Union Acceptance Corporation Announces Mark R. Turner as Chief Financial Officer

    INDIANAPOLIS--Aug. 5, 2002--Union Acceptance Corporation ("UAC") today announced that Mark R. Turner has been named chief financial officer, reporting directly to Lee Ervin, president. Turner will be responsible for capital management, corporate accounting, compliance and budgeting and treasury functions.
    Turner brings thirteen years of banking and financial services leadership to the company. His endeavors include financial strategy, interest rate risk management, risk-based capital management, mortgage portfolio management, funding, hedging, development of market value based analytic systems, and creation of data support systems.
    "Mark brings a wealth of financial experience to us and will round out the management team," said Ervin. "UAC is committed to recruiting the best talent available in key positions and we are excited to have someone of Mark's caliber join our staff."
    Turner joins UAC from Ford Motor Credit Company where he most recently served as vice president of corporate risk management. Previously, he served as director of corporate risk management and assistant treasurer at Ford Motor Credit, head of mortgage finance at Federal Home Loan Bank of Chicago and held various positions in treasury and finance in the banking industry.
    Additional information about 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 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 5,900 manufacturer-franchised dealerships in 39 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.