Oct 29, 4:02 PM ET
Credit Acceptance reported a GAAP net loss of $56.6 million, or $5.43 per diluted share, for the quarter ended September 30, 2026, compared with net income of $108.2 million, or $9.43 per diluted share, a year earlier. The decline was driven mainly by a $258.9 million increase in provision for credit losses, including $193.8 million tied to a forecasting methodology adjustment, while adjusted net income rose 14.9% to $135.5 million.
- GAAP net loss of $56.6 million, or $5.43 per diluted share, versus net income of $108.2 million, or $9.43 per diluted share, in Q3 2025
- Provision for credit losses rose $258.9 million, including $193.8 million from forecast changes tied to a Q3 2026 methodology adjustment
- Forecasted net cash flows from the loan portfolio declined $291.2 million, or 2.5%
- Consumer Loan unit volume rose 37.7% to 110,010 units and dollar volume rose 51.0% to $1.4 billion
Read the filing on SEC.gov ↗
Sep 21, 4:02 PM ET
Credit Acceptance extended its $500.0 million Term ABS 2019-2 financing and its warehouse facility, both now running to September 15, 2028. The Term ABS rate rose from 5.43% to 5.83%, while the warehouse facility rate fell from SOFR plus 185 basis points to SOFR plus 175 basis points. The filing describes these as routine financing amendments with no other material changes, and it does not address earnings or guidance.
- Term ABS 2019-2 ($500.0 million) revolving period extended from September 15, 2026 to September 15, 2028; interest rate increased from 5.43% to 5.83%
- Warehouse Facility II amortization date extended from September 20, 2027 to September 15, 2028; rate cut from SOFR plus 185 to SOFR plus 175 basis points
- $180.0 million outstanding under Warehouse Facility II as of September 15, 2026
Read the filing on SEC.gov ↗
Sep 18, 5:29 PM ET
Credit Acceptance entered consent judgments dated September 17, 2026, with the attorneys general of 40 states and the District of Columbia. The agreements resolve a 2023 New York lawsuit and a multistate investigation, without any admission of wrongdoing. The company says the payments and debt relief will not require charges beyond amounts already accrued, but the judgments remain subject to court approval.
- Company to pay $60 million to a trust for consumer loss remediation and $15.5 million to the participating attorneys general
- Debt relief waives all outstanding balances for certain customers with open accounts as of December 1, 2025, estimated at $634,000,000
- Five-year changes to debt-collection practices and seven-year disclosure, dealer oversight and other requirements; annual compliance reports for five years
- Each agreement requires court approval in its jurisdiction, and the filing gives no assurance on approval or timing
Read the filing on SEC.gov ↗
Sep 4, 4:01 PM ET
Credit Acceptance entered a separation agreement on September 3, 2026, with Jay D. Martin, whose tenure as Chief Financial Officer ended July 27, 2026. Under the agreement, he will serve as an unsalaried employee advisor through February 1, 2027, and the company will provide a $4,000 lump sum and three months of benefits. The filing discloses the terms of an executive departure and does not report any change in financial results.
- Jay D. Martin's tenure as Chief Financial Officer ended July 27, 2026.
- Separation agreement dated September 3, 2026; advisory term runs through February 1, 2027.
- Martin will provide about 15 hours of advisory services per month, unsalaried.
- Company will pay a $4,000 pre-tax lump sum for benefit premiums and provide three months of medical, dental, and vision benefits at no cost; his equity awards continue to vest on the existing schedule.
Read the filing on SEC.gov ↗
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