United PanAm Financial Corp. Announces Appointment of New Audit Committee Chair

  
    
  
  
    
      United PanAm Financial Corp. (Nasdaq:UPFC) and its subsidiaries 
      announced today the appointment of Giles Bateman as Chairman of the UPFC 
      Audit Committee effective as of January 1, 2009. Mr. Bateman, a member 
      of the UPFC Board since April 2006, will replace Julie Sullivan as Chair 
      of the UPFC Audit Committee. On December 1, 2008, Ms. Sullivan gave 
      notice of her resignation as a member of the UPFC Board and as Chairman 
      of the Audit Committee in order to devote her time to other professional 
      endeavors that currently demand significantly more of her time. Ms. 
      Sullivan's resignation will be effective December 31, 2008. With Ms. 
      Sullivan’s resignation, the Board will have a vacancy, and the 
      independent members of the UPFC Board have undertaken to identify 
      qualified potential independent director candidates to fill this vacancy.
    
    
      “We want to recognize and thank Ms. Sullivan for her service as a Board 
      member and as Chair of the Audit Committee and it is with regret and 
      appreciation for her service that we accept her resignation,” said 
      Guillermo Bron, the Chairman of the Board. “We are appreciative that Mr. 
      Bateman is willing to act as Audit Committee Chair and are confident in 
      his financial expertise and capability.”
    
    
      Giles Bateman was a co-founder of The Price Company in 1976 and served 
      as Chief Financial Officer and Vice Chairman there until 1991. Mr. 
      Bateman served as non-executive chairman of CompUSA Inc., a publicly 
      traded retailer of computer hardware, software, accessories and related 
      products, from 1994 until he retired in 2000. Mr. Bateman has served as 
      a director of UPFC since April 2006 and currently serves as Chairman of 
      UPFC’s Compensation Committee. In addition, Mr. Bateman serves as a 
      director, and the chair of the audit committee, of WD-40 Company and as 
      a director of Lifetime Fitness, Inc. He also serves as a director of 
      three private companies.
    
    
      UPFC is a specialty finance company engaged in automobile finance, which 
      includes the purchasing, warehousing, securitizing and servicing of 
      automobile installment sales contracts originated by independent and 
      franchised dealers of used automobiles. UPFC conducts its automobile 
      finance business through its wholly-owned subsidiary, United Auto Credit 
      Corporation.
    
    
      Forward Looking Statements
    
    
      This press release may contain forward-looking statements as referenced 
      in the Private Securities Litigation Reform Act of 1995. Forward-looking 
      statements are inherently unreliable and actual results may vary. 
      Factors which could cause actual results to differ from these 
      forward-looking statements include changes in the competitive 
      marketplace, changes in the interest rate environment, economic 
      conditions, outcome of pending litigation, risks associated with credit 
      quality and other factors discussed in the company’s filings with the 
      Securities and Exchange Commission. The company undertakes no obligation 
      to publicly update or revise any forward-looking statements, whether as 
      a result of new information, future events or otherwise.