Fitch Rates Onyx Acceptance Owner Trust 2005-B

NEW YORK--July 21, 2005--Fitch rates Onyx Acceptance Owner Trust (Onyx) 2005-B as follows:

-- $204,000,000 3.61522% class A-1 asset-backed notes 'F1+';

-- $236,000,000 4.03% class A-2 asset-backed notes 'AAA';

-- $331,000,000 4.18% class A-3 asset-backed notes 'AAA';

-- $129,000,000 4.34% class A-4 asset-backed notes 'AAA'.

The securities, which represent the second securitization of the year offered by Onyx, are issued with a note guaranty insurance policy from Financial Guaranty Insurance Company (FGIC), which is rated 'AAA' by Fitch. The note policy ensures full and timely payment of interest and principal by the legal final distribution date. The ratings address the likelihood that noteholders will receive full payments of interest and principal in accordance with the terms of the transaction documents. The ratings are based on the terms of the financial guaranty insurance policy and insurer financial strength of FGIC.

Interest and principal on the notes are distributed monthly on the 15th day of each month, commencing on Aug. 1, 20055, 2005. Principal is distributed sequentially beginning with the class A-1 notes until paid in full. Before drawing upon the insurance policy, losses will be covered by excess spread, overcollateralization (OC), and a spread account.

The receivables in the 2005-B trust are, for the most part, simple interest receivables made with respect to new (24.51%) and used (75.49%) automobiles and light-duty trucks and vans. The weighted average APR is 10.44%. Similar to most other transactions securitized by Onyx, 23.06% of the receivables in the trust were originated in California followed by Florida (6.78%), Georgia (6.36%), Illinois (5.34%) and New Jersey (4.56%).

Onyx, a Delaware Corporation, is a specialized consumer finance company engaged in the purchase, warehousing, securitization and servicing of motor vehicle retail installment contracts originated by franchised and select independent automobile dealerships. Since its inception in August 1993, Onyx has focused its business on acquiring prime and near prime contracts secured by late model used and, to a lesser extent, new vehicles. To date Onyx has purchased or originated over $10 billion in contracts, has completed 34 securitizations and currently has an active dealer base of approximately 12,000 dealerships.

In January 2005, Capital One Financial Corporation (Capital One) (rated 'BBB/F2' by Fitch) completed its acquisition of Onyx through an all-cash transaction. The acquisition resulted in the merger between Capital One Auto Finance, Inc. (COAF), the auto financing arm of Capital One, and Onyx. Capital One is a bank holding company whose principal subsidiaries are Capital One Bank and Capital One Bank FSB. Through acquisitions of Summit Acceptance Corp. in 1998, PeopleFirst.com in 2001, and Onyx, COAF now underwrites auto loans to a full spectrum of borrowers.

Fitch's rating definitions are available on the agency's public web site, 'www.fitchratings.com'. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.