Document:

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                                                                     EXHIBIT 4.3

                     LOCKUP, STANDSTILL AND VOTING AGREEMENT

      LOCKUP, STANDSTILL AND VOTING AGREEMENT (this "AGREEMENT"), dated as of
December 15, 2000, by and among NATIONAL AUTO CREDIT, INC. ("NAC"), a Delaware
corporation, and (each of the following, a "SHAREHOLDER," and all of the
following together, collectively, the "SHAREHOLDERS"): Ernest C. Garcia, II;
Verde Reinsurance Company, Ltd., a Nevis Island corporation; Ernie Garcia III
2000 Trust; Brian Garcia 2000 Trust; Ray Fidel; Steven Johnson; Mark Sauder;
EJMS Investors Limited Partnership, an Arizona limited partnership; Colin
Bachinsky; Chris Rompalo; Donna Clawson; Mary Reiner; and Kathy Chacon.

                                    RECITALS:

      WHEREAS, concurrently with the execution of this Agreement, NAC, ZLT
Acquisition Corp. ("ZLT"), a Delaware corporation wholly owned by NAC, ZoomLot
Corporation ("ZOOMLOT"), a Delaware corporation, and the Shareholders have
entered into a certain Merger Agreement and Plan of Reorganization (the "MERGER
AGREEMENT"), dated as of even date herewith, pursuant to which the parties have
agreed, upon the terms and subject to the conditions set forth therein, to merge
ZoomLot into ZLT (the "MERGER");

      WHEREAS, the Merger Agreement contemplates that each share of the common
stock of ZoomLot shall be converted into or otherwise become shares of NAC
Capital Stock (as hereinafter defined) such that, following the Merger, each
Shareholder will be a shareholder of NAC;

      WHEREAS, Shareholders have represented that they currently Beneficially
Own (as hereinafter defined), in the aggregate, approximately 400,000 shares of
the common stock (the "COMMON STOCK"), $.05 par value, of NAC, as more
particularly set forth on Exhibit G to the Merger Agreement;

         WHEREAS, upon the closing of the transactions contemplated by the
Merger Agreement, the Shareholder Group (as hereinafter defined) will
Beneficially Own collectively approximately 18.9% of the Common Stock issued and
outstanding immediately after such closing; and

      WHEREAS, as an inducement and a condition to entering into the Merger
Agreement, NAC has required each Shareholder to agree, and each Shareholder has
agreed, to enter into this Agreement.

      NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises, representations, warranties, covenants and agreements contained in
this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties, intending to be
legally bound, agree as follows:

      SECTION 1. - CERTAIN DEFINITIONS. In addition to the terms defined
elsewhere in this Agreement, capitalized terms defined in the Merger Agreement
and used but not defined in this Agreement have the respective meanings ascribed
to them in the Merger Agreement. For purposes of this Agreement:

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          (a) "BENEFICIALLY OWN" or "BENEFICIAL OWNERSHIP" with respect to any
securities means having "beneficial ownership" of such securities as determined
pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended
(the "EXCHANGE ACT"); PROVIDED, HOWEVER, that notwithstanding paragraph (d) of
Rule 13d-3, for purposes hereof a Shareholder shall not be deemed to
"beneficially own" shares of any class or series of NAC Capital Stock having
voting rights until such time as such Shareholder actually acquires such shares
or acquires the right to vote such shares.

          (b) "CAPITAL STOCK" means any class or series of the capital stock of
NAC, whether voting or non-voting.

          (c) "COLLATERAL NAC SECURITIES" means, collectively, (i) any shares of
Common Stock or other securities of NAC issued by NAC as a dividend or other
distribution on account of any Capital Stock issued to any Shareholder in
connection with or as part of the Merger, (ii) any shares of Common Stock or
other securities of NAC issued by NAC upon the exercise, conversion, or exchange
of any such Capital Stock, and (iii) any shares of Common Stock or other
securities of NAC issued by NAC in full or partial consideration of the price
payable by NAC upon the redemption (whether at the option of NAC or the holder
of the respective security) of any such Capital Stock.

          (d) "FAMILY MEMBER" of any Shareholder means (i) the spouse of such
Shareholder, (ii) each child and grandchild of such Shareholder or of the spouse
of such Shareholder, (iii) each parent of such Shareholder, (iv) each sibling of
such Shareholder, (v) each mother-, father-, sister- and brother-in-law of such
Shareholder and (vi) each trust or similar arrangement under or pursuant to
which such Shareholder or any other individuals referred to in the preceding
clauses (i) through (v) is a trustee (or similar official) or a direct or
indirect beneficiary.

          (e) "LOCKUP PERIOD" shall have the meaning set forth in Section 7(a)
below.

          (f) "NAC VOTING SHARES" means shares of the Common Stock and any other
class or series of NAC Capital Stock having voting rights.

          (g) "PERSON" means any individual, corporation, partnership (limited
or general), limited liability company, trust, joint venture or other entity.

          (h) "PRE-OWNED NAC SHARES" of any Shareholder mean the shares of
Common Stock owned by such Shareholder as of the date of this Agreement as
reflected in Exhibit G to the Merger Agreement.

          (i) "SHAREHOLDER GROUP" means the Shareholders, together with their
respective affiliates (i.e., a Person that directly, or indirectly through one
or more intermediaries, controls or is controlled by, or is under common control
with, the Shareholder.) and associates (as such term is defined in Rule 14a-1(a)
under the Exchange Act) and any other Person with whom any of them acts as a
partnership, limited partnership, syndicate or other group for the purpose of
acquiring, holding or disposing of, or voting or otherwise granting any consent
or approval with respect to the votes or similar rights attendant to, any
securities of NAC. For the purposes of the foregoing, all Family Members of any
Shareholder shall be deemed to be members of the Shareholder Group.

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          (j) As used herein, the term "VOTE" shall also include the giving of
written consents or written approvals.

          (k) "VOTING PERIOD" shall have the meaning set forth in Section 5(a)
below.

      SECTION 2. - REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS. Each
Shareholder, with respect to such Shareholder only, represents and warrants to
NAC as follows:

          (a) OWNERSHIP OF SHARES. Such Shareholder is the sole record and
Beneficial Owner of the number of shares of the common stock of ZoomLot (the
"ZOOMLOT SHARES") set forth in the column opposite his/her/its name on Exhibit G
to the Merger Agreement. There are no outstanding options or other rights to
acquire from such Shareholder, or obligations of such Shareholder to sell or to
acquire, any of the ZoomLot Shares except pursuant to the Merger Agreement.
Except as disclosed in SCHEDULE 2(a) to this Agreement, with respect to all of
such Shareholder's ZoomLot Shares and all shares of the Common Stock
Beneficially Owned by such Shareholder prior to the date hereof such Shareholder
has, and with respect to any and all NAC Capital Stock to be acquired in the
Merger such Shareholder will have, sole voting power and sole power to issue
instructions with respect to the matters herein, sole power of disposition, sole
power of conversion, sole power to demand appraisal rights and sole power to
agree to all of the matters set forth in this Agreement, in each case with no
limitations, qualifications or restrictions on such rights, subject, however, to
applicable securities laws and the terms of the Merger Agreement and this
Agreement.

          (b) POWER; BINDING AGREEMENT. Such Shareholder has the legal capacity,
power and authority to enter into and perform all of such Shareholder's
obligations under this Agreement. This Agreement has been duly and validly
executed and delivered by such Shareholder and constitutes a valid and binding
agreement of such Shareholder, enforceable against such Shareholder in
accordance with its terms except that (i) such enforcement may be subject to
applicable bankruptcy, insolvency or other similar laws, now or hereafter in
effect, affecting creditors' rights generally, and (ii) the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to
equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.

          (c) NO CONFLICTS. Except for filings under Sections 13(d) and 16 of
the Exchange Act, no filing with, and no permit, authorization, consent or
approval of, any state or federal public body or authority (a "GOVERNMENTAL
ENTITY") is necessary for the execution of this Agreement by such Shareholder
and the consummation by such Shareholder of the transactions contemplated by
this Agreement. None of the execution and delivery of this Agreement by such
Shareholder, the consummation by such Shareholder of the transactions
contemplated by this Agreement or compliance by such Shareholder with any of the
provisions, terms and conditions of this Agreement shall (i) conflict with or
result in any breach of any organizational documents applicable to such
Shareholder, (ii) result in a violation or breach of, or constitute (with or
without notice or lapse of time or both) a default (or give rise to any third
party right of termination, cancellation, material modification or acceleration)
under any of the terms, conditions or provisions of any note, loan agreement,
bond, mortgage, indenture, license, contract, commitment, arrangement,
understanding, agreement or other instrument or obligation of any kind to which
such Shareholder is a party or by which such Shareholder or any of his/her/its
properties or assets may

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be bound, or (iii) violate any order, writ, injunction, decree, judgment, order,
statute, rule or regulation applicable to such Shareholder or any of such
Shareholder's properties or assets.

          (d) NO ENCUMBRANCE. Except as expressly permitted by this Agreement,
the ZoomLot Shares are now, and at all times during the term of this Agreement
all of the NAC Capital Stock and all Collateral NAC Securities owned or held by
such Shareholder will be, held by such Shareholder, or by a nominee or custodian
for the benefit of such Shareholder, free and clear of all mortgages, claims,
charges, liens, security interests, pledges or options, proxies, voting trusts
or agreements, understandings or arrangements, or any other rights whatsoever
("ENCUMBRANCES"), except for any such Encumbrances arising hereunder.

          (e) NO FINDER'S FEES. No broker, investment banker, financial advisor
or other person is entitled to any broker's, finder's, financial adviser's or
other similar fee or commission in connection with the transactions contemplated
by this Agreement based upon arrangements made by or on behalf of such
Shareholder.

