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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
March 19, 1998
(Date of Report - Date of Earliest Event Reported)
NATIONAL AUTO CREDIT, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-11513 34-1816760
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File No.) Identification No.)
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 March 19, 1998, the Company issued the following press
release:
National Auto Credit, Inc. (NYSE:NAK) announced today that it has reached an
agreement with its lenders to defer principal payments due under its credit
agreements. The payments were due on March 16, 1998.
The terms of the Company's agreement with its lenders provide that the debt will
mature on May 29, 1998. The Company will make a $6 million principal payment on
March 19, 1998 and make principal and interest payments aggregating $625,000 per
week until May 29, 1998. The Company intends to meet such payment obligations to
its lenders and maintain the Company's business and operations out of internally
generated funds, until it secures alternative sources of funds.
The Company is pleased with the progress made with its lenders and will continue
to cooperate and work with them and the Company's other constituencies to regain
the support and confidence of the business and financial community.
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: March 20, 1998 BY: /s/ Raymond A. Varcho
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Vice President, General Counsel
and Secretary
