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Onyx Acceptance Prices $400 Million in Asset Backed Securities

26 August 1999

Onyx Acceptance Prices $400 Million in Asset Backed Securities

    FOOTHILL RANCH, Calif., Aug. 26 -- Onyx Acceptance
Corporation announced the pricing of a $400 million offering of
automobile receivables-backed securities through Chase Securities Inc.,
Salomon Smith Barney and Merrill Lynch & Company.
    The securities will be issued through an owner trust, Onyx Acceptance
Owner Trust 1999-C, in five classes of notes and one certificate class:

                                 Average
    Class          Amount       Life(years)   Coupon       Price      Yield
    A-1          $ 62,000,000     0.24         5.65%     1.000000    5.646%
    A-2           132,000,000     1.00         6.18%     0.999991    6.183%
    A-3            91,000,000     2.00         6.56%     0.999857    6.565%
    A-4            91,000,000     3.08         6.76%     0.999973    6.768%
    Certificates   24,000,000     4.19         7.06%     0.999652    7.069%
                 $400,000,000

    The trust also issued a separate tranche of Class I Notes in the amount of
$7,994,919.  The notes have an average life of 1.26 years, a coupon rate of
2.25% and a yield of 7.035%.  They are interest-only notes and are not
entitled to principal payments.  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.  The ratings
will be based substantially on the issuance of a financial guaranty insurance
policy issued by MBIA Insurance Corporation.
    "We are pleased in the execution of our largest asset-backed securities
transaction to date.  The size and pricing of the transaction reflects both
our growth in contract originations and the quality of our assets," said John
W. Hall, president and chief executive officer of Onyx Acceptance Corporation.
"We are also pleased with the addition of Chase Securities to the transaction
acting as lead manager."
    The transaction will be Onyx Acceptance's seventeenth securitization of
automobile receivables, which will bring the total of automobile
receivables-backed securities issued by the Company to more than $3.0 billion.
    Onyx Acceptance Corporation is a specialized finance company based in
Foothill Ranch, CA.  The Company 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 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 periods ended March 31,
1999, and June 30, 1999.
   Please visit the Onyx Acceptance website at http://www.onyxco.com to view our
latest investor presentation.