Exhibit 99.1

     FINANCIAL FEDERAL CORPORATION REPORTS FIRST QUARTER RESULTS


NEW YORK, NY:  December 3, 2008 - Financial Federal Corporation
(NYSE: FIF) today announced results for its first quarter ended
October 31, 2008.  Net income for the quarter decreased 8% to $11.7
million from $12.7 million in the first quarter of fiscal 2008.
Diluted earnings per share decreased by 6% to $0.47 from $0.50.
Finance receivables originated during the quarter were $225 million
compared to $259 million in the first quarter of fiscal 2008.
Finance receivables outstanding decreased to $1.89 billion at
October 31, 2008 from $1.94 billion at July 31, 2008.


Paul R. Sinsheimer, CEO, commented:  "We continued to produce
outstanding operating results and asset quality during the first
quarter of fiscal 2009 considering the extreme turmoil in capital
markets and deteriorating economic conditions.  We have also chosen
to lower our leverage because of this difficult business
environment.  Our net charge-offs and non-performing assets remained
manageable and their future trends will most likely reflect what
happens to the economy in general.  I am encouraged by the
consideration of a new economic stimulus package centered around
infrastructure programs and its potential beneficial impact on the
country and our business."

Steven F. Groth, CFO, remarked:  "Our liquidity continued to
increase during the quarter to $398 million through selective
underwriting and the renewal of a two-year $30 million unsecured
committed bank credit facility.  We also returned 11% on our equity
for the quarter with a 3.3x leverage.  We are exploring the potential
benefits of applying for a national bank charter."


Financial Highlights
  *  Net interest margin improved to 5.71% in the first quarter from
     5.15% in the first quarter of fiscal 2008, the net yield on our
     finance receivables declined to 8.89% from 9.28% and our cost of
     debt declined to 4.26% from 5.33% because of decreases in
     short-term market interest rates.
  *  The provision for credit losses was $1.4 million in the first
     quarter and $0.4 million in first quarter of fiscal 2008 because
     we increased the allowance for credit losses due to higher levels
     of net charge-offs, delinquencies and non-performing assets.
  *  Salaries and other expenses increased by 10% to $7.2 million in
     the first quarter from $6.5 million in the first quarter of
     fiscal 2008 because of higher non-performing asset costs.  The
     efficiency ratios were 26.0% and 23.7% and the expense ratios
     were 1.48% and 1.22%.
  *  Return on equity declined to 11.0% for the first quarter
     compared to 13.0% for the first quarter of fiscal 2008 and
     leverage decreased 23% to 3.3 at October 31, 2008 from 4.3 at
     October 31, 2007.

Asset Quality
Asset quality has been declining due to recessionary economic
conditions but remained favorable in the first quarter of fiscal
2009:
  *  Net charge-offs were $1.4 million or 0.29% of average finance
     receivables (annualized) compared to net charge-offs of $1.2
     million or 0.24% in the fourth quarter of fiscal 2008, and net
     charge-offs of $0.4 million or 0.07% in the first quarter of
     fiscal 2008.
  *  Non-performing assets were 2.44% of finance receivables at
     October 31, 2008 compared to 2.41% at July 31, 2008 and 1.32% at
     October 31, 2007.
  *  Delinquent receivables (60 days or more past due) were 1.19% of
     total receivables at October 31, 2008 compared to 1.18% at
     July 31, 2008 and 0.73% at October 31, 2007.


Conference Call
The Company will host a conference call December 4, 2008 at 11:00
a.m. (ET) to discuss its first quarter results.  The call can be
listened to on the Company's website www.financialfederal.com (click
on Investor Relations).


About Financial Federal
Financial Federal Corporation is an independent financial services
company specializing in financing construction, road transportation
and refuse equipment through installment sales and leasing programs
for dealers, manufacturers and end users nationwide.  Please visit
www.financialfederal.com for more information.


This press release contains certain "forward-looking" statements
concerning the Company's expectations.  Actual results could differ
materially from those contained in the forward-looking statements
because they involve risks, uncertainties and assumptions.
Information about risk factors that could cause actual results to
differ materially is included in the Company's Annual Report on Form
10-K for the year ended July 31, 2008.  Risk factors include (i) an
economic slowdown (ii) the inability to collect finance receivables
and the sufficiency of the allowance for credit losses (iii) the
inability to obtain capital or maintain liquidity (iv) rising short-
term market interest rates and adverse yield curve changes (v)
increased competition (vi) the inability to retain key employees and
(vii) adverse conditions in the construction and road transportation
industries.  The Company is not obligated to update or revise
forward-looking statements for subsequent events or circumstances.


CONTACT:  Steven F. Groth, Chief Financial Officer
          (212) 599-8000


         CONDENSED CONSOLIDATED UNAUDITED INCOME STATEMENTS
              (In thousands, except per share amounts)

=====================================================================
Three months ended October 31,                     2008          2007
---------------------------------------------------------------------
Finance income                                  $42,993       $49,596
Interest expense                                 15,386        22,081
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Net finance income before provision for
  credit losses on finance receivables           27,607        27,515

Provision for credit losses on finance
  receivables                                     1,400           400
---------------------------------------------------------------------
  Net finance income                             26,207        27,115

Salaries and other expenses                       7,169         6,509
---------------------------------------------------------------------
  Income before provision for income taxes       19,038        20,606
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Provision for income taxes                        7,359         7,940
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     NET INCOME                                 $11,679       $12,666
=====================================================================
Earnings per common share:
     Diluted                                      $0.47         $0.50
     Basic                                        $0.48         $0.51
=====================================================================
Number of shares:
     Diluted                                     24,988        25,429
     Basic                                       24,564        24,681
=====================================================================


          CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS
                          (In thousands)

=====================================================================
                             October 31,      July 31,    October 31,
                                    2008          2008           2007
---------------------------------------------------------------------
ASSETS

Finance receivables            $1,885,488    $1,940,792    $2,125,172
Allowance for credit losses       (24,789)      (24,769)      (24,020)
---------------------------------------------------------------------
  Finance receivables - net     1,860,699     1,916,023     2,101,152

Cash                               10,319         8,232         7,821
Other assets                       20,082        18,613         8,978
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TOTAL ASSETS                   $1,891,100    $1,942,868    $2,117,951
=====================================================================

LIABILITIES

Debt                           $1,408,000    $1,467,000    $1,658,700
Accrued interest, taxes and
  other liabilities                57,927        60,996        71,335
---------------------------------------------------------------------
    Total liabilities           1,465,927     1,527,996     1,730,035

STOCKHOLDERS' EQUITY              425,173       414,872       387,916
---------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY   $1,891,100    $1,942,868    $2,117,951
=====================================================================