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                                                                  EXHIBIT 10.130

                                     WAIVER


                  THIS WAIVER, effective as of December 31, 1999, by the 1818
Mezzanine Fund, L.P., a Delaware limited partnership (the "Fund"), PC Investment
Company, a Delaware corporation ("PCI"), Progressive Investment Company, Inc., a
Delaware corporation ("Progressive"), Manufacturers Life Insurance Company
(U.S.A.), a Michigan corporation ("ML"), and The Structured Finance High Yield
Fund, LLC, a Delaware limited liability company ("SFHY"), for the benefit of
National Auto Finance Company, Inc., a Delaware corporation (the "Company"). The
Fund, PCI, ML and SFHY are sometimes collectively referred to herein as the
"Noteholders," and the Fund and Progressive are sometimes collectively referred
to herein as the "Equityholders."

                              PRELIMINARY STATEMENT

         Pursuant to a Securities Purchase Agreement, dated as of December 22,
1997 (the "December Agreement"), (i) the Fund, PCI and ML purchased from the
Company $40,000,000 aggregate principal amount of the Company's Senior
Subordinated Promissory Notes due December 22, 2004 (the "Notes"), and 1,038,924
detachable warrants to purchase initially 1,038,924 shares of the Company's
Common Stock, par value $.01 per share (the "Common Stock"), and (ii) the Fund
and Progressive purchased 1,904,762 shares of the Company's Common Stock.

         Pursuant to a Securities Purchase Agreement, dated as of March 27, 1998
(the "March Agreement"; the December Agreement and the March Agreement are
sometimes collectively



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referred to herein as the "Agreements"), SFHY purchased from the Company,
$20,000,000 aggregate principal amount of the Company's Notes and 593,671
detachable warrants to purchase initially 593,671 shares of the Company's Common
Stock.

         Pursuant to a Restructuring Agreement dated as of April 7, 1999 (the
"Restructuring Agreement"), among other things, the Company, the Noteholders and
the Equityholders amended Article 10 of each of the Agreements to add a new
Section 10.15, providing for a Return on Assets covenant (as defined in the
Restructuring Agreement).

         In conformity with applicable provisions of the Agreements and the
Restructuring Agreement (in particular, Section Eleven (11) Miscellaneous.
Subsection (e)(ii) Amendment and Waiver, the Company has requested the
Noteholders and Equityholders to waive the required Return on Assets covenant
for the Measurement Period ended on December 31, 1999.

         1. Waiver. For valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, each of the Noteholders and Equityholders, by and
through its authorized officers, does hereby waive compliance by the Company
with the Return on Assets covenant for the Measurement Period ended on the
Measurement Date of December 31, 1999, as such terms are defined in Section
10.15 of each of the Agreements and the Restructuring Agreement.



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         2. Ratification. Except as expressly set forth herein, this Waiver
shall not alter, waive, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Agreements,
the Restructuring Agreement, or any other agreement executed in connection
therewith, all of which are hereby ratified and affirmed in all respects by the
Noteholders, Equityholders and the Company, and shall continue in full force and
effect. This Waiver shall apply solely to the waiver of the Company's compliance
requirements with respect to attaining the designated Return on Assets covenant
for the Measurement Period ended on the Measurement Date of December 31, 1999,
and shall not be construed as waiving the Company's compliance requirements with
respect to such Return on Assets covenant for any future Measurement Period.

         3. Counterparts. This Waiver may be executed in any number of
counterparts and by the parties hereto in separate counterparts of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same Waiver.

         4. Notice of Waiver. In conformity and in accordance with Section
Eleven (11) Miscellaneous. Subsection (b) Notices, this Waiver is hereby
delivered by telecopier to the following:

<TABLE>
<CAPTION>
<S>                                                           <C>
         to the Fund:                                         with a copy to:

           The 1818 Mezzanine Fund, L.P.                        Cadwalader, Wickersham & Taft
           c/o Brown Brothers Harriman & Co.                    100 Maiden Lane
           59 Wall Street                                       New York, New York  10038
           New York, New York  10005                            Attention:  David C. L. Frauman, Esq.
           Attention:  Joseph P. Donlan                         Telecopier No.:  (212) 504-6666
           Telecopier No.:  212-493-8429
</TABLE>



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<TABLE>
<CAPTION>
<S>                                                           <C>
         to PCI or Progressive:                               with a copy to

           3 Parklands Drive, 2nd Floor                         Cadwalader, Wickersham & Taft
           Darien, Connecticut  06820                           100 Maiden Lane
           Attention:  Evelyn Erb                               New York, New York  10038
           Telecopier No.:  (203) 655-1200                      Attention:  David C. L. Frauman, Esq.
                                                                Telecopier No.:  (212) 504-6666

         to ML:                                               with a copy to:

           c/o MF Private Capital, Inc.                         Manufacturers Life Insurance Company
           45 Milk Street, Suite 600                            Corporate Law Department
           Boston, Massachusetts  02109-5105                    200 Bloor Street East
           Attention:  Raymond L. Bitt, Jr.                     Toronto, Ontario M4W 1ES, Canada
           Telecopier No.:  (617) 451-5601                      Attention:  William Dawson, Esq.
                                                                Telecopier No.:  (416) 926-5657

         to SFHY:                                              with a copy to:

           The Structured Finance High                          Cadwalader, Wickersham & Taft
             Yield Fund, LLC                                    100 Maiden Lane
           c/o Prudential Investments -- Structured             New York, New York  10038
             Finance Group                                      Attention:  David C. L. Frauman, Esq.
           One Gateway Center, 11th Floor                       Telecopier No.:  (212) 504-6666
           Newark, New Jersey  07106-5311
           Attention:  Steven M. Tompson
           Telecopier No.:  (973) 802-2147

         to the Company:                                       with a copy to:

           National Auto Finance Company, Inc.                  Weil, Gotshal & Manges LLP
           10302 Deerwood Park Blvd., Suite 100                 767 Fifth Avenue
           Jacksonville, Florida  32256                         New York, New York  10153-0119
           Attention:Stephen R. Veth                            Attention:  Howard Chatzinoff, Esq.
            Telecopier No.:  (904) 996-2557                     Telecopier No.:  (212) 310-8007
</TABLE>



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         IN WITNESS WHEREOF, each of the Noteholders and Equityholders has duly
executed this Waiver this 13th day of March, 2000.


                                       THE 1818 MEZZANINE FUND, L.P.

                                       By: Brown Brothers Harriman and Co.,
                                           its General Partner

                                       By:  /s/ JOSEPH P. DONLAN
                                          ----------------------------------
                                          Name: Joseph P. Donlan
                                          Title: Senior Manager


                                       PC INVESTMENT COMPANY

                                       By:  /s/ EVELYN ERB
                                          ----------------------------------
                                          Name: Evelyn Erb
                                          Title: Portfolio Manager


                                       PROGRESSIVE INVESTMENT
                                       COMPANY, INC.

                                       By:  /s/ EVELYN ERB
                                          ----------------------------------
                                          Name: Evelyn Erb
                                          Title: Portfolio Manager


                                       MANUFACTURERS LIFE INSURANCE
                                       COMPANY (U.S.A.)

                                       By:  /s/ RAYMOND L. BRITT
                                          ----------------------------------
                                          Name: Raymond L. Britt
                                          Title: Senior Managing Director

                                       THE STRUCTURED FINANCE HIGH YIELD
                                       FUND, LLC

                                       By:  /s/ STEVEN TOMPSON
                                          ----------------------------------
                                          Name: Steven Tompson
                                          Title: Managing Director



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