          (f) RELIANCE BY NAC. Such Shareholder understands and acknowledges
that NAC is entering into the Merger Agreement in reliance upon such
Shareholder's execution, delivery and performance of this Agreement.

      SECTION 3. - DISCLOSURE. Each Shareholder agrees to permit NAC to publish
and disclose in all documents and schedules filed with the Securities and
Exchange Commission (the "SEC"), and any press release or other disclosure
document that NAC, in its sole discretion, determines to be necessary or
desirable in connection with the Merger and any transactions related to the
Merger, such Shareholder's identity and ownership of NAC Common Stock (and, if
applicable, Capital Stock and Collateral NAC Securities) and the nature of
Shareholder's commitments, arrangements and understandings under this Agreement.

      SECTION 4. - DIRECTORS AND OFFICERS. Notwithstanding any provision of this
Agreement to the contrary, nothing in this Agreement shall limit or restrict a
Shareholder from acting in the capacity as a director or officer of ZoomLot or
NAC (it being understood that this Agreement shall apply to a Shareholder solely
in such Shareholder's capacity as a shareholder of ZoomLot prior to the Merger
and of NAC thereafter).

      SECTION 5. - VOTING AGREEMENT

          (a) As used herein, the term "VOTING PERIOD" shall mean each period
commencing at such time as the Shareholder Group Beneficially Owns NAC Voting
Shares that, if voted, would be able to be exercised with respect to a number of
votes in excess of 15% of the total number of votes that could then be cast by
the holders of all of the NAC Voting Shares then issued and outstanding on any
manner with respect to which NAC Voting Shares may then be voted (regardless of
whether such percentage ownership is the consequence of any acquisition or other
action taken by or on behalf of any member of the Shareholder Group, any action
taken by NAC (such as, by way of example only, a repurchase, redemption or
cancellation of other shares of NAC Voting Shares) or any other situation or
circumstance) and continuing until such time as the Shareholder Group
Beneficially Owns NAC Voting Shares that, if voted, would not be able to be
exercised with respect to a number of votes equal to at least 8% of the total
number of votes that could then be cast by the holders of all of the NAC Voting
Shares then issued and outstanding on any manner with respect to which NAC
Voting Shares may then be voted. In the event, following

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the termination of a Voting Period on account of the Shareholder Group
Beneficially Owning NAC Voting Shares that, if voted, would be able to be
exercised with respect to a number of votes equal to less than 15% of the total
number of votes that could then be cast by the holders of all of the NAC Voting
Shares then issued and outstanding on any manner with respect to which NAC
Voting Shares may then be voted, the Shareholder Group shall again Beneficially
Own NAC Voting Shares that, if voted, would be able to be exercised with respect
to a number of votes equal to in excess of 15% of the total number of votes that
could then be cast by the holders of all of the NAC Voting Shares then issued
and outstanding on any manner with respect to which NAC Voting Shares may then
be voted, a new Voting Period will commence.

          (b) During each Voting Period, unless the requirements of this clause
(b) have been waived by NAC pursuant to a resolution adopted by the Board of
Directors of NAC, each Shareholder shall promptly and timely, (I) on each and
every matter that is submitted to the shareholders of NAC for their vote and
with respect to which the NAC Voting Shares then owned by such Shareholder or
with respect to which such Shareholder has voting power may be voted, or the
votes attendant to such Shares may be exercised, vote all such NAC Voting
Shares, or exercise such votes, in the same proportions in which all other NAC
Voting Shares voted on such matter are voted (without taking into consideration,
in determining such proportions, any NAC Voting Shares that are not voted or
with respect a "non-vote" or abstention is exercised or registered) and (II) on
each and every matter that is submitted to the shareholders of NAC for their
consent or approval and with respect to which such Shareholder may grant any
right of consent or approval attendant to the NAC Voting Shares then owned by
such Shareholder or with respect to which such Shareholder has voting power,
exercise such right of consent or approval in the same proportions in which the
right of consent or approval attendant to all other NAC Voting Shares is granted
or denied. Notwithstanding anything contained in the foregoing to the contrary,
at such time as the holders of shares of NAC's outstanding Series B Preferred
Stock are not entitled to elect at least one member to NAC's Board of Directors,
a Shareholder shall be entitled to vote all of the NAC Voting Shares then owned
by such Shareholder or with respect to which such Shareholder has voting power,
or otherwise exercise any consent or approval attendant to such Shares, in favor
of the election to NAC's Board of Directors of any nominee selected by the
Shareholders' Representative as contemplated by Section 1.10 of the Merger
Agreement.

          (c) All determinations concerning the Beneficial Ownership percentage
of the Shareholder Group, including the determination of whether a shareholder
is a member of the Shareholder Group, shall be made by NAC's Board of Directors
in its reasonable discretion. Any director who was nominated by the Shareholders
or the Shareholders' Representative pursuant to the Merger Agreement shall not
participate in the discussion or decision with respect to such determination.

          (d) In order more fully to assure the performance by each Shareholder
of his/her/its obligations under the foregoing provisions of this Section 5,
each Shareholder hereby irrevocably constitutes and appoints James McNamara and
_______________, or either of them and each of them individually, as such
Shareholder's true and lawful attorney-in-fact and agent (with full power of
substitution and resubstitution), to act for and in the name, place and stead of
such Shareholder, in any and all capacities, to perform such Shareholder's
obligations under this Agreement in the event that such Shareholder shall fail
to perform such obligations him-, her- or itself.

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          (e) Notwithstanding anything contained herein to the contrary, in the
event the Reading Settlement is terminated, other than pursuant to Section
10(b)(i) thereof on account of the Stockholders (as defined in the Reading
Settlement) collectively owning, directly or indirectly, beneficially or of
record, together with all Affiliates (as defined in the Reading Settlement) of
such Stockholders, in the aggregate, less than 10% of NAC's then issued and
outstanding Company Voting Stock (as defined in the Reading Settlement), the
restrictions in the foregoing provisions of this Section 5 shall terminate and
no longer be binding upon any of the parties hereto.

      SECTION 6. - STANDSTILL AGREEMENT

          (a) STANDSTILL. At all times from and after the date hereof, and until
June 30, 2003, except with the approval or consent of the Board of Directors of
NAC as evidenced by a resolution duly adopted by such Board, each Shareholder
shall not, and shall not permit any entity controlled by such Shareholder to, in
any manner, directly or indirectly:

              (i) acquire, or offer or agree to acquire, directly or indirectly,
          by purchase or otherwise, any beneficial interest in the NAC Capital
          Stock, or any securities convertible into or exchangeable for, or any
          other right to acquire NAC Capital Stock (except by way of (A) stock
          dividends or other distributions made on a pro rata basis with respect
          to NAC Merger Shares acquired by such Shareholder as a result of the
          Merger Agreement or such Shareholders' Pre-Owned Shares, (B) the
          issuance of securities upon the conversion or exchange of such NAC
          Merger Shares or (C) the issuance of securities in full or partial
          payment for any price payable by NAC upon the redemption of such NAC
          Merger Shares) if, immediately following such acquisition, the members
          of the Shareholder Group would Beneficially Own, in the aggregate,
          more than 45% (the "STANDSTILL PERCENTAGE") of the then outstanding
          Common Stock (it being agreed and understood that, for purposes of
          determining whether the Shareholder Group would Beneficially Own in
          the aggregate more than the Standstill Percentage of the then
          outstanding Common Stock, (I) each Shareholder shall, for each share
          of Series C Preferred Stock that is Beneficially Owned by such
          Shareholder and that is not, by it terms, convertible into shares of
          Common Stock, be deemed to own ten (10) shares of Common Stock (which
          number shall be subject to adjustment on account of any stock split,
          reorganization or recapitalizations) and (II) in addition to such
          other shares of Common Stock as are then outstanding, there shall be
          deemed to be outstanding a number of shares of Common Stock equal to
          the product of (A) the number of shares of Series C Preferred Stock
          then outstanding times (B) ten (10) (which number shall be subject to
          adjustment on account of any stock split, reorganization or
          recapitalizations)); provided, that if NAC repurchases or
          recapitalizes any of its shares and such repurchases or
          recapitalization result in the members of the Shareholder Group owning
          more than the Standstill Percentage at the effective time of such
          repurchase or recapitalization, no member of the Shareholder Group
          shall be obligated to divest him-, her- or itself of shares of NAC
          Capital Stock to meet the Standstill Percentage, but no member of the
          Shareholder Group shall (except by way of (A) stock dividends or other
          distributions made on a pro rata basis with respect to NAC Merger
          Shares acquired by such Shareholder as a result of the Merger
          Agreement or such Shareholders' Pre-Owned Shares, (B) the issuance of
          securities upon the

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          conversion or exchange of such NAC Merger Shares or (C) the issuance
          of securities in full or partial payment for any price payable by NAC
          upon the redemption of such NAC Merger Shares) acquire any additional
          shares of NAC Capital Stock unless such acquisition would otherwise be
          permitted under this Section 6;

              (ii) solicit proxies or consents or become a "participant"
          in a "solicitation" (as such terms are defined in Regulation 14A under
          the Exchange Act) of proxies or consents with respect to securities of
          NAC with regard to any matter;

              (iii) seek to advise, encourage or influence any Person with
          respect to the voting of any securities of NAC, or induce, attempt to
          induce or in any manner assist any other Person in initiating any
          stockholder proposal or tender or exchange offer for securities of NAC
          or any change of control of NAC, or for the purpose of convening a
          stockholders' meeting of NAC; provided, that (A) any Shareholder may
          tender in any such tender or exchange offer and (B) no presentation
          before or other communication with the Board of Directors of NAC shall
          be deemed to constitute a violation of the foregoing restriction or
          prohibition;

              (iv) acquire or agree to acquire, by purchase or otherwise, more
          than 5% of any class of equity securities of any entity that, prior to
          the time such Shareholder acquires more than 5% of such class, is
          publicly disclosed (by filing with the Securities and Exchange
          Commission or otherwise), or is otherwise known to such Shareholder,
          to be the beneficial owner of more than 5% of the outstanding NAC
          Capital Stock or any class or series thereof;

              (v) make any public announcement regarding any possibility,
          intention, plan or arrangement relating to a tender or exchange offer
          for securities of NAC or a business combination (or other similar
          transaction that would result in a change of control), sale of assets,
          liquidation or other extraordinary corporate transaction between such
          Shareholder and NAC, or take any action that could reasonably be
          expected to require NAC to make a public announcement regarding any of
          the foregoing;

              (vi) deposit any securities of NAC in a voting trust or subject
          any securities of NAC to any arrangement or agreement with respect to
          the voting of securities of NAC, other than as provided in this
          Agreement; or

              (vii) form, join or in any way participate in a partnership,
          limited partnership, syndicate or other group (or otherwise act in
          concert with any other Person, except as a member of the Shareholder
          Group), for the purpose of (A) acquiring, holding or voting of
          securities of NAC (other than pursuant to the Merger Agreement), or
          (B) taking any other actions restricted or prohibited under clauses
          (i) through (vi) of this Section 6(a), or announce an intention to do,
          or enter into any arrangement or understanding with others to do, any
          of the actions restricted or prohibited under clauses (i) through (vi)
          of this Section 6(a).

