SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): February 4, 1998
National Auto Finance Company, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-22067 65-0688619
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(Commission File Number) (I.R.S. Employer
Identification No.)
621 N.W. 53rd Street, Suite 200
Boca Raton, Florida 33487
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(Address of Principal Executive Offices) (Zip Code)
(561) 997-2413
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
Filed herewith and incorporated herein by reference is a copy of the
National Auto Finance Company, Inc. (the "Company") Press Release, dated
February 4, 1998, announcing the appointment of Joseph P. Donlan and David W.
Young to the Company's Board of Directors.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Exhibits.
(99) Press Release, dated February 4, 1998.
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NATIONAL AUTO FINANCE COMPANY, INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description Page
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(99) Press Release,
dated February 4, 1998
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SIGNATURE
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 hereto duly authorized.
Date: February 4, 1998.
NATIONAL AUTO FINANCE COMPANY, INC.
By: /s/ Kevin G. Adams
Name: Kevin G. Adams
Title: Chief Financial Officer
EXHIBIT (99)
[National Auto Finance Company, Inc. Logo]
Contact: Roy E. Tipton Keith B. Stein
President Vice Chairman
(800) 999-7535 (800) 533-8573
NATIONAL AUTO FINANCE COMPANY, INC.
ANNOUNCES THE APPOINTMENT OF TWO NEW DIRECTORS
BOCA RATON, Fla. (February 4, 1998) National Auto Finance Company, Inc.
(Nasdaq/NM:NAFI) has named Joseph P. Donlan and David W. Young to its Board of
Directors, increasing the number of directors to eight. The addition of the two
board seats was made in conjunction with the previously announced $50 million
private placement transaction with The 1818 Mezzanine Fund L.P., an investment
fund sponsored by Brown Brothers Harriman & Co., The Progressive Corporation and
ManuLife Capital, an affiliate of Manufacturers Life Insurance Company (U.S.A.).
Mr. Donlan, who has over 27 years of experience with Brown Brothers
Harriman & Co., is currently co-manager of The 1818 Mezzanine Fund L.P., a $250
million private equity fund. Prior to his current position, Donlan was the
Manager of Brown Brothers' USBanking Department with responsibility for managing
five banking groups engaged in international trade finance, domestic commercial
finance, financial advisory service and private placement activities. He has a
Bachelor of Arts in Economics from Georgetown University and a Master of
Business Administration from Rutgers University Graduate School of Business.
Mr. Young currently is Chief Investment Officer of Progressive Partners,
Inc., a $5.5 billion investment portfolio for The Progressive Corporation, a
$6.5 billion property and casualty company. The portfolio includes fixed-income,
equity, high-yield and alternative investments. Prior to joining Progressive in
1988, Young was a Vice President with Salomon Brothers, Inc. He holds a Bachelor
of Arts degree from Rutgers.
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NAFI Appoints Two New Directors
Page 2
February 4,1998
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"Both of these gentlemen bring to our Board an excellent combination of
financial knowledge and business experience," said Gary Shapiro, chairman of the
Company. "We look forward to working with them and benefiting from their
expertise."
National Auto Finance is a specialized consumer finance company engaged in
the purchase, securitization and servicing of automobile loans primarily
originated by manufacturer-franchised automobile dealers for non-prime
consumers. The Company markets its products and services to dealers through the
efforts of its direct sales force and through strategic referral and marketing
alliances with financial and other institutions that have established
relationships with dealers, including an exclusive referral agreement with First
Union National Bank, a subsidiary of First Union Corporation. The Company has
contractual relationships with approximately 2,140 dealers in 30 states.
This news release contains statements that are forward-looking statements
within the meaning of applicable federal securities laws and are based upon the
Company's current expectations and assumptions, which are subject to a number of
risks and uncertainties, which could cause actual results to differ materially
from those anticipated. Primary factors that could cause actual results to
differ include the availability of financing on terms and conditions acceptable
to the Company, the ability of the Company to securitize its finance contracts
in the asset-backed securities market on terms and conditions acceptable to the
Company, and changes in the quality or composition of the serviced loan
receivable portfolio. Certain of these as well as other factors are described in
more detail in the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, and in certain other reports filed by the Company with the
Securities and Exchange Commission in fiscal year 1997.
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