MINNEAPOLIS, Jan. 21 /PRNewswire/ -- Olympic Financial Ltd. (NYSE: OLM)
("Olympic") announced today that it is offering to purchase all of its
outstanding 13% Senior Notes due 2000 at a price of $1,117.50 for each $1,000
principal amount thereof, together with accrued and unpaid interest up to the
date of purchase.  In connection with the offer to purchase, Olympic is
soliciting consents from the holders of the 13% Senior Notes to amend the
Indenture governing the 13% Senior Notes to remove substantially all financial
covenants applicable to the 13% Senior Notes.  The Company is offering to pay
tendering Noteholders a consent fee of $20.00 for each $1,000 principal amount
for consents delivered prior to the consent solicitation expiration date if
the requisite consents are received, for an aggregate of $1,137.50 for each
$1,000 principal amount of Notes for which tenders and consents are received.
Donaldson, Lufkin & Jenrette Securities Corporation will act as Dealer-Manager
in connection with the tender offer and consent solicitation.
    The Company proposes to make a public offering of up to $300 million
principal amount of new senior notes.  Proceeds from this offering will be
used to repurchase up to $145 million principal amount of the Company's
outstanding 13% Senior Notes due 2000 pursuant to the tender offer, as well as
for general corporate purposes.  The public offering, which is expected to
commence during the week of February 3, 1997, will be made only by means of a
prospectus under the Company's shelf registration statement under the
Securities Act of 1933.
    Olympic will not be obligated to purchase any 13% Senior Notes pursuant to
its offer unless, among other conditions, (1) a majority of the 13% Senior
Notes not owned by Olympic or any of its affiliates are properly tendered, (2)
consents sufficient to approve the amendments are obtained and (3) Olympic has
deposited funds with the depository sufficient to purchase all Senior Notes
tendered, whether from proceeds of its public offering of new senior notes or
from other new financing sources acceptable to Olympic.
    Olympic's offer to purchase and consent solicitation expire at 12:00
midnight, Eastern Standard Time, on February 18, 1997, unless extended.
Olympic has appointed Norwest Bank Minnesota, N.A. as depositary for purposes
of the offer to purchase and the consent solicitation.  Details regarding the
terms and conditions of the offer to purchase and the consent solicitation are
fully described in an Offer to Purchase for Cash and Consent Solicitation
mailed today to record holders of the Senior Notes as of the close of business
on January 21, 1997.
    Olympic Financial Ltd. is a Minneapolis-based consumer finance company
which purchases, sells and services prime retail installment contracts for new
and used automobiles originated by more than 7,700 dealers nationwide.
Olympic is the largest independent provider of automobile financing.  The
Company, which was founded in 1990, has Regional Buying Centers in Arizona,
Northern and Southern California, Colorado, Florida, Georgia, Massachusetts,
Minnesota, Missouri, New York, North Carolina, Ohio, Tennessee, North, South
and West Texas and Washington.  The Company acquires loans through 17 Regional
Buying Centers and has expanded its dealer network to include dealers in 40
states.
    Securities may not be sold, nor may offers be accepted, prior to the time
a prospectus and related prospectus supplement are available under the
registration statement.  This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
these securities in any State in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities law of
any such State.

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