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                                                                    EXHIBIT 4.11

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                           MBIA INSURANCE CORPORATION

                      FINANCIAL GUARANTEE INSURANCE POLICY

                                FEBRUARY 17, 2004

                                                                POLICY NO. 43296

         RE:                       ONYX ACCEPTANCE OWNER TRUST 2004-A (THE
                                   "TRUST") $91,000,000 1.12% AUTO LOAN BACKED
                                   NOTES, CLASS A-1 ("CLASS A-1 NOTES");
                                   $115,000,000 1.52% AUTO LOAN BACKED NOTES,
                                   CLASS A-2 ("CLASS A-2 NOTES"); $128,000,000
                                   2.19% AUTO LOAN BACKED NOTES, CLASS A-3
                                   ("CLASS A-3 NOTES"); AND $116,000,000 2.94%
                                   AUTO LOAN BACKED NOTES, CLASS A-4 ("CLASS A-4
                                   NOTES" AND TOGETHER WITH THE CLASS A-1 NOTES,
                                   CLASS A-2 NOTES AND CLASS A-3 NOTES, THE
                                   "NOTES").

         INSURED OBLIGATION:       OBLIGATION TO PAY TIMELY INTEREST AND
                                   ULTIMATE PRINCIPAL ON NOTES.

         BENEFICIARY:              JPMORGAN CHASE BANK, AS INDENTURE TRUSTEE
                                   (THE "INDENTURE TRUSTEE") UNDER THE INDENTURE
                                   DATED FEBRUARY 1, 2004 (THE "INDENTURE")
                                   BETWEEN THE TRUST AND THE INDENTURE TRUSTEE
                                   (TOGETHER WITH ANY SUCCESSOR INDENTURE
                                   TRUSTEE DULY APPOINTED AND QUALIFIED UNDER
                                   THE INDENTURE) FOR THE BENEFIT OF THE OWNERS
                                   (AS DEFINED BELOW).

         MBIA INSURANCE CORPORATION ("MBIA"). for consideration received, hereby
         unconditionally and irrevocably guarantees to the Beneficiary, subject
         only to the terms of this Financial Guarantee Insurance Policy (the
         "Policy"), payment of the Insured Obligation. MBIA agrees to pay to the
         Indenture Trustee, in respect of each Distribution Date, an amount
         equal to the amount by which (A) the sum of the following amounts, each
         as of or with respect to such Distribution Date, (i) the Servicing Fee,
         including any unpaid Servicing Fees, (ii) any accrued and unpaid fees
         of the Indenture Trustee, the Owner Trustee and the Trust Agent, in
         each case to the extent such fees have not been paid by the Servicer,
         (iii) the Note Interest Distributable Amount, and (iv) if such
         Distribution Date is a Final Scheduled Distribution Date with respect
         to any Class of Notes, the Note Principal Distributable Amount with
         respect to such Class of Notes exceeds (B) the sum of (i) the amount of
         Net Collections available to make such payments with respect to such
         Distribution Date, (ii) the amount on deposit in the Spread Account as
         of such Distribution Date (the "Deficiency Amount") and (iii) amounts
         transferred from the Prefunding Account and the Capitalized Interest
         Account to the Payment Account with respect to such Distribution Date.
         MBIA also agrees to pay an amount equal to any Avoided Payment (as

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         defined below). This Policy does not cover shortfalls, if any,
         attributable to the liability of the Trust for withholding taxes, if
         any (including interest and penalties in respect of such liability).
         Payments hereunder shall be made only at the time set forth in this
         Policy. This Policy shall not guarantee payments of principal on the
         Notes other than the outstanding principal amount of each class of
         Notes on the Note Final Scheduled Distribution Date for such class of
         Notes, and will not guarantee payment of any Accelerated Principal
         Distributable Amount or amounts that become due on an accelerated basis
         as a result of (a) a default by the Trust, (b) the occurrence of an
         Indenture Event of Default under the Indenture, or (c) any other cause.
         MBIA may elect, in its sole discretion, to pay in whole or in part such
         principal due upon acceleration. MBIA may elect, in its sole
         discretion, to pay all or a portion of any shortfalls in the amount of
         Net Collections available to make distributions of principal on the
         Notes, other than distributions of principal with respect to a Class of
         Notes on the Final Scheduled Distribution Date therefor, which is
         guaranteed by MBIA as provided above.

                  Capitalized terms used herein and not otherwise defined herein
         shall have the meanings assigned to them in the Sale and Servicing
         Agreement dated as of February 1, 2004 among Onyx Acceptance Financial
         Corporation, as seller (the "Seller"), Onyx Acceptance Corporation, as
         servicer (the "Servicer") and custodian, JPMorgan Chase Bank, as
         Indenture Trustee and Trust Agent and the Trust (the "Sale and
         Servicing Agreement").