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      (b) PERMITTED TRANSACTIONS.

              (i) The restrictions contained in Section 6(a) of this
          Agreement shall immediately and automatically be suspended upon the
          occurrence and during the continuation of any of the following events
          and/or the completion of any competing proposal of a shareholder,
          unless the relevant event occurs with the consent or approval of NAC's
          Board of Directors: (i) the filing with the SEC of a Schedule 13D (or
          any successor filing) by any Person or group outside the Shareholder
          Group indicating that such Person or group has acquired more than 15%
          of the outstanding shares of Common Stock, which Schedule 13D
          expresses the filing party's intention to assume control of NAC,
          whether by tender offer, merger, proxy contest or otherwise; (ii) the
          commencement of a tender offer by any Person or group outside the
          Shareholder Group to acquire 15% or more of the outstanding shares of
          Common Stock; (iii) the solicitation of proxies by any Person (other
          than NAC or a member of the Shareholder Group) to which Rules 14a-3 to
          14a-15 under the Exchange Act (or any successor rules) applies that is
          intended to effect a change in the majority of members of NAC's Board
          of Directors or .

              (ii) Section 6(a) hereof shall not prohibit transfers between
          members of the Shareholder Group or to their affiliates or Family
          Members, provided that each such transferee who has not previously
          executed this Agreement shall have agreed in writing, in form and
          substance reasonably acceptable to NAC and delivered to NAC, to be
          bound hereby.

              (iii) Notwithstanding anything contained herein to the contrary,
          in the event the Reading Settlement is terminated, other than pursuant
          to Section 10(b)(i) thereof on account of the Stockholders (as defined
          in the Reading Settlement) collectively owning, directly or
          indirectly, beneficially or of record, together with all Affiliates
          (as defined in the Reading Settlement) of such Stockholders, in the
          aggregate, less than 10% of NAC's then issued and outstanding Company
          Voting Stock (as defined in the Reading Settlement), the restriction
          contained in Section 6(a) shall terminate and no longer be binding
          upon any of the parties hereto.

      SECTION 7. - LOCKUP AGREEMENT.

          (a) DEFINITION OF LOCKUP. As used herein, the term "LOCKUP" shall mean
the agreement of Shareholder not to sell, make any short sale of, loan, grant
any option for the purchase of, or otherwise dispose of any NAC Capital Stock
without the prior written consent of NAC, from the date hereof and extending for
such period of time (the "LOCKUP PERIOD") as set forth herein.

          (b) FORFEITABLE SHARE LOCKUP PERIOD. The Forfeitable Shares
Beneficially Owned or to be Beneficially Owned by any Shareholder (and all
Collateral NAC Securities (i) issued by NAC as a dividend or other distribution
on account of any Forfeitable Shares, (ii) issued by NAC upon the exercise,
conversion or exchange of any Forfeitable Shares or

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(iii) issued by NAC in full or partial consideration of the price payable by NAC
upon the redemption (whether at the option of NAC or the holder of the
respective security) of any Forfeitable Shares) shall be subject to Lockup until
September 30, 2004.

          (c) NON-FORFEITABLE SHARE LOCKUP PERIOD.

               (i) The Nonforfeitable Shares (and all Collateral NAC Securities
          (i) issued by NAC as a dividend or other distribution on account of
          any Nonforfeitable Shares, (ii) issued by NAC upon the exercise,
          conversion or exchange of any Nonforfeitable Shares or (iii) issued by
          NAC in full or partial consideration of the price payable by NAC upon
          the redemption (whether at the option of NAC or the holder of the
          respective security) of any Nonforfeitable Shares) received or to be
          received by any Shareholder shall be subject to Lockup until June 30,
          2002.

               (ii) Thereafter, one-half (1/2) of the Nonforfeitable Shares
          (and one-half (1/2) of all Collateral NAC Securities (i) issued by NAC
          as a dividend or other distribution on account of any Nonforfeitable
          Shares, (ii) issued by NAC upon the exercise, conversion or exchange
          of any Nonforfeitable Shares or (iii) issued by NAC in full or partial
          consideration of the price payable by NAC upon the redemption (whether
          at the option of NAC or the holder of the respective security) of any
          Nonforfeitable Shares) shall be released from Lockup, and one-half
          (1/2) of the Nonforfeitable Shares (and one-half (1/2) of all
          Collateral NAC Securities (i) issued by NAC as a dividend or other
          distribution on account of any Nonforfeitable Shares, (ii) issued by
          NAC upon the exercise, conversion or exchange of any Nonforfeitable
          Shares or (iii) issued by NAC in full or partial consideration of the
          price payable by NAC upon the redemption (whether at the option of NAC
          or the holder of the respective security) of any Nonforfeitable
          Shares) shall continue to be subject to Lockup until December 31,
          2002.

          (d) RESTRICTIONS ON EXERCISE OF CERTAIN RIGHTS DURING THE STANDSTILL
PERIOD. For so long as any security issued by NAC is subject to Lockup pursuant
to this Section 7, the holder thereof shall not exercise any right (i) to
convert such security into any other security or securities of NAC other than
shares of Common Stock or (ii) to require or cause NAC to redeem such security.

          (e) ADDITIONAL LOCKUP AGREEMENT. If an underwriter managing an
underwritten offering of NAC's securities in connection with the registration of
shares of NAC Capital Stock requires the officers or directors of NAC to enter
into a lockup agreement (an "INSIDER LOCKUP AGREEMENT"), each Shareholder also
agrees to execute and deliver to such underwriter an additional lockup
agreement, in substantially the same form and upon substantially same terms as
the Insider Lockup Agreement, not to exceed the time limitations set forth in
Section 2.2 (b) of the Registration Rights Agreement.

      SECTION 8. - PROXIES. Each Shareholder represents that any proxies given
by such Shareholder prior to this Agreement regarding the ZoomLot Shares are not
irrevocable, and that

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any such proxies have been revoked. Each Shareholder covenants that he/she/it
shall not give a proxy or otherwise transfer any voting or similar rights with
respect to any NAC Voting Shares to any Person during the term of this
Agreement, except as expressly permitted by this Agreement. Notwithstanding the
foregoing, a Shareholder may give a proxy to the person(s) designated by NAC's
Board of Directors in connection with a proxy solicitation by NAC's Board of
Directors or to the Shareholder Representative, provided that, pursuant to such
proxy, the holder of such proxy is directed, during any Voting Period, is
designated to be voted or exercised in accordance with Section 6 above. Any
proxy granted or issued by any Shareholder in violation of the foregoing
provisions of this Section 9 shall be null and void and of no force or effect.

      SECTION 9. - LEGEND/STOP TRANSFER.

          (a) Any certificate evidencing NAC Voting Shares or any Collateral NAC
Securities issued at any time, including the certificates issued to the
Shareholders representing the NAC Merger Shares, shall (in addition to such
other legend(s) as may be required under the Merger Agreement of by law) have
the following legend written, printed or stamped upon the face thereof:

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
          TERMS, CONDITIONS AND RESTRICTIONS OF A LOCKUP, STANDSTILL AND VOTING
          AGREEMENT, DATED AS OF DECEMBER 15, 2000, AMONG NATIONAL AUTO CREDIT,
          INC. AND CERTAIN SHAREHOLDERS, A COPY OF WHICH AGREEMENT IS ON FILE AT
          THE OFFICES OF NATIONAL AUTO CREDIT, INC. SUCH AGREEMENT, AMONG OTHER
          THINGS, MAY RESTRICT THE TRANSFER AND VOTING RIGHTS OF THE SECURITIES
          REPRESENTED BY THIS CERTIFICATE. THE SECURITIES REPRESENTED BY THIS
          CERTIFICATE MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, PLEDGED OR
          OTHERWISE TRANSFERRED, ENCUMBERED OR DISPOSED OF, EXCEPT AS EXPRESSLY
          PROVIDED IN SUCH AGREEMENT. STOP TRANSFER INSTRUCTIONS HAVE BEEN
          PLACED AGAINST THE SECURITIES AND THE CERTIFICATES EVIDENCING THE
          SECURITIES TO RESTRICT THEIR TRANSFER, EXCEPT AS PERMITTED UNDER SUCH
          AGREEMENT.

          (b) Each Shareholder consents to the placing of stop transfer
instructions against such Shareholder's NAC Voting Shares and NAC Collateral
Securities and the certificates evidencing the NAC Voting Shares and NAC
Collateral Securities to restrict their transfer except as permitted under this
Agreement.

