<PAGE> 1
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
October 17, 1996
- --------------------------------------------------------------------------------
Central Financial Acceptance Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
001-11815 Delaware
- ------------------------- -------------------------------
(Commission (State or other jurisdiction
File Number) of Incorporation)
95-4574983
- --------------------------------------------------------------------------------
(IRS Employer Identification No.)
5480 E. Ferguson Drive, Commerce CA 90022
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(213) 720-8600
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE> 2
Item 4. Changes in Registrant's Certifying Accountant.
Central Financial Acceptance Corporation (the "Registrant") on October 17, 1996
dismissed its independent accountant, Deloitte & Touche and selected Arthur
Andersen LLP as its independent accountant to audit its financial statements
for the year ending December 31, 1996. All descriptions contained herein of
communications between the Registrant and third parties and reports of third
parties are qualified in their entirety by the text of the communications and
reports referred to herein.
Deloitte & Touche audited the consolidated balance sheets of the Registrant and
its subsidiaries as of December 31, 1994 and 1995, and the related consolidated
statements of income, stockholders equity, and cash flows for the years ended
October 31, 1993 and 1994, the two months ended December 31, 1993 and 1994, and
the years ended December 31, 1994 and 1995 (collectively referred to as the
"Financial Statements"). Deloitte & Touche's report on the Financial Statements
did not contain an adverse opinion or disclaimer of opinion nor was it
qualified or modified as to uncertainty, audit scope, or accounting principles.
The decision to dismiss Deloitte & Touche was unanimously recommended by the
Registrant's Audit Committee and unanimously approved by the Registrant's Board
of Directors.
During the two most recent fiscal years of the Registrant and/or its
subsidiaries and the subsequent interim period preceding the aforesaid
dismissal, there were no reportable events as contemplated by Item 304 of
Regulation S-K and no disagreements between the Registrant and/or
<PAGE> 3
its subsidiaries and Deloitte & Touche on any matter of accounting principles
or practices, financial statement disclosure or auditing scope or procedure
which if not resolved to the satisfaction of Deloitte & Touche would have
caused them to make reference to the subject matter of the disagreement in
their report.
The Registrant has authorized Deloitte & Touche to fully respond to any
inquiries to the Registrant's new independent auditor, Arthur Andersen LLP.
Item 7. Exhibits
The following exhibits are attached:
None
<PAGE> 4
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.
CENTRAL FINANCIAL ACCEPTANCE CORPORATION
(Registrant)
Date: October 22, 1996 By: /s/ GARY M. CYPRES
---------------------
Gary M. Cypres
Its: Chairman of the Board, Chief
Executive Officer and President
