e4
 

         
FORM 4
 
(X) Check this box if no longer
      subject to Section 16. Form 4 or
      Form 5 obligations may continue.

      See Instruction 1(b).
 
 
 
(Print or Type Responses)
  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*
         
Garcia II   Ernest   C

(Last)   (First)   (Middle)

2725 E. Camelback Road, Suite 700


(Street)
         
Phoenix   Arizona   85006

(City)   (State)   (Zip)


2.   Issuer Name and Ticker or Trading Symbol
 
    National Auto Credit, Inc. (NAKD)


3.   I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


4.   Statement for Month/Year
 
    January 2002


5.   If Amendment, Date of Original (Month/Year)
 
     

6.   Relationship of Reporting Person(s) to Issuer (Check all applicable)
             
(X)(1)   Director   (X)(1)   10% Owner
             
( )(1)   Officer (give title below)   (X)(1)   Other (specify below)



7.   Individual or Joint/Group Filing (Check Applicable Line)
    ( ) Form filed by One Reporting Person
(X) Form filed by More than One Reporting Person


Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

                                     

1. Title of Security   2. Trans-   3. Trans-   4. Securities Acquired (A)   5. Amount of   6. Ownership   7. Nature of
     (Instr. 3)   action   action   or Disposed of (D)   Securities   Form:   Indirect
    Date   Code   (Instr. 3, 4 and 5)   Beneficially   Direct   Bene-
        (Instr. 8)       Owned at   (D) or   ficial
    (Month/  
 
  End of   Indirect   Owner-
    Day/               (A) or       Month   (I)   ship
    Year)   Code   V   Amount   (D)   Price   (Instr. 3 and 4)   (Instr. 4)   (Instr. 4)

Common Stock (2)   1/31/02   J       613,858   D   $1.25   0   I   By Verde
Reinsurance
Company, Ltd.

Common Stock (3)   1/31/02   J       1,463,146   D   $1.25   0   D    

Common Stock (4)   2/1/02   J,V       243,858   D   $1.25   0   D    

Common Stock (5)   2/1/02   J,V       243,858   D   $1.25   0   D    

Common Stock (6)   2/1/02   J,V       203,215   D   $1.25   0   D    

Common Stock (7)   2/1/02   J,V       135,476   D   $1.25   0   D    

     
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly   (Over)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)   SEC 1474 (3-99)

  Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

Page 1 of 10


 

FORM 4 (continued)

                                     

1. Title of Security   2. Trans-   3. Trans-   4. Securities Acquired (A)   5. Amount of   6. Ownership   7. Nature of
     (Instr. 3)   action   action   or Disposed of (D)   Securities   Form:   Indirect
    Date   Code   (Instr. 3, 4 and 5)   Beneficially   Direct   Bene-
        (Instr. 8)       Owned at   (D) or   ficial
    (Month/  
 
  End of   Indirect   Owner-
    Day/               (A) or       Month   (I)   ship
    Year)   Code   V   Amount   (D)   Price   (Instr. 3 and 4)   (Instr. 4)   (Instr. 4)

Common Stock (8)   2/1/02   J,V       81,286   D   $1.25   0   D    

Common Stock (9)   2/1/02   J,V       54,190   D   $1.25   0   D    

Common Stock (10)   2/1/02   J,V       13,548   D   $1.25   0   D    

Common Stock (11)   2/1/02   J,V       8,128   D   $1.25   0   D    

Common Stock (12)   2/1/02   J,V       6,774   D   $1.25   0   D    

Common Stock (13)   2/1/02   J,V       6,774   D   $1.25   0   D    

Common Stock (14)   2/1/02   J,V       5,419   D   $1.25   0   D    

Series C Preferred Stock (2)   1/31/02   J       5,614   D   $13.70   0   I   By Verde Reinsurance Company, Ltd.

Series C Preferred Stock (3)   1/31/02   J       33,685   D   $13.70   0   D    

Series C Preferred Stock (4)   2/1/02   J,V       5,614   D   $13.70   0   D    

Series C Preferred Stock (5)   2/1/02   J,V       5,614   D   $13.70   0   D    

Series C Preferred Stock (6)   2/1/02   J,V       4,679   D   $13.70   0   D    

Series C Preferred Stock (7)   2/1/02   J,V       3,119   D   $13.70   0   D    

Series C Preferred Stock (8)   2/1/02   J,V       1,871   D   $13.70   0   D    

Series C Preferred Stock (9)   2/1/02   J,V       1,248   D   $13.70   0   D    

     
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly   (Over)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)   SEC 1474 (3-99)

  Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

Page 2 of 10


 

                                     

