Onyx Acceptance Reports First Quarter Earnings

Apr 26, 2001, 01:00 ET from Onyx Acceptance Corporation

    FOOTHILL RANCH, Calif., April 26 /PRNewswire/ -- Onyx Acceptance
 Corporation (Nasdaq: ONYX) announced today its financial and operational
 results for the quarter ended March 31, 2001.  Net income and earnings per
 diluted share for the quarter were $884.8 thousand and $0.17 respectively,
 compared to $1.7 million and $0.26 for the first quarter of 2000.
     During the first quarter, the Company recorded a gain on sale of contracts
 of $9.3 million, or 37.2% of total revenues, compared to $12.8 million or
 50.0% of first quarter 2000 revenues.  The reduction of the gain was
 principally due to management's decision to target higher credit-worthy
 customers and reduce its reliance on initial gain on sale accounting for its
 reported financial results.  As a result, the gain on sale as a percentage of
 contracts securitized declined to 2.3% for the first quarter of 2001, compared
 to 3.0% for the same period in 2000.  Total revenues remained relatively
 stable at $25.0 million as higher service fee income offset the reduction in
 gain on sale revenue.  Service fee income, which includes late fees, document
 fees and net excess cash flows generated from the sold portion of the
 portfolio, increased significantly to $14.2 million compared to $8.7 million
 for the same period of 2000, an increase of 63.2%.  Management expects that
 fee revenue will continue to increase with the growth of the portfolio.
     Contract purchases for the quarter ended March 31, 2001 were
 $430.5 million, compared to $468.7 million for the same period in 2000.  The
 reduction in volume for the first quarter reflects management's ongoing focus
 on credit quality.
     Net interest income for the quarter was $1.5 million compared to
 $4.0 million for the same period in 2000.  The reduction in net interest
 income was principally due to the combined effect of a lower weighted average
 annual percentage rate on contracts held during the warehouse period and the
 prefunded structure of the securitization executed during the quarter.
     Operating expenses totaled $21.6 million or 3.14% of the average serviced
 portfolio of $2.8 billion for the first quarter of 2001, compared to
 $20.7 million or 3.69% of the $2.2 billion average serviced portfolio for the
 same period in 2000.  "Our continuing improvement in operating efficiencies
 demonstrates the success of our servicing technology and the results of
 renegotiated contracts with our major service providers," said John W. Hall,
 President and Chief Executive Officer of Onyx Acceptance Corporation.
     Total delinquencies as a percentage of the period-end serviced portfolio
 decreased to 2.29% from 4.14% at year-end 2000.  Annualized net charge-offs as
 a percent of the average servicing portfolio increased to 2.68% during the
 first quarter of 2001, from 2.33% for the same period in 2000.  "Our
 improvement in delinquency clearly demonstrates that our focus on credit
 quality and underwriting standards is paying off.  We are gratified to realize
 such a material improvement of $47.7 million or a 185 basis point reduction in
 total delinquency from the previous quarter and are confident that our loss
 ratios will also decline in the forthcoming quarters," said Mr. Hall.
 
     Onyx Acceptance Corporation is a specialized automobile finance company
 based in Foothill Ranch, CA.  Onyx provides financing to franchised and select
 independent dealerships 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 level of delinquencies, gross charge-offs
 and net losses, (b) the Company's ability to achieve adequate interest rate
 spreads, (c) the effects of economic factors on consumer debt, and (d) the
 continued availability of liquidity sources.  Other important factors are
 detailed in the Company's annual report on Form 10-K for the year ended
 December 31, 2000.
 
     For information about Onyx Acceptance Corporation, please visit the
 Investor Relations section of our web site at www.onyxco.com.
 
 
                    ONYX ACCEPTANCE CORPORATION and SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
                                                  (UNAUDITED)     (AUDITED)
 
                                                   March 31,    December 31,
                                                     2001           2000
     ASSETS
       CASH & CASH EQUIVALENTS                     $5,941,300     $3,129,699
       CONTRACTS HELD FOR SALE
        - Net of Allowance (1)                    187,501,629    170,755,532
       CREDIT ENHANCEMENT ASSETS                  156,549,962    146,012,701
       OTHER ASSETS                                11,465,086     11,482,058
 
         TOTAL ASSETS                            $361,457,977   $331,379,990
 
 
     LIABILITIES AND EQUITY
      LIABILITIES
       DEBT                                      $251,087,387   $233,152,110
       OTHER LIABILITIES                           51,657,166     42,634,891
 
