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FORM 4 OMB APPROVAL
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[ ] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form 4 Expires: January 31, 2005
or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response............. 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
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1. Name and Address of Reporting Person*
McNamara James J.
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(Last) (First) (Middle)
c/o National Auto Credit, Inc.
555 Madison Avenue, 29th Floor
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(Street)
New York New York 10022
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
National Auto Credit, Inc. (NAKD)
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3. IRS Or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
February 2002
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ x ] Director [ x ] 10% Owner
[ x ] Officer (give title below) [ ] Other (specify below)
Chairman of the Board and Chief Executive Officer
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7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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Form 4 (continued)
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1.Title of 2. Trans- 5. Amount of 6. Owner-
Security action 3. Trans- 4. Securities Acquired (A) Securities ship
(Instr. 3) Date action or Disposed of (D) Beneficially Form: 7. Nature of
(Month/ Code (Instr. 3, 4 and 5) Owned at Direct Indirect
Day/ (Instr. 8) ---------------------- End of Month (D) or Beneficial
Year) ---------- (A) or (Instr. 3 and 4) Indirect (I) Ownership
Code V Amount (D) Price (Instr. 4) (Instr. 4)
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Common Stock, 02/15/02 P 555,100 A $0.139 800,100 D
par value $.05
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Table II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Derivative
Security (Instr. 3) sion or action tion Securities Acquired
Exercise Date Code (A) or Disposed
Price of (Month/ (Instr. 8) of (D)(Instr. 3, 4, and 5)
Derivative Day/ ----------- -------------------------
Security Year) Code V (A) (D)
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Options to Purchase $0.664 10/16/01 J(1) V 250,000
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6. Date Exercisable
and Expiration 7. Title and Amount of 9. Number 10. Ownership
Date (Month/ Underlying Securities of Derivative Form of
Day/Year) (Instr. 3 and 4) Securities Derivative 11. Nature of
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Date Expira- Amount or Derivative Owned at Direct (D) Beneficial
Exer- tion Number of Security End of Month or Indirect Ownership
cisable Date Title Shares (Instr.5) (Instr. 4) (I)(Instr.4) (Instr.4)
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12/15/01 12/15/10 Common Stock 250,000 -- 500,000(2) D
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Explanation of Responses:
(1) Transaction reported is vesting of options, 60 days prior to their becoming
exercisable.
(2) Also includes options to purchase 250,000 shares of Common Stock
exercisable at $0.664 per share, which vested on 12/15/00. Does not include
250,000 options to purchase Common Stock, exercisable at $0.664 per share,
which may vest on December 15, 2002.
/s/ James J. McNamara 03/01/02
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**Signature of Reporting Person Date
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** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).