Union Acceptance Corporation Announces Bob Hardman as Senior Vice President

    INDIANAPOLIS--Jan. 14, 2002--Union Acceptance Corporation ("UAC") today announced that Bob Hardman has been named Senior Vice President of Servicing, reporting directly to Lee Ervin, President and Chief Operating Officer of UAC. This is a new executive position created to bring a wealth of industry experience and management expertise into the collection and servicing areas. As the Company's SVP of Servicing, Mr. Hardman will oversee the collections, operations and servicing, and remarketing efforts of the Company, spearheading many operational, technological, and reporting enhancements in these areas. In his new capacity, Mr. Hardman will also serve as a member of the executive team.
    "Dedicated executives with Bob's level of expertise are rare and we are fortunate that he has joined our management team," stated Lee Ervin, President. "Bob will play a key role in the Company's efforts to promote operational excellence in addition to overseeing the effective implementation of several technology initiatives in the collections and servicing areas. UAC will certainly benefit from his experience in auto finance with major players in both domestic and international markets such as Chrysler First and Toyota Motor Credit."
    Mr. Hardman joins UAC from Equi-Credit, a subsidiary of Bank of America where he served as Vice President of Foreclosure, managing the foreclosure area for a $29 billion portfolio. Equi-Credit is a sub-prime mortgage lender based in Jacksonville, Florida. Mr. Hardman worked for Equi-Credit, or its predecessors for his entire 29-year career, serving in numerous capacities. Predecessors of Equi-Credit with which Mr. Hardman worked in various capacities include Toyota Motor Credit, Chrysler First, NationsCredit, Finance America, and General Acceptance Corporation.
    During a majority of Mr. Hardman's career, he has focused on collection processing, delinquency tracking and reporting, and loss mitigation. He also has extensive experience in delinquency and loss forecasting, vendor management, staffing, and the establishment of internal controls and monitoring systems. He has held various positions in underwriting, collection, foreclosure, and asset disposition. Mr. Hardman also dedicated two years to the internal audit discipline while at NationsCredit, focusing on compliance with state and federal collection guidelines.
    Additional information on Union Acceptance Corporation and its management team can be obtained at the Company's web site, www.unionacceptance.com.

    Corporate Description

    UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is acquiring, securitizing and servicing prime retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign automobile manufacturers. The Company is focused on the upper-end of the credit quality spectrum. 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.