         TOTAL LIABILITIES                        302,744,553    275,787,001
 
         TOTAL EQUITY                              58,713,424     55,592,989
 
         TOTAL LIABILITIES AND EQUITY            $361,457,977   $331,379,990
 
      (1) Net of Unearned Discounts
 
 
                    ONYX ACCEPTANCE CORPORATION and SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF INCOME
                                    (UNAUDITED)
 
                                                      Three Months Ended
                                                           March 31,
                                                     2001           2000
     REVENUES:
 
       Net Interest Income                         $1,451,024     $3,958,226
       Gain on Sale of Contracts                    9,318,774     12,756,654
       Service Fee Income                          14,248,111      8,679,431
 
     Total Revenues                                25,017,909     25,394,311
 
     EXPENSES:
 
       Provision for Credit Losses                    334,110        433,564
       Interest Expense                             1,539,632      1,446,433
       Operating Expenses                          21,631,640     20,654,877
 
     Total Expenses                                23,505,382     22,534,874
 
     Income before Income Taxes                     1,512,527      2,859,437
     Income Taxes                                     627,700      1,186,660
     NET INCOME                                      $884,827     $1,672,777
 
     NET INCOME PER SHARE - BASIC                       $0.18          $0.27
     NET INCOME PER SHARE - DILUTED                     $0.17          $0.26
     BASIC SHARES OUTSTANDING                       4,989,504      6,179,922
     DILUTED SHARES OUTSTANDING                     5,132,111      6,349,518
 
 
                    ONYX ACCEPTANCE CORPORATION and SUBSIDIARIES
                             DELINQUENCY AND LOSS RATES
                                    (UNAUDITED)
                               (Dollars In Thousands)
 
                                     March 31,              December 31,
                                        2001                    2000
     Delinquency Experience
                               Number of               Number of
                               Contracts       $       Contracts        $
 
     Servicing Portfolio        279,513  $2,784,411     269,372   $2,690,606
 
     Serviced Delinquency
 
         31 to 59 days            4,116     $38,021       7,424      $71,681
         60 to 89 days            1,415      13,167       2,285       23,085
         90 days or more          1,405      12,579       1,749       16,748
 
         Total                    6,936     $63,767      11,458     $111,514
 
     Delinquency as a percentage
      of number and amount of
      contracts                   2.48%       2.29%       4.25%        4.14%
 
     Net of Repossessed Inventory and Bankruptcies
 
 
                                 Three Months Ended
                                     March 31,
     Loss Experience
                                 2001         2000
     Average Contracts
      Serviced during the
      period                 $2,758,385  $2,238,058
 
     Gross Charge-offs          $20,907     $15,054
 
     Recoveries                  $2,419      $2,002
 
     Net Charge-offs            $18,488     $13,052
 
     Net Charge-offs as a
      percentage of contracts
      outstanding during the
      period.                     2.68%       2.33%
 
     *Annualized
 
 
                             Onyx Acceptance Corporation
     Static Pool Information for securitized pools outstanding
      for the period from the date of securitization through March 31, 2001
 
