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UNITED STATES SEC File Number
SECURITIES AND EXCHANGE COMMISSION 1-11601
Washington, D.C. 20549
Cusip Number
FORM 12b-25 832900 10 6
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: January 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:
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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 Annual Report on Form 10-K for the fiscal year ended January
31, 1998 could not be filed within the prescribed time period because the
external audit of the Registrant's financial statements has not yet been
completed. As previously disclosed, Grant Thornton, LLP was recently appointed
to act as the Company's independent accountants. Grant Thornton, LLP commenced
substantive audit field work on April 1, 1998.
As part of its current audit process, the Registrant in conjuction 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 Registrant 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 filing date of the Registrant's Form 10-K remains uncertain
at this time.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Davida S. Howard (440) 439-1000
(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).
[X] Yes [ ] No
(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?
[X] Yes [ ] 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.
As stated in Part III above, the Registrant in conjuction with its
independent accountants is evaluating the sufficiency of its loan loss
reserves and its 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 Registrant further expects that its earning statement
for fiscal year 1998 will reflect a significant decline in results of
operations from fiscal year 1997. The amount of such decline cannot
be quantified at this time.
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National Auto Credit, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 1, 1998 By: /s/ Davida S. Howard
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Davida S. Howard
Vice President-Finance and Controller
Accountant's Statement
National Auto Credit, Inc.
30000 Aurora Road
Solon, OH 44139
Dear Gentlemen:
Pursuant to Rule 12b-25 of the General Rules and Regulations under the
Securities Exchange Act of 1934, we inform you that we have been furnished a
copy of Form 12b-25 to be filed by National Auto Credit, Inc., on or about May
1, 1998, which contains notification of the registrant's inability to file its
Form 10-K by May 1, 1998. We have read the Company's statements contained in
Part III therein and we agree with the stated reason as to why we have been
unable to complete our audit and report on the financial statements for the
three-year period ended January 31, 1998, to be included in Form 10-K.
Very truly yours,
/s/ Grant Thornton LLP
Grant Thornton LLP
May 1, 1998
Cleveland, Ohio