                  As used herein the term "Owner" means each Noteholder who on
         the applicable Distribution Date is entitled under the terms of the
         related Note to receive payments thereunder.

                  Payment of amounts hereunder shall be made in immediately
         available funds on the later of (a) 12:00 noon, New York City time, on
         the related Distribution Date and (b) 12:00 noon, New York City time,
         on the second Business Day following presentation to State Street Bank
         and Trust Company, N.A., as Fiscal Agent for MBIA or any successor
         fiscal agent appointed by MBIA (the "Fiscal Agent") (as hereinafter
         provided) and MBIA of a notice for payment in the form of Exhibit A
         hereto ("Notice for Payment"), appropriately completed and executed by
         the Indenture Trustee. A Notice for Payment under this Policy may be
         presented to the Fiscal Agent and MBIA on any Business Day following
         the Servicer Report Date in respect of which the Notice for Payment is
         being presented, by (a) delivery of the original Notice for Payment to
         the Fiscal Agent and MBIA at its respective address set forth below, or
         (b) facsimile transmission of the original Notice for Payment to the
         Fiscal Agent and MBIA at its respective facsimile number set forth
         below. If presentation is made by facsimile transmission, the Indenture
         Trustee shall (i) simultaneously confirm transmission by telephone to
         the Fiscal Agent and MBIA at its respective telephone number set forth
         below, and (ii) as soon as reasonably practicable, deliver the original
         Notice for Payment to the Fiscal Agent and MBIA at its respective
         address set forth below. Any Notice for Payment received by the Fiscal
         Agent or MBIA after 12:00 noon, New York City time, on a Business Day,
         or on any day that is not a Business Day, will be deemed to be received
         by the Fiscal Agent and MBIA on the next succeeding Business Day.

                  Subject to the foregoing, if the payment of any amount
         previously distributed to an Owner in respect of the Notes that is
         recoverable and sought to be recovered as a voidable preference by a
         trustee in bankruptcy with respect to the Trust, the Seller or Onyx
         pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended
         from time to time, in accordance with a nonappealable order of a court
         having competent jurisdiction is voided ("Avoided Payment"),

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         MBIA will make such Avoided Payment on behalf of the Owner to the
         receiver, conservator, debtor-in-possession or trustee in bankruptcy
         named in the Final Order (as defined below) and not to any Owner
         directly, unless such Owner has previously paid such Avoided Payment to
         the receiver, conservator, debtor-in-possession or trustee in
         bankruptcy, in which case MBIA will make such Avoided Payment to such
         Owner upon receipt by the Fiscal Agent and MBIA from the Indenture
         Trustee on behalf of such Noteholder of (i) a certified copy of a
         final, nonappealable order of a court having competent jurisdiction to
         the effect that the Owner is required to return any such payment or
         portion thereof prior to the Termination Date of this Policy because
         such payment was voided under applicable law (the "Final Order")
         together with an opinion of counsel satisfactory to MBIA that such
         Final Order is final and not subject to appeal, (ii) an assignment,
         substantially in the form attached hereto as Exhibit B, properly
         completed and executed by such Owner irrevocably assigning to MBIA all
         rights and claims of such Owner relating to or arising under such
         Avoided Payment, (iii) a Notice for Payment in the form of Exhibit A
         hereto appropriately completed and executed by the Indenture Trustee
         and (iv) appropriate instruments to effect the appointment of MBIA as
         agent for such Owner in any legal proceeding relating to such Avoided
         Payment.

                  MBIA shall make payments due in respect of Avoided Payments no
         later than 12:00 noon, New York City time on the Business Day following
         the Fiscal Agent's and MBIA's receipt of the documents required under
         clauses (i) through (iv) of the preceding paragraph. Any such documents
         received by the Fiscal Agent or MBIA after 12:00 noon, New York City
         time, on any Business Day or on any day that is not a Business Day
         shall be deemed to have been received by the Fiscal Agent and MBIA
         prior to 12:00 noon on the next succeeding Business Day. All payments
         made by MBIA hereunder on account of any Avoided Payment shall be made
         to the receiver or the trustee in bankruptcy named in the Final Order
         on behalf of Owner and not to any owner directly unless such Owner has
         returned such Avoided Payment to such receiver or trustee in
         bankruptcy, in which case such payment will be disbursed to such Owner.