     MONTH               97-2   97-3   97-4   98-1   98-A   98-B   98-C
         1              0.00%  0.00%  0.00%  0.00%  0.00%  0.00%  0.00%
         2              0.00%  0.00%  0.00%  0.01%  0.01%  0.00%  0.02%
         3              0.02%  0.02%  0.01%  0.02%  0.03%  0.02%  0.02%
         4              0.07%  0.09%  0.04%  0.08%  0.07%  0.08%  0.04%
         5              0.22%  0.13%  0.11%  0.14%  0.14%  0.19%  0.15%
         6              0.32%  0.24%  0.20%  0.24%  0.23%  0.33%  0.27%
         7              0.59%  0.36%  0.28%  0.40%  0.37%  0.45%  0.46%
         8              0.80%  0.47%  0.43%  0.53%  0.42%  0.61%  0.57%
         9              0.91%  0.62%  0.55%  0.68%  0.51%  0.82%  0.74%
        10              1.07%  0.73%  0.72%  0.85%  0.70%  0.95%  0.94%
        11              1.26%  0.81%  0.87%  1.04%  0.85%  1.10%  1.12%
        12              1.42%  0.94%  0.95%  1.20%  1.01%  1.20%  1.30%
        13              1.58%  1.10%  1.08%  1.33%  1.17%  1.36%  1.54%
        14              1.68%  1.23%  1.19%  1.46%  1.37%  1.48%  1.73%
        15              1.80%  1.38%  1.36%  1.61%  1.48%  1.64%  1.90%
        16              1.97%  1.58%  1.42%  1.71%  1.59%  1.89%  2.10%
        17              2.10%  1.68%  1.52%  1.88%  1.76%  2.05%  2.28%
        18              2.23%  1.77%  1.64%  2.01%  1.96%  2.22%  2.51%
        19              2.35%  1.91%  1.75%  2.17%  2.07%  2.37%  2.71%
        20              2.48%  2.04%  1.85%  2.25%  2.25%  2.50%  2.83%
        21              2.59%  2.11%  1.97%  2.41%  2.37%  2.67%  2.95%
        22              2.72%  2.20%  2.08%  2.52%  2.48%  2.79%  3.08%
        23              2.81%  2.31%  2.12%  2.63%  2.65%  2.92%  3.25%
        24              2.85%  2.41%  2.23%  2.75%  2.76%  3.06%  3.39%
        25              2.93%  2.51%  2.36%  2.86%  2.81%  3.14%  3.45%
        26              2.96%  2.59%  2.41%  2.98%  2.95%  3.23%  3.57%
        27              3.09%  2.71%  2.52%  3.06%  2.99%  3.28%  3.72%
        28              3.17%  2.79%  2.55%  3.15%  3.03%  3.35%  3.81%
        29              3.22%  2.92%  2.62%  3.19%  3.12%  3.45%  3.91%
        30              3.26%  2.94%  2.71%  3.26%  3.13%  3.50%
        31              3.33%  3.01%  2.77%  3.33%  3.18%  3.57%
        32              3.39%  3.04%  2.81%  3.40%  3.24%
        33              3.48%  3.08%  2.85%  3.42%  3.26%
        34              3.51%  3.11%  2.88%  3.46%  3.28%
        35              3.54%  3.20%  2.93%  3.53%
        36              3.55%  3.21%  2.91%  3.56%
        37              3.56%  3.23%  2.94%  3.59%
        38              3.56%  3.24%  2.98%
        39              3.58%  3.25%  3.00%
        40              3.58%  3.27%  3.01%
        41              3.58%  3.32%
        42              3.59%  3.34%
        43              3.60%  3.36%
        44              3.61%
        45              3.61%
        46              3.62%
 
 
     MONTH  99-A    99-B    99-C    99-D   00-A   00-B    00-C    00-D    01-A
       1   0.00%   0.00%   0.00%   0.00%   0.00%  0.00%   0.00%   0.00%   0.00%
       2   0.00%   0.00%   0.01%   0.00%   0.00%  0.00%   0.00%   0.00%   0.00%
       3   0.02%   0.03%   0.03%   0.01%   0.02%  0.02%   0.01%   0.00%
       4   0.05%   0.07%   0.06%   0.04%   0.04%  0.04%   0.03%   0.02%
       5   0.11%   0.14%   0.16%   0.09%   0.11%  0.10%   0.06%   0.07%
       6   0.21%   0.27%   0.28%   0.15%   0.18%  0.17%   0.11%
       7   0.35%   0.43%   0.47%   0.24%   0.37%  0.30%   0.26%
       8   0.49%   0.60%   0.64%   0.43%   0.63%  0.44%   0.41%
       9   0.63%   0.85%   0.83%   0.59%   0.87%  0.67%   0.65%
      10   0.81%   1.07%   1.09%   0.76%   1.05%  0.90%
      11   1.04%   1.34%   1.31%   0.99%   1.27%  1.11%
      12   1.29%   1.56%   1.47%   1.20%   1.59%  1.38%
      13   1.49%   1.79%   1.62%   1.41%   1.82%
      14   1.72%   1.90%   1.77%   1.52%   2.03%
      15   1.90%   2.08%   2.00%   1.70%
      16   2.10%   2.23%   2.08%   2.00%
      17   2.26%   2.42%   2.29%   2.17%
      18   2.46%   2.63%   2.48%   2.40%
      19   2.59%   2.71%   2.61%
      20   2.71%   2.89%   2.73%
      21   2.83%   3.08%
      22   2.88%   3.21%
      23   3.03%   3.31%
      24   3.21%
      25   3.28%
      26   3.34%
 
