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Supplement to Prospectus dated May 1995
Filed pursuant to Rules 424(b)(3) and (c)(2)
Registration Statement No. 33-58579
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NATIONAL AUTO CREDIT
February 7, 1996
Dear Member Dealer:
NAC would like to thank you, our member dealers, for the successful fiscal year
just ended. As we begin another year, we would like to take a moment and
reflect upon the particular success of the NAC 100 Stock Option Plan announced
in May of 1995.
This unique plan allowed more than 60 dealers who qualified for the program the
opportunity to participate in the potential future growth of NAC common stock.
The NAC 100 Stock Option Plan granted these member dealers stock options based
on the number of retail installment contracts accepted and funded by NAC. More
than 75,000 options were issued under this plan during the past year.
In view of the success of this plan and the company's desire to build on its
relationship with its dealer network, the company's Board of Directors has
authorized the reinstatement of this plan for another year. As a result,
effective February 1, 1996 we begin anew and we want to remind each member
dealer of the benefits of this unique stock option plan. Dealers in good
standing who generate a minimum of 100 retail installment contracts funded by
NAC in fiscal 1997 (February 1, 1996 - January 31, 1997) qualify to receive
stock options for 1000 shares of NAC common stock. Thereafter, for every
additional 100 retail installment contracts accepted and funded, NAC will grant
options for an additional 500 shares of NAC common stock.
Partner with us in the future growth of NAC and share in the potential of this
program.
For more details please refer your inquiry to:
Mr. Chris Zerull
National Auto Credit
30000 Aurora Road
Solon, Ohio 44139
Sincerely,
NAC Management
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NATIONAL AUTO CREDIT - 30000 AURORA RD. - SOLON, OH 44319 - 216/349-1000
