UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Information to be included in Statements filed pursuant to Rules
13d-1(b), (c) and (d) and amendments thereto filed pursuant to
Rule 13d-2(b)
(Amendment No.___)
National Auto Credit, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
632900106
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(CUSIP Number)
December 31, 2003
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(Date of Event That Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/x / Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)
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1. Names of Reporting Persons and I.R.S. Identification No.
UBS AG
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2. Check the Appropriate Box if a Member of a Group
a / /
b / / See Item 8 of attached schedule
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3. SEC USE ONLY
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4. Citizenship or Place of Organization
Switzerland
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Number of 5. Sole Voting Power 578,200
Shares Bene- 6. Shared Voting Power 0
ficially 7. Sole Dispositive Power 578,200
Owned by Each 8. Shared Dispositive Power 0
Reporting
Person With:
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
578,200 shares*
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10. Check if the Aggregate Amount in Row 9 Excludes Certain Shares / /
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11. Percent of Class Represented by Amount in Row 9
6.65%
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12. Type of Reporting Person
BK
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* UBS AG disclaims beneficial ownership of such securities.
1. Names of Reporting Persons and I.R.S. Identification No.
UBS Americas Inc.
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2. Check the Appropriate Box if a Member of a Group
a / /
b / / See Item 8 of attached schedule
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3. SEC USE ONLY
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4. Citizenship or Place of Organization
Delaware
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Number of 5. Sole Voting Power 578,200
Shares Bene- 6. Shared Voting Power 0
ficially 7. Sole Dispositive Power 578,200
Owned by Each 8. Shared Dispositive Power 0
Reporting
Person With:
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
578,200 shares*
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10. Check if the Aggregate Amount in Row 9 Excludes Certain Shares / /
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11. Percent of Class Represented by Amount in Row 9
6.65%
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12. Type of Reporting Person
OO
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* UBS Americas Inc. disclaims beneficial ownership of such securities.
1. Names of Reporting Persons and I.R.S. Identification No.
UBS Financial Services Inc.
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2. Check the Appropriate Box if a Member of a Group
a / /
b / / See Item 8 of attached schedule
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3. SEC USE ONLY
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4. Citizenship or Place of Organization
Delaware
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Number of 5. Sole Voting Power 578,200
Shares Bene- 6. Shared Voting Power 0
ficially 7. Sole Dispositive Power 578,200
Owned by Each 8. Shared Dispositive Power 0
Reporting
Person With:
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
578,200 shares
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10. Check if the Aggregate Amount in Row 9 Excludes Certain Shares / /
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11. Percent of Class Represented by Amount in Row 9
6.65%
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12. Type of Reporting Person
BD
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Item 1(a) Name of Issuer
National Auto Credit, Inc.
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Item 1(b) Address of Issuer's Principal Executive Offices:
National Auto Credit, Inc.
555 Madison Avenue
New York, NY 10022
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Item 2(a) Name of Person Filing:
UBS AG and UBS Americas Inc. and UBS Financial Services Inc.
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Item 2(b) Address of Principal Business Office:
UBS AG's principal business office is:
Bahnhofstrasse 45
PO Box CH-8021
Zurich, Switzerland
UBS Americas Inc.'s principal business office is:
677 Washington Blvd.
Stamford, CT 06901
UBS Financial Services Inc.'s principal business office is:
1285 Avenue of the Americas
New York, NY 10019
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Item 2(c) Citizenship
Item 4 of the cover pages are incorporated by reference
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Item 2(d) Title of Class of Securities
Common Stock
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Item 2(e) CUSIP Number: 632900106
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Item 3. Type of Person Filing:
UBS AG is classified as a Bank as defined in section 3(a)(6) of the Act pursuant
to no action relief granted by the staff of the Securities and Exchange
Commission.
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Item 4 (a)-(c)(iv). Ownership:
Items 5-11 of the cover pages are incorporated by reference.
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Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following / /.
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Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not applicable
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Item 7. Identification and Classification of the Subsidiary That Acquired the
Security Being Reported on By the Parent Holding Company:
Identification: UBS Financial Services Inc.
Classification: BD
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Item 8. Identification and Classification of Members of the Group:
UBS Financial Services Inc. is a wholly owned subsidiary of UBS Americas Inc.,
which is a wholly owned subsidiary of UBS AG. UBS AG and UBS Americas Inc. are
reporting indirect beneficial ownership of holdings by reason of their ownership
of UBS Financial Services Inc. UBS AG does not hereby affirm the existence of a
group within the meaning of Rule 13d-5(b)(1).
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Item 9 Notice of Dissolution of Group:
Not Applicable
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Item 10. Certification:
By signing below, the undersigned certify that, to the best of their knowledge
and belief, the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
UBS AG
By: /s/ Robert C. Dinerstein
Robert C. Dinerstein
Managing Director
By: /s/ Per Dyrvik
Per Dyrvik
Managing Director
UBS Americas Inc.
By: /s/ Robert C. Dinerstein
Robert C. Dinerstein
Managing Director
By: /s/ Per Dyrvik
Per Dyrvik
Managing Director
UBS Financial Services Inc.
By: /s/ Amy Fainsbert
Amy Fainsbert
Authorized Person
By: /s/ Charles Wilmot
Charles Wilmot
Authorized Person
Date: February 19, 2004
AGREEMENT TO MAKE A JOINT FILING
UBS AG, UBS Americas Inc. and UBS Financial Services Inc. each agrees
that this Schedule 13G (including all amendments hereto) is filed by and on
behalf of each such party.
UBS AG
By: /s/ Robert C. Dinerstein
Robert C. Dinerstein
Managing Director
By: /s/ Per Dyrvik
Per Dyrvik
Managing Director
UBS Americas Inc.
By: /s/ Robert C. Dinerstein
Robert C. Dinerstein
Managing Director
By: /s/ Per Dyrvik
Per Dyrvik
Managing Director
UBS Financial Services Inc.
By: /s/ Amy Fainsbert
Amy Fainsbert
Authorized Person
By: /s/ Charles Wilmot
Charles Wilmot
Authorized Person
Date: February 19, 2004