Presidents Financial Corporation Acquired TheUsedCarlot.Com

PHOENIX--Oct. 4, 2004--The Board of Directors of Presidents Financial Corporation (Pink Sheets:PZFL) is pleased to announce that the Company has completed the acquisition of TheUsedCarLot.Com (TUCL) a prime advertising website for used car sellers and auto dealers to list their used cars for sale. The website URL of www.TheUsedCarLot.com generated an estimated 400,000 hits per month and increasing.

TUCL has two used car dealers in British Columbia, Canada listing over 500 cars on the website and there are approximately 80 cars under the "For Sale By Owners" category. TUCL has secured auto dealers in the Province of Saskatchewan as well as other provinces. TUCL will also feature products ranging from automobile, motorcycles, campers, RVs, farm equipment; related services from auto parts store, mechanic shops, body shops, etc for each region. TUCL is ideally viewed by people on the move throughout Canada by searching and buying their car through TUCL and have the car waiting at their destination upon arrival.

TUCL also provides financing for cars sold under the website. Each prospective buyer will be pre-qualified to buy or lease the car they like from the website. With a few clicks of the mouse, we can deliver the car to the buyer within one week from the time the contract for financing is completed. The Company offers competitive interest rates for qualified buyers and leasing products. All cars under financing are equipped with GPS ignition disabler that are controlled through our offices. For further information on email us at info@theusedcarlot.com

On Behalf Of The Board of Directors

Carman Parente, President

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