MINNEAPOLIS, Feb. 21 /PRNewswire/ -- Olympic Financial Ltd. (NYSE: OLM)
("Olympic") announced today that it has commenced a public offering of
$300 million Senior Notes due 2007 under its current shelf registration
effective with the Securities and Exchange Commission.  The offering is
expected to be completed in early March 1997.  Net proceeds will be used to
finance the purchase of outstanding 13% Senior Notes due 2000 tendered
pursuant to the Company's announced offer to purchase and consent
solicitation, to fund purchases of automobile loans, for working capital and
for other general corporate purposes.  The new Senior Notes are being offered
through Donaldson, Lufkin & Jenrette Securities Corporation, J.P. Morgan & Co.
and Bear, Stearns & Co. Inc. as underwriters.
    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.
    This release shall not constitute an offer to sell or solicitation of an
offer to buy nor shall there be any sale of the above securities in any State
in which such offer, solicitation or sale would be unlawful.  Such securities
are being sold only by means of a prospectus.

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