<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING SEC FILE NUMBER
1-11601
CUSIP NUMBER
632900 10 6
(Check One) [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: January 31, 1999
[ ] 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 the 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
3000 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 appropriate box)
(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.
<PAGE> 2
PART III - NARRATIVE
The Registrant's Annual Report on Form 10-K for the fiscal year ended January
31, 1999 could not be filed within the prescribed time period because the
Registrant's financial statements and the external audit thereon have not yet
been completed. As previously disclosed, Grant Thornton, LLP was newly appointed
to act as the Registrant's independent accountants and commenced substantive
audit field work on April 1, 1998 for the January 31, 1999, 1998 and 1997 fiscal
year end audits.
As part of these audit processes, the Registrant, in conjunction with its
independent accountants, evaluated the sufficiency of its loan loss reserves,
the methodologies utilized in the recognition of income through a comprehensive
analysis of its historical portfolio performance and the adequacy of the
self-insurance automobile claims liability from the discontinued rental car
operations. It is expected that the amount of increase in loan loss reserves
will be material. In addition, the self-insurance claims expense has yet to be
determined since the final results of the actuary's study, the basis of this
expense, has not been completed.
The Registrant and its independent accountants are working toward the completion
of the audits and fiscal year-end financial statements as expeditiously as
possible. The filing date of the Registrant's Form 10-K, with the prescribed
three years of audited financial statements, is expected to occur by the end of
June 1999.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Richard M. Cohen (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, July 31, 1998 and October 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?
[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 conjunction with its independent
accountants is evaluating the sufficiency of its loan loss reserves, refining
its methodologies utilized in the recognition of income through a
comprehensive analysis of its historical portfolio performance and
recalculating its automobile self-insurance claims liability. The amount of any
increase in loan loss reserves and self-insurance claims and the decrease in
revenue is expected to be material. The Registrant further expects that its
earning statement for fiscal year 1998 will reflect a significant decline in
results of operations from the prior period.
<PAGE> 3
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 3, 1999 By /s/ Richard M. Cohen
------------------- --------------------------------------
Richard M. Cohen
President
