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SEC 1746 POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
(2-98) CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
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UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION =============================
Washington, D.C. 20549 OMB Number: 3235-0145
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Expires: October 31, 2002
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SCHEDULE 13D Estimated average burden
Under the Securities Exchange Act of 1934 hours per response. . . 14.9
(Amendment No. __2__)* =============================
National Auto Credit, Inc.
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(Name of Issuer)
Common Stock, par value $.05 per share
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(Title of Class of Securities)
6329000-10-6
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(CUSIP Number)
Robert V. Cuddihy, Jr.
National Auto Credit, Inc.
555 Madison Avenue, 29th Floor
New York, New York 10022
(212) 644-1400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 29, 2002
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.[ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 6329000-10-6
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only).............James J. McNamara........................
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ...........................................................
(b) ...........................................................
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3. SEC Use Only........................................................
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4. Source of Funds (See Instructions)................PF................
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)...........................................................
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6. Citizenship or Place of Organization .... United States of America.....
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Number of 7. Sole Voting Power ................2,397,675........
Shares ------------------------------------------------------------
Beneficially 8. Shared Voting Power ..............-0-.........
Owned by ------------------------------------------------------------
Each 9. Sole Dispositive Power...........2,397,675....
Reporting ------------------------------------------------------------
Person With 10. Shared Dispositive Power .........-0-.........
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11. Aggregate Amount Beneficially Owned by Each Reporting Person.. 2,397,675
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)........................................
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13. Percent of Class Represented by Amount in Row (11) ........26.23%......
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14. Type of Reporting Person (See Instructions)..............IN...........
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CUSIP NO. 6329000-10-6 Page 3
This Amendment No. 2 amends the Schedule 13D originally filed on February 25,
2002, by James J. McNamara (the "Reporting Person"), as amended by Amendment No.
1 filed on April 26, 2002, which related to the common stock, par value $.05 per
share (the "Common Stock"), of National Auto Credit, Inc., a Delaware
corporation. The purpose of Amendment No. 2 is to amend Items 3 and 5 with
respect to the acquisition of additional shares by the Reporting Person.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On July 29, 2002, the Reporting Person purchased 508,400 shares of the Common
Stock in private transactions for a total cost of $76,260.00. The funds used
were entirely provided from the Reporting Person's personal funds.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Reporting Person beneficially owns 2,397,675 shares of the Common
Stock, representing 26.23% of the class. These securities consist of:
1,897,675 shares of Common Stock and vested options to purchase
500,000 shares of Common Stock exercisable at $0.664 per share. Does
not include 250,000 options to purchase Common Stock, exercisable at
$0.664 per share, which may vest on December 15, 2002. Each of these
options is exercisable for ten years from December 15, 2000.
(b) The Reporting Person has sole power to vote or to direct the vote and
sole power to dispose or to direct the disposition of all of such
shares.
(c) Except as disclosed in Item 3 above, the Reporting Person has not made
any transactions in the Common Stock during the past sixty days.
(d) None.
(e) Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this Statement is true, complete and correct.
Dated: July 29, 2002
/s/ James J. McNamara
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James J. McNamara