secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-10-30T23:59:59+00:00
Accession:  0000885550-23-000108
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance Q3 GAAP EPS $5.43, adjusted EPS $10.70; net income down 18% YoY
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- GAAP net income $70.8M ($5.43/diluted share) vs $86.8M ($6.49) in Q3 2022.
- Adjusted net income $139.5M ($10.70/diluted) vs $178.5M ($13.36) YoY.
- Loan assignment unit volume +13%, dollar volume +10.5% YoY; average spread on new loans 21.4% vs 20.2%.
- Forecasted collection rates decreased by $69.4M (0.7%) in Q3 vs $85.4M (0.9%) in prior year Q3.
- Board expanded to six; elected Sean E. Quinn as director, effective Oct 27, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000108/0000885550-23-000108-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000108/cacc-20231027.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000108

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