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Onyx Acceptance Announces Ammendment to Primary Credit Facility

29 December 1998

Lender Increases Onyx Acceptance's Credit Facility by $50 Million MBIA Grants Onyx Second Increase in Three Months

    IRVINE, Calif., Dec. 29 -- Onyx Acceptance Corporation
announced today the successful amendment to its primary credit
facility.  The transaction boosts the Company's borrowing capacity -- in this
facility -- to $375 million from $325 million.  The credit facility is a
commercial paper conduit made available to Onyx's wholly owned subsidiary,
Onyx Acceptance Financial Corporation.  This enhancement follows an
$80 million increase in September 1998.  MBIA Insurance Corporation issued a
financial guaranty policy ensuring repayment.  Onyx and MBIA began the line in
September 1994.
    "We are pleased with the increase in this facility," said John W. Hall,
President, and Chief Executive Officer of Onyx.  "It enables us to keep pace
with the controlled-continuing growth of the Company."
    This facility and a $100 million warehouse facility with Merrill Lynch
coupled with Onyx's successful quarterly securitization program, give the
Company capacity to originate and securitize up to $475 million per quarter in
automobile receivables.
    Onyx Acceptance Corporation is a specialized automobile finance company
based in Irvine, CA.  Onyx provides financing to new and select used car
dealerships in 19 states.  Onyx services the dealerships through its 14 Auto
Finance Centers.  The Centers are located in prime automobile markets across
the nation.
    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, June 30, and September 30, 1998.
    Please visit the Onyx Acceptance web site at http://www.onyxacceptance.com