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Non-Tech : Union Acceptance Corp. UACA

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To: Gary A. Mullennix who wrote (26)	3/6/1999 12:36:00 PM
From: Carey Thompson	Read Replies (1) of 39

Its good to have some company around here. I bought UACA 2 years ago, after the fallout over some subprime auto lenders going bankrupts (Mercury and Jayhawk). I thought the profitable companies within the auto finance industry would rebound quickly --- boy was I wrong. Ford Credit and GMAC never were hurt but all others have been shot and left for dead by the investment community. I continue to hold because, 1) the sponsorship by Union Fedl Svgs of Fort Wayne, IN, 2) adaptability of management to bring in troubleshooters instead of waiting for the regulators to kill company, 3) it deals in prime loans that default less than subprime, 4) earnings are improving, and 5) stubbornness/inertia. Carey Thompson.

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