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Onyx Acceptance Prices $390 Million in Asset Backed Securities

27 October 1999

Onyx Acceptance Prices $390 Million in Asset Backed Securities

    FOOTHILL RANCH, Calif., Oct. 26 -- Onyx Acceptance
Corporation announced the pricing of a $390 million offering of
automobile receivables-backed securities through Salomon Smith Barney, Merrill
Lynch & Company and Chase Securities Inc.
    The securities will be issued through an owner trust, Onyx Acceptance
Owner Trust 1999-D, in four classes of notes and one certificate class:

                       Principal      Average
     Class              Amount     Life (years)  Coupon     Price     Yield

     A-1             $59,000,000       0.29       6.18%   1.000000   6.180%
     A-2             120,000,000       1.02       6.59%   0.999986   6.683%
     A-3             100,000,000       2.02       6.82%   0.999815   6.928%
     A-4              87,600,000       3.16       7.00%   0.999754   7.113%
     Certificates     23,400,000       4.28       7.31%   0.999906   7.425%
                    $390,000,000

    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.  The ratings will be based substantially on the
issuance of a financial guaranty insurance policy issued by MBIA Insurance
Corporation.
    "We are pleased with the execution of this transaction.  It positions Onyx
for the remainder of 1999.  The use of a large pre-funded amount allows the
company to avoid the risks of executing a transaction later in the quarter,
especially with the inherent risk of growing investor concerns as the year
2000 approaches," said John W. Hall, president and chief executive officer of
Onyx Acceptance Corporation.
    The transaction will be Onyx Acceptance's eighteenth securitization of
automobile receivables, which will bring the total of automobile
receivables-backed securities issued by the Company to more than $3.4 billion.
    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 Company's level of delinquencies, gross charge-offs
and net losses, (b) the Company's 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 as
amended by Form 10-K/A 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 web site at http://www.onyxco.com to view our
latest investor presentation.