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): March 3, 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 March
3, 1998, announcing several changes in the Company's senior management.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Exhibits.
(99) Press Release, dated March 3, 1998.
<PAGE>
NATIONAL AUTO FINANCE COMPANY, INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description Page
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(99) Press Release,
dated March 3, 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: March 5, 1998.
NATIONAL AUTO FINANCE COMPANY, INC.
By: /s/ Kevin G. Adams
Name: Kevin G. Adams
Title: Senior Vice President, Finance
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 MANAGEMENT CHANGES
BOCA RATON, Fla. (March 3, 1998) Gary L. Shapiro, Chairman and Chief Executive
Officer of National Auto Finance Company, Inc. (Nasdaq/NM:NAFI), today announced
several senior management changes. William G. Magro, currently Executive Vice
President of the Company and President of the Company's Financial Services
Division, also has been appointed Chief Operating Officer, a position that has
been vacant since last May. Keith B. Stein, currently Vice Chairman and
Treasurer, has been appointed Chief Financial Officer. Kevin G. Adams, who
previously served as the Company's Chief Financial Officer, has been named
Senior Vice President, Finance, and will focus fully on financial and portfolio
analysis, budgeting, and strategic planning. Mr. Adams will report to Mr. Stein.
Roy E. Tipton will remain President of the Company.
"These changes are designed to maximize the skills of one of the most
experienced and talented management teams in our industry," Shapiro said. "Bill
Magro will now have primary responsibility for managing the day-to-day
operations of the Company and Keith Stein will oversee all of the Company's
financial, accounting and legal functions and related reporting
responsibilities."
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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