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): January 26, 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. Press Release, dated January 26, 1998,
announcing that it completed a $93.6 million securitization of its motor vehicle
retail installment loans on January 20, 1998.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Financial Statements of Business Acquired:
Not applicable.
(b) Pro Forma Financial Information:
Not applicable.
(c) Exhibits:
(99) Press Release, dated January 26, 1998.
<PAGE>
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: January 26, 1998.
NATIONAL AUTO FINANCE COMPANY, INC.
By: /s/ Kevin G. Adams
Name: Kevin G. Adams
Title: Chief Financial Officer
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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 January 26, 1998
[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.
COMPLETES $93.6 MILLION SECURITIZATION
BOCA RATON, Fla. (January 26, 1998) - National Auto Finance Company, Inc.
(Nasdaq/NM:NAFI) today announced that it completed a $93.6 million
securitization of its motor vehicle retail installment loans on January 20,
1998. In connection with the securitization, $85.2 million of notes rated AAA by
Standard & Poor's Ratings Services and Aaa by Moody's Investors Service were
issued.
Keith B. Stein, NAFI's vice chairman and treasurer, commented, "The Company
is very pleased by the level of interest shown by various institutional
investors in the Company's latest securitization which resulted in the offering
being over-subscribed. Additionally, the coupon on the notes was 5.88%, or a
47-basis-point improvement over the previous transaction we completed in July
1997." Credit enhancements for the notes include a guaranty provided by
Financial Security Assurance, Inc., a monoline insurance company which
guarantees payments of principal and interest.
The notes are collateralized by a pool of fixed-rate automobile loans
secured by first liens on vehicles financed. The average outstanding loan
balance is $11,857, the weighted average coupon is 19.2%, and the weighted
average remaining term is 51.8 months. Geographically, the loans are located in
35 states.
At closing, loans totaling $75.5 million were sold into the trust. A
pre-funding account in the amount of $16.5 million is in place from which cash
may be withdrawn to purchase $18.1 million of additional automobile loans
through April 1998. The deal was underwritten by First Union Capital Markets
Corp.
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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