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Onyx Acceptance Prices $430 Million In Asset Backed Securities

28 February 2000

Onyx Acceptance Prices $430 Million In Asset Backed Securities

    FOOTHILL RANCH, Calif., Feb. 25 -- Onyx Acceptance
Corporation announced the pricing of a $430 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 2000-A, in four classes of notes and one certificate class:

                     Principal     Average
    Class              Amount       Life    Coupon     Price      Yield
                                   (years)

    A-1             $72,000,000      0.27    6.09%   1.0000000   6.090%
    A-2             132,000,000      1.01    6.81%   0.9999694   6.814%
    A-3             107,000,000      2.01    7.27%   0.9998240   7.280%
    A-4              93,200,000      3.12    7.42%   0.9998608   7.425%
    Certificates     25,800,000      4.21    7.69%   0.9997363   7.697%
                   $430,000,000

    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," said John W.
Hall, president and chief executive officer of Onyx Acceptance Corporation.
"The transaction is our largest securitization to date.  And we appreciate the
confidence that our underwriters -- Salomon, Merrill and Chase -- have shown
in successfully executing the transaction in a market of interest rate
volatility."
    The transaction will be Onyx Acceptance's nineteenth securitization of
automobile receivables.  It will bring the total of automobile
receivables-backed securities issued by the Company to more than $3.8 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 ability to achieve adequate interest rate
spreads, (b) the effects of economic factors on consumer debt, (c) competitive
pressures and (d) 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, June 30, and September 30, 1999.