      SECTION 10. - TERMINATION. This Agreement shall terminate on December 31,
2007; provided that certain provisions hereof, or the effect thereof, may
terminate prior thereto in accordance with the terms of this Agreement.

SECTION 11.  -    MISCELLANEOUS.

          (a) ENTIRE AGREEMENT. This Agreement (together with the Merger
Agreement and any other agreements, documents or instruments referred to herein
or therein) constitutes the entire agreement with respect to the subject matter
hereof and thereof and

                                      -10-
<PAGE>   11

supersedes all other prior or contemporaneous agreements and understandings,
both written and oral, among the parties, or any of them, with respect to such
subject matter.

          (b) SUCCESSORS AND ASSIGNS. This Agreement shall not be assigned by
operation of law or otherwise without the prior written consent of NAC and the
Shareholders' Representative, and any effort to make any assignment in violation
of the foregoing shall be null and void and of no force or effect. This
Agreement shall be binding upon and enforceable against each party and each
party's respective heirs, beneficiaries, executors, representatives, successors
and assigns and shall inure to the benefit of and be enforceable by each party
and each party's respective heirs, beneficiaries, executors, representatives,
successors and permitted assigns.

          (c) AMENDMENT AND MODIFICATION. This Agreement may not be amended,
altered, supplemented or otherwise modified except as provided in a written
agreement executed and delivered by the parties hereto; provided, however, that
any amendment, alteration, supplement or other modification signed by the
Shareholders' Representative shall be binding upon each and all of the
Shareholders with the same force and effect as if the same had been signed by
each of the Shareholders.

          (d) NOTICES. All notices and other communications hereunder shall be
in writing and shall be deemed given upon (i) transmitter's confirmation of a
receipt of a facsimile transmission, (ii) confirmed delivery by a standard
overnight carrier or when delivered by hand (with written confirmation of
receipt) or (iii) the expiration of five (5) business days after the day when
mailed by certified or registered mail, postage prepaid, addressed at the
following addresses (or at such other address for a party as shall be specified
by like notice); provided, however, that any notice of change of address or
facsimile number shall be effective only upon the receipt thereof:

           If to National Auto Credit to:

                           National Auto Credit, Inc.
                           30000 Aurora Road
                           Solon, Ohio 44139
                           Attn: Chief Executive Officer
                           FAX: ________________

            with a copy to:

                           Parker Duryee Rosoff & Haft
                           529 Fifth Ave., 8th Fl.
                           New York, NY 10017
                           Attn: Herbert F. Kozlov, Esq.
                           FAX: 212-972-9487

           If to the Shareholders
           (or any of them):

                           Ernest C. Garcia, II
                           Verde Capital Partners, LLC
                           2525 East Camelback, Suite 1150
                           Phoenix, AZ 85016

                                      -11-
<PAGE>   12

                           FAX: 602-667-2484

           with a copy to:

                           Snell & Wilmer, L.L.P.
                           One Arizona Center
                           Phoenix, AZ  85004
                           Attn:  Steven D. Pidgeon
                           FAX: 602-382-6070

          (e) SEVERABILITY. Any term or provision of this Agreement that is held
to be invalid, illegal or unenforceable in any respect in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Agreement or affecting the validity or
enforceability of any of the terms or provisions of this Agreement in any other
jurisdiction. If any provision of this Agreement is so broad as to be
unenforceable, the provision shall be interpreted to be only so broad as is
enforceable.

          (f) SPECIFIC PERFORMANCE. Each of the Shareholders recognizes and
acknowledges that a breach by him/her/it of any of the covenants and agreements
contained in this Agreement will cause NAC to sustain damages for which it would
not have an adequate remedy at law for monetary damages, and therefore, each
Shareholder agrees that, in the event of any such breach or threatened breach,
NAC shall be entitled to the remedy of specific performance of such covenants
and agreements and injunctive and other equitable relief, without being required
to post any bond or provide any other surety or undertaking, in addition to any
other remedy to which it may be entitled, at law or in equity.

          (g) NO WAIVER. No provision hereof may be waived, in whole or in part,
except as provided in a written agreement executed and delivered by the parties
hereto; provided, however, that any waiver signed by the Shareholders'
Representative shall be binding upon each and all of the Shareholders with the
same force and effect as if the same had been signed by each of the
Shareholders. No waiver of any breach or default hereunder shall be considered
valid unless in writing. The failure of any party to exercise any right, power
or remedy provided under this Agreement or otherwise available in respect of
this Agreement at law or in equity, or to insist upon compliance by any other
party with its obligation under this Agreement, and any custom or practice of
the parties at variance with the terms of this Agreement, will not constitute a
waiver by such party of his/her/its right to exercise any such or other right,
power or remedy or to demand such compliance.

          (h) NO THIRD PARTY BENEFICIARIES. This Agreement is not intended to
confer upon any Person other than the parties hereto any rights or remedies
hereunder.

          (i) GOVERNING LAW. This Agreement shall be governed and construed in
accordance with the internal laws of the State of Delaware, without giving
effect to the principles of conflict of law thereof.

          (j) INTERPRETATION. The descriptive headings used herein are for
reference purposes only and will not affect in any way the meaning or
interpretation of this Agreement. References to Sections and Paragraphs refer to
sections and paragraphs of this Agreement unless

                                      -12-
<PAGE>   13

otherwise stated. Words such as "herein," "hereinafter," "hereof," "hereto,"
"hereby" and "hereunder," and words of like import, unless the context requires
otherwise, refer to this Agreement (including the exhibits and attachments
hereto). As used in this Agreement, the masculine, feminine and neuter genders
shall be deemed to include the others if the context requires. This Agreement is
the product of mutual negotiation; and no party shall be deemed the draftsperson
hereof or of any portion or provision hereof.

          (k) EXPENSES. All costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby shall be paid by the party
incurring the expenses (subject, however, to clause (l) below).

          (l) INDEMNIFICATION. Each Shareholder shall indemnify and hold
harmless NAC from and against, and shall reimburse NAC for, any and all damages,
charges, claims, liabilities, costs and expenses (including, without limitation,
reasonable attorneys' fees and other costs of collection or enforcement)
resulting from or occasioned by any breach by such Shareholder of any of
his/her/its representations, warranties, covenants and other agreements set
forth in this Agreement.

          (m) FURTHER ASSURANCES. From time to time, at any other party's
request and without further consideration, each party shall execute and deliver
any additional documents and take any further lawful action as may be necessary
or desirable to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Agreement. No Shareholder
shall take any action inconsistent with the purposes and provisions of this
Agreement.

          (n) COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

      IN WITNESS WHEREOF, NAC and the Shareholders have caused this Agreement to
be duly executed as of the day and year first written above.

                                       NATIONAL AUTO CREDIT, INC., a Delaware
                                       corporation

                                       By:
                                          --------------------------------------
                                       Name:
                                            ------------------------------------
                                       Title:
                                             -----------------------------------

                                            ------------------------------------
                                            ERNEST C. GARCIA, II

                                      -13-
<PAGE>   14

                                VOTING AGREEMENT

                                 SIGNATURE PAGE

                                       VERDE REINSURANCE COMPANY, LTD., a Nevis
                                       Island corporation

                                       By:
                                          --------------------------------------
                                          Name: Ernest C. Garcia, II
                                          Title: Managing Director

                                       ERNIE GARCIA III 2000 TRUST

                                       By:
                                          --------------------------------------
                                          Name: Steven P. Johnson
                                          Title:  Trustee

                                       BRIAN GARCIA 2000 TRUST

                                       By:
                                          --------------------------------------
                                          Name: Steven P. Johnson
                                          Title:  Trustee

                                          --------------------------------------
                                          RAY FIDEL

                                          --------------------------------------
                                          STEVEN P. JOHNSON

                                          --------------------------------------
                                          MARK SAUDER

                                       EJMS INVESTORS LIMITED PARTNERSHIP,
                                       an Arizona limited partnership
                                            By: SMJE Investors,  LLC, an Arizona
                                                limited liability company, the
                                                General Partner

                                       By:
                                          --------------------------------------
                                          Name:
                                               ---------------------------------
                                          Title:
                                                --------------------------------

                                      -14-
<PAGE>   15

                                VOTING AGREEMENT

                                 SIGNATURE PAGE

                                       -----------------------------------------
                                       COLIN BACHINSKY

                                       -----------------------------------------
                                       CHRIS ROMPALO

                                       -----------------------------------------
                                       DONNA CLAWSON

                                       -----------------------------------------
                                       MARY REINER

                                       -----------------------------------------
                                       KATHY CHACON

                                      -15-
<PAGE>   16

                                  SCHEDULE 2(a)

                      SHARED VOTING POWER AND OTHER POWERS

None

                                      -16-<PAGE>   1
                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

        EMPLOYMENT AGREEMENT (this "Agreement"), effective as of November 3,
2000 (the "Effective Date"), between JAMES J. MCNAMARA ("Executive") and
NATIONAL AUTO CREDIT, INC., a Delaware corporation ("Employer").

        In consideration of the premises and the mutual covenants hereinafter
set forth and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

1.      EMPLOYMENT OF EXECUTIVE

        Employer hereby agrees to employ Executive, and Executive hereby agrees
to be and remain in the employ of Employer, upon the terms and conditions
hereinafter set forth.

2.      EMPLOYMENT PERIOD; EMPLOYMENT YEAR

        2.1 EMPLOYMENT PERIOD. Subject to earlier termination as provided in
Section 5, the term of Executive's employment under this Agreement shall
commence as of the date hereof and shall continue until December 31, 2003 (the
"Initial Employment Period"). Unless either party gives notice of non-renewal at
least ninety (90) days prior to the expiration of the Initial Employment Period
or any extension thereof, the term of this Agreement shall be extended for an
additional one (1) year period beyond the end of the Initial Employment Period,
or the end of any extension thereof, as the case may be (the Initial Employment
Period and any extension thereof is hereafter referred to as the "Employment
Period").

