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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25 ---------------
SEC FILE NUMBER
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1-11601
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NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
[ ] Form N-SAR
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CUSIP NUMBER
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632900 10 6
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For Period Ended: October 31, 1998
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:____________________________
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates: N/A
PART I - REGISTRANT INFORMATION
National Auto Credit, Inc.
Full Name of Registrant
Former Name if Applicable: N/A
30000 Aurora Road
Address of Principal Executive Office (Street and Number)
Solon, OH 44139
City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
[ ] filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be filed on or before
the fifth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART III - NARRATIVE
The Registrant's Quarterly Report on Form 10-Q for the fiscal period ended
October 31, 1998 could not be filed within the prescribed time period because
the external audit of the Registrant's January 31, 1998 financial statements has
not been completed. As previously disclosed, Grant Thornton, LLP was appointed
to act as the Company's independent accountants and commenced substantive audit
field work for the January 31, 1998 fiscal year end audit on April 1, 1998.
Inasmuch as the external audit and financial statements for the year ended,
January 31, 1998 have not been finalized, it is impractical at this time to
report quarterly results for the subsequent fiscal period ended October 31,
1998.
The Registrant and its independent accountants are working towards the
completion of the audit and fiscal year end financial statements as
expeditiously as possible.
Part IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Davida S. Howard (440) 349-1000
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports) been
filed? If answer is no, identify report(s).
[ ] YES [X] NO
Annual Report on Form 10-K for the fiscal year ended January 31,
1998 has not been filed. Quarterly Reports on Form 10-Q for the
fiscal periods ended April 30, 1998 and July 31, 1998 have not
been filed.
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will
be reflected by the earnings statements to be included in the subject
report or portion thereof?
[ ] YES [X] NO
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
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National Auto Credit, Inc.
(Name of Registrant as Specified in Charter)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: December 14, 1998 By: /s/ Davida S. Howard
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Davida S. Howard
Vice President-Finance and Controller
