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Onyx Issues $208,759,315 in Asset Backed Securities

23 June 1998

Onyx Issues $208,759,315 in Asset Backed Securities

    IRVINE, Calif., June 23 -- Onyx Acceptance Corporation
(http://www.onyxacceptance.com), a specialized automobile finance
company, today announced today the successful completion of a $208,759,315
automobile receivables asset-backed securitization.  The securitization was
completed pursuant to the Onyx Acceptance Owner Trust 1998-A and was the
twelfth securitization completed by Onyx since it initiated business
operations in February 1994 and the first using the Owner Trust structure.
This brings the assets securitized by Onyx to over $1.4 billion.  The offering
was lead-managed by Merrill Lynch & Co. and co-managed by Solomon Smith
Barney.  The five classes of securities sold in the offering each received the
highest ratings offered from Standard and Poor's Ratings Services, a division
of McGraw Hill, Inc. and Moody's Investors Service, Inc.  The offering
included four classes of notes with maturities ranging from one (1) year to
five (5) years and a class of certificates that mature in 2005.  The actual
date on which each class of securities will pay off could be significantly
earlier than the scheduled maturity date.  This offering, like the eleven
prior, was backed by a financial guaranty insurance policy provided by MBIA,
which guarantees the timely payment of interest and the ultimate payment of
principal on the securities issued by the Owner Trust.
    "We were happy with the pricing that we received on each of the classes of
securities, said John W. Hall, President and CEO of Onyx.  It was our
objective when we began this business nearly five years ago to be the premier
automobile finance company in this sector.  Based on the pricing we received
on the securitization, it appears that we have achieved that distinction.  We
have continued to surround ourselves with the best staff, the best investment
bankers and the best lenders in the marketplace. This, coupled with our
continued managed growth plan leads us to believe that our future is bright."
    Onyx Acceptance Corporation is an Irvine, Ca. based company providing
financing to new and select used car dealerships in many parts of the United
States with Auto Finance Centers located in Arizona California, Florida,
Georgia, Illinois, Michigan, Nevada, and Washington.
    This news release contains forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected.  The most significant among these risks and
uncertainties are (a) the Company's level of delinquencies, gross charge-offs
and net losses, (b) the ability to achieve adequate interest rate spreads, (c)
the effects of economic factors on consumer debt (d) competitive pressures and
(e) the continued availability of liquidity sources.  Other important factors
are detailed in the Company's annual report on Form 10-K for the year ended
December 31, 1998.