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Onyx Acceptance Board of Directors Approves Stock Repurchase Plan

7 June 2000

Onyx Acceptance Board of Directors Approves Stock Repurchase Plan

    FOOTHILL RANCH, Calif. - Onyx Acceptance Corporation announced today that 
its Board of Directors has authorized the Company to begin a stock repurchase 
program to purchase up to $7,500,000 of its common stock.  The shares will be 
purchased from time to time at prevailing market prices, through open market or 
unsolicited negotiated transactions, depending upon market conditions.  The 
Company may discontinue purchases at any time that management determines 
additional purchases are not warranted.

    John Hall, President and Chief Executive Officer of Onyx Acceptance
Corporation, commented, "We believe that the stock of the Company is
undervalued by the market at this time.  The stock repurchase program is a
good method by which to enhance stockholder value as such repurchases are
anticipated to have a positive effect on the earnings per share and book value
of the remaining outstanding shares."

    Onyx Acceptance Corporation is a specialized finance company based in
Foothill Ranch, CA.  Onyx provides financing to franchise and select
independent automobile dealers throughout the United States.