Union Acceptance Corporation Announces $510 Million Securitization

16 November 2000

Union Acceptance Corporation Announces $510 Million Securitization

INDIANAPOLIS--Nov. 15, 2000--Union Acceptance Corporation ("UAC") today announced that its subsidiary, UAC Securitization Corporation ("UACSC"), has priced an offering of approximately $510 million of asset-backed notes, secured by a pool of prime automobile receivables. The lead manager of the transaction was Banc of America Securities LLC. Salomon Smith Barney served as a co-manager.
The UACSC 2000-D Owner Trust is structured as a business trust, which will issue five classes of notes:


                         Weighted  
         Principal     Average Life  Coupon       Price       Yield
                        
A-1     $ 44,525,000       0.17      6.7294%     100.0000     6.7294%
A-2     $139,250,000       0.75      6.6800%      99.9941     6.7800%
A-3     $184,625,000       2.00      6.7200%      99.9855     6.8220%
A-4     $116,100,000       3.49      6.8900%      99.9945     6.9910%
 B      $ 25,500,000       3.96      8.2500%     103.9950     7.1960%

    "We are pleased to be back in the public market this quarter, after utilizing our commercial paper facility in lieu of a public securitization last quarter," commented John Stainbrook, Chief Executive Officer. "Overall, spreads on this securitization were comparable to our 2000-B securitization, and well within our expected range."
    The notes will be rated P-1/A-1+ for the A-1 class of notes and Aaa/AAA for the A-2 through B class of notes by Moody's Investors Service, Inc. and Standard & Poor's Ratings Services, a division of the McGraw Hill Companies, Inc. The payment of monthly principal and interest is guaranteed by an insurance policy provided by MBIA Insurance Corporation, a wholly owned subsidiary of MBIA Inc. . The Servicer is UAC, the Indenture Trustee is BNY Midwest Trust Company, a subsidiary of The Bank of New York, and the Owner Trustee is First Union Trust Company, National Association.
    The weighted average contract rate of the receivables will be approximately 13.56%. Including the UACSC 2000-D Owner Trust, UAC and its affiliates have securitized over $9.1 billion in prime automobile receivables.