Exhibit (a)(8)


CONSUMERS FINANCIAL CORPORATION



July 19, 2002




Dear Preferred Stockholders:

     Consumers  Financial  Corporation  is  offering  to  purchase  all  of  the
outstanding  shares  of its 8 1/2% Preferred Stock, Series A (the "Shares") from
existing stockholders for a purchase price of $4.40 per Share, net to the seller
in  cash,  plus  accrued  dividends on such Shares. The offer is not conditioned
upon  any  minimum  number  of  shares  being  tendered.

     The Company is making this offer because the Board of Directors believes it
is  important  to  provide  the  preferred  stockholders of the Company with the
opportunity  to liquidate their investment prior to the potential acquisition of
the Company by a third-party investor group, CFC Partners, Ltd. Furthermore, the
Board  of Directors believes that the purchase price for the Shares approximates
the  payment the preferred stockholders would ultimately receive under a Plan of
Liquidation and Dissolution approved by the preferred and common stockholders in
March 1998. Those stockholders who do not elect to tender their shares or who do
not  tender  all  of  their  shares will remain as preferred stockholders of the
Company  and will either (i) receive a liquidating distribution from the Company
within  the  next  12  months  in  connection  with  the Plan of Liquidation and
Dissolution, or (ii) continue as preferred stockholders of the Company, with all
of their current rights and preferences, in the event the Company is acquired by
the investor group referred to above and the Plan of Liquidation and Dissolution
is  discontinued.

     The  offer  is  explained  in  detail in the enclosed Offer to Purchase and
Letter of Transmittal. We encourage you to read these materials carefully before
making any decision with respect to the offer. The instructions on how to tender
Shares  are  also  explained  in  detail  in  the  accompanying  materials.

     On  June 7, 2002, the last day the Shares were traded prior to the printing
of  this  letter,  the reported sales price for the Company's preferred stock on
the  OTC  Bulletin  Board  was $3.86 per Share. Any stockholder whose Shares are
purchased  in  the  offer  will  receive the net purchase price in cash plus any
accrued  dividends  due  for  the period from the due date of the last quarterly
dividend  which  was  paid  to  the date of payment for the tendered Shares.  In
addition,  stockholders  will  not  incur the usual transaction costs associated
with  open-market  sales.


1513 Cedar Cliff Drive, Camp Hill, PA 17011             Telephone 717-761-4230
Fax 717-761-9473



Preferred  Stockholders                                                   Page 2
July  19,  2002



     Neither the Company nor the Board of Directors is making any recommendation
to  stockholders as to whether to tender or refrain from tendering their Shares.
Each  stockholder  must  make  the  decision  whether  to  tender  Shares.

     The  offer  will  expire  at  midnight, Eastern Daylight Time on August 16,
2002,  unless extended by the Company. If you have any questions or requests for
assistance  regarding  the  tender offer process or for additional copies of the
Offer  to Purchase and the Letter of Transmittal, you may call StockTrans, Inc.,
which  is  serving  as  the  depositary and the information agent for the tender
offer,  at  (610)  649-7300.


Sincerely,


CONSUMERS  FINANCIAL  CORPORATION





Enclosures