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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
January 15, 1999
(Date of Report - Date of Earliest Event Reported)
NATIONAL AUTO CREDIT, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-11601 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)
Not Applicable
(Former name or former address, if changed from last report)
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Item 5. Other Events
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On January 15, 1999, the Company issued the following press
release:
National Auto Credit, Inc. (OTC BB:NAKD), announced today that the Company has
named Richard M. Cohen as President. Mr. Cohen will take over operating
responsibility from Mr. Thomas W. Cross, a principal with Jay Alix & Associates,
Inc. who has served as Interim Chief Executive Officer since June, 1998.
Mr. Cohen, a CPA, is President of Richard M. Cohen Consultants, and has over 20
years of business experience, including 10 years on Wall Street as a corporate
finance specialist, and as head of a public company in the communications field.
Mr. Cohen holds a BS from the Wharton School of the University of Pennsylvania
and an MBA from Stanford University.
Mr. Cohen said, "I am excited about the prospects for NAC. The Company has
stabilized its operations, paid off its lender debt and stands ready to
capitalize on what should be many opportunities in the sub-prime automobile
finance market."
National Auto Credit, Inc. is a specialized financial services company providing
funding, receivables management and collection services to automobile dealers
who sell and finance the purchase of vehicles to retail consumers with limited
access to consumer credit.
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.
Date: January 22, 1999 /s/ John Borys
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Vice President,
Credit and Collections
