: NAKD) today announced that its 1999 annual meeting of
stockholders was held earlier today in New York City.
    As to the election of the two nominees nominated by the existing Board of
Directors, the vote was as follows: 45% of shares voting on the proposal voted
for John A. Gleason and William S. Marshall, with less than 1% of shares
voting withholding their vote.
    At the meeting, Sam J. Frankino, owner of 55% of shares, nominated himself
and his son-in-law, William J. Dodero, to the Board.  As to these nominees,
the vote was as follows: 55% of shares voting voted for such nominees and 45%
of shares withheld their vote.
    The results of the vote taken with respect to the election of Directors at
the Annual Meeting is subject to a stipulated order maintaining status quo
entered into between the company and Sam Frankino in the Court of Chancery in
the State of Delaware.  Section 1 of the order states that John A. Gleason,
William S. Marshall, James J. McNamara, Henry Y.L. Toh, Richard M. Cohen,
Allen D. Rice shall constitute the Board of Directors of the company and shall
exercise control of the day-to-day operating affairs of the company until the
Court of Chancery has entered its final judgment in this action, subject to
the provisions set forth in such order.
    In the second proposal on the proxy, the stockholders voted to ratify the
selection of Grant Thornton LLP, Cleveland, as the company's independent
auditors for the fiscal year ending January 31, 2000.
    National Auto Credit, Inc. is a specialized financial services company
that invests primarily in sub-prime, used-automobile consumer loans, which
take the form of installment loans collateralized by the related vehicle.  The
company, through its affiliate, NAC, Inc., purchases these loans from used-
automobile dealerships that participate in the company's loan purchase
program.
    National Auto Credit also performs the underwriting and collections
functions for all the loans purchased.  Its operations enable these dealers to
provide financing to customers who have limited access to more traditional
consumer credit sources or might otherwise be unable to obtain financing.
    This news 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 document.