226:
174:
157:
140:
303:, "The problem is that the company’s unique accounting practices make it difficult to see how its loans are really doing. Credit Acceptance uses a form of 'level yield accounting' that is normally applied to purchases of already impaired loans. This means Credit Acceptance doesn’t disclose what portion of loans are delinquent or have defaulted."
204:
providing automobile loans and other related financial products. The company operates its financial program through a national network of dealer-partners, the automobile dealers participating in the programs. The company operates two programs: the "Portfolio
Program" and the "Purchase Program".
284:
called "The Big
Business Of Subprime Auto Loans", by Anjali Kamat, which described "the murky world of subprime auto finance," and called it "eerily similar to the subprime mortgage lending that touched off the last financial crisis." Aaron Greenspan, a short-seller and transparency expert who
365:
285:
published a detailed report about the company, said: "It's a very strange set of circumstances where, like, high finance has been married with this kind of seedy underbelly of the auto industry."
1025:
1035:
1030:
1015:
592:
1040:
1020:
794:
476:
614:
289:
585:
132:
384:
754:
578:
425:
296:
for questionable practices related to subprime lending. Credit
Acceptance repossesses 35 percent of the cars it finances.
500:
749:
654:
213:
and can buy the consumer loans from automobile dealers. Credit
Acceptance reported annual revenue of $ 1.49B for 2019.
939:
934:
849:
784:
734:
724:
453:
929:
864:
799:
719:
644:
293:
774:
299:
The company has also been criticized for its opaque accounting. According to an article by Aaron Back for the
884:
839:
300:
265:
115:
659:
944:
779:
739:
649:
526:
570:
969:
994:
709:
664:
602:
98:
909:
789:
729:
679:
629:
974:
919:
879:
674:
624:
50:
924:
834:
534:
396:
206:
904:
714:
699:
477:""They had created this remarkable system for taking every last dime from their customers""
954:
869:
844:
769:
764:
759:
408:
281:
201:
264:
dealers in the world at that time. In 1992, Credit
Acceptance Corporation completed its
889:
859:
829:
694:
619:
28:
225:
1009:
914:
874:
854:
809:
210:
46:
36:
894:
819:
744:
684:
949:
814:
804:
639:
257:
88:
429:
899:
149:
538:
320:
979:
959:
669:
60:
964:
634:
261:
335:
984:
824:
704:
989:
269:
42:
563:
501:"This Subprime Auto Lender Repos 35 Percent Of The Cars It Finances"
336:"CACC Profile - Credit Acceptance Corporation Stock - Yahoo Finance"
166:
186:
574:
220:
385:"Credit Acceptance (CACC) Q4 Earnings Beat, Revenues Rise"
205:
Through these programs, the company can advance money to
237:
420:
418:
256:
In 1972, Credit
Acceptance Corporation was founded by
209:
in exchange for the right to service the underlying
272:exchange, where it trades under the symbol "CACC."
181:
164:
147:
130:
122:
108:
94:
84:
66:
56:
34:
24:
1026:Financial services companies of the United States
1036:Financial services companies established in 1972
288:