Central Financial Acceptance Corp. Announces Filing of Information Statement With the SEC for Its Plan of Complete Dissolution, Liquidation and Distribution.

Business Editors

COMMERCE, Calif.--(BUSINESS WIRE)--Oct. 2, 2000

Central Financial Acceptance Corp. (OTCBB:CFAC) today announced that its board of directors and stockholders owing a majority of the outstanding common stock have approved a Plan of Complete Dissolution, Liquidation and Distribution (the "Plan"), under which the operations of CFAC have been separated into two subsidiaries: Hispanic Express Inc. and Banner Central Finance Co., whose outstanding common shares will be distributed to each CFAC shareholder on a yet to be determined liquidation date.

In connection therewith, CFAC has submitted to the Securities and Exchange Commission (the "SEC") an Information Statement covering pertinent business and financial information required to be filed prior to CFAC effecting its dissolution and liquidation, and making the distribution of the common stock of these two subsidiaries to its stockholders. Upon receiving appropriate clearance from the SEC, CFAC will determine the liquidation date under the Plan.

Gary Cypres, chairman of the board of CFAC, stated, "Hispanic Express Inc. has been formed to operate CFAC's travel and small loan businesses, while Banner Central Finance Co. has been formed to operate CFAC's mortgage origination business and to purchase consumer receivables which are generated from the sale of consumer products sold by an affiliated company."

Cypres further stated, "The board of directors decided to adopt the Plan as part of CFAC's continuing objective of enhancing long term shareholder value, and the board of directors has the ability to abandon, defer or modify the Plan any time prior to the Plan's consummation, should other considerations, including the possible sale of CFAC arise."

Cypres also added, "Third quarter operating results would be adversely impacted by the continuing bus strike in Los Angeles."

CFAC is a specialized multi-unit travel service company with an expanding Internet travel business that primarily serves the travel needs of the growing low-income Hispanic population in California.

Certain statements in this news release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The company's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, credit quality, fluctuations in interest rates, the company's relationship with its airlines, capital availability, technology, competition in the geographic and business areas in which the company conducts its operations and other factors discussed in the company's Annual Report on Form 10-K.