EXHIBIT 99.1

                OAKWOOD HOMES CORPORATION FINALIZES DIP FACILITY

Greensboro, NC, February 18, 2003 - Oakwood Homes Corporation announced today
that it has closed the up to $75 million loan servicing advance line of its $215
million debtor-in-possession ("DIP") financing.

Myles E. Standish, President and Chief Executive Officer, stated: "We are
pleased to close the $75 million loan servicing advance line of our DIP
facility. The purpose of the $75 million line is to provide liquidity for
mid-month servicing advances of principal and interest to the REMIC trusts as
provided for in the pooling and servicing agreements."

Oakwood Homes Corporation and its subsidiaries are engaged in the production,
sale and financing of manufactured housing. The Company's products are sold
through Company-owned stores and an extensive network of independent retailers.

This press release, as well as other information made publicly available by the
Company, may contain certain forward-looking statements and information based on
the beliefs of the Company's management as well as assumptions made by, and
information available to, the Company's management.

These forward-looking statements reflect the current views of the Company with
respect to future events and are subject to a number of risks, including, among
others, the following: competitive industry conditions could further adversely
affect sales and profitability; the Company may be unable to access sufficient
capital to fund its operations; the Company may not be able to securitize its
loans or otherwise obtain capital to finance its retail sales and financing
activities; it may recognize special charges or experience increased costs in
connection with its securitization or other financing activities; the Company
may recognize significant expenses or charges associated with the
reorganization; the Company may recognize special charges or experience
increased costs in connection with restructuring activities; the Company may not
realize anticipated benefits associated with its restructuring activities
(including the closing of underperforming sales centers); adverse changes in
governmental regulations applicable to its business could negatively impact the
Company; it could suffer losses resulting from litigation (including shareholder
class actions or other class action suits); the Company could experience
increased credit losses or higher delinquency rates on loans originated;
negative changes in general economic conditions in markets could adversely
impact the Company; the Company could experience lower recovery rates than
anticipated on the sale of repossessions; the Company could lose the services of
key management personnel; and any other factors that generally affect companies
in bankruptcy proceedings or in these lines of business could also adversely
impact the Company.

In addition, the views of the Company are subject to certain risks related to
Chapter 11 bankruptcy proceedings, including the following: the Company may not
be able to continue as a

going concern; the Company's financing arrangements may be terminated or
otherwise may not be available for borrowing; the Company may not be able to
securitize the loans that it originates or otherwise finance its loan
origination activities; the Company may not be able to obtain the Court's
approval with respect to motions in the Chapter 11 proceeding prosecuted by it
from time to time; the Company may not be able to develop, prosecute, confirm
and consummate one of more plans of reorganization with respect to the Chapter
11 cases; third parties may seek and obtain court approval to terminate or
shorten the exclusivity period that the Company has to propose and confirm one
of more plans of reorganization for the appointment of a Chapter 11 trustee or
to convert the cases to Chapter 7 cases; the Company may not be able to obtain
and maintain normal terms with vendors and service providers; the Company may
not be able to maintain contracts that are critical to its operations and the
Chapter 11 cases may have an adverse impact on the Company's liquidity or
results of operations.

Should the Company's underlying assumptions prove incorrect or should one or
more of the risks and uncertainties materialize, actual events or results may
vary materially and adversely from those described herein as anticipated,
expected, believed or estimated.