        2.2 EMPLOYMENT YEAR. Each 12-month period ending on October 31 shall be
hereinafter considered an "Employment Year."

3.      DUTIES AND RESPONSIBILITIES; PLACE OF PERFORMANCE

        3.1 DUTIES AND RESPONSIBILITIES. During the Employment Period, Executive
shall have the titles of Chairman of the Board and Chief Executive Officer of
the Employer. Executive shall devote substantially all of his business time to
the Employer. Executive shall be responsible for the affairs of the Employer and
its subsidiaries in pursuit of the Employer's Business. Executive shall perform
such duties, consistent with his status as Chairman of the Board and Chief
Executive Officer of Employer, as he may be assigned from time to time by
Employer's Board of Directors (the "Board").

        3.2 PLACE OF PERFORMANCE. In connection with his employment during the
Employment Period, the Executive shall be based at the Employer's current
principal offices in Solon, Ohio or such other principal offices as may be
established in the future by the Board. Executive shall travel to such principal
office, as necessary, from his home and shall be reimbursed by Employer for all
expenses thereof. Employer shall maintain an office for the Executive in either
New York, New York or Palm Beach County, Florida.

<PAGE>   2

4.      COMPENSATION AND RELATED MATTERS

        4.1 BASE SALARY. Employer shall pay to Executive a base salary at the
rate of $500,000 per annum, subject to increase at the discretion of the Board
(the initial base salary, including any Board approved increase thereof, the
"Base Salary"), payable in advance in monthly increments.

        4.2 ANNUAL BONUS. Schedule A hereto sets forth certain performance
objectives (each a "Milestone") for the Employer to achieve during each
Employment Year during the Initial Employment Period. To the extent the relevant
Milestone for any Employment Year is achieved, Executive shall receive a cash
bonus based on a target of $250,000 per year (the "Target Bonus"). Executive's
bonus in any Employment Year may be increased above the Target Bonus if, in the
opinion of the Board, such increase is appropriate to reward Executive's
performance for such year (the Target Bonus, together with any increase, being
hereinafter referred to as the "Bonus"). Except as otherwise set forth in
Section 6 hereof, if any Milestone for the Employment Year in which the
Employment Period terminates has been achieved prior to such termination,
Executive shall be entitled to receive the full amount of the Target Bonus.

        (a) Schedule A contains Milestones expressed in terms of the Stock Price
of Employer. As used herein, "Stock Price" shall mean the average of the closing
bid prices of the Common Stock ("Common Stock"), par value $.05 per share, of
Employer, as reported by the principal market where the Common Stock is then
traded, over the [10] trading days preceding October 31 in each Employment Year
(as adjusted for stock splits, stock dividends, reclassification or other
similar events). If, at the end of the particular Employment Year, the
Employer's Stock Price is equal to or exceeds one or more of the prices
specified, Executive shall be entitled to the percentage of the Target Bonus set
forth next to the highest such price achieved. Any Bonus earned as a result of
achieving the Stock Price target shall be paid to Executive within three
business days of the end of the Employment Year in which the Milestone is
achieved.

        (b) Achievement of multiple Milestones in any Employment Year shall not
entitle Executive to more than 100% of the Target Bonus for such Employment
Year, unless the Board increases the Bonus with respect to such Employment Year.
The maximum aggregate Target Bonus during the Initial Employment Period shall be
three (3) times the Target Bonus, unless the Board increases the Bonus with
respect to one or more Employment Years.

        (c) In the event of a Change in Control (as defined below) of Employer,
Executive shall be immediately entitled to the full amount of the Target Bonus
with respect to any Employment Years remaining in the Employment Period. As used
in this Agreement, the term "Change in Control" means (i) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Employer; (ii)
any sale, lease exchange or other transfer (in one transaction or a series of
related transactions) of shares of capital stock of the Employer such that any
person or group (other than the holders generally of the Employer's capital
stock immediately prior to such transaction or series of transactions) shall

                                      -2-
<PAGE>   3

become the owner, directly or indirectly, beneficially or of record, of shares
representing more than thirty-three percent (33%) of the aggregate ordinary
voting power represented by the issued and outstanding voting securities of the
Employer; or (iii) any merger, consolidation, recapitalization, acquisition or
similar transaction (other than any such transaction involving only the Employer
and/or one or more wholly owned subsidiaries of the Employer) in which the
outstanding voting securities of the Employer are converted into or exchanged
for cash, securities or other property, such that immediately after such
transaction any person or group (other than the holders generally of such
capital stock immediately prior to such transaction or series of transactions)
shall become the owner, directly or indirectly , beneficially or of record, of
shares representing more than twenty percent (20%) of the aggregate ordinary
voting power represented by the issued and outstanding voting securities of the
Employer.

        4.3 SIGNING BONUS AND COMPENSATION FOR PAST SERVICES; BONUS FOR STOCK
LISTING. Within 10 days of the execution of this Agreement, Employer shall pay
to Executive a lump-sum payment of $750,000 as a signing bonus and as
compensation for services previously performed by Executive for the Employer.
Executive shall also receive a $1,000,000 cash bonus immediately upon the
Employer's Common Stock being listed on the NASDAQ Stock Market, the American
Stock Exchange or the New York Stock Exchange; PROVIDED, HOWEVER, that such
listing shall have occurred during the Initial Employment Period and that
Executive's employment hereunder shall not have been terminated for "Cause" (as
defined in Section 5.2 below) prior to the date of such listing.

        4.4 LIFE INSURANCE. Employer shall maintain in effect at all times
during the Employment Period, at Employer's expense, a policy of split dollar
life insurance on the life of Executive with a death benefit equal to three (3)
times the Base Salary, naming such person as Executive shall designate from time
to time as the owner and beneficiary thereof; PROVIDED, HOWEVER, that the
premium for such life insurance shall not exceed $50,000 per year.

        4.5 AUTOMOBILE ALLOWANCE. Employer shall provide Executive with a
monthly allowance during the Employment Period of $1,250 to cover the costs of a
leased automobile, including maintenance, fuel, and insurance.

        4.6 OTHER BENEFITS. During the Employment Period, subject to, and to the
extent Executive is eligible under their respective terms, Executive shall be
entitled to receive such fringe benefits as are, or are from time to time
hereafter generally provided by Employer to Employer's senior management
employees or other employees (other than those provided under or pursuant to
separately negotiated individual employment agreements or arrangements) under
any pension or retirement plan, disability plan or insurance, group life
insurance, medical and dental insurance, accidental death and dismemberment
insurance, travel accident insurance or other similar plan or program of
Employer. Employer shall provide short-term and long-term disability insurance
for Executive which provides benefits equal to at least 60% of Base Salary. To
the degree that Employer's medical insurance does not fully cover the cost of an
annual physical examination for Executive, Employer shall reimburse Executive
for such expense promptly after such expense is incurred. Executive's Base
Salary shall (where applicable)

                                      -3-
<PAGE>   4

constitute the compensation on the basis of which the amount of Executive's
benefits under any such plan or program shall be fixed and determined.

        4.7 EXPENSE REIMBURSEMENT. Employer shall reimburse Executive for all
business expenses reasonably incurred by him in the performance of his duties
under this Agreement upon his presentation of signed, itemized accounts of such
expenditures, all in accordance with Employer's procedures and policies as
adopted and in effect from time to time and applicable to its senior management
employees.

        4.8 VACATIONS. Executive shall be entitled to 20 days paid vacation for
each Employment Year during the Employment Period, in accordance with the
Employer's vacation policy as in effect from time to time. The Executive shall
also be entitled to paid holidays and personal days in accordance with the
Employer's practice with respect to same as in effect from time to time. In
addition, the Executive shall be entitled to take up to six weeks leave without
salary during the Initial Employment Period and two additional weeks for each
Employment Year the Employment Period is extended.

        4.9 EQUITY INCENTIVES. In order to provide further incentive to
Executive and align the interests of Executive with those of the stockholders of
Employer, Employer shall grant to Executive equity incentives consisting of
shares of Common Stock and options to purchase shares of Common Stock
("Options").

        (a) SHARE GRANT. As a signing bonus, Executive shall be granted 350,000
shares of Common Stock. The Executive has previously been granted options to
purchase 175,000 shares of Common Stock, which he has agreed to surrender to the
Employer, prior to or concurrently with the issuance of the shares constituting
his signing bonus.

        (b) OPTION AWARDS. As of the date that this Agreement is approved by the
Board and executed by the Executive, Employer shall grant to Executive Options
to purchase 750,000 shares of Common Stock with an exercise price equal to the
average of the closing bid prices of the Common Stock on the OTC Electronic
Bulletin Board for the five trading days preceding December 16, 2000. All
Options granted pursuant to this paragraph shall:

            (i) be subject to an option agreement containing terms substantially
similar to the terms generally provided in the option agreements of the
Employer's other senior managers (except as otherwise modified herein);

            (ii) have a term of 10 years from the date of grant;

            (iii) shall be fully vest and be exerciseable as follows:

                  a.   Options with respect to 250,000 shares shall vest and
                       be exerciseable immediately;

                  b.   Options with respect to 250,000 shares shall vest and
                       be exerciseable on and after December 15, 2001; and

                                      -4-
<PAGE>   5

                  c.   Options with respect to 250,000 shares shall vest and
                       be exerciseable on and after December 15, 2002;

                  PROVIDED, HOWEVER, that upon a Change of Control, all Options
                  that have not yet vested and become exerciseable shall be
                  deemed to have vested and have become exerciseable as of the
                  time immediately preceding such Change of Control;

            (iv) shall provide for cashless exercise of such Options;

            (v) be issued under a qualified omnibus long-term incentive plan (a
"Plan") that will provide for Incentive Stock Options pursuant to Internal
Revenue Code ("Code") Section 422, non-qualified stock options and other forms
of long-term incentives. If the Employer does not have a Plan applicable to the
Executive or if an existing Plan does not provide for the foregoing terms or if
sufficient shares are not available for grant under an existing Plan, Employer
undertakes to implement a Plan to provide for the issuance of Executive's
Options. Failure of the Employer to implement such a Plan shall not prevent
Executive's right to receive his Options and he may elect, in his sole
discretion, to receive Options not subject to a Plan.

