Union Acceptance Corporation Announces Bin Wan as Senior Vice President

    INDIANAPOLIS--March 20, 2002--Union Acceptance Corporation ("UAC") today announced that Bin Wan has been named Senior Vice President of Risk Management, reporting directly to Tim Shaw, Executive Vice President and Chief Information Officer of UAC.
    This is a new executive position established to enhance the Risk Management Department. Mr. Wan will oversee the Risk Management Department with responsibility for all aspects of the Company's proprietary risk-based pricing model as well as delinquency and loss modeling. Mr. Wan's expertise in risk-based pricing gathered over the past six years will enable UAC to further refine its risk-based models to incorporate additional elements that will enhance franchise value and improve gross margins and delinquency.
    "Bin's experience in the credit card services industry as well as his expertise in economics and statistics will be valuable assets as we focus on the development and refinement of our risk-based pricing model and optimization of credit policies," stated Lee Ervin, President and Chief Operating Officer. "UAC will certainly benefit from his experience, particularly in realizing the full potential of our pricing models. We look forward to Bin's contribution toward advancing our strategic initiatives of enhanced profitability and lower earnings volatility. We are pleased to welcome him to our management team."
    Mr. Wan joins UAC from Citigroup, where he most recently served as Vice President of MIS and Portfolio Analysis for the Expansion Market Business Unit of Citi Cards based in Dallas, Texas. While in this position, he devoted time to the development and implementation of several comprehensive risk-based APR re-pricing initiatives and managed numerous policy analyses that included cardholder purchase, delinquency and loss patterns. Mr. Wan joined Citigroup (then Associates First Capital Corporation) as Manager of the MIS Department in the Credit Card Planning & Control area in 1996, devoting substantial time to developing financial databases and methodologies for planning and forecast processes. Prior to Citigroup, Mr. Wan instructed economics courses at Texas Tech University where he also received his Ph.D and M.A. Degrees in Economics. Mr. Wan also received his B.S. Degree in Engineering in China.
    Additional information on Union Acceptance Corporation and its management team can be obtained at the Company's web site, www.unionacceptance.com.

    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 5,700 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.