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SOLAR FINANCIAL ENTERS INTO LETTER OF INTENT TO ACQUIRE $50.0 MILLION LINE OF CREDIT

 MIAMI, Aug. 12 /PRNewswire/ -- Solar Financial Services, Inc. (NASDAQ: SOFI) ("Solar") announces today that solar has entered into a Letter of Intent with First Fidelity Acceptance Corporation, an Irvine, Calif.-based automobile loan company ("First Fidelity"), whereby First Fidelity has agreed, subject to the execution of a definitive agreement, to provide to Solar a secured revolving line of credit of up to $50.0 million. The term shall be for a minimum of five years.
 "The signing of this expanded credit line will create the environment for very significant increases in auto sales and pave the way for increases throughout our business," said David L. Pavsner, Solar's president and chief executive officer.
 Solar operates Auto Depots under the name of "Don L. Motors" in the Dade and Broward County Markets (South Florida). Solar also operates a finance company that finances the sale of used vehicles, with an average receivable balance of approximately $20.0 million, and an insurance repair facility.
 A copy of Solar's current Report on Form 8-K to be filed with the Securities and Exchange Commission on Aug. 12, 1993 is incorporated by reference hereby.
 -0- 8/12/93
 /CONTACT: David L. Pavsner, CEO, 305-835-1160, or Laurance B. Hankin, CFO, 305-835-1121, both of Solar Financial Services/
 (SOFI)


CO: Solar Financial Services, Inc.; First Fidelity Acceptance
 Corporation ST: Florida, California IN: FIN AUT SU:


AW-SB -- FL006 -- 1993 08/12/93 08:47 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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