        (c) From time to time, the Board may, in its discretion, grant
additional Options to Executive, on such terms as the Board determines.

5.      TERMINATION OF EMPLOYMENT PERIOD

        5.1 TERMINATION WITHOUT CAUSE; VOLUNTARY TERMINATION BY EXECUTIVE.
Employer may, by notice to Executive at any time during the Employment Period,
terminate the Employment Period without Cause (as defined below). Executive may,
by notice to Employer at any time during the Employment Period, voluntarily
resign from the Employer and terminate the Employment Period. A termination
under this section shall be effective immediately.

        5.2 BY EMPLOYER FOR CAUSE. Employer may, at any time during the
Employment Period, by notice to Executive, terminate the Employment Period for
"Cause" (as defined below) effective immediately, except as otherwise provided
below. The notice shall set forth in reasonable detail the basis for such
termination. In the event that it is possible for the Executive to cure or
correct the circumstances set forth in the notice, the termination shall not be
effective until the date that is thirty (30) days following the date on which
such notice is given and the circumstances set forth in the notice shall not
constitute "Cause" if within 30 days of such notice, Executive cures or corrects
such circumstances. The Employer shall have "Cause" to terminate the Executive's
employment hereunder upon the Executive's:

        (a) fraud, embezzlement, or any other illegal act committed
intentionally by the Executive in connection with the Executive's duties as an
executive of the Employer or

                                      -5-
<PAGE>   6

any subsidiary or affiliate of the Employer which causes or may reasonably be
expected to cause substantial economic injury to the Employer or any subsidiary
or affiliate of the Employer,

        (b) conviction of any felony which causes or may reasonably be expected
to cause substantial economic injury to the Employer or any subsidiary or
affiliate of the Employer, or

        (c) willful or grossly negligent commission of any other act or failure
to act which causes or may reasonably be expected (as of the time of such
occurrence) to cause substantial economic injury to or substantial injury to the
reputation of the Employer or any subsidiary or affiliate of the Employer,
including, without limitation, any material violation of the Foreign Corrupt
Practices Act, as described herein below. An act or failure to act on the part
of Executive shall be considered "willful" if done, or omitted to be done, by
Executive in bad faith or without a reasonable belief that the act or omission
was in the best interest of Employer.

        5.3 BY EXECUTIVE FOR GOOD REASON. Executive may, at any time during the
Employment Period by notice to Employer, terminate the Employment Period under
this Agreement for "Good Reason" (as defined below) effective immediately. For
the purposes hereof, "Good Reason" means any of the following without
Executive's consent: (A) subject to Section 3 above, a material and adverse
change in the nature and scope of Executive's authority and duties from those
exercised or performed by Executive immediately after the Effective Date; (B) a
material breach of this Agreement by Employer (including, but not limited to,
failure to pay any amount due to Executive when due, diminution of Executive's
duties and responsibilities or a change in Executive's place of performance);
PROVIDED, HOWEVER, that the circumstances set forth in this Section 5.3(A) and
(B) will not be Good Reason if within 30 days of notice by the Executive to the
Employer, Employer cures such circumstances.

        5.4 DISABILITY. During the Employment Period, if, as a result of
physical or mental incapacity or infirmity, Executive shall be unable to perform
his duties under this Agreement for (i) a continuous period of at least 120
days, or (ii) periods aggregating at least 180 days during any period of 12
consecutive months (each a "Disability Period"), and at the end of the
Disability Period there is no reasonable probability that Executive can promptly
resume his duties hereunder, Executive shall be deemed disabled (the
"Disability") and Employer, by notice to Executive, shall have the right to
terminate the Employment Period for Disability at, as of or after the end of the
Disability Period. The existence of the Disability shall be determined by a
reputable, licensed physician. The parties shall attempt to agree on such a
physician. In the event that the parties are unable to so agree, such physician
shall be selected by an arbitrator provided by the American Arbitration
Association in New York, New York. Executive shall cooperate in all reasonable
respects to enable an examination to be made by such physician.

        5.5 DEATH. The Employment Period shall end on the date of Executive's
death.

6.      TERMINATION COMPENSATION

                                      -6-
<PAGE>   7

        6.1 TERMINATION WITHOUT CAUSE BY EMPLOYER OR FOR GOOD REASON BY
EXECUTIVE. If the Employment Period is terminated by Employer without Cause or
by Executive for Good Reason, Employer will pay to Executive one dollar ($1)
less than the amount that would constitute a "excess parachute payment" under
Code Section 280G. Employer shall pay to the Executive such amount in a lump sum
cash payment as soon as practicable following the effective date of such
termination. Employer shall also continue to provide the Executive with all
employee benefits and perquisites which he was participating in or receiving at
the effective date of termination (or if greater, at the end of the prior year)
for two years. If such benefits cannot be provided under the Employer's
programs, such benefits and perquisites will be provided on a tax effective
basis on an individual basis to the Executive.

        6.2 TERMINATION BY REASON OF DEATH. . If the Employment Period is
terminated by death, pursuant to the provisions of Section 5.5, Employer shall
pay to Executive's estate, within thirty (30) days of the effective date of
termination, Executive's Base Salary through the date of termination plus
Executive's Base Salary for an additional ninety (90) days.

        6.3 CERTAIN OTHER TERMINATIONS. If the Employment Period is terminated
by Employer pursuant to the provisions of Sections 5.2 or 5.4, Employer shall
pay to Executive, within thirty (30) days of the effective date of termination,
Executive's Base Salary through the date of termination. If the date of
termination occurs after a Milestone has been achieved, Employer shall also pay
to Executive, when due pursuant to provisions of Section 4.2 hereof, the Bonus
for such Employment Year. Employer shall have no obligation to continue any
other benefits provided for in Section 4 past the date of termination.

        6.4 NO OTHER TERMINATION COMPENSATION. Executive shall not, except as
set forth in this Section 6, be entitled to any compensation following
termination of the Employment Period.

        6.5 MITIGATION OF DAMAGES. In the event of any termination of the
Executive's employment by the Employer, the Executive shall not be required to
seek other employment to mitigate damages, and any income earned by the
Executive from other employment or self-employment shall not be offset against
any obligations of the company to the Executive under this Agreement. The
Employer's obligations hereunder and the Executive's rights to payment shall not
be subject to any right of set-off, counterclaim or other deduction by the
Employer not in the nature of customary withholding, other than in any judicial
proceeding or arbitration.

7.      PARACHUTE PAYMENTS

        (a) If it is determined (as hereafter provided) that by reason of any
payment or Option vesting occurring pursuant to the terms of this Agreement (or
otherwise under any other agreement, plan or program) upon a Change in Control
(collectively, a "Payment"), the Executive would be subject to the excise tax
imposed by Code Section 4999 (the "Parachute Tax"), then the Executive shall be
entitled to receive an additional

                                      -7-
<PAGE>   8

payment or payments (a "Gross-Up Payment") in an amount such that, after payment
by the Executive of all taxes (including any Parachute Tax) imposed upon the
Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal
to the Parachute Tax imposed upon the Payment.

        (b) Subject to the provisions of Section 7(a) hereof, all determinations
required to be made under this Section 7, including whether a Parachute Tax is
payable by the Executive and the amount of such Parachute Tax and whether a
Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be
made by the nationally recognized firm of certified public accountants (the
"Accounting Firm") used by the Employer prior to the Change in Control (or, if
such Accounting Firm declines to serve, the Accounting Firms hall be a
nationally recognized firm of certified public accountants selected by the
Executive). The Accounting Firm shall be directed by the Employer or the
Executive to submit its preliminary determination and detailed supporting
calculations to both the Employer and the Executive within 15 calendar days
after the determination date, if applicable, and any other such time or times as
may be requested by the Employer or the Executive. If the Accounting Firm
determines that any Parachute Tax is payable by the Executive, the Employer
shall pay the required Gross-Up Payment to, or for the benefit of, the Executive
within five business days after receipt of such determination and calculations.
If the Accounting Firm determines that no Parachute Tax is payable by the
Executive, it shall, at the same time as it makes such determination, furnish
the Executive with an opinion that he has substantial authority not to report
any Parachute Tax on his federal tax return. Any good faith determination by the
Accounting Firm as to the amount of the Gross-Up Payment shall be binding upon
the Employer and the Executive absent a contrary determination by the Internal
Revenue Service or a court of competent jurisdiction; provided, however, that no
such determination shall eliminate or reduce the Employer's obligation to
provide any Gross-Up Payments that shall be due as a result of such contrary
determination. As a result of the uncertainty in the application of Code Section
4999 at the time of any determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments that will not have been made by the Employer
should have been made (an "Underpayment"), consistent with the calculations
required to be made hereunder. In the event that the Employer exhausts or fails
to pursue its remedies pursuant to Section 7(f) hereof and the Executive
thereafter is required to make a payment of any Parachute Tax, the Executive
shall direct the Accounting Firm to determine the amount of the Underpayment
that has occurred and to submit its determination and detailed supporting
calculations to both the Employer and the Executive as promptly as possible. Any
such Underpayment shall be promptly paid by the Employer to, or for the benefit
of, the Executive within five business days after receipt of such determination
and calculations.

