BVCC Provides Credit Facility to Onyx Acceptance Corporation

Business Wire, March 27, 1998

SAN MATEO, Calif.--(BUSINESS WIRE)--March 27, 1998--Bay View Capital Corporation (NASDAQ SYMBOL: BVCC) ("the Company"), a diversified financial services holding company for Bay View Bank, Bay View Acceptance Corporation, which includes its subsidiaries Bay View Credit and Ultra Funding, Inc., and Concord Growth Corporation, today announced that it has provided Onyx Acceptance Corporation (NASDAQ SYMBOL: ONYX) ("Onyx") with a $10 million subordinated credit facility at a rate of 9.5% plus 2 points.

As part of the transaction, the Company received warrants to purchase up to 3% of Onyx's common stock at a strike price of $8.875 per share. The Company now has ownership rights in excess of 5% of the common stock of Onyx, based upon the combination of warrants received plus previous open market purchases of Onyx's common stock and, accordingly, today filed a Schedule 13D with the Securities and Exchange Commission.

On January 26, 1998, the Company announced the formation of a strategic alliance with Onyx whereby the Company would purchase certain retail motor vehicle sales contracts originated by Onyx. Based in Irvine, California, Onyx provides financing to new and select used auto dealerships through its offices in 7 states.

The credit facility has a term of 2 years with an additional 3-year amortization option. Edward H. Sondker, the Company's President and Chief Executive Officer, said, "We are pleased to provide Onyx with liquidity while enhancing our balance sheet with assets which provide our shareholders with a higher risk-adjusted return. We believe the strategic alliance will enhance both Onyx's and the Company's franchise value over the long term."

The credit facility is consistent with the Company's policy of capturing and building value through strategic alliances. David A. Heaberlin, the Company's Executive Vice President and Chief Financial Officer, said, "We continue to find ways to diversify our asset origination capabilities without risking a significant premium or up-front cost. This transaction represents another step in our progress towards building a diversified balance sheet."

Forward-Looking Statements

When used in this or future press releases, in the Company's filings with the Securities and Exchange Commission or other public or shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may", "estimates", "anticipates", "would like", "will be", "will enable", "will enhance", "should be able", "should allow", "to be able", "to ensure", "we expect", "we believe", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that various factors, including but not limited to competitive and regulatory factors, changes in accounting principles, regional and national economic conditions, changes in levels of market interest rates, and changes in the Company's strategic plan could cause actual results to differ materially.

The Company does not undertake, and specifically disclaims any obligations, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

CONTACT: Bay View Capital Corporation

David A. Heaberlin, 650/312-7272

Web Site: http://www.bvcc.com

or

Onyx Acceptance Corporation

John W. Hall, 714/450-5503