<PAGE>   1
                                                                   EXHIBIT 10.9


                COLLATERAL ASSIGNMENT OF SPLIT-DOLLARED POLICY




        This Assignment is made this 26th day of March, 1996, by the
undersigned (herein called the "Trustee"), to Harvard Industries, Inc., Suite
960, 2502 N. Rocky Point Drive, Tampa, Florida 33607, a Delaware corporation
(herein called the "Corporation"), its successors and assigns.

        1.      The subject of this Assignment is a certain life insurance 
                policy, No. 850310-001, issued by the John Hancock Mutual Life 
                Insurance Company (herein called the "Insurer"), See Schedule 
                A of Agreement mentioned in Paragraph 2 below.

        2.      The Policy is subject to a Split-Dollar Life Insurance 
                Agreement Collateral Assignment Method (herein called the
                "Agreement") dated March 26, 1996, between the Corporation and 
                Raymond A. Naimoli as Trustee of the Vincent J. Naimoli 1992 
                Insurance Trust (the "Trust"). The Agreement was created 
                pursuant to the terms of Section 4(b) of the Amended and 
                Restated Management and Option Agreement by and between the
                Corporation and Anchor Industries International, dated August
                16, 1995, as further amended January 30, 1996, benefit of
                Vincent J. Naimoli.  Such Agreement is hereby incorporated into
                and made a part of this Agreement.

        3.      The Trustee hereby assigns, transfers, and sets over to the
                Corporation the following specific limited rights in the
                policy, and subject to the following terms and provisions:

                (a)     This Assignment is made, and the Policy is held as
                        collateral security for the premium advances to the
                        Trustee, now existing or hereafter made by the
                        Corporation under the terms of the Agreement.

                (b)     The Corporation's rights in the Policy are to the
                        extent of its interest in the Policy as stated in
                        Paragraph 2 of the attached Split Dollar Agreement.

        4.      The Corporation shall have a right to obtain from the Insurer
                one or more loans or advances against its interest in the cash
                surrender values of the Policy.

                (a)     The Corporation shall be responsible for the payment
                        of interest on any such loans by the Corporation
                        against such cash surrender values of the Policy
                        during the term of the Agreement.

                (b)     Such loans or withdrawals made by the Corporation
                        against (or from) the cash surrender values of the
                        Policy shall be treated as repayments of the
                        Corporation's premium advances by the Owner.

        5.      The Corporation shall have the right to be repaid to the extent
                of its interest:

                (a)     in the event of the death of the Insured on the Policy.

                (b)     in the event the Policy is lapsed, canceled or
                        surrendered by the Trustee.

                (c)     in the event of the termination of the Split Dollar
                        Agreement.





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6.       (a)     The Corporation is strictly prohibited:

                 (1)      from surrendering the Policy for cancellation; or

                 (2)      from assigning its rights to any person other than to
                          the Trustee or to some other person as the Trustee
                          may direct; and

                 (3)      in general, from taking any action which would 
                          endanger the interest of the Trust or endanger the 
                          payment of the death proceeds in excess of its
                          interest in the Policy.


         (b)     Notwithstanding any provisions of this Assignment to the 
                 contrary, the Corporation shall, when its interest has been
                 satisfied by obligated to release this Assignment, or make a
                 reassignment of its interest in the Policy to the Trustee.

7.       Except as specifically provided herein, the Trustee shall retain and 
         possess all other incidents of ownership in the Policy, including but
         not limited to:

         (a)     the sole and exclusive right to cancel or surrender the Policy
                 for its cash surrender value, if any;

         (b)     the right to designate and change the beneficiary of the death
                 proceeds on the Policy; and

         (c)     the right to elect and exercise any optional mode of settlement
                 permitted by the Policy;

         However, all rights retained by the Trustee shall be subject to the 
         terms and conditions of the Agreement.

8.       The Insurer shall:

         (a)     have no duty or obligation to inquire into or investigate the
                 reason or validity of the Corporation's request to exercise 
                 any of its rights hereunder, or whether the Trustee has notice 
                 of it.  The Insurer may treat any such request by the 
                 Corporation as an affirmation that the request conforms to 
                 this Assignment and the Agreement, and is thereby authorized 
                 to act upon such requests;

         (b)     by fully protected in recognizing a request by the Trustee to
                 exercise any right of ownership, whether or not the Corporation
                 has notice of such request including but not limited to the 
                 right to surrender the Policy.

9.       Upon request, the Trustee shall forward the Policy to the Insurer for
         endorsement of any designation or change of the Policy beneficiary, or 
         any election of an optional plan of payment of the proceeds.  The 
         Trustee shall forward the Policy for these purposes without 
         unreasonable delay.


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10.    The exercise of any right given herein to the Corporation, or retained
       by the Trustee shall be solely at the option of each party respectively,
       and shall not require notice or consent of one party to the other.

11.    The Corporation shall release and reassign all of its specific rights in
       the Policy transferred by this Assignment upon repayment of the premium
       advances without unreasonable delay.

12.    The Insurer is not a party to the Split Dollar Assignment.

IN WITNESS WHEREOF, this assignment is hereby executed this 26th day of March,
1996.


/s/ Ruth White                          /s/ Raymond A. Naimoli
-----------------------------          ---------------------------------
Witness                                Trustee




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HARVARD INDUSTRIES, INC.
SPLIT DOLLAR INSURANCE SUMMARY
March, 1996

<TABLE>
<CAPTION>                     
------------------------------------------------------------------------------------------------------------------------------------
                                                             Cash
     Company &         Issue     Face Amount    Premium/   Surrender
     Policy No.        Date        & Plan         Mode       Value                 Owner                         Beneficiary
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>         <C>            <C>         <C>          <C>                              <C>
VINCENT J. NAIMOLI
------------------

   John Hancock      25-Jan-95   $2,272,280     $136,140    $160,177     Raymond A. Naimoli, Trustee      $2,000,000 payable to the
     85310001                    Whole Life      Annual                    Vincent J. Naimoli 1992         Vincent J. Naimoli 1992
                                                                            Insurance Trust dated           Insurance Trust dated
                                                                              December 28, 1992                December 28, 1992
                                                                                                              Balance payable to
                                                                                                           Harvard Industries, Inc.~
</TABLE>






~Executed Split Dollar Agreement and Collateral Assignment outstanding