Union Acceptance To Hold Conference Call To Provide Reorganization Plan Update

    INDIANAPOLIS--Nov. 1, 2002--The senior management of Union Acceptance Corporation ("UAC") will host a conference call on Thursday, November 7, 2002 at 2:00 p.m. EST to provide an update on its reorganization plans. 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 13, 2002 at midnight at (800) 642-1687; conference ID 6520216.
    UAC management would like to be as responsive as possible to the questions and concerns of its various constituencies. Interested parties may submit queries for which they would like more information to the following email address: investorrelations@uaca.com The company will provide as much information as it can in response to questions received on its next conference call.
    On October 31, 2002, UAC announced it has filed a petition for reorganization under Chapter 11 of the Bankruptcy Code to facilitate a financial restructuring. The objective of the reorganization proceeding is to protect the enterprise and restructure obligations so that the Company will be able to continue as a going concern. As part of the ongoing communication regarding this proceeding, the company said it intends to hold weekly update calls through the month of November, then monthly calls through end of the first quarter of 2003. The call on November 7, 2002 is the first of such calls.

    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.