RAC Financial Group, Inc.
November 14, 1996
Page 1







                                November 14, 1996



RAC Financial Group, Inc.
1250 W. Mockingbird Lane
Dallas, Texas 75247

         RE:      RAC FINANCIAL GROUP, INC.
                  REGISTRATION STATEMENT ON FORM S-8

Ladies and Gentlemen:

         This firm has acted as special counsel to RAC Financial Group,  Inc., a
Nevada  corporation (the  "Company"),  in connection with the preparation of the
Company's Registration  Statement on Form S-8 (the "Registration  Statement") to
be filed with the Securities and Exchange  Commission,  under the Securities Act
of 1933, as amended (the "Securities Act"),  relating to an aggregate of 875,000
shares (the  "Shares") of common  stock,  $0.01 par value per share (the "Common
Stock"),  of the  Company  that may be issued  by the  Company  pursuant  to the
exercise of incentive and/or  nonqualified stock options  ("Options") granted or
that may be granted under the plans and agreements  included in the Registration
Statement (collectively, the "Plans").

         You have  requested  the  opinion of this firm with  respect to certain
legal aspects of the proposed offering. In connection  therewith,  this firm has
examined and relied upon the original, or copies identified to its satisfaction,
of (1) the Amended and Restated  Articles of  Incorporation  and the Amended and
Restated  Bylaws of the  Company;  (2)  minutes  and  records  of the  corporate
proceedings  of the Company with respect to the  establishment  of the Plans and
related matters; (3) the Registration Statement and exhibits thereto,  including
the Plans;  and (4) such other documents and instruments as this firm has deemed
necessary for the expression of the opinions contained herein.

         In  making  the  foregoing  examinations,  this  firm has  assumed  the
genuineness of all signatures and the authenticity of all documents submitted to
this  firm as  originals,  and  the  conformity  to  original  documents  of all
documents  submitted  to this firm as  certified or  photostatic  copies.  As to
various  questions of fact material to this  opinion,  and as to the content and
form of the minutes, records, resolutions and other documents or writings of the
Company,  this firm has relied,  to the extent it deems reasonably  appropriate,
upon representations of officers or directors of the Company and upon documents,
records  and  instruments  furnished  to  the  firm  by  the  Company,   without
independent check or verification of their accuracy.


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RAC Financial Group, Inc.
November 14, 1996
Page 2




         Based upon this firm's  examination,  consideration of, and reliance on
the documents and other matters  described above, and subject to the assumptions
noted  below,  this  firm is of the  opinion  that  the  Company  presently  has
available  a  sufficient  number of shares of  authorized  but  unissued  and/or
treasury  shares of Common  Stock  from which may be issued the Shares of Common
Stock proposed to be sold pursuant to the exercise of Options. Assuming that

                  (1)      the outstanding Options are duly granted, and the 
         Options to be granted in the future will be duly granted in accordance 
         with the terms of the respective Plan;

                  (2) the Company maintains an adequate number of authorized but
         unissued  shares and/or  treasury  shares of Common Stock available for
         issuance to those persons who exercise Options; and

                  (3) the  consideration  for  shares  of  Common  Stock  issued
         pursuant to the  exercise  of each  Option is actually  received by the
         Company as provided in the  respective  Plans and exceeds the par value
         of such shares;

then the Shares of Common Stock that may be issued in accordance  with the terms
of the Plans  pursuant to the  exercise of Options  will be, when and if issued,
duly and validly issued, fully paid and nonassessable.

         This firm hereby  consents to the filing of this  opinion as an exhibit
to the Registration Statement and to references to this firm included in or made
a part of the Registration Statement.


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RAC Financial Group, Inc.
November 14, 1996
Page 3



         In giving this  consent,  this firm does not admit that it comes within
the  category  of  person  whose  consent  is  required  under  Section 7 of the
Securities  Act or the Rules and  Regulations  of the  Securities  and  Exchange
Commission thereunder.

                                             Sincerely,

                                             JENKENS & GILCHRIST,
                                             a Professional Corporation


                                             By:      /s/ Ronald J. Frappier
                                                      Ronald J. Frappier
                                                      Authorized Signatory

RJF/kc




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