[LOGO]CHRYSLER
                                                             FINANCIAL


                                 PROMISSORY NOTE


$1,000,000.00                       CORNELIUS                    NORTH CAROLINA


     FOR  VALUE  RECEIVED,   LAKE  NORMAN  DODOGE,   INC.   (hereinafter  called
"Borrower"),  promises  to pay to the order of  Chrysler  Financial  Corporation
(hereinafter  called "Lendor") at its offices at ONE UNIVERSITY PLACE, 8801 J.M.
KEYNES DRIVE,  STE.  400,  CHARLOTTE,  NC, 28262,  or at such other place as the
holder hereof from time to time may  designate in writing,  the principal sum of
ONE MILLION AND 00/100 Dollars ($1,000,000.00) in eighty four (84) equal monthly
installments   of  ELEVEN   THOUSAND  NINE  HUNDRED  FOUR  AND  76/100   Dollars
($11,904.76) each,  commencing on the 15th day of JULY, 1996 and on the 15th day
of each succeeding  month  thereafter until the required number of equal monthly
installments has been paid in full,  together with interest thereon at that rate
of  interest  announced  by Lender from time to time and in effect on the unpaid
balance  outstanding  hereunder,  with  interest  after  maturity at the highest
lawful contract rate.  Accrued  interest through the end of each preceding month
shall be due and payable with each  installment of principal,  provided that all
unpaid  interest  accrued to the date thereof  shall be due and payable with the
last installment of principal.

This Promissory Note evidences  borrowing under, and is subject to, the terms of
that certain Security  Agreement and Capital Loan Agreement between the Borrower
and Lender dated May 15th, 1996, and the terms,  conditions and promises of that
agreement are hereby  incorporated in this Promissory Note by reference as fully
as if set out herein.

All parties to this  Promissory  Note waive  presentment  for  payment,  demand,
notice of nonpayment,  protest,  notice of protest and,  without further notice,
hereby  consent to renewal,  extensions  or partial  payments,  either before or
after maturity.

Nothing herein shall limit any rights  granted to Lender by other  instrument or
by law.


LAKE NORMAN DODGE, INC.



By: /s/ ILLEGIBLE
   ----------------------
  Its: PRESIDENT
       


Date:   5-15-96
     --------------------


                                                                     Loan #14394