Asset Acceptance Capital Corp. Announces Results of Annual Meeting of Shareholders

Asset Acceptance Capital Corp. today announced the results of its annual meeting of shareholders, held on May 16, 2006.

The Company’s shareholders voted to re-elect Jennifer L. Adams, Donald Haider and H. Eugene Lockhart as members of the Company’s nine-member Board of Directors. The newly re-elected directors’ terms are scheduled to expire at the Company’s annual shareholders meeting in 2009 or when a successor is appointed and qualified.

Jennifer L. Adams has been a Director of Asset Acceptance Capital Corp. since 2004. In 1991, Adams joined World Color Press, Inc. as Vice President and General Counsel and remained in a number of capacities until 1999, when she left as Vice Chairman, Chief Legal and Administrative Officer and Secretary. Prior to joining World Color Press, Inc., Adams was an associate with the law firm of Latham & Watkins.

Donald Haider has been a Director of Asset Acceptance Capital Corp. since 2004. Since 1973, Haider has been a Professor of Management at Northwestern University’s Kellogg School of Management. Haider began his academic career in 1971 as a lecturer and assistant professor at New York University and City College of New York and an Assistant Professor at Columbia University. Haider serves on the boards of La Salle National Bank, N.A. and Fender Musical Instruments.

H. Eugene Lockhart has been a Director of Asset Acceptance Capital Corp. since 2004. Since May 2005, Lockhart has been an operating partner in Diamond Castle Holdings. Prior to this, between February 2003 and May 2005, Lockhart was a Venture Partner for Oak Investment Partners. He also served as President and Chief Executive Officer of NewPower Holdings Inc. Prior to NewPower Holdings, Lockhart served as President and Chief Marketing Officer at AT&T and rose to President of Consumer Services. Lockhart also served as President, Global Retail, of Bank of America Corporation and as President and Chief Executive Officer of MasterCard International, Inc. He is a member of the American Institute of Certified Public Accountants and serves as a director of RadioShack Corporation and IMS Health Inc.

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