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Onyx Acceptance Completes $12M Subordinated Debt Transaction

17 May 2000

Onyx Acceptance Completes $12 Million Subordinated Debt Transaction

    FOOTHILL RANCH, Calif., May 17 Onyx Acceptance Corporation
announced that it has issued $12 million in unsecured,
subordinated notes.  The notes pay interest quarterly at a coupon rate of
12 1/2% and were issued at a 4% discount to par without warrants.  Principal
is due on June 15, 2006.  Miller & Schroeder Financial, Inc., and Peacock,
Hislop, Staley & Given, Inc., underwrote the transaction.  Bankers Trust
Company is the trustee.  Net proceeds from the issuance will be used for
general corporate purposes and to pay down an existing line of credit that
Onyx uses to finance residual interests from its securitizations.