------ ------------------------------------- FORM 4 OMB APPROVAL ------ ------------------------------------- [ ] 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 ------------------------------------- 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 ================================================================================ 1. Name and Address of Reporting Person* McNamara James J. -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o National Auto Credit, Inc. 555 Madison Avenue, 29th Floor -------------------------------------------------------------------------------- (Street) New York New York 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name and Ticker or Trading Symbol National Auto Credit, Inc. (NAKD) ================================================================================ 3. IRS Or Social Security Number of Reporting Person (Voluntary) ================================================================================ 4. Statement for Month/Year February 2002 ================================================================================ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 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 ------------------------------------------------ ================================================================================ 7. Individual or Joint/Group Filing (Check Applicable Line) [X] Form filed by One Reporting Person [ ] Form filed by More than One Reporting Person ================================================================================ Form 4 (continued)

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 ------------------------------- ----------------- **Signature of Reporting Person Date ---------- ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

MCNAMARA JAMES J 4