1. Title of Security   2. Trans-   3. Trans-   4. Securities Acquired (A)   5. Amount of   6. Ownership   7. Nature of
     (Instr. 3)   action   action   or Disposed of (D)   Securities   Form:   Indirect
    Date   Code   (Instr. 3, 4 and 5)   Beneficially   Direct   Bene-
        (Instr. 8)       Owned at   (D) or   ficial
    (Month/  
 
  End of   Indirect   Owner-
    Day/               (A) or       Month   (I)   ship
    Year)   Code   V   Amount   (D)   Price   (Instr. 3 and 4)   (Instr. 4)   (Instr. 4)

Series C Preferred Stock (10)   2/1/02   J,V       312   D   $13.70   0   D    

Series C Preferred Stock (11)   2/1/02   J,V       187   D   $13.70   0   D    

Series C Preferred Stock (12)   2/1/02   J,V       156   D   $13.70   0   D    

Series C Preferred Stock (13)   2/1/02   J,V       156   D   $13.70   0   D    

Series C Preferred Stock (14)   2/1/02   J,V       125   D   $13.70   0   D    

     
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly   (Over)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)   SEC 1474 (3-99)

  Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

Page 3 of 10


 

         
FORM 4 (continued)   Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)    
                                                         

1. Title of Derivative Security   2.Conver-   3.Trans-   4. Trans-   5. Number of Deriv-   6. Date Exerc-   7. Title and   8.Price   9. Number   10. Owner-   11. Nature
     (Instr. 3)   sion or   action   action   ative Securities Ac-   isable and   Amount of   of   of deriv-   ship   of
    Exercise   Date   Code   quired (A) or Dis-   Expiration   Underlying   Deriv-   ative   Form of   Indirect
    Price of       (Instr. 8)   posed of (D)   Date   Securities   ative   Secur-   Deriv-   Benefi-
    Deriv-   (Month/       (Instr. 3, 4 and 5)   (Month/Day/   (Instr. 3 and 4)   Secur-   ities   ative   cial
    ative   Day/           Year)       ity   Bene-   Security   Owner-
    Security   Year)                   (Instr. 5)   ficially   Direct   ship
                                Owned   (D) or   (Instr. 4)
                                at End   Indirect    
                                of   (I)    
                                Month   (Instr. 4)    
                                (Instr. 4)        
           
 
 
 
               
             
 
Code
   
 
V
   
 
(A)
   
 
(D)
  Date
Exer-
cisable
  Expira-
tion
Date
   
 
Title
  Amount
or
Number
               
                                        of Shares                

                                                         

                                                         

                                                         

                                                         

                                                         

                                                         

Explanation of Responses:

(1)   Prior to the transactions reported hereby, Mr. Garcia may have been deemed a member of a Section 13(d) “group” owning more than 10% of the issuer’s outstanding common stock together with Verde Reinsurance Company, Ltd., the Ernie Garcia III 2000 Trust, the Brian Garcia 2000 Trust, Ray Fidel, Steven P. Johnson, Mark Sauder, the EJMS Investors Limited Partnership, Colin Bachinsky, Chris Rompalo, Donna Clawson, Mary Reiner, and Kathy Chacon (collectively, the “Joint Filers”). Gary Trujillo and Steven P. Johnson, who formerly served on the board of directors of National Auto Credit, Inc. (“NAC”) as designees of the Joint Filers, resigned their positions effective January 28, 2002, and January 31, 2002, respectively. This form is being filed to report transactions pursuant to the Exchange and Repayment Agreement, dated January 31, 2002, by and among NAC, Cygnet Capital Corporation, and the Joint Filers. In connection with the Exchange and Repayment Agreement, the Joint Filers transferred to NAC (or forfeited) all NAC equity securities beneficially owned by them as of the date thereof.
     
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly   (Over)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)   SEC 1474 (3-99)

  Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

Page 4 of 10


 

(2)   These securities were owned indirectly by Ernest C. Garcia as the sole shareholder of Verde Reinsurance Company, Ltd. In addition, pursuant to the Exchange and Repayment Agreement, 60,000 shares of the Series C Preferred Stock owned by Verde Reinsurance Company, Ltd. were forfeited.
 
(3)   These securities were owned solely by Ernest C. Garcia II. In addition, pursuant to the Exchange and Repayment Agreement, 360,001 shares of the Series C Preferred Stock owned by Ernest C. Garcia II were forfeited.
 
(4)   These securities were owned solely by the Ernest Garcia III 2000 Trust. In addition, pursuant to the Exchange and Repayment Agreement, 60,000 shares of the Series C Preferred Stock owned by the Ernest C. Garcia III 2000 Trust were forfeited.
 
