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Onyx Acceptance Sells $280,000,000 in Asset-Backed Securities

3 December 1998

Onyx Acceptance Sells $280,000,000 in Asset-Backed Securities; Company Achieves Another Milestone in its Growth History

    IRVINE, Calif., Dec. 3 -- Onyx Acceptance Corporation
announced today the sale of $280,000,000 of asset-backed
securities of its automobile loans.  The successful offering is another
milestone in Onyx Acceptance's history of strategically planned growth and
profitability.
    The offering was led by Merrill Lynch & Company and co-managed by Salomon
Smith Barney.  The offering was divided into five classes of securities.  Each
class 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 -- like the prior thirteen -- is backed by a financial
guaranty insurance policy provided by MBIA Insurance Corporation.
    Onyx was founded in 1993.  Since then, the Company has securitized more
than $1.93 billion in assets.
    "We are pleased with the execution provided by our investment bankers as
to pricing and distribution," said John W. Hall, President and Chief Executive
Officer of Onyx Acceptance Corporation.
    "The Offering allows us to keep our focus on acquiring quality assets and
achieving our managed growth plan."
    Onyx Acceptance Corporation is a specialized finance company.  Onyx's
niche is in prime and non-prime automobile lending.  The Company's
headquarters is in Irvine, California.  Onyx provides financing to new and
select used car dealerships.  The Company services those dealerships in
18 states, from its 13 Auto Finance Centers.  Onyx Acceptance Corporation
began business in 1993.  Five years later, the Company has originated more
than $2 billion in loans.

    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-Q's filed for the quarters
ending March 31, June 30, and September 30, 1998.
    We invite you to visit the Onyx Acceptance website at
http://www.onyxacceptance.com.