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Onyx Acceptance Adds Major Investment Bank to Its Cadre of Lenders

2 October 1998

Onyx Acceptance Adds Major Investment Bank to Its Cadre of Lenders Onyx Receives New $50,000,000 Residual Credit Facility

    IRVINE, Calif., Oct. 2 -- Onyx Acceptance Corporation
(http://www.onyxacceptance.com), announced today the formation of a
new creditor relationship and receipt of a $50,000,000 residual credit
facility from a prestigious international investment banking firm.  In
rejoining with one of the nation's largest investment banking firms, Onyx
fortifies its ability to continue its rapid and strategic growth.
    "We are pleased with the investment bank's decision to join in this credit
relationship," said John W. Hall, President and Chief Executive Officer of
Onyx Acceptance.  "With this additional residual credit facility, Onyx now has
total residual funding capacity of $145 million.  This is a $115 million, or
383% increase since December 31, 1997.  Our warehouse credit facilities have
grown to $425 million, an increase of $225 million or 113%, since December 31,
1997.
    "The relationship and facility are resources which allow Onyx to be
opportunistic.  We can choose the business alternatives which best support the
Company's strategic and growth objectives.  Specifically, we will use the
facility to open and promote new Auto Finance Centers throughout the United
States."
    Onyx Acceptance Corporation is a specialized automobile finance company.
Onyx Acceptance is based in Irvine, CA.  The Company is a leading provider of
financing to new and select used car dealerships throughout the United States.
Onyx Acceptance operates 14 Auto Finance Centers.  The Centers are located in
nine states.
    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 ending March
31, 1998, and June 30, 1998.