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SOURCE Onyx Acceptance Corporation
    FOOTHILL RANCH, Calif., April 26 /PRNewswire/ -- Onyx Acceptance
 Corporation (Nasdaq: ONYX) announced today its financial and operational
 results for the quarter ended March 31, 2001.  Net income and earnings per
 diluted share for the quarter were $884.8 thousand and $0.17 respectively,
 compared to $1.7 million and $0.26 for the first quarter of 2000.
     During the first quarter, the Company recorded a gain on sale of contracts
 of $9.3 million, or 37.2% of total revenues, compared to $12.8 million or
 50.0% of first quarter 2000 revenues.  The reduction of the gain was
 principally due to management's decision to target higher credit-worthy
 customers and reduce its reliance on initial gain on sale accounting for its
 reported financial results.  As a result, the gain on sale as a percentage of
 contracts securitized declined to 2.3% for the first quarter of 2001, compared
 to 3.0% for the same period in 2000.  Total revenues remained relatively
 stable at $25.0 million as higher service fee income offset the reduction in
 gain on sale revenue.  Service fee income, which includes late fees, document
 fees and net excess cash flows generated from the sold portion of the
 portfolio, increased significantly to $14.2 million compared to $8.7 million
 for the same period of 2000, an increase of 63.2%.  Management expects that
 fee revenue will continue to increase with the growth of the portfolio.
     Contract purchases for the quarter ended March 31, 2001 were
 $430.5 million, compared to $468.7 million for the same period in 2000.  The
 reduction in volume for the first quarter reflects management's ongoing focus
 on credit quality.
     Net interest income for the quarter was $1.5 million compared to
 $4.0 million for the same period in 2000.  The reduction in net interest
 income was principally due to the combined effect of a lower weighted average
 annual percentage rate on contracts held during the warehouse period and the
 prefunded structure of the securitization executed during the quarter.
     Operating expenses totaled $21.6 million or 3.14% of the average serviced
 portfolio of $2.8 billion for the first quarter of 2001, compared to
 $20.7 million or 3.69% of the $2.2 billion average serviced portfolio for the
 same period in 2000.  "Our continuing improvement in operating efficiencies
 demonstrates the success of our servicing technology and the results of
 renegotiated contracts with our major service providers," said John W. Hall,
 President and Chief Executive Officer of Onyx Acceptance Corporation.
     Total delinquencies as a percentage of the period-end serviced portfolio
 decreased to 2.29% from 4.14% at year-end 2000.  Annualized net charge-offs as
 a percent of the average servicing portfolio increased to 2.68% during the
 first quarter of 2001, from 2.33% for the same period in 2000.  "Our
 improvement in delinquency clearly demonstrates that our focus on credit
 quality and underwriting standards is paying off.  We are gratified to realize
 such a material improvement of $47.7 million or a 185 basis point reduction in
 total delinquency from the previous quarter and are confident that our loss
 ratios will also decline in the forthcoming quarters," said Mr. Hall.
 
     Onyx Acceptance Corporation is a specialized automobile finance company
 based in Foothill Ranch, CA.  Onyx provides financing to franchised and select
 independent dealerships 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 level of delinquencies, gross charge-offs
 and net losses, (b) the Company's ability to achieve adequate interest rate
 spreads, (c) the effects of economic factors on consumer debt, and (d) the
 continued availability of liquidity sources.  Other important factors are
 detailed in the Company's annual report on Form 10-K for the year ended
 December 31, 2000.
 
     For information about Onyx Acceptance Corporation, please visit the
 Investor Relations section of our web site at www.onyxco.com.
 
 
                    ONYX ACCEPTANCE CORPORATION and SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
                                                  (UNAUDITED)     (AUDITED)
 
                                                   March 31,    December 31,
                                                     2001           2000
     ASSETS
       CASH & CASH EQUIVALENTS                     $5,941,300     $3,129,699
       CONTRACTS HELD FOR SALE
        - Net of Allowance (1)                    187,501,629    170,755,532
       CREDIT ENHANCEMENT ASSETS                  156,549,962    146,012,701
       OTHER ASSETS                                11,465,086     11,482,058
 
         TOTAL ASSETS                            $361,457,977   $331,379,990
 
 
     LIABILITIES AND EQUITY
      LIABILITIES
       DEBT                                      $251,087,387   $233,152,110
       OTHER LIABILITIES                           51,657,166     42,634,891
 
