UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
The Prudential Insurance Company of America
751 Broad Street
Newark, NJ 07102
2. Date of Event Requiring Statement (Month/Day/Year)
4/9/99
3. IRS Identification Number of Reporting Person, if an entity (voluntary)
4. Issuer Name and Ticker or Trading Symbol
National Auto Finance Co., Inc. NAFI
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (x) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check applicable line)
(x) Form Filed by One Reporting Person
( ) Form Filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
Common Stock [1] |2950094 |I |By LLC [2] |
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Table II -- Derivative Securities Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship: | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C>
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. THE FILING OF THIS STATEMENT SHOULD NOT BE CONSTRUED AS AN ADMISSION THAT
PRUDENTIAL IS FOR ANY PURPOSE OF SECTION 16 OF THE SECURITIES EXCHANGE ACT OF
1934, THE BENEFICIAL OWNER OF THE SHARES LISTED HEREIN.
2. These shares are held in The Structured Finance High Yield Fund LLC, in which
the reporting person may have indirect pecuniary interest.
/s/ Ellen McGlynn Koke
SIGNATURE OF REPORTING PERSON
/Signature/
Second Vice President, The Prudential Insurance Co. of America
DATE
5/5/99
