Northeast Auto Acceptance Corp. Receives $1 Million Credit Line from Manheim Automotive Financial Services

MERRICK, N.Y.--Jan. 6, 2005--Northeast Auto Acceptance Corp. (OTC: NAAC) announced today that the company has just received a $1 million credit facility from Cox Communications Manheim Automotive Financial Services (MAFS). MAFS is the financial services division of Manheim Auctions Inc., the world's largest and most successful auto auction company in the world.

Bill Solko, Northeast's CEO stated, "We are very happy to see that Manheim has recognized our company to be worthy of this credit line. Our company continues to be one of their largest customers in the Nation having conducted business in excess of $25 million within the Manheim auction system over the last 12 months. We believe that this additional working capital will increase our revenues by at least $10 million in 2005. We will begin using this credit facility immediately to purchase additional inventory, and we believe that Manheim will offer us additional credit in the near future."

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.