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Court Allows Sam Frankino to Retake Control of National Auto Credit

8 November 1999

Court Allows Sam Frankino to Retake Control of National Auto Credit

    SOLON, Ohio, Nov. 8 -- National Auto Credit, Inc.
(OTC Bulletin Board: NAKD) today announced that the Court of Chancery of the
State of Delaware has granted summary judgment in favor of Sam J. Frankino,
the majority stockholder of the company.  Accordingly, the Court has directed
that Mr. Frankino's nominees become members of the board.
    The Court noted that stockholders in Delaware corporations have a right to
control and vote their shares in their own interest, and that even if the
allegations concerning Mr. Frankino's motives are proven, his motives would be
collateral to the proceeding.  The company has asserted and continues to
assert, among other things, that Mr. Frankino is trying to retake operational
control of National Auto Credit to inhibit investigations into alleged
financial improprieties that occurred while Mr. Frankino was chairman.
    To protect the company and the interests of minority stockholders, the
company intends to seek a stay of the Court's order and to appeal the judgment
to the Delaware Supreme Court.
    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.