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National Auto Credit Announces New Chairman of the Board

22 November 1999

National Auto Credit Announces New Chairman of the Board

    SOLON, Ohio, Nov. 22 -- National Auto Credit, Inc.
(OTC Bulletin Board: NAKD) today announced that David L. Huber was elected
Chairman of the Board and pursuant to the Company's by-laws will serve as the
Company's Chief Executive Officer.  Mr. Huber, age 41, is President and Chief
Executive Officer of Goshen Fidelity, a privately held company in Bloomington,
Illinois, engaged in the origination of non-prime auto loans.
    The Company also announced plans to commence a search to engage an
investment banking firm or other advisors for the purpose of identifying and
evaluating potential corporate transactions which would enhance stockholder
value including, without limitation, the sale of all or part of the Company.
There can be no assurance that an advisor will be engaged or that any
transaction will be proposed, accepted or consummated.
    The Company also announced that it voted to exercise its option to
purchase 2,849,630 shares of Company stock beneficially owned by Ernest C.
Garcia II for $1.50 per share and that $2 million previously paid in
connection with the option would be credited to the aggregate exercise price.
    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 collection
functions for all the loans purchased.  Its operations enable these dealers to
provide financing to customers who have limited access to more traditional
consumer 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.