secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2022-11-01T23:59:59+00:00
Accession:  0000885550-22-000081
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance Q3 GAAP net income falls 65% to $86.8M; loan performance weakens
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- GAAP net income $86.8M ($6.49 EPS) vs $250.0M ($15.79 EPS) YoY; adjusted net income $178.5M ($13.36 EPS).
- Consumer Loan unit volume up 29.3%, dollar volume up 32.1% YoY; active dealers increased 12.6%.
- Provision for credit losses swung to $180.3M expense from $8.3M reversal, driven by $180.7M charge on forecast declines.
- Forecasted collection rates declined for 2019-2022 loans, reducing forecasted net cash flows by $85.4M (0.9%).
- Stock repurchased ~54k shares (0.4% of shares outstanding) during the quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555022000081/0000885550-22-000081-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555022000081/cacc-20221101.htm
  HTML page:      https://secwatch.observer/filing/0000885550-22-000081

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer