Onyx Acceptance Addresses Class Action Lawsuit

16 February 2000
Onyx Acceptance Addresses Class Action Lawsuit
    FOOTHILL RANCH, Calif., Feb. 14 -- Onyx Acceptance
Corporation today reported that the Company and certain of its
officers and directors have been named as defendants in a lawsuit filed in the
United States District Court for the Central District of California seeking
class action status.  The lawsuit alleges violations of section 10(b) of the
Securities Exchange Act of 1934.
    Onyx believes the lawsuit has no foundation and is without merit.  As
required by the Financial Accounting Standards Board's Special Report, "A
Guide to Implementation of Statement 125 on Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities, Second
Edition," dated December 1998, and related guidance set forth in statements
made by the staff of the Securities and Exchange Commission on December 8,
1998, Onyx retroactively changed its practice of measuring and accounting for
credit enhancement assets on its securitization transactions to the cash-out
method from the cash-in method.  As a result, the Company, on January 26,
1999, announced a restatement of its financial statements for the years ended
December 31, 1996 and 1997, and for the first three quarters of 1998.
    "It is unfortunate that Onyx must deal with this unwarranted and baseless
litigation," said John W. Hall, President and Chief Executive Officer of Onyx
Acceptance Corporation.
    Onyx Acceptance Corporation is a specialized automobile finance company
based in Foothill Ranch, CA.  Onyx provides financing to franchised and select
independent dealerships 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 ability to achieve adequate interest rate
spreads, (b) the effects of economic factors on consumer debt, and (c) 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 quarters ended
March 31, June 30, and September 30, 1999.
    For information about Onyx Acceptance Corporation, please visit the
Investor Relations section of our web site at http://www.onyxco.com.