Northeast Auto Acceptance Corp. UPDATE: Surpasses $2.7 Million In Purchases From Chrysler Financial

MERRICK, N.Y.--Dec. 1, 20046, 2004--Northeast Auto Acceptance Corp. (OTCBB: NAAC) announced today that the company has completed vehicle purchases totaling $2,766,030 from Chrysler Financial, in the 9-month period ended June 30, 2004. Chrysler Financial is the financial services arm of DaimlerChrysler, and a member of the DaimlerChrysler Services Group.

Bill Solko, Northeast's CEO stated, "We're very satisfied with the success we have had with the Chrysler products that we have purchased from Chrysler Financial. The volume of business that we do with them makes us one of their largest non-franchised customers in the Nation, and we are extremely proud of that accomplishment. We are looking forward to continuing our business relationship with Chrysler Financial in the 2005 and in years to come."

About Northeast Auto Acceptance Corp.

Northeast Auto Acceptance Corp. focuses on the wholesale segment of the auto industry. The company specializes in the marketing of vehicles on a national basis, which allows them to take advantage of seasonal and geographical pricing disparities. Northeast, a leader in this highly fragmented industry, has sold more than $200 million dollars worth of vehicles during its 10 years of operation. The company has offices in the New York metropolitan area.

STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Statements other than historical facts contained in this press release are "forward-looking statements". Such statements are based on management's beliefs and assumptions, and on information currently available, and involve uncertainties and other factors which may cause our actual, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward- looking statements. Factors include, among others, our ability to finance our operations and the ability to obtain such financing; the successful completion of any prior and future acquisitions; any uncertainties relating to the integration of acquired businesses and operations; any disputes with, and claims asserted by, our creditors and other third parties; uncertainties relating to business and economic conditions in markets in which we operate; uncertainties relating to customer plans and commitments; the timely development and market acceptance of our products; and the highly competitive industry in which we operate. We undertake no obligation to update any forward-looking statements in this press release.