Union Acceptance to Hold Conference Call on Reorganization Plans, Third Quarter 2002 Results

    INDIANAPOLIS--Nov. 1, 2002--The senior management of Union Acceptance Corporation ("UAC") will host a conference call today, November 1, 2002 at 3:30 p.m. EST to discuss the news of its reorganization plans and third quarter earnings released October 31, 2002. The call may be accessed through a toll-free telephone number at (877) 313-0551. A telephone replay will be available two hours after the completion of the call through November 15, 2002 at midnight at (800) 642-1687; conference ID 6496859.

    About Union Acceptance

    UAC is an independent, indirect provider of automobile financing and servicing. 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 more than 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.