         TOTAL LIABILITIES                        302,744,553    275,787,001
 
         TOTAL EQUITY                              58,713,424     55,592,989
 
         TOTAL LIABILITIES AND EQUITY            $361,457,977   $331,379,990
 
      (1) Net of Unearned Discounts
 
 
                    ONYX ACCEPTANCE CORPORATION and SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF INCOME
                                    (UNAUDITED)
 
                                                      Three Months Ended
                                                           March 31,
                                                     2001           2000
     REVENUES:
 
       Net Interest Income                         $1,451,024     $3,958,226
       Gain on Sale of Contracts                    9,318,774     12,756,654
       Service Fee Income                          14,248,111      8,679,431
 
     Total Revenues                                25,017,909     25,394,311
 
     EXPENSES:
 
       Provision for Credit Losses                    334,110        433,564
       Interest Expense                             1,539,632      1,446,433
       Operating Expenses                          21,631,640     20,654,877
 
     Total Expenses                                23,505,382     22,534,874
 
     Income before Income Taxes                     1,512,527      2,859,437
     Income Taxes                                     627,700      1,186,660
     NET INCOME                                      $884,827     $1,672,777
 
     NET INCOME PER SHARE - BASIC                       $0.18          $0.27
     NET INCOME PER SHARE - DILUTED                     $0.17          $0.26
     BASIC SHARES OUTSTANDING                       4,989,504      6,179,922
     DILUTED SHARES OUTSTANDING                     5,132,111      6,349,518
 
 
                    ONYX ACCEPTANCE CORPORATION and SUBSIDIARIES
                             DELINQUENCY AND LOSS RATES
                                    (UNAUDITED)
                               (Dollars In Thousands)
 
                                     March 31,              December 31,
                                        2001                    2000
     Delinquency Experience
                               Number of               Number of
                               Contracts       $       Contracts        $
 
     Servicing Portfolio        279,513  $2,784,411     269,372   $2,690,606
 
     Serviced Delinquency
 
         31 to 59 days            4,116     $38,021       7,424      $71,681
         60 to 89 days            1,415      13,167       2,285       23,085
         90 days or more          1,405      12,579       1,749       16,748
 
         Total                    6,936     $63,767      11,458     $111,514
 
     Delinquency as a percentage
      of number and amount of
      contracts                   2.48%       2.29%       4.25%        4.14%
 
     Net of Repossessed Inventory and Bankruptcies
 
 
                                 Three Months Ended
                                     March 31,
     Loss Experience
                                 2001         2000
     Average Contracts
      Serviced during the
      period                 $2,758,385  $2,238,058
 
     Gross Charge-offs          $20,907     $15,054
 
     Recoveries                  $2,419      $2,002
 
     Net Charge-offs            $18,488     $13,052
 
     Net Charge-offs as a
      percentage of contracts
      outstanding during the
      period.                     2.68%       2.33%
 
     *Annualized
 
 
                             Onyx Acceptance Corporation
     Static Pool Information for securitized pools outstanding
      for the period from the date of securitization through March 31, 2001
 
