<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 1996
----------------------
National Auto Credit, Inc.
--------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-11601 34-1816760
-------- ------- ----------------
(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
30000 Aurora Road, Solon, Ohio 44139
------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (216) 349-1000
------------------------
Not Applicable
--------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
National Auto Credit, Inc. (the Company) announced today that it had
reached a proposed settlement of the previously disclosed class action lawsuit
filed by former employees of the Company. The complaint was filed on June 15,
1992, in the United States District Court for the Northern District of
California alleging that the Company's discontinued auto rental business
violated certain sections of the California Labor Law, including those relating
to the payment of overtime. The settlement is subject to court approval at a
fairness hearing to be heard November 21, 1996, and to certain other procedural
matters. Pursuant to the settlement, the Company has agreed to pay $5.4 million
in damages, penalties and interest. Of this amount, $2.0 million has been
accrued. As part of the settlement, the Company will also pay $1.2 million in
plaintiff's attorneys' fees.
<PAGE> 3
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NATIONAL AUTO CREDIT, INC.
By: /s/ Robert J. Bronchetti
-----------------------------
Robert J. Bronchetti
President and Chief Executive
Officer and Director
/s/ Davida S. Howard
-----------------------------
Davida S. Howard
Vice President - Finance and Controller
(Principal Financial and Accounting
Officer)
Date: November 6, 1996
