Asset Acceptance Prices IPO at $15 per Share; $105 million to be Raised

WARREN, MI – Asset Acceptance Capital Corp. (Nasdaq: AACC) announced today that it has priced its initial public offering of 7,000,000 shares of common stock at $15.00 per share. The common stock will begin trading today on the NASDAQ National Market under the symbol “AACC”.

The Company intends to use the net proceeds from this offering to pay down a portion of existing bank indebtedness of a subsidiary of the Company, to pay in full indebtedness owed to AAC Quad-C Investors LLC, and to pay certain withholding taxes on behalf of Company employees who are holders of share appreciation rights which vest upon the completion of the offering.

William Blair & Company, CIBC World Markets, and SunTrust Robinson Humphrey are serving as joint book-running managers of the offering. Bear Stearns & Co. is the lead manager.

The public offering is being made by means of a prospectus, copies of which may be obtained from Bear Stearns & Co. at 383 Madison Avenue, New York, NY 10179 (Tel: 212-272-2000), William Blair & Company at 222 West Adams Street, Chicago, IL 60606 (Tel: 312-236-1600), CIBC World Markets at 425 Lexington Avenue, New York, NY 10017 (Tel: 212-856-4000), or SunTrust Robinson Humphrey Capital Markets at 3333 Peachtree Road, NE, Atlanta, GA 30326. (Tel: 404-926-5000).

About Asset Acceptance Capital Corp.
For more than 40 years, Asset Acceptance has provided credit originators, such as credit card issuers, consumer finance companies, retail merchants, utilities and others — an efficient alternative in recovering defaulted consumer debt. For more information, please visit www.assetacceptance.com.

This press release shall not constitute an offer to sell or a 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.