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Onyx Acceptance Prices $350 Million In Asset Backed Securities

17 May 1999

Onyx Acceptance Prices $350 Million In Asset Backed Securities

    FOOTHILL RANCH, Calif., May 17 -- Onyx Acceptance Corporation
announced the pricing of a $350 million offering of automobile
receivables-backed securities through Merrill Lynch & Company, Salomon Smith
Barney and Chase Securities Inc.
    The securities will be issued through an owner trust, Onyx Acceptance
Owner Trust 1999-B, in four classes of notes and one certificate class:

                                     Average
                                       Life
        Class              Amount    (years)   Coupon     Price        Yield
    A-1                 $52,000,000    0.26    4.93%     1.000000     4.930%
    A-2                 100,000,000    0.93    5.39%     0.999991     5.391%
    A-3                 105,000,000    1.97    5.78%     0.999857     5.788%
    A-4                  72,000,000    3.16    6.02%     0.999973     6.021%
    Certificates         21,000,000    4.21    6.30%     0.999652     6.309%
                       $350,000,000

    Each class will be rated AAA and Aaa, respectively, by Standard and Poor's
Ratings Services, a division of The McGraw Hill Companies, Inc., and Moody's
Investors Service, Inc., as the ultimate payment of principal and timely
payment of interest will be guaranteed by an insurance policy provided by MBIA
Insurance Corporation.
    The transaction will be Onyx Acceptance's sixteenth securitization of
automobile receivables, which will bring the total of automobile receivables-
backed securities issued by the Company to more than $2.6 billion.
    Onyx Acceptance Corporation is a specialized finance company.  The Company
is a leader in prime and near-prime automobile lending providing financing to
franchise and select independent dealers.  Onyx services those dealers from
its 16 Auto Finance Centers throughout the United 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, 1998, and on Form 10-Q for the period ended March 31, 1999.

         Please visit the Onyx Acceptance website at http://www.onyxco.com.