                  If any Notice for Payment received by the Fiscal Agent and
         MBIA is not in proper form or is otherwise insufficient for the purpose
         of making a claim hereunder, it shall be deemed not to have been
         received by the Fiscal Agent and MBIA, and the Fiscal Agent or MBIA
         shall promptly so advise the Indenture Trustee, and the Indenture
         Trustee may submit an amended Notice for Payment.

                  Payments due hereunder unless otherwise stated herein will be
         disbursed by the Fiscal Agent to the Indenture Trustee on behalf of the
         Owners by wire transfer of immediately available funds in the amount of
         such payment, less, in respect of Avoided Payments, any amounts held by
         the Indenture Trustee for the payment of such Avoided Payment and
         legally available therefor.

                  The Fiscal Agent is the agent of MBIA only, and the Fiscal
         Agent shall in no event be liable to Owners for any acts of the Fiscal
         Agent or any failure of MBIA to deposit or cause to be deposited
         sufficient funds to make payments due under this Policy.

                  MBIA shall be subrogated to the rights of each Owner to
         receive payments under the Notes to the extent of any payment by MBIA
         hereunder.

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                  MBIA hereby waives and agrees not to assert any and all rights
         to require the Indenture Trustee to make demand on or to proceed
         against any person, party or security prior to the Indenture Trustee
         demanding payment under this Policy.

                  No defenses, set-offs and counterclaims of any kind available
         to MBIA so as to deny payment of any amount due in respect of this
         Policy will be valid and MBIA hereby waives and agrees not to assert
         any and all such defenses, set-offs and counterclaims, including,
         without limitation, any such rights acquired by subrogation, assignment
         or otherwise. Any rights of subrogation acquired by MBIA as a result of
         any payment made under this Policy shall, in all respects, be
         subordinate and junior in right of payment to the prior indefeasible
         payment in full of all amounts due the Indenture Trustee on account of
         payments due under the Notes.

                  MBIA's obligations under this Policy shall be discharged to
         the extent funds to pay the Insured Obligation are deposited by the
         Servicer into the Collection Account in accordance with the Sale and
         Servicing Agreement or disbursed by MBIA as provided in this Policy,
         whether or not such funds are properly applied by the Indenture
         Trustee.

                  This Policy is neither transferable nor assignable, in whole
         or in part, except to a successor to the Indenture Trustee pursuant to
         the Indenture. All notices, presentations, transmissions, deliveries
         and communications made by the Indenture Trustee to MBIA with respect
         to this Policy shall specifically refer to the number of this Policy
         and shall be made to MBIA at:

                     MBIA Insurance Corporation
                     113 King Street
                     Armonk, New York 10504
                     Attention: Insured Portfolio Management, Structured Finance
                     Telephone: (914)273-4545
                     Facsimile: (914) 765-3810

         or such other address, telephone number or facsimile number as MBIA may
         designate to the Indenture Trustee in writing from time to time. Each
         such notice, presentation, transmission, delivery and communication
         shall be effective only upon actual receipt by MBIA.

                  All notices, presentations, transmissions, deliveries and
         communications made by the Indenture Trustee to the Fiscal Agent of
         MBIA shall specifically refer to the number of this Policy and shall be
         made at the address listed below for the Fiscal Agent of MBIA or such
         other address, telephone number or facsimile number as MBIA or the
         Fiscal Agent shall specify in writing to the Indenture Trustee.

                  The notice address of the Fiscal Agent is 61 Broadway, 15th
         Floor, New York, New York 10006 Attention: Municipal Registrar and
         Paying Agency, Telephone: 212-612-3458, Facsimile: 212-612-3203, or
         such other address as the Fiscal Agent shall specify to the Indenture
         Trustee in writing.

                  The obligations of MBIA under this Policy are irrevocable,
         primary, absolute and unconditional (except as expressly provided
         herein) and neither the failure of the Trust, the

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         Indenture Trustee, the Owner Trustee, the Trust Agent, the Seller, the
         Servicer or any other person to perform any covenant or obligation in
         favor of MBIA (or otherwise), nor the failure or omission to make a
         demand permitted hereunder, nor the commencement of any bankruptcy,
         debtor or other insolvency proceeding by or against the Trust, the
         Indenture Trustee, the Owner Trustee, the Trust Agent, the Seller, the
         Servicer or any other person shall in any way affect or limit MBIA's
         obligations under this Policy. If a successful action or proceeding to
         enforce this Policy is brought by the Indenture Trustee, the Indenture
         Trustee shall be entitled to recover from MBIA costs and expenses
         reasonably incurred, including without limitation reasonable fees and
         expenses of counsel.

