MINNEAPOLIS, Feb. 10 /PRNewswire/ -- Olympic Financial Ltd. (NYSE: OLM)
("Olympic") said today that it has filed with the Securities and Exchange
Commission its Annual Report on form 10-K for the fiscal year ended
December 31, 1996, containing audited financial statements as previously
announced.  Richard Greenawalt, Olympic's President and Chief Executive
Officer commented, "With the current turmoil in the markets concerning
companies in the automobile finance business, we wanted to assure our
shareholders that Olympic has completed its year-end audit process and
publicly provided full information with respect to its business.
    "We have had discussions with our key sources of warehousing funding and
credit enhancement, including Bank of America, J.P. Morgan and Financial
Security Assurance, Inc.  Based upon these discussions we will continue to
have access to these credit facilities, credit enhancements and the continued
support of these institutions.  Additionally, Olympic has approximately
$118 million of cash and cash equivalents on balance sheet as of year end."
Greenawalt added, "We know of no reason to explain the precipitous decline in
our stock price, other than the troubles affecting other auto finance
companies."
    The Company had previously announced a tender offer for its $145 million
outstanding 13% Senior Notes due 2000.  Olympic, after consultation with
Donaldson, Lufkin & Jenrette Securities Corporation, the dealer-manager, has
confirmed that it intends to proceed with the tender offer.  In addition, the
Company had previously announced its intention to offer up to $300 million of
new senior notes to fund the tender offer and provide additional capital to
expand its business.  Olympic has confirmed that it intends to proceed with
these plans.
    Olympic Financial Ltd. is a Minneapolis-based consumer finance company
which purchases, sells and services 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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