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Union Acceptance Corporation Appoints New Director

28 April 2000

Union Acceptance Corporation Appoints New Director

    INDIANAPOLIS--April 28, 2000--Union Acceptance Corporation (Nasdaq:UACA), one of the nation's largest independent, indirect automobile finance companies, announced today that its Board of Directors has appointed Michael G. Stout as a director of the Company.
    As a private investor since 1997, Mr. Stout has served as a director of Numismatic Funding, LLC, and Coastal Credit, LLC, companies involved in the commercial and auto finance industries, respectively. In addition, Mr. Stout is a director of Ballard Petroleum, LLC, an independent Rocky Mountain oil and gas exploration company. Mr. Stout served as a Managing Director for the firm of Donaldson, Lufkin and Jenrette between 1991 and 1997.
    "We are very fortunate to be welcoming an individual with Mike Stout's background to our Board of Directors," stated Jerry Von Deylen, Chairman of the Board of Union Acceptance Corporation. "Mike has the ability to contribute significantly in the areas of corporate finance and strategic planning."

    Corporate Description

    UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is acquiring, securitizing and servicing prime retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign automobile manufacturers. The Company is focused on the upper-end of the credit quality spectrum. Union Acceptance Corporation commenced business in 1986 and currently acquires receivables from over 4,600 manufacturer-franchised dealerships in 38 states. By using state-of-the-art technology in a highly centralized underwriting and servicing environment, Union Acceptance Corporation enjoys one of the lowest cost operating structures in the independent prime automobile finance industry. Union Acceptance Corporation maintains a web site at www.unionacceptance.com that contains additional information on the Company.