Every material Form 8-K Credit Acceptance filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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
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
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
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.
Credit Acceptance completed a $600.0 million asset-backed, non-recourse secured financing dated August 20, 2026, backed by consumer loans with a value of about $750.2 million. The company expects an average annualized cost of about 5.5% including upfront fees, and will use the proceeds to repay higher-cost debt and for general corporate purposes.
Three note classes: A $319.9 million at 5.01%, B $117.3 million at 5.29%, C $162.8 million at 5.51%
Financing revolves for 24 months, then amortizes based on cash flows from the conveyed loans
Company says it had about $1.8 billion in unused revolving credit capacity and unrestricted cash after the deal
Debt is non-recourse to the company, apart from limited repurchase and indemnification obligations
Credit Acceptance reported GAAP net income of $135.9 million, or $12.66 per diluted share, for the three months ended June 30, 2026, up from $87.4 million, or $7.42 per share, a year earlier. Adjusted net income was $130.1 million, or $12.12 per share, compared with $118.3 million, or $10.05 per share, in the second quarter of 2025. Consumer Loan unit volume fell 1.0% year over year, while dollar volume rose 0.1%.
GAAP net income of $135.9 million ($12.66 per diluted share), versus $135.8 million in the first quarter of 2026 and $87.4 million in the second quarter of 2025.
Adjusted net income of $130.1 million ($12.12 per diluted share), up 10.0% from $118.3 million a year earlier.
Economic profit rose 25.8% to $52.6 million; the company repurchased 262,963 shares for $141.4 million during the quarter.
Credit Acceptance said its Chief Technology Officer, Ravi Mohan, will resign effective August 14, 2026, and separate from the company on October 25, 2026, by mutual agreement with the Board. Under an expected separation and advisory agreement, he would keep a chance to vest certain equity awards and receive a monthly consulting fee through February 14, 2027.
Ravi Mohan steps down as Chief Technology Officer effective August 14, 2026; separation date is October 25, 2026
Expected advisory agreement pays a monthly consulting fee of $64,375 from August 14, 2026 to February 14, 2027
Equity awards scheduled to vest October 24, 2026 remain eligible, subject to signing and not revoking a general release of claims
Credit Acceptance said director Kenneth S. Booth resigned from its board on July 21, 2026, and that the resignation was not due to any disagreement with the company, management, or the board. The board reduced its size from six directors to five in connection with his departure.
Kenneth S. Booth notified the company of his board resignation on July 21, 2026.
The filing states the resignation was not due to any disagreement with the company, its management, the Board or any committee.
The board size was reduced from six directors to five.
Credit Acceptance amended its revolving secured line of credit with Fifth Third Bank as administrative agent, extending the date the facility stops revolving from June 22, 2028 to June 22, 2029. The interest rate spread was lowered from SOFR plus 197.5 basis points to SOFR plus 175.0 basis points, and the company had $270.5 million outstanding under the facility as of June 9, 2026. The filing states there were no other material changes to the facility's terms.
Amendment dated June 9, 2026 extends the facility's revolving period end date to June 22, 2029
Interest rate spread reduced from SOFR plus 197.5 basis points to SOFR plus 175.0 basis points
$270.5 million outstanding under the facility as of June 9, 2026
Credit Acceptance said CFO Jay Martin will retire effective July 27, 2026, and its board appointed Joe Billante, formerly CFO of Barracuda Networks, to succeed him on that date. Martin will remain as an employee advisor until August 31, 2026, and will take part in the Q2 earnings call. The change affects who leads the company's finance function and reporting, though the filing reports no change to financial results.
Jay Martin informed the company on June 5, 2026 that he will retire effective July 27, 2026, and serve as an employee advisor through August 31, 2026.
The board appointed Joseph Billante as CFO on June 8, 2026, effective July 27, 2026.
Billante's compensation includes a $750,000 annual base salary, a $300,000 one-time cash signing bonus, and a one-time grant of 26,223 restricted stock units.
