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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, 1999 [ ]Transition Report on Form 10-K
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Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K [ ] Transition Report on Form 10-Q
For the Transition Period Ended:
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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:
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PART I
REGISTRANT INFORMATION
Full name of registrant National Auto Finance Company, Inc.
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Former name if applicable
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Address of principal executive office (Street and number) 10302 Deerwood Park
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Blvd., Suite 100
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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;
(b) The subject annual report, semi-annual report, transition
report on Form 10-K, 20-F, 11-K or Form N-SAR, or portion
[X] 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 potion thereof
will be file don 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 in connection with the potential sale of a portfolio of
non-prime automobile installment sales contracts and the impact of such
a transaction on the Company's residual interest in such portfolio.
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, 1999, the Company was not able to
complete this process by such due date without unreasonable effort or
expense. Due to the foregoing, the Company's auditors have not
completed their audit procedures and are therefore unable to furnish
the required opinion on such financial statements.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Brian Thompson (904) 486-1147
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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, 1999 are anticipated to have changed significantly from the
corresponding periods for the 1998 fiscal year, due to the potential sale of a
portfolio of non-prime automobile installment sales contracts which may cause a
reevaluation of carrying value in the Company's residual interest in such
portfolio. 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 30, 2000 By /s/ Brian Thompson
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Brian Thompson
Vice President, Finance and Accounting, Treasurer
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Exhibit to Form 12b-25
Filed by National Auto Finance
Company, Inc.
March 29, 2000
Securities and Exchange Commission
450 Fifth Street N.W.
Washington, D.C. 20549
Gentlemen:
This letter is written in response to the requirement of Rule 12b-25(c) under
the Securities Exchange Act of 1934 and in satisfaction of item (c) of Part II
of Form 12b-25.
We are the independent auditors of National Auto Finance Company, Inc. (the
"Registrant"). The Registrant has stated in Part III of its filing on Form
12b-25 that it is unable to timely file, without unreasonable effort or expense,
its Annual Report on Form 10-K for the year ended December 31, 1999 because our
Firm has not yet completed our audit of the financial statements of the
Registrant for the year ended December 31, 1999 and is therefore unable to
furnish the required opinion on such financial statements.
We hereby advise you that we have read the statements made by the Registrant in
Part III of its filing on Form 12b-25 and agree with the statements made
therein. We are unable to complete our audit of the Registrant's financial
statements and furnish the required opinion for a timely filing because a
potential sale may have an impact on the carrying value of the Company's
residual interest in its automobile sales contract portfolio and, as a result,
we have not yet had sufficient time to complete the auditing procedures which we
consider necessary in the circumstances.
Very truly yours,
BDO Seidman, LLP
