Gary L. Levine Appointed Senior Vice President of Business Development at Union Acceptance Corporation

    INDIANAPOLIS--Aug. 19, 2002--Union Acceptance Corporation ("UAC") today announced that Gary L. Levine has been named senior vice president of business development, reporting to Lee Ervin, chief executive officer.
    This position has been created to coordinate and execute all sales and marketing efforts for third party servicing. His responsibilities include development of sales initiatives, client relationships, client analysis and pricing.
    UAC launched third party servicing in April 2002, in order to diversify the company's product line. This new product will leverage UAC's existing business and technical processes and procedures while taking advantage of UAC's state-of-the-art technology and management expertise to continue its outstanding servicing record.
    Levine came to UAC from American Investment Bank where he served as an executive vice president and most recently, securitization consultant. In addition, he has performed consulting services for clients including Smart Ford, Northpoint Chevrolet and Provident Bank. Levine also held executive management positions at Tranex Credit Corp. and Tranex Management Services, Inc., Frankfort Chrysler Plymouth Dodge Jeep Eagle, Inc., Val Car Rental Car Sales, Inc., Trexar Corp. and Oxford Credit Corp.
    "Gary brings a wealth of auto industry experience to UAC and we are pleased to have him as a part of our management team," said Ervin. "Under his leadership, we expect rapid development of our third party servicing portfolio, which will provide support to our income initiatives over the coming years."
    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.