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C. Thomas Meyers Joins Onyx Board

11 June 1998

C. Thomas Meyers Joins Onyx Board

    IRVINE, Calif., June 11 -- Onyx Acceptance Corporation
today announced that C. Thomas Meyers has joined the Board of
Directors of the company.  Meyers was recently retired from Capital Markets
Assurance Corporation ("CapMAC") where he was Managing Director, Credit
Enhancement.  A 1960 graduate of Notre Dame University, Meyers has been in the
financial services business most of his career including 13 years at General
Electric Company where he held various positions.  Meyers was the Chief
Financial Officer for the consumer division of GE Capital prior to joining
CapMAC in 1987.  In 1992, Meyers and 7 others participated in the acquisition
of CapMAC, in a leveraged buy-out, from Citicorp.  CapMAC went public on the
New York Stock Exchange in 1995 and was acquired in 1998 by MBIA, one of the
largest commercial guarantor corporations in the country.
    "Tom Meyers's background in securitizations, consumer lending and bank
relationships will complement well the skills of existing board members, said
John W. Hall, President and Chief Executive Officer of Onyx. We are honored
and fortunate to have a man of Tom Meyers experience and integrity join our
board.  I have known Tom for over four years and his demonstrated knowledge
and understanding of our business will be a tremendous asset to us in the
coming years."
    Onyx Acceptance Corporation is an Irvine, California based company
specializing in automobile finance with new and select used car dealerships in
18 states.
    Onyx has twelve regional offices, with the headquarters located at
8001 Irvine Center Drive, Fifth Floor, Irvine, Ca. (949) 790-5400.