(5)   These securities were owned solely by the Brian Garcia 2000 Trust. In addition, pursuant to the Exchange and Repayment Agreement, 60,000 shares of the Series C Preferred Stock owned by the Brian Garcia 2000 Trust were forfeited.
 
(6)   These securities were owned solely by Ray Fidel. In addition, pursuant to the Exchange and Repayment Agreement, 50,000 shares of the Series C Preferred Stock owned by Ray Fidel were forfeited.
 
(7)   These securities were owned solely by Steven P. Johnson. In addition, pursuant to the Exchange and Repayment Agreement, 33,333 shares of the Series C Preferred Stock owned by Steven P. Johnson were forfeited.
 
(8)   These securities were owned solely by Mark Sauder. In addition, pursuant to the Exchange and Repayment Agreement, 20,000 shares of the Series C Preferred Stock owned by Mark Sauder were forfeited.
 
(9)   These securities were owned solely by the EJMS Investors Limited Partnership. In addition, pursuant to the Exchange and Repayment Agreement, 13,333 shares of the Series C Preferred Stock owned by the EJMS Investors Limited Partnership were forfeited.
 
(10)   These securities were owned solely by Colin Bachinsky. In addition, pursuant to the Exchange and Repayment Agreement, 3,333 shares of the Series C Preferred Stock owned by Colin Bachinsky were forfeited.
 
(11)   These securities were owned solely by Mary Reiner. In addition, pursuant to the Exchange and Repayment Agreement, 2,000 shares of the Series C Preferred Stock owned by Mary Reiner were forfeited.
 
(12)   These securities were owned solely by Donna Clawson. In addition, pursuant to the Exchange and Repayment Agreement, 1,667 shares of the Series C Preferred Stock owned by Donna Clawson were forfeited.
 
(13)   These securities were owned solely by Chris Rompalo. In addition, pursuant to the Exchange and Repayment Agreement, 1,667 shares of the Series C Preferred Stock owned by Chris Rompalo were forfeited.
 
(14)   These securities were owned solely by Kathy Chacon. In addition, pursuant to the Exchange and Repayment Agreement, 1,333 shares of the Series C Preferred Stock owned by Kathy Chacon were forfeited.
             
**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
 
    See 18. U.S.C 1001 and 15 U.S.C. 78ff(a)   /s/ Ernest C. Garcia II   2/11/02
       
 
        ** Signature of Reporting Person   Date
     
Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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Page 5 of 10


 

Joint Filer Information

     
Name:   Verde Reinsurance Company, Ltd.
     
Address:   2575 East Camelback Road, Suite 700
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   January 31, 2002
     
Signature:   /s/ Ernest C. Garcia II
   
    Name: Ernest C. Garcia II
Its: Director and Sole Shareholder
     
Name:   Ernest Garcia III 2000 Trust
     
Address:   2575 E. Camelback Road, Suite 700
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Steven P. Johnson
   
    Name: Steven P. Johnson
Its: Trustee

 


 

     
Name:   Brian Garcia 2000 Trust
     
Address:   2575 E. Camelback Road, Suite 700
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Steven P. Johnson
   
    Name: Steven P. Johnson
Its: Trustee
     
Name:   Ray Fidel
     
Address:   3010 E. Camelback Road, Suite 100
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Ray Fidel
   

 
   
Name:   Steven P. Johnson
     
Address:   2575 E. Camelback Road, Suite 700
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Steven P. Johnson
   

 


 

     
Name:   Mark Sauder
     
Address:   3010 E. Camelback Road, Suite 100
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Mark Sauder
   

 
   
Name:   EJMS Investors Limited Partnership
     
Address:   3010 E. Camelback Road, Suite 100
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Eric Splaver
   
    By: Eric Splaver
Title: Partner

 
   
Name:   Colin Bachinsky
     
Address:   3010 E. Camelback Road, Suite 100
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Colin Bachinsky
   

 


 

     
Name:   Mary Reiner
     
Address:   3010 E. Camelback Road, Suite 100
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Mary Reiner
   

 
   
Name:   Donna Clawson
     
Address:   3010 E. Camelback Road, Suite 100
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Donna Clawson
   

 
   
Name:   Chris Rompalo
     
Address:   2575 E. Camelback Road, Suite 700
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Chris Rompalo
   

 


 

     
Name:   Kathy Chacon
     
Address:   2575 E. Camelback Road, Suite 700
Phoenix, Arizona 85016
     
Designated Filer:   Ernest C. Garcia II
     
Issuer & Ticker Symbol:   National Auto Credit, Inc. (NAKD)
     
Date of Event Requiring Statement:   February 1, 2002
     
Signature:   /s/ Kathy Chacon