SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 2, 1998
NAL FINANCIAL GROUP INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-25476 23-2455294
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification No.)
incorporation)
500 Cypress Creek Road West
Suite 590
Fort Lauderdale, FL 33309
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(Address of principal executive office)
Registrant's telephone number, including area code: (954) 938-8200
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ITEM 5. OTHER EVENTS.
On January 2, 1998, NAL Financial Group Inc. (the "Company"),
notified its subsidiary, Special Finance, Inc. ("SFI") that it would no longer
originate loans through SFI. The move was made after an analysis of the cost of
operating SFI.
SFI was acquired by NAL Acceptance Corporation ("NAC"), a subsidiary of
the Company, in July of 1996. The Company had been attempting to consolidate
many of the operations of its subsidiaries to avoid redundancies and reduce
costs. However, after consideration of the needs of the Company and its various
subsidiaries, the decision was made to focus the energy of the Company on NAC's
originations and servicing.
Although the Company continues to originate loans in the nonprime auto
market through NAC, the decision not to originate loans through SFI is expected
to materially impact the total number of loans originated by the Company in
1998.
Notice to Readers
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Some of the information contained in this Report may constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act. Readers are cautioned not to place undue reliance on
these forward-looking statements. Actual events or results may differ
materially. Please see the Company's Form 10-K for the fiscal year-ended
December 31, 1996 and the Form 10-Q for the quarter ended September 30, 1997 for
a description of important factors that could cause the actual results to differ
materially.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this Form 8-K to be signed on its behalf by the
undersigned thereunto duly authorized
NAL FINANCIAL GROUP INC.
Signature Title Date
/s/ Robert R. Bartolini Chairman of the Board; January 19, 1998
- ------------------------ President and Chief Executive
Robert R. Bartolini Officer
