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Onyx Acceptance Issues $250,000,285 in Asset Backed Securities

15 September 1998

Onyx Acceptance Issues $250,000,285 in Asset Backed Securities

    IRVINE, Calif., Sept. 15 -- Onyx Acceptance Corporation
(http://www.onyxacceptance.com) today announced the successful
completion of a $250,000,285 automobile receivables asset-backed
securitization.  The securitization was completed pursuant to the Onyx
Acceptance Owner Trust 1998-B and was the thirteenth securitization completed
by Onyx since it initiated business operations in February 1994.  This brings
the assets securitized by Onyx to over $1.65 billion.
    The offering was led by Salomon Smith Barney and co-managed by Merrill
Lynch & Co.  The three 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 two classes of notes with final maturities in March 2002
and July 2003, respectively, and a class of certificates that mature in March
2005.  The actual pay-off date of each class of securities could be
significantly earlier than the scheduled maturity date.  This offering, like
the twelve prior, was backed by a financial guaranty insurance policy provided
by MBIA Insurance Corporation, which guarantees the timely payment of interest
and the ultimate payment of principal on the securities issued by the Owner
Trust.
    "Successfully completing a deal in the current market conditions is
extremely satisfying.  We believe the continued superior performance of the
Onyx portfolio had a favorable impact on securities buyers," said John W.
Hall, President and CEO of Onyx.
    Onyx Acceptance Corporation -- a specialized automobile finance company
based in Irvine, California - is a leading provider of financing to new and
select used car dealerships in many parts of the United States.  Onyx has Auto
Finance Centers located in Arizona, California, Florida, Georgia, Illinois,
Michigan, New Jersey, 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, 1997, and the Form 10-Qs filed for the quarters ended March 31,
1998, and June 30, 1998.