        (c) The Employer and the Executive shall provide the Accounting Firm
access to and copies of any books, records and documents in the possession of
the Employer or the Executive, as the case may be, reasonably requested by the
Accounting Firm, and otherwise cooperate with the Accounting Firm in connection
with the preparation and issuance of the determination contemplated by Section
7(b) hereof.

                                      -8-
<PAGE>   9

        (d) The federal tax returns filed by the Executive (or any filing made
by a consolidated tax group which includes the Employer) shall be prepared and
filed on a basis consistent with the determination of the Accounting Firm with
respect to the Parachute Tax payable by the Executive. The Executive shall make
proper payment of the amount of any Parachute Tax, and at the request of the
Employer, provide to the Employer true and correct copies (with any amendments)
of his federal income tax return as filed with the Internal Revenue Service, and
such other documents reasonably requested by the Employer, evidencing such
payment. If prior to the filing of the Executive's federal income tax return,
the Accounting Firm determines in good faith that the amount of the Gross-Up
Payment should be reduced, the Executive shall within five business days pay to
the Employer the amount of such reduction.

        (e) The fees and expenses of the Accounting Firm for its services in
connection with the determination and calculations contemplated by Sections 7(b)
and (d) hereof shall be borne by the Employer. If such fees and expenses are
initially advanced by the Executive, the Employer shall reimburse the Executive
the full amount of such fees and expenses within five business days after
receipt from the Executive of a statement therefor and reasonable evidence of
his payment thereof.

        (f) In the event that the Internal Revenue Service claims that any
payment or benefit received under this Agreement constitutes an "excess
parachute payment" within the meaning of Code Section 280G(b)(1), the Executive
shall notify the Employer in writing of such claim. Such notification shall be
given as soon as practicable but not later than 10 business days after the
Executive is informed in writing of such claim and shall apprise the Employer of
the nature of such claim and the date on which such claim is requested to be
paid. The Executive shall not pay such claim prior to the expiration of the 30
day period following the date on which the Executive gives such notice to the
Employer (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Employer notifies the Executive in
writing prior to the expiration of such period that it desires to contest such
claim, the Executive shall (i) give the Employer any information reasonably
requested by the Employer relating to such claim; (ii) take such action in
connection with contesting such claim as the Employer shall reasonably request
in writing from time to time, including without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by
the Employer and reasonably satisfactory to the Executive; (iii) cooperate with
the Employer in good faith in order to effectively contest such claim; and (iv)
permit the Employer to participate in any proceedings relating to such claim;
PROVIDED, HOWEVER, that the Employer shall bear and pay directly all costs and
expenses (including, but not limited to, additional interest and penalties and
related legal, consulting or other similar fees) incurred in connection with
such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for and against for any Parachute Tax or income tax or other
tax (including interest and penalties with respect thereto) imposed as a result
of such representation and payment of costs and expenses.

        (g) The Employer shall control all proceedings taken in connection with
such contest and, at its sole option, may pursue or forego any and all
administrative

                                      -9-
<PAGE>   10

appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct the Executive
to pay the tax claimed and sue for a refund or contest the claim in any
permissible manner and the Executive agrees to prosecute such contest to a
determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Employer shall
determine; PROVIDED, HOWEVER, that if the Employer directs the Executive to pay
such claim and sue for a refund, the Employer shall advance the amount of such
payment to the Executive on an interest-free basis, and shall indemnify and hold
the Executive harmless, on an after tax basis, from any Parachute Tax (or other
tax, including interest and penalties with respect thereto) imposed with respect
to such advance or with respect to any imputed income with respect to such
advance; and PROVIDED, FURTHER, that if the Executive is required to extend the
statute of limitations to enable the Employer to contest such claim, the
Executive may limit this extension solely to such contested amount. The
Employer's control of the contest shall be limited to issues with respect to
which a corporate deduction would be disallowed pursuant to Code Section 280G
and the Executive shall be entitled to settle or contest, as the case may be,
any other issue raised by the Internal Revenue Service or any other taxing
authority. In addition, no position may be taken nor any final resolution be
agreed to by the Employer without the Executive's consent if such position or
resolution could reasonably be expected to adversely affect the Executive
unrelated to matters covered hereto.

        (h) If, after the receipt by Executive of an amount advanced by the
Employer in connection with the contest of the Parachute Tax claim, the
Executive receives any refund with respect to such claim, the Executive shall
promptly pay to the Employer the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto); PROVIDED,
HOWEVER, if the amount of that refund exceeds the amount advanced by the
Employer, the Executive may retain such excess. If, after the receipt by the
Executive of an amount advanced by the Employer in connection with a Parachute
Tax claim, a determination is made that the Executive shall not be entitled to
any refund with respect to such claim and the Employer does not notify the
Executive in writing of its intent to contest the denial of such refund prior to
the expiration of 30 days after such determination, such advance shall be deemed
to be in consideration for services rendered after the Date of Termination.

8.      PROFESSIONAL LIABILITY INSURANCE; INDEMNIFICATION

        8.1 INSURANCE. The Employer will provide coverage for Executive under
the Employer's director and officer professional liability insurance policy.

        8.2 INDEMNIFICATION. Employer shall indemnify the Executive to the
fullest extent permitted by law in effect as of the date hereof, or as hereafter
amended, against all costs, expenses, liabilities and losses (including, without
limitation, attorneys' fees, judgments, fines, penalties, ERISA excise taxes,
penalties and amounts paid in settlement) reasonably incurred by the Executive
in connection with a Proceeding. For the purposes of this section, a
"Proceeding" shall mean any action, suit or proceeding, whether civil, criminal,
administrative or investigative, in which the Executive is made,

                                      -10-
<PAGE>   11

or is threatened to be made, a party to, or a witness in, such action, suit or
proceeding by reason of the fact that he is or was an officer, director or
employee of the Employer or is or was serving as an officer, director, member,
employee, trustee or agent of any other entity at the request of the Employer.

        (a) NOTIFICATION AND DEFENSE OF CLAIM. Promptly after receipt by the
Executive of notice of the commencement of any Proceeding, the Executive will,
if a claim in respect thereof is to be made against the Employer under this
Agreement, notify the Employer in writing of the commencement thereof; but the
omission to so notify the Employer will not relieve the Employer from any
liability that it may have to the Executive otherwise than under this Agreement.
Notwithstanding any other provision of this Agreement, with respect to any such
Proceeding as to which the Executive gives notice to the Employer of the
commencement thereof:

            (i) The Employer will be entitled to participate therein at its own
expense; and

            (ii) Except as otherwise provided in this Section 8.2(a)(ii) to the
extent that it may wish, the Employer, jointly with any other indemnifying party
similarly notified, shall be entitled to assume the defense thereof, with
counsel satisfactory to the Executive. After notice from the Employer to the
Executive of its election to so assume the defense thereof, the Employer shall
not be liable to the Executive under this Agreement for any legal or other
expenses subsequently incurred by the Executive in connection with the defense
thereof other than reasonable costs of investigation or as otherwise provided
below. The Executive shall have the right to employ the Executive's own counsel
in such Proceeding, but the fees and expenses of such counsel incurred after
notice from the Employer of its assumption of the defense thereof shall be at
the expense of the Executive unless (a) the employment of counsel by the
Executive has been authorized by the Employer, (b) the Executive shall have
reasonably concluded that there may be a conflict of interest between the
Employer and the Executive in the conduct of the defense of such Proceeding
(which conclusion shall be deemed reasonable if, without limitation, such action
shall seek any remedy other than money damages and the Executive would be
personally affected by such remedy or the carrying out thereof), or (c) the
Employer shall not in fact have employed counsel to assume the defense of the
Proceeding, in each of which cases the fees and expenses of counsel shall be at
the expense of the Employer. The Employer shall not be entitled to assume the
defense of any Proceeding brought against the Executive by or on behalf of the
Employer or as to which the Executive shall have reached the conclusion provided
for in clause (b) above.

9.      CONFIDENTIALITY

        Unless otherwise required by law or judicial process, Executive shall
retain in confidence during the Employment Period and after termination of
Executive's employment with Employer pursuant to this Agreement all confidential
information known to the Executive concerning Employer and its businesses. The
obligations of

                                      -11-
<PAGE>   12

Executive pursuant to this Section 9 shall survive the expiration or termination
of this Agreement.

10.     NONCOMPETITION.

        10.1 GENERAL. For the duration of the Employment Period and the
applicable Non-Compete Period (as defined below), the Executive shall not
directly or indirectly, engage in any Competitive Activity (as defined below) in
competition with the Employer. "Competitive Activity" shall mean: (A) the
development, providing, marketing, administration, management, or acting as a
consultant in the providing of, the principal operating business(es) of the
Employer at the time of termination, (B) the participation, directly or
indirectly, in any business which is the same as or substantially similar to or
is or would be competitive with the sub-prime auto finance business of the
Employer at the time; and (C) becoming an employee, director, officer,
consultant, independent contractor, lecturer or advisor of or to, or otherwise
providing services to, any business, individual, partnership, firm, association
or corporation, if the Executive's duties relate in any manner to the business
of developing, providing, marketing, administering, managing, or acting as a
consultant in the providing of, the principal operating business(es) of the
Employer at the time of termination. Nothing herein, however, shall prohibit
Executive from acquiring or holding any issue of stock or securities of any
business, individual, partnership, firm, or corporation (collectively "Entity")
which has any securities listed on a national securities exchange or quoted in
the daily listing of over-the-counter market securities, provided that at any
one time he and members of his immediate family do not own more than five
percent of the voting securities of any such Entity. The obligations of
Executive pursuant to this Section 10 shall survive the expiration or
termination of this Agreement.

