National Auto Finance Company Confirms Positive First Quarter Outlook

Business Wire, April 15, 1997

BOCA RATON, Fla.--(BUSINESS WIRE)--April 15, 1997--National Auto Finance Company, Inc. (Nasdaq/NM:NAFI) today reported that its operations during the first quarter of 1997 have progressed in accordance with its business plan. The Company stated that it has commenced implementation of several previously reported developments in the quarter, including the roll-out of the Company's non-prime auto finance program throughout the northeastern United States franchise of First Union National Bank, and the nationwide roll-out of the retail car sales centers of Team Car Sales, a division of Team Rental Group, Inc., the owner of Budget Rent-A-Car. The Company also announced that it has recently entered into a loan referral contract with The Rock Island Bank, a Midwest-based consumer bank.

Roy Tipton, President of NAFI, said, "We are very pleased with the progress the Company made during the first quarter. Our sales volume is ahead of budget, we continue to sign up more dealerships to our program, our programs with our loan referral alliance partners are steadily on course, and our portfolio is performing within expectations. We believe we are well positioned to take advantage of the consolidating marketplace."

"We are comfortable with analysts' earnings estimates for the first quarter, and expect to release our earnings report early next week," said Kevin Adams, Chief Financial Officer.

National Auto Finance is a specialized consumer finance company engaged in the purchase, securitization and servicing of car loans originated by 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.

CONTACT: National Auto Finance Company Inc., Boca Raton

Roy E. Tipton, 800/999-7535 or

Keith B. Stein, 800/533-8573