National Auto Finance Company, Inc. Announces Sale of Business to Nuvell Financial Services Corp.
14 September 2000
National Auto Finance Company, Inc. Announces Sale of Business to Nuvell Financial Services Corp.
JACKSONVILLE, Fla.--Sept. 14, 2000--National Auto Finance Company, Inc. announced today that it has signed a definitive agreement with Nuvell Financial Services Corp., an auto finance subsidiary of General Motors Acceptance Corporation, for the sale to Nuvell of NAFI's operating assets and 15% of NAFI's residual interest in securitized credit sale receivables, for an aggregate purchase price of approximately $2.5 million. The closing of the transaction is subject to the satisfaction of customary conditions, including the approval of NAFI's shareholders.This news release contains statements that are forward-looking statements within the meaning of applicable federal securities laws and are based upon the Company's current expectations and assumptions, which are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. Primary factors that could cause actual results to differ include regional and national economic conditions, substantial changes in levels of market interest rates, credit and other risks of lending and investment activities, and competitive and regulatory factors. Certain of these as well as other factors are described in more detail in the Company's Annual Report on Form 10-K for the year ended December 31, 1999, and in certain other reports filed by the Company with the Securities and Exchange Commission.