Union Acceptance Corporation and White River Capital, Inc. Announce Recapitalization

Business Wire, April 7, 2005

INDIANAPOLIS -- Union Acceptance Corporation ("UAC")(Pink Sheets:UACA) and White River Capital, Inc. ("White River") today announced that White River has filed with the Securities and Exchange Commission a registration statement on Form S-4 and Form S-1 in connection with two related offerings:

--White River is offering up to 310,191 shares of its common stock to UAC shareholders in a share exchange for shares for UAC common stock. The exchange ratio is one share of White River common stock for 100 shares of UAC common stock. As a result of the share exchange, UAC will become a wholly-owned subsidiary of White River. The share exchange is subject to shareholder approval.

--White River is offering 3,500,000 shares of its common stock in a subscription offering to UAC shareholders and certain standby purchasers. The subscription price is expected to be $10.00 per share.

The record date for determining the UAC shareholders entitled to vote on the share exchange and participate in the subscription offering is April 5, 2005.

The subscription offering represents new financing for White River. Proceeds will be used by White River in part to acquire Coastal Credit, LLC, headquartered in Virginia Beach, Virginia and to purchase notes of UAC issued pursuant to UAC's Plan of Reorganization, which was confirmed by the bankruptcy court on August 8, 2003.

White River will mail a final proxy statement/prospectus to UAC shareholders of record, as soon as practical after the Securities and Exchange Commission declares the registration statement effective.

Union Acceptance Corporation and White River Capital, Inc.

UAC is a specialized finance company engaged in the business of holding and administering automobile retail installment sales contracts and installment loan agreements.

White River Capital, Inc. is an Indiana corporation incorporated by UAC for the purpose of completing the transactions described in the registration statement.

Coastal Credit, LLC is a specialized finance company engaged in the business of acquiring and servicing vehicle retail installment sales contracts.

Additional Information

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

UAC shareholders and other investors should read the proxy statement/prospectus that is part of the registration statement filed with the Commission because it contains important information. Investors may obtain the registration statement without charge at the Commission's website at (www.sec.gov). Copies of the preliminary proxy statement/prospectus may also be obtained, without charge, by making a written or oral request to Mark R. Ruh, President, Union Acceptance Corporation, 250 North Shadeland Avenue, Indianapolis, Indiana 46219, telephone (858) 759-6042.