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Rating Action:

MOODY'S RATES ONYX 2004-A NOTES PRIME-1 AND Aaa

19 Feb 2004
MOODY'S RATES ONYX 2004-A NOTES PRIME-1 AND Aaa

$450 Million of Asset-Backed Securities Rated.

New York, February 19, 2004 -- Moody's Investors Service assigned a Prime-1 rating to the Class A-1 money-market notes and Aaa ratings to Class A-2, Class A-3 and Class A-4 senior notes issued by Onyx Acceptance Owner Trust 2004-A. The rating of the Class A-1 money market notes is based primarily on the expected amount of liquidity from collections on the underlying receivables during the period prior to the notes' legal maturity, and partially on a financial guaranty policy issued by MBIA Insurance Corporation (MBIA). MBIA's financial strength rating is Aaa. The ratings of all remaining classes of notes are based primarily on the MBIA policy.

Moody's believes that based on the transaction structure, the experience of Onyx as servicer, the size of the spread account, and the available excess spread, MBIA's risk in insuring the notes is investment-grade at closing. Further protection to MBIA in this transaction will be provided by the addition of a backup servicer. The complete rating actions are as follows:

COMPLETE RATING ACTION:

$91,000,000, 1.12%, Class A-1 Notes, rated Prime-1

$115,000,000, 1.52%, Class A-2 Notes, rated Aaa

$128,000,000, 2.19%, Class A-3 Notes, rated Aaa

$116,000,000, 2.94%, Class A-4 Notes, rated Aaa

PREFUNDING

At closing, approximately 29% of the issuance size will be deposited in a prefunding account, which will be used to finance purchases of additional contracts to be added to the pool prior to May 17, 2004. As usual, Onyx will represent and warrant that the main characteristics of the subsequently funded loans are substantially similar to those of the initial pool. In addition, they are subject to the same eligibility criteria, and will be reviewed and approved by MBIA prior to funding.

CONTINUED IMPROVEMENT IN DEAL PERFORMANCE: RESULT OF BETTER POOL CHARACTERISTICS

During the second half of 2000 Onyx shifted its origination strategy toward better credit quality borrowers. Consequently, key credit characteristics of the borrowers as well as the quality of the underlying collateral in securitization transactions beginning with 2000-D have been stronger compared to those in previous securitizations. Improved pool characteristics are evident from higher average obligor monthly income, longer length of employment and higher credit bureau scores. Moody's believes that the improved pool characteristics are partially offsetting the negative impacts of the weak economy and contributing to the improved performance of Onyx's deals of the last two years.

STRUCTURE CONSISTENT WITH PREVIOUS DEALS

The main elements of the structure are consistent with recent Onyx transactions. A spread account and available excess spread provide credit enhancement to MBIA. The spread account will build up with excess cash from 1.25% to 5.0% and have a floor of 1.5%.

THE COMPANY

Onyx Acceptance Corporation, based in Foothill Ranch, California, operates 18 branches nationwide. The company, which was originally incorporated in California in 1993 and reincorporated in Delaware in 1996, is engaged in the indirect financing of automobile purchases by individuals with both prime and near-prime credit profiles. Onyx operates through 18 servicing centers and has dealer agreements with over 11,600 dealerships located in 47 states nationwide.

Additional research is available on www.moodys.com.

New York
Michael Kanef
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Rubinel Rios
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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