Asset Acceptance Capital Corp. Announces Retirement of Founder and Chairman Rufus 'Bud' Reitzel, Jr.

Asset Acceptance Capital Corp. announced today that the company’s founder and Chairman, Rufus “Bud” Reitzel, Jr. will retire from his position as chairman and as a member of the board of directors effective February 28, 2006. Reitzel had served as Asset Acceptance’s CEO until June 2003, after which he assumed the position of chairman.

Reitzel founded the organization that would eventually become Asset Acceptance Capital in 1962. Over the course of several decades, Reitzel’s once-modest collections operation developed into one of the largest, most highly regarded accounts receivable management operations in the industry. Mr. Reitzel’s “disciplined yet opportunistic” approach to the acquisition of both traditional and non-traditional debt portfolios helped to pave the way for widespread validation of debt collection as a viable and profitable growth industry.

“As one of the most respected pioneers in the accounts receivable management industry, and as the founder of our Company, Bud will be missed,” said Brad Bradley, president and CEO of Asset Acceptance Capital Corp. “His long-standing commitment to the employees of Asset Acceptance, myself included, has been central to our progress during the past decades. As we continue to grow as a Company, the values and ethics instilled by Bud during his tenure will continue to live on, led by the same management team he has entrusted to run Asset Acceptance during the past 10 years.”

“The growth and development of Asset Acceptance has been a great source of pride for me and those involved in the business during the past 44 years,” said Bud Reitzel, founder and chairman of Asset Acceptance Capital Corp. “My decision to retire reflects my genuine confidence in the talents and abilities of the management team we currently have in place. Each member of senior management has proven their ability to execute the strategy we have established for the business. With these assurances in mind, I believe the time has come to complete the transition we started when Brad became CEO in 2003. As the business shifts into the next phase of growth, I am encouraged by the roadmap management has developed in their continued efforts to build shareholder value.”

Upon Reitzel’s retirement from the Company, the board of directors has elected to name Brad Bradley as the chairman of the board of directors, in addition to his current role as president and CEO of Asset Acceptance, effective March 1, 2006.