Credit Acceptance closed a $450.0 million asset-backed, non-recourse secured financing on May 5, 2026, backed by consumer loans of about $562.6 million conveyed to a special purpose entity. The company says the proceeds will repay higher-cost debt and fund general corporate purposes, with an expected average annualized cost of about 5.2%. The filing says the debt is non-recourse to the company apart from limited repurchase and indemnification obligations, so it does not directly add to the company's own liability beyond those terms.
Three note classes totaling $450.0 million: Class A $248.75 million (4.65%), Class B $91.32 million (4.96%), Class C $109.93 million (5.28%)
Expected average annualized cost of about 5.2% including upfront fees and other costs
Revolving period of 24 months, then amortization based on cash flows on the conveyed loans
Company receives 4.0% of cash flows from the underlying loans as a servicing fee
Credit Acceptance reported first-quarter 2026 GAAP net income of $135.8 million, or $12.40 per diluted share, up from $106.3 million, or $8.66 per share, a year earlier. Adjusted net income was $117.3 million, or $10.71 per share, compared with $114.8 million, or $9.35 per share, in the first quarter of 2025. Consumer Loan unit volume fell 4.3% year over year, and the company repurchased $178.9 million of its shares during the quarter.
GAAP net income of $135.8 million, up 27.8% from $106.3 million; diluted EPS of $12.40 versus $8.66.
Adjusted net income of $117.3 million, up 2.2%; adjusted EPS of $10.71 versus $9.35.
Consumer Loan unit volume of 95,992, down 4.3%; dollar volume of $1.1 billion, down 4.0%.
Repurchased 365,258 shares for $178.9 million; liquidity of $1.3 billion as of March 31, 2026.
Credit Acceptance reported GAAP net income of $122.0 million, or $10.99 per diluted share, for the three months ended December 31, 2025, down from $151.9 million, or $12.26 per diluted share, a year earlier. Adjusted net income was flat at $126.0 million, while adjusted earnings per diluted share rose to $11.35 from $10.17, and Consumer Loan unit volume fell 9.1%, which shareholders may weigh against the profit trend.
GAAP net income was $122.0 million, or $10.99 per diluted share, versus $151.9 million, or $12.26 per diluted share, in the fourth quarter of 2024.
Adjusted net income per diluted share was $11.35, up from $10.17 a year earlier; adjusted net income was $126.0 million in both periods.
Consumer Loan unit volume declined 9.1% and dollar volume declined 11.3% year over year in the fourth quarter.
A $35.8 million contingent loss tied to previously disclosed legal matters was excluded from adjusted results; cumulative contingent losses reached $82.6 million, and a potential cash payment of $75.5 million is cited in preliminary settlem
Credit Acceptance said Chief Analytics Officer Arthur L. Smith and Chief Sales Officer Daniel A. Ulatowski will retire as officers and employees effective February 1, 2026. Each is expected to serve as a non-employee advisor until July 31, 2026, under separation and advisory agreements that are subject to a general release of claims. The filing does not name replacements, and the stock options of both men will remain exercisable through December 30, 2026.
Arthur L. Smith, Chief Analytics Officer, retires effective February 1, 2026, with a monthly consulting fee of $66,758.01 during the advisory period
Daniel A. Ulatowski, Chief Sales Officer, retires effective February 1, 2026, with a monthly consulting fee of $64,166.67 during the advisory period
Advisory services are expected to run until July 31, 2026, and stock options for both officers remain exercisable through December 30, 2026
Credit Acceptance and its subsidiary Credit Acceptance Funding LLC 2021-1 amended the $100.0 million asset-backed non-recourse financing with Fifth Third Bank, National Association, on January 15, 2026. The revolving period now ends January 18, 2028 instead of February 17, 2026, and the interest rate fell from SOFR plus 220 basis points to SOFR plus 140 basis points, with no other material changes to the terms.
Revolving period extended from February 17, 2026 to January 18, 2028
Interest rate reduced from SOFR plus 220 basis points to SOFR plus 140 basis points
Financing is $100.0 million, originally entered into on January 29, 2021
Amendments dated January 15, 2026 with Fifth Third Bank, National Association
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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