     MONTH               97-2   97-3   97-4   98-1   98-A   98-B   98-C
         1              0.00%  0.00%  0.00%  0.00%  0.00%  0.00%  0.00%
         2              0.00%  0.00%  0.00%  0.01%  0.01%  0.00%  0.02%
         3              0.02%  0.02%  0.01%  0.02%  0.03%  0.02%  0.02%
         4              0.07%  0.09%  0.04%  0.08%  0.07%  0.08%  0.04%
         5              0.22%  0.13%  0.11%  0.14%  0.14%  0.19%  0.15%
         6              0.32%  0.24%  0.20%  0.24%  0.23%  0.33%  0.27%
         7              0.59%  0.36%  0.28%  0.40%  0.37%  0.45%  0.46%
         8              0.80%  0.47%  0.43%  0.53%  0.42%  0.61%  0.57%
         9              0.91%  0.62%  0.55%  0.68%  0.51%  0.82%  0.74%
        10              1.07%  0.73%  0.72%  0.85%  0.70%  0.95%  0.94%
        11              1.26%  0.81%  0.87%  1.04%  0.85%  1.10%  1.12%
        12              1.42%  0.94%  0.95%  1.20%  1.01%  1.20%  1.30%
        13              1.58%  1.10%  1.08%  1.33%  1.17%  1.36%  1.54%
        14              1.68%  1.23%  1.19%  1.46%  1.37%  1.48%  1.73%
        15              1.80%  1.38%  1.36%  1.61%  1.48%  1.64%  1.90%
        16              1.97%  1.58%  1.42%  1.71%  1.59%  1.89%  2.10%
        17              2.10%  1.68%  1.52%  1.88%  1.76%  2.05%  2.28%
        18              2.23%  1.77%  1.64%  2.01%  1.96%  2.22%  2.51%
        19              2.35%  1.91%  1.75%  2.17%  2.07%  2.37%  2.71%
        20              2.48%  2.04%  1.85%  2.25%  2.25%  2.50%  2.83%
        21              2.59%  2.11%  1.97%  2.41%  2.37%  2.67%  2.95%
        22              2.72%  2.20%  2.08%  2.52%  2.48%  2.79%  3.08%
        23              2.81%  2.31%  2.12%  2.63%  2.65%  2.92%  3.25%
        24              2.85%  2.41%  2.23%  2.75%  2.76%  3.06%  3.39%
        25              2.93%  2.51%  2.36%  2.86%  2.81%  3.14%  3.45%
        26              2.96%  2.59%  2.41%  2.98%  2.95%  3.23%  3.57%
        27              3.09%  2.71%  2.52%  3.06%  2.99%  3.28%  3.72%
        28              3.17%  2.79%  2.55%  3.15%  3.03%  3.35%  3.81%
        29              3.22%  2.92%  2.62%  3.19%  3.12%  3.45%  3.91%
        30              3.26%  2.94%  2.71%  3.26%  3.13%  3.50%
        31              3.33%  3.01%  2.77%  3.33%  3.18%  3.57%
        32              3.39%  3.04%  2.81%  3.40%  3.24%
        33              3.48%  3.08%  2.85%  3.42%  3.26%
        34              3.51%  3.11%  2.88%  3.46%  3.28%
        35              3.54%  3.20%  2.93%  3.53%
        36              3.55%  3.21%  2.91%  3.56%
        37              3.56%  3.23%  2.94%  3.59%
        38              3.56%  3.24%  2.98%
        39              3.58%  3.25%  3.00%
        40              3.58%  3.27%  3.01%
        41              3.58%  3.32%
        42              3.59%  3.34%
        43              3.60%  3.36%
        44              3.61%
        45              3.61%
        46              3.62%
 
 
     MONTH  99-A    99-B    99-C    99-D   00-A   00-B    00-C    00-D    01-A
       1   0.00%   0.00%   0.00%   0.00%   0.00%  0.00%   0.00%   0.00%   0.00%
       2   0.00%   0.00%   0.01%   0.00%   0.00%  0.00%   0.00%   0.00%   0.00%
       3   0.02%   0.03%   0.03%   0.01%   0.02%  0.02%   0.01%   0.00%
       4   0.05%   0.07%   0.06%   0.04%   0.04%  0.04%   0.03%   0.02%
       5   0.11%   0.14%   0.16%   0.09%   0.11%  0.10%   0.06%   0.07%
       6   0.21%   0.27%   0.28%   0.15%   0.18%  0.17%   0.11%
       7   0.35%   0.43%   0.47%   0.24%   0.37%  0.30%   0.26%
       8   0.49%   0.60%   0.64%   0.43%   0.63%  0.44%   0.41%
       9   0.63%   0.85%   0.83%   0.59%   0.87%  0.67%   0.65%
      10   0.81%   1.07%   1.09%   0.76%   1.05%  0.90%
      11   1.04%   1.34%   1.31%   0.99%   1.27%  1.11%
      12   1.29%   1.56%   1.47%   1.20%   1.59%  1.38%
      13   1.49%   1.79%   1.62%   1.41%   1.82%
      14   1.72%   1.90%   1.77%   1.52%   2.03%
      15   1.90%   2.08%   2.00%   1.70%
      16   2.10%   2.23%   2.08%   2.00%
      17   2.26%   2.42%   2.29%   2.17%
      18   2.46%   2.63%   2.48%   2.40%
      19   2.59%   2.71%   2.61%
      20   2.71%   2.89%   2.73%
      21   2.83%   3.08%
      22   2.88%   3.21%
      23   3.03%   3.31%
      24   3.21%
      25   3.28%
      26   3.34%
 
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 SOURCE  Onyx Acceptance Corporation