Union Acceptance Announces New CEO and President

    INDIANAPOLIS--Oct. 25, 2001--Union Acceptance Corporation , today announced that Michael G. Stout, the Company's Chairman, has been appointed Chief Executive Officer and President of the Company. John M. Stainbrook, who served as UAC's CEO and President, has resigned from the Company and will pursue other interests.
    Richard D. Waterfield, UAC Director and principal shareholder, stated, "We appreciate John's valuable contributions to UAC and his many years of service. We certainly wish John well in his future endeavors. Mike has demonstrated excellent leadership as Chairman, and we have confidence he will continue to do so in his new capacity."
    Union Acceptance Corporation presently anticipates that it will announce its financial results for the quarter ending September 30, 2001, on October 31, 2001.

    Corporate Description

    UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is purchasing and servicing prime automobile retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign manufacturers, nationally recognized rental car outlets, and used car superstores. UAC focuses on acquiring receivables related to late model used and, to a lesser extent, new automobiles purchased by customers who exhibit favorable credit profiles. Union Acceptance Corporation commenced business in 1986 and currently acquires receivables from over 5,600 manufacturer-franchised dealerships in 40 states. By using state-of-the-art technology in a highly centralized underwriting and servicing environment, Union Acceptance Corporation enjoys one of the lowest cost operating structures in the independent prime automobile finance industry.