secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0000885550-24-000067
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance Q1 GAAP net income down 35% to $64.3M; adjusted EPS $9.28 vs $9.71 YoY
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- GAAP EPS $5.08 vs $7.61 YoY; adjusted EPS $9.28 vs $9.71; net income fell on $48.6M higher provision for credit losses.
- Forecasted collection rates decreased net cash flows by $30.8M (0.3%) vs a $9.4M increase in Q1 2023.
- Consumer Loan unit volume up 24.1% and dollar volume up 20.2% YoY; initial spread improved to 22.0% from 21.0%.
- Repurchased ~728,000 shares (5.7% of outstanding since Q1 2023); average cost of debt rose to 7.0% from 4.7%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000067/0000885550-24-000067-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000067/cacc-20240430.htm
  HTML page:      https://secwatch.observer/filing/0000885550-24-000067

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