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Chase Arranges $150 Million Warehouse Line of Credit for Onyx Acceptance

24 August 1999

Chase Arranges $150 Million Warehouse Line of Credit for Onyx Acceptance

    FOOTHILL RANCH, Calif., Aug. 24 -- Onyx Acceptance
Receivables Corporation, a wholly-owned subsidiary of Onyx Acceptance
Corporation, , entered into a $150 million structured warehouse
credit facility arranged by Chase Securities Inc.  The warehouse credit
facility increases Onyx's lending capacity to $625 million from $475 million.
The facility is wrapped by a financial guaranty insurance policy issued by
MBIA Insurance Corporation.  The facility provides additional resources for
the continued growth of the auto finance company.
    "We are pleased with the completion of this credit line and welcome a new
step in our relationship with Chase," said John W. Hall, president and chief
executive officer of Onyx.
    Onyx Acceptance Corporation is a specialized finance company based in
Foothill Ranch, CA.  Onyx provides financing to franchised and select
independent dealers 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 ability to achieve adequate interest rate spreads,
(b) competitive pressures and (c) 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
periods ended March 31, 1999, and June 30, 1999.

    To view the company's latest investor presentation, please visit the
company's website:  http://www.onyxco.com.