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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
May 1, 1998
(Date of Report - Date of earliest event reported)
NATIONAL AUTO CREDIT, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE 1-11601 34-1816760
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
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30000 Aurora Road, Solon, Ohio 44139
(Address of principal executive offices and zip code)
(440)349-1000
(Registrant's telephone number, including area code)
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Item 5. Other Events
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On May 1, 1998, the Company issued the following press release:
National Auto Credit, Inc. announced today that its Annual Report for the
fiscal year ended January 31, 1998 will not be available within the prescribed
time period because the external audit of its financial statements has not yet
been completed. As previously announced, Grant Thornton, LLP was recently
appointed to act as the Company's independent accountants.
As part of its current audit process, the Company in conjunction with its
independent accountants is evaluating the sufficiency of its loan loss reserves
and the methodologies utilized in the recognition of income through a
comprehensive analysis of its historical portfolio performance. While the
amount of any increase in loan loss reserves cannot be quantified at this time,
it is expected that it will be material.
The Company and its independent accountants are working towards the
completion of the audit and fiscal year-end financial statements as
expeditiously as possible. Due to the substantial audit work which remains to
be performed, the expected release date of the Company's Annual Report remains
uncertain at this time and will be announced at a later date.
The statements contained in this release that are not purely historical are
forward looking statements within the meaning of the Securities and Exchange
Act of 1934. Among the factors that could cause actual results to differ
materially from the forward looking statements are the potential for greater
than anticipated non-performing contracts, the potential for lower than
anticipated recoverability of amounts advanced to the Company's member dealers,
availability of funds under the Company's financing arrangements, and other
factors as discussed in the Company's reports filed with the Securities and
Exchange Commission.
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SIGNATURES
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 hereunto duly authorized.
NATIONAL AUTO CREDIT, INC.
(Registrant)
Date: May 1, 1998 BY: /s/ Davida S. Howard
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Vice President-Finance and
Controller