        10.2 NON-COMPETE PERIOD. Upon termination of Executive's employment
hereunder, the prohibition against Executive engaging in a Competitive Activity
shall remain in effect for the following periods (each a "Non-Compete Period").

        (a) TERMINATION WITHOUT CAUSE BY EMPLOYER OR FOR GOOD REASON BY
EXECUTIVE. If the Employment Period is terminated by Employer without Cause or
by Executive for Good Reason, provided that all payments due to Executive from
Employer have been made to Executive by Employer, the Non-Compete Period shall
be six (6) months from the effective date of termination.

        (b) TERMINATION FOR CAUSE BY EMPLOYER OR WITHOUT GOOD REASON BY
EXECUTIVE. If the Employment Period is terminated by Employer for Cause or by
Executive without Good Reason, the Non-Compete Period shall be one year from the
effective date of termination.

        (c) NON-RENEWAL. If the Employment Period ends as a result of the
non-renewal of the Agreement by either party, the Non-Compete Period shall be
six (6) months from the last day of the Employment Period.

                                      -12-
<PAGE>   13

11.     NONSOLICITATION.

        During the Non-Compete Period, Executive shall not directly or
indirectly solicit to enter into the employ of any other Entity, or hire, any of
the employees of the Employer (or individuals who were employees of the Employer
within six months of termination of the Non-Compete Period). During the
Non-Compete Period, Executive shall not, directly or indirectly, solicit, hire
or take away or attempt to solicit, hire or take away (i) any customer or client
of the Employer or (ii) any former customer or client (that is, any customer or
client who ceased to do business with the Employer during the one (1) year
immediately preceding such date) of the Employer or encourage any customer or
client of the Employer to terminate its relationship with the Employer without
the Employer's prior written consent. The obligations of Executive pursuant to
this Section 11 shall survive the expiration or termination of this Agreement.

12.     NON-DISPARAGEMENT OF THE EXECUTIVE

        The Employer shall not make any oral or written statement about the
Executive which is intended or reasonably likely to disparage the Executive or
otherwise degrade his reputation in the business or legal community.

13.     FOREIGN CORRUPT PRACTICES ACT

        The Executive agrees to comply in all material respects with the
applicable provisions of the U.S. Foreign Corrupt Practices Act of 1977
("FCPA"), as amended, which provides generally that: under no circumstances will
foreign officials, representatives, political parties or holders or public
offices be offered, promised or paid any money, remuneration, things of value,
or provided any other benefit, direct or indirect, in connection with obtaining
or maintaining contracts or others hereunder. When any representative, employee,
agent, or other individual or organization associated with the Executive is
required to perform any obligation related to or in connection with this
Agreement, the substance of this section shall be imposed upon such person and
included in any agreement between the Executive and any such person. Failure by
the Executive to comply in all material respects with the provisions of the FCPA
(other than an inadvertent violation on the basis of advice from counsel to the
Employer that the conduct in question is not a violation) shall constitute a
material breach of this Agreement and shall entitle the Employer to terminate
the Executive's employment for Cause.

14.     SUCCESSORS; BINDING AGREEMENT

        This Agreement and all rights of the Executive hereunder shall inure to
the benefit of and be enforceable by Executive and Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If Executive should die while any amounts would still be
payable to him hereunder if he had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this
Agreement to Executive's devisee, legatee, or other beneficiary or, if there be
no such beneficiary, to Executive's estate.

                                      -13-
<PAGE>   14

15.     SURVIVORSHIP

        The respective rights and obligations of the parties hereunder shall
survive any termination of this Agreement to the extent necessary to the
intended preservation of such rights and obligations.

16.     MISCELLANEOUS

        16.1 NOTICES. Any notice, consent or authorization required or permitted
to be given pursuant to this Agreement shall be in writing and sent to the party
for or to whom intended, at the address of such party set forth below, by
registered or certified mail, postage paid (deemed given five days after deposit
in the U.S. mails) or personally or by facsimile transmission (deemed given upon
receipt), or at such other address as either party shall designate by notice
given to the other in the manner provided herein.

             If to Employer:

                                National Auto Credit, Inc.
                                30000 Aurora Road
                                Solon, Ohio 44139
                                Attention:  General Counsel
                                Facsimile:  (440) 349-3141

             If to Executive:

                                James J. McNamara
                                127 Kings Road
                                Palm Beach. FL 33480
                                Facsimile:  (561) 659-1438

        16.2 TAXES. Employer is authorized to withhold (from any compensation or
benefits payable hereunder to Executive) such amounts for income tax, social
security, unemployment compensation and other taxes as shall be necessary or
appropriate in the reasonable judgment of Employer to comply with applicable
laws and regulations.

        16.3 INVENTIONS; WORK FOR HIRE. Executive hereby agrees to assign and
does hereby assign all of Executive's right, title and interest in or to any and
all ideas, concepts, know-how, techniques, processes, inventions, discoveries,
developments, works of authorship, innovations and improvements (collectively
"Inventions") conceived or made by Executive, whether alone or in concert with
others whether patentable or subject to potential copyrights or not, except
those that the Executive developed or develops entirely on Executive's own time
without using the equipment, supplies, facilities, or confidential or
proprietary information of the Employer and provided that such Inventions are
unrelated to the business of the Employer. Executive agrees to promptly inform
and disclose all Inventions to the Employer in writing and with respect to those
Inventions that Executive is required to

                                      -14-
<PAGE>   15

assign to the Employer hereunder to provide all assistance reasonably requested
by the Employer in the preservation of its interests in the Inventions (such as
by executing documents, testifying, etc.), such assistance to be provided at the
Employer's expense but without additional compensation to the Executive.
Executive agrees that any work prepared by the Executive during the Employment
Period which work is subject to assignment under this paragraph and which is
eligible for United States copyright protection or protection under the
Universal Copyright Convention the Berne Copyright Convention and/or the Buenos
Aires Copyright Convention, shall be a "work made for hire". In the event that
any such work is deemed not to be a "work made for hire". Executive hereby
assigns all right, title and interest in and to the copyright in such work to
the Employer, and agrees to provide all assistance reasonably requested in the
establishment, preservation and enforcement of the Employer's copyright in such
work, such assistance to be provided at the Employer's expense but without any
additional compensation to Executive.

        16.4 GOVERNING LAW. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York, without
reference to the principles of conflicts of laws therein.

        16.5 DISPUTE RESOLUTION AND ARBITRATION. In the event that any dispute
arises between the Employer and the Executive regarding or relating to this
Agreement and/or any aspect of the Executive's employment relationship with the
Employer, AND IN LIEU OF LITIGATION AND A TRIAL BY JURY, the parties consent to
resolve such dispute through mandatory arbitration under the Commercial Rules of
the American Arbitration Association, before a single arbitrator in New York,
New York. The parties hereby consent to the entry of judgment upon award
rendered by the arbitrator in any court of competent jurisdiction.
Notwithstanding the foregoing, however, should adequate grounds exist for
seeking immediate injunctive or immediate equitable relief, any party may seek
and obtain such relief; provided that, upon obtaining such relief, such
injunctive or equitable action shall be stayed pending the resolution of the
arbitration proceedings called for herein. The parties hereby consent to the
exclusive jurisdiction in the state and Federal courts located in the City of
New York, County of New York and State of New York for purposes of seeking such
injunctive or equitable relief as set forth above. Each side shall bear its own
costs; however any fees assessed by the American Arbitration Association shall
be allocated by the arbitrator in his/her sole discretion.

        16.6 HEADINGS. All descriptive headings in this Agreement are inserted
for convenience only and shall be disregarded in construing or applying any
provision of this Agreement.

        16.7 COUNTERPARTS. This Agreement may be executed in counterparts, each
of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.

                                      -15-
<PAGE>   16

        16.8 SEVERABILITY. If any provision of this Agreement, or any part
thereof, is held to be unenforceable, the remainder of such provision and this
Agreement, as the case may be, shall nevertheless remain in full force and
effect.

        16.9 ENTIRE AGREEMENT AND REPRESENTATION. This Agreement contains the
entire agreement and understanding between Employer and Executive with respect
to the subject matter hereof. No representations or warranties of any kind or
nature relating to Employer or its several businesses, or relating to Employer's
assets, liabilities, operations, future plans or prospects have been made by or
on behalf of Employer to Executive. This Agreement supersedes any prior
agreement between the parties relating to the subject matter hereof.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the 15 day of December, 2000 and as of the date first above written.

                                       NATIONAL AUTO CREDIT, INC.

                                       By:
                                          --------------------------------------
                                              Name:
                                              Title:

                                       -----------------------------------------
                                                   James J. McNamara

                                      -16-
<PAGE>   17

                                   SCHEDULE A

                             PERFORMANCE MILESTONES

        YEAR 1 BONUS                YEAR 2 BONUS               YEAR 3 BONUS
        ------------                ------------               ------------
  STOCK PRICE    % EARNED     STOCK PRICE    % EARNED    STOCK PRICE    % EARNED
  -----------    --------     -----------    --------    -----------    --------

     $0.75          25%          $1.50          25%         $2.40          25%

     $1.00          50%          $1.85          50%         $2.75          50%

     $1.25         100%          $2.15         100%         $3.15         100%

NOTE: In the absence of an agreement with respect to any extension of the
Initial Employment Period, or any extension of an earlier extension, the Target
Bonus for each year shall be $300,000, which shall be earned as follows:

      -     25% Earned if the Stock Price at the end of the Employment Year is
            110% of the Stock Price at the end of the prior Employment Year.

      -     50% Earned if the Stock Price at the end of the Employment Year is
            120% of the Stock Price at the end of the prior Employment Year.

      -     100% Earned if the Stock Price at the end of the Employment Year is
            130% of the Stock Price at the end of the prior Employment Year.

                                      -17-

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