PR - Asset Acceptance Announces Amendment to Credit Agreement

Warren, Mich.-based Asset Acceptance Capital Corp. (Nasdaq: AACC), a leading purchaser and collector of charged-off consumer debt, announced that it entered into an amendment today to its credit agreement. As previously reported on February 22, 2008, Asset Acceptance obtained a temporary waiver of noncompliance with its total liabilities to tangible net worth covenant until March 17, 2008 to permit it time to obtain the amendment.

The amendment to its credit agreement, pursuant to which Asset Acceptance maintains a $100 million revolving credit facility and a $150 million term loan facility, resets two financial covenants and increases the rate of interest the Company pays on borrowings under the credit facility by 25 basis points (0.25 percent). The two financial covenants reset by the amendment are (1) the ratio of consolidated total liabilities to tangible net worth, and (2) the leverage ratio. The amendment also permanently waives the earlier default on the consolidated total liabilities to tangible net worth covenant.

During the fourth quarter 2007, Asset Acceptance opportunistically took advantage of what it believed to be a favorable debt purchasing environment. The increased level of purchasing funded by borrowings on the revolving credit facility, coupled with the step down in the ratio of consolidated total liabilities to tangible net worth at December 31, 2007 from 3.0:1.0 to 2.5:1.0, resulted in the Company not passing the total liabilities to tangible net worth covenant.

Mark A. Redman, Chief Financial Officer, commented, "We are pleased to have worked with our lenders to quickly resolve the non-compliance with our loan covenant and to give us the additional flexibility to pursue our planned level of debt purchasing for 2008."

As of March 10, 2008, outstanding borrowings on the Company’s revolving credit facility and term loan facility were $25.0 million and $149.3 million, respectively.