We study when exchange rings are von Neumann regular. An exchange ring R with primitive factors Artinian is von Neumann regular, if the Jacobson radical of any indecomposable homomorphic image of R is T-nilpotent, and if any indecomposable homomorphic image of R is semiprime. Every indecomposable semiprimitive factor ring of R is regular, if R is an exchange ring such that every left primitive factor ring of R is a ring of index at most n and if R has nil-property.