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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number: 0-22067
NOTIFICATION OF LATE FILING
(Check One): Form 10-K Form 11-K Form 20-F Form 10-Q
[X] [ ] [ ] [ ]
[ ] Form N-SAR
For Period Ended: December 31, 1998
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[ ] Transition Report on Form 10-K Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K [ ]
For the Transition Period Ended: _____________________________________
Read attached instruction sheet before preparing form. Please print
or type.
Nothing in this 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: ________________________________
_______________________________________________________________________________
PART I
REGISTRANT INFORMATION
Full name of registrant National Auto Finance Company, Inc.
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Former name if applicable
_______________________________________________________________________________
Address of principal executive office (Street and number) 10320 Deerwood Park
Boulevard, Suite 100
City, state and zip code Jacksonville, Florida 32256
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PART II
RULE 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 box if appropriate.)
(a) The reasons described in reasonable detail in part III of this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 20-F, 11-K or Form N-SAR, or portion
thereof will be filed on or before the 15th calendar day
following the prescribed due date; or the subject quarterly
report or 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.
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PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period. (Attached extra sheets if needed).
The Company has been engaged in a detailed review and analysis of factors
impacting the performance of its portfolio of non-prime automobile installment
sales contracts, including extensive computer modeling, pursuant to Statement of
Financial Accounting Standards No. 125 ("FAS 125"). Although the Company has
made diligent efforts to complete this review and analysis by the due date for
filing the Annual Report on Form 10-K for the year ended December 31, 1998, the
Company was not able to complete this process by such due date without
unreasonable effort or expense.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Thomas Costanza (904) 996-2519
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(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 report(s) been
filed? If the answer is no, identify report(s).
Yes No
[X] [ ]
(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?
Yes No
[X] [ ]
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.
The Company's results of operations for the three and twelve months ended
December 31, 1998 are anticipated to have changed significantly from the
corresponding periods for the 1997 fiscal year, due to the significant growth of
the Company (including the realignment of its operations) and due to the
accounting rules applicable to the Company under FAS 125. Nevertheless, because
the review and analysis described above has not been completed, a reasonable
estimate of such results cannot be made.
National Auto Finance Company, Inc.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date March 29, 1999 By /s/ THOMAS COSTANZA
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Thomas Costanza
Vice President and Chief Financial Officer
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