                  This Policy and the obligations of MBIA hereunder shall
         terminate on the date (the "Termination Date") that is ninety one (91)
         days following the earlier of (a) the latest Final Scheduled
         Distribution Date and (b) the date on which all amounts required to be
         paid to the Owners have been paid in full, provided, that, if any
         Insolvency Proceeding is existing by or against the Trust, the Seller
         or Onyx during such ninety-one day period, then this Policy and MBIA's
         obligations hereunder shall terminate on the date of the conclusion, or
         dismissal of such Insolvency Proceeding without continuing jurisdiction
         by the court in such Insolvency Proceeding, provided, further that, and
         notwithstanding anything herein to the contrary, this Policy shall not
         terminate prior to the date on which MBIA has made all payments
         required to be made under the terms of this Policy in respect of
         Avoided Payments.

                  All payments made hereunder by MBIA shall be made with MBIA's
         own funds. The payment by MBIA to the Indenture Trustee of any amount
         guaranteed by the first paragraph of this Policy, and the payment by
         MBIA of any Avoided Payment shall constitute "payments" for all
         purposes under this Policy. In no event shall any payment be made under
         this Policy on account of (a) the failure of the Indenture Trustee to
         deliver the proceeds of any such payment to any Owner or (b) the
         failure of any such Owner to claim any such proceeds from the Indenture
         Trustee.

                  THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE
         FUND SPECIFIED IN ARTICLE SEVENTY-SIX OF THE NEW YORK STATE INSURANCE
         LAW.

                  This Policy sets forth in full the undertaking of MBIA, and
         shall not, except with the prior written consent of the Indenture
         Trustee or otherwise in accordance with the express terms hereof, be
         modified, altered or affected by any other agreement or instrument,
         including any modification or amendment thereto and may not be canceled
         or revoked by MBIA prior to the Termination Date. The Premium on this
         Policy is not refundable for any reason.

                  This Policy shall be returned to MBIA by the Indenture Trustee
         on the Termination Date.

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                  THIS POLICY SHALL BE CONSTRUED, AND THE OBLIGATIONS, RIGHTS
         AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED, IN
         ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
         CONFLICT OF LAWS PRINCIPLES OR THE APPLICATION OF THE LAWS OF ANY OTHER
         JURISDICTION.

                  IN WITNESS WHEREOF, MBIA has caused this Policy to be executed
on the date first written above.

                                                      MBIA INSURANCE CORPORATION

                                                      BY: /s/ Gary S.Dunton
                                                          ----------------------
                                                      Name:  Gary S.Dunton
                                                      Title: President

                                                      By: /s/ Adam M. Carta
                                                          ----------------------
                                                      Name:  Adam M. Carta
                                                      Title: Assistant Secretary

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         EXHIBIT A TO FINANCIAL GUARANTEE INSURANCE POLICY, NUMBER 43296

         MBIA Insurance Corporation
         113 King Street
         Armonk, New York 10504
         Attention: Insured Portfolio Management,
                       Structured Finance

                               NOTICE FOR PAYMENT
            UNDER FINANCIAL GUARANTEE INSURANCE POLICY NUMBER 43296

         JPMorgan Chase Bank, as indenture trustee (the "Indenture Trustee"),
         hereby certifies to MBIA Insurance Corporation ("MBIA") with reference
         to that certain Financial Guarantee Insurance Policy, Number 43296,
         dated February 17, 2004 (the "Policy"), issued by MBIA in favor of the
         Indenture Trustee under the indenture, dated as of February 1, 2004
         between Onyx Acceptance Owner Trust 2004-A and the Indenture Trustee as
         follows:

                  1.       The Indenture Trustee is the Indenture Trustee under
         the Indenture and the Beneficiary under the Policy.

                  2.       The Indenture Trustee is entitled to make a demand
         under the Policy [pursuant to Section 4.02(c) of the Sale and Servicing
         Agreement] [in connection with an Avoided Payment as defined in the
         Policy].

         [For a Notice for Payment in respect of a Distribution Date use the
         following paragraphs 3, 4 and 5.]

                  3.       This notice relates to the [insert date] Distribution
         Date. The amount claimed under the Policy, as specified to the
         Indenture Trustee by the Servicer, for such Distribution Date is
         $__________. The amount demanded by this notice does not exceed amounts
         permitted to be drawn under the Policy.

                  4.       The Indenture Trustee demands payment of
         $______________which is an amount equal to the Deficiency Amount for
         such Distribution Date.

                  5.       The amount demanded is to be paid in immediately
         available funds to the Collection Account at______________, account
         number________________.

         [For a Notice for Payment in respect of an Avoided Payment use the
         following paragraphs 3 and 4.]

                  3.       The Trustee hereby represents and warrants, based
         upon information available to it, that (i) the amount entitled to be
         drawn under the Policy on the date hereof in respect of

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         Avoided Payments is the amount paid or to be paid simultaneously with
         such draw on the Policy, by all Noteholders [$     ] (the "Avoided
         Payment Amount"), (ii) each Noteholder with respect to which the
         drawing is being made under the Policy has paid or simultaneously with
         such draw on the Policy will pay such Avoided Payment, and (iii) the
         documents required by the Policy to be delivered in connection with
         such Avoided Payment and Avoided Payment Amount have previously been
         presented to MBIA or are attached hereto.

                  4.       The amount demanded is to be paid in immediately
         available funds by wire transfer to [     ].

                  [For a Notice for Payment relating to both an Avoided Payment
         and a Distribution Date, use the following paragraphs 3, 4, 5 and 6.]

                  3.       This notice relates to the [insert date] Distribution
         Date. The amount claimed under the Policy, as specified to the
         Indenture Trustee by the Servicer, for such Distribution Date is
         $____________. The amount demanded by this notice does not exceed
         amounts permitted to be drawn under the Policy.

                  4.       The Indenture Trustee demands payment of
         $_______________which is an amount equal to the Deficiency Amount for
         such Distribution Date.

                  5.       The Indenture Trustee hereby represents and warrants,
         based upon information available to it, that (i) the amount entitled to
         be drawn under the Policy on the date hereof in respect of Avoided
         Payments is the amount paid or to be paid simultaneously with such draw
         on the Policy, by all Noteholders [$       ] (the "Avoided Payment
         Amount"), and (ii) the documents required by the Policy to be delivered
         in connection with such Avoided Payment and Avoided Payment Amount have
         previously been presented to MBIA or are attached hereto.

                  6.       The amount demanded is to be paid in immediately
         available funds by wire transfer to [      ].

                  Capitalized terms used herein and not otherwise defined herein
         shall have the meanings assigned to them in the Policy.

                  Any Person Who Knowingly And With Intent To Defraud Any
         Insurance Company Or Other Person Files An Application For Insurance Or
         Statement Of Claim Containing Any Materially False Information, Or
         Conceals For The Purpose Of Misleading Information Concerning Any Fact
         Material Thereof, Commits A Fraudulent Insurance Act, Which Is A Crime,
         And Shall Also Be Subject To A Civil Penalty Not To Exceed Five
         Thousand Dollars And The Stated Value Of The Claim For Each Such
         Violation.

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                  IN WITNESS WHEREOF, this notice has been executed
         this______day of ______,_________________.

                          JPMorgan Chase Bank

                          BY: _______________________________
                                   Authorized Officer

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         EXHIBIT B TO FINANCIAL GUARANTEE INSURANCE POLICY, NUMBER 43296

                               FORM OF ASSIGNMENT

         Reference is made to the Financial Guarantee Insurance Policy No.
         43296, dated February 17, 2004, (the "Policy") issued by MBIA Insurance
         Corporation ("MBIA") relating to the $450,000,000 Onyx Acceptance Owner
         Trust 2004-A 1.12% Auto Loan Backed Notes, Class A-1, 1.52% Auto Loan
         Backed Notes, Class A-2, 2.19% Auto Loan Backed Notes, Class A-3, and
         2.94% Auto Loan Backed Notes, Class A-4. Unless otherwise defined
         herein, capitalized terms used in this Assignment shall have the
         meanings assigned thereto in the Policy as incorporated by reference
         therein. In connection with the Avoided Payment of [$     ] paid by the
         undersigned (the "Holder") on [      ] and the payment by MBIA in
         respect of such Avoided Payment pursuant to the Policy, the Holder
         hereby irrevocably and unconditionally, without recourse,
         representation or warranty (except as provided below), sells, assigns,
         transfers, conveys and delivers all of such Holder's rights, title and
         interest in and to any rights or claims, whether accrued, contingent or
         otherwise, which the Holder now has or may hereafter acquire, against
         any person relating to, arising out of or in connection with such
         Avoided Payment. The Holder represents and warrants that such claims
         and rights are free and clear of any lien or encumbrance created or
         incurred by such Holder.

                                             ___________________________________
                                             Holder(1)

         -----------------
         (1)      In the event that the terms of this form of assignment are
         reasonably determined to be insufficient solely as a result of a change
         of law or applicable rules after the date of the Policy to fully vest
         all of the Holder's right, title and interest in such rights and
         claims, the Holder and MBIA shall agree on such other form as is
         reasonably necessary to effect such assignment, which assignment shall
         be without recourse, representation or warranty except as provided
         above.

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