Asset Acceptance Announces Results of the Annual Meeting of Shareholders

WARREN, Mich., May 18 /PRNewswire-FirstCall/ — Asset Acceptance Capital Corp. (Nasdaq: AACC) today announced the results of its annual meeting of shareholders, held on May 17, 2005.

The Company’s Shareholders have voted to re-elect Rufus H. Reitzel, Jr., William F. Pickard and Terrence D. Daniels as members of the Company’s nine- member Board of Directors. The newly re-elected directors’ term is scheduled to expire at the Company’s annual shareholders meeting in 2008 or until a successor is appointed and qualified.

In 1962, Rufus Reitzel founded Lee Acceptance Company, the predecessor of Asset Acceptance Capital Corp., which he co-founded in 1994. From 1962 to 2003 Reitzel held the title of Chief Executive Officer of Asset Acceptance Capital Corp. and its predecessor companies. Following his tenure as CEO of AACC in June 2003, Reitzel assumed the title of Chairman of the Board, a title which he currently holds.

William Pickard has been a Director of Asset Acceptance Capital Corp. since 2004. Since 1997, Pickard has served as the Chief Executive Officer of Global Auto Alliance. Pickard also serves as the Chief Executive Officer of VITEC, LLC, Global Automotive Alliance LLC and Grupo Antolin-Wayne. Since 1991, Pickard has served as a member of the advisory board for Standard Federal Bank, of Troy, MI, and its predecessor institutions.

Terrence Daniels has been a Director of Asset Acceptance Capital Corp. since 2003. Daniels has been a Managing Partner with Quad-C Management, Inc., a private equity firm based in Charlottesville, Virginia, since its inception in November 1989. Prior to Quad-C Management, Daniels served as a Vice Chairman and Director of W.R. Grace & Co where he negotiated over $4 billion of acquisitions and divestitures. In addition, Daniels has served as Chairman, President, and Chief Executive Officer of Western Publishing, and as Senior Vice President for corporate development of Mattel.

In additional business, the shareholders ratified the Company’s selection of Ernst & Young, LLP, as the Company’s independent registered public accountants.