secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0000885550-24-000090
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance reports Q2 GAAP net loss of $47.1M; adjusts forecast methodology reducing cash flows by $147.2M
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- GAAP net loss $47.1M ($3.83 diluted loss) vs net income $22.2M ($1.69) in Q2 2023.
- Adjusted net income $126.4M ($10.29) down from $140.0M ($10.69) YoY.
- Forecasted net cash flows decreased $189.3M (1.7%) due to methodology adjustment of $147.2M and ordinary decrease of $42.1M.
- Unit volume up 20.9%, dollar volume up 16.3%; average loan portfolio at record high.
- Average cost of debt increased to 7.2% from 5.3%; sold building recognizing $23.7M loss.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000090/0000885550-24-000090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000090/cacc-20240726.htm
  HTML page:      https://secwatch.observer/filing/0000885550-24-000090

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