Document:

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                                                                  EXHIBIT 10.130

                                     WAIVER

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

                              PRELIMINARY STATEMENT

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

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

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

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

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

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

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

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

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

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

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

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<PAGE>   4
<TABLE>
<CAPTION>
<S>                                                           <C>
         to PCI or Progressive:                               with a copy to

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

         to ML:                                               with a copy to:

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

         to SFHY:                                              with a copy to:

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

         to the Company:                                       with a copy to:

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

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

                                       THE 1818 MEZZANINE FUND, L.P.

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

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

                                       PC INVESTMENT COMPANY

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

                                       PROGRESSIVE INVESTMENT
                                       COMPANY, INC.

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

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

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

                                       THE STRUCTURED FINANCE HIGH YIELD
                                       FUND, LLC

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

                                       5<PAGE>   1
                                                                  EXHIBIT 10.131

                   FIRST AMENDMENT TO CONTRACT SALE AGREEMENT

         This First Amendment to Contract Sale Agreement ("First Amendment") is
entered into by and between NATIONAL AUTO FINANCE COMPANY, INC. (the "Seller")
and NUVELL CREDIT CORPORATION (the "Purchaser") effective as of February 25,
2000.

                                    RECITALS

         WHEREAS, the Seller and the Purchaser have entered into that certain
Contract Sale Agreement dated as of February 4, 2000; and

         WHEREAS, the Seller and the Purchaser desire to amend and restate
Section 10.6 of the Contract Sale Agreement, entitled "Purchaser to Provide
Seller Data With Respect to Sold Program Contracts; and

         WHEREAS, the Seller and the Purchaser desire to amend and restate the
Fee Schedule attached as Exhibit B to the Contract Sale Agreement; and

         WHEREAS, the Seller and the Purchaser desire to approve the Seller's
revised rate/product cards constituting part of the Seller's Contract Finance
Program Guidelines;

         NOW, THEREFORE, the Purchaser and the Seller hereby agree as follows:

         1. Amendment and Restatement of Section 10.6. The Seller and the
Purchaser agree that Section 10.6 of the Contract Sale Agreement should be
amended and restated as follows:

         10.6 PURCHASER TO PROVIDE SELLER DATA WITH RESPECT TO SOLD PROGRAM
         CONTRACTS.

                  During such time as the Seller shall act as the Servicer of
         the Sold Program Contracts pursuant to the Servicing Agreement, the
         Seller shall be entitled to have access to the data relating to the
         Sold Program Contracts maintained by the Seller as Servicer for the
         purpose of preparing static pool, performance and other analyses with
         respect to the Sold Program Contracts. If the Seller shall be
         terminated as the Servicer of the Sold Program Contracts, the Purchaser
         shall provide the Seller (no more often than once per calendar quarter)
         delinquency, default and loss data relating to all Sold Program
         Contracts. Such data will be of the type and level of detail considered
         necessary by the Seller and acceptable for disclosure by the Purchaser,
         in their reasonable judgment, to allow Seller to prepare its own
         performance, static pool and other analyses with respect to the Sold

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         Program Contracts. All such analyses prepared by the Seller shall be
         deemed confidential information of the Purchaser subject to the
         provisions of Section 9.1 of this Sale Agreement. This provision does
         not obligate the Purchaser to provide the Seller with its own static
         pool, performance and other analyses with respect to the Sold Program
         Contracts. It is understood that this provision shall apply to all Sold
         Program Contracts since the date of this Sale Agreement and for the
         life of all such Sold Program Contracts.

         2. Adoption of Amended and Restated Fee Schedule. The Seller and the
Purchaser agree that the Amended and Restated Fee Schedule attached to this
First Amendment shall become effective as of February 4, 2000, and shall replace
in its entirety the Fee Schedule attached as Exhibit B to the Contract Sale
Agreement.

         3. Approval of Seller's Rate/Product Cards. The Seller and the
Purchaser hereby approve the Seller's revised rate/product cards attached hereto
and agree that (a) such rate/product cards shall constitute part of the Seller's
Contract Finance Program Guidelines, (b) Seller shall deliver, as soon as
practicable, such rate/product cards to Dealers from whom the Seller will
purchase Eligible Program Contracts, (c) the terms and provisions of the
rate/product cards shall apply to all Eligible Program Contracts dated as of
February 28, 2000, or later, and (d) the Seller reserves the right to amend
and/or revise the terms and provisions of the rate/product cards, subject to
applicable terms and provisions of the Contract Sale Agreement.

         4. Defined Terms. Each capitalized term in this First Amendment shall
have the meaning ascribed to it set forth in the Contract Sale Agreement, unless
otherwise stated in this First Amendment.

         5. Counterparts. This First Amendment may be executed by the parties in
one or more counterparts, each of which shall be deemed an original and all of
which taken together shall constitute one and the same agreement.

         6. Headings. The various headings of this First Amendment are inserted
for convenience only and shall not affect the meaning or interpretation of this
First Amendment or the Contract Sale Agreement or any provisions hereof or
thereof.

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         IN WITNESS WHEREOF, the Seller and the Purchaser have caused this First
Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

                                   NATIONAL AUTO FINANCE COMPANY, INC.

                                   By:   /s/ WILLIAM MAGRO
                                         -------------------------------------
                                         William Magro
                                         President and Chief Operating Officer

                                   NUVELL CREDIT CORPORATION

                                   By:   /s/ TOMMY E. PRITCHARD
                                         -------------------------------------
                                         Tommy E. Pritchard
                                         President

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                                    EXHIBIT B
                           TO CONTRACT SALE AGREEMENT

                        Amended and Restated Fee Schedule

         The Purchase Price for each Sold Program Contract purchased by the
Purchaser from the Seller pursuant to the Contract Sale Agreement shall equal
the following:

         1. The Amount Financed, plus

         2. Dealer participation in the amount actually paid to the Dealer, but
not exceeding such amount as is payable pursuant to the Seller"s Contract
Finance Program Guidelines, minus

         3. The applicable discount and/or acquisition fee, minus

         4. The applicable overadvance warranty fee, the applicable overadvance
fee and the amount payable to the applicable Governmental Authority in the State
of Florida for documentary stamps (see Item 6 below),

         the total of the above to be paid by the Purchaser to the Purchaser"s
Control Account; plus

         5. The referral fee payable by the Seller to a third-party, if and to
the extent that the referral program has been approved by the Purchaser and the
payment of such fee has not resulted in an applicable discount in the amount
paid to the Dealer for such Contract in excess of the amount allowed by the
Purchaser"s Contract Requirements attached as Exhibit C to the Contract Sale
Agreement, plus

         6. The amount payable to the applicable Governmental Authority in the
State of Florida for documentary stamps, plus

         7. The amount of cash payable by the Seller to any Dealer pursuant to
its Contract Finance Program Guidelines as compensation for the volume of
Contracts sold by the Dealer to the Seller, if and to the extent that such cash
amounts relate to Sold Program Contracts previously purchased by the Purchaser
from the Seller, plus

         8. An acquisition fee of $465.00,

the total of Items 5 through 8 to be paid by the Purchaser directly to the
Seller to such account as may be designated by the Seller in writing to the
Purchaser, as set forth in Section 2.1(c) of the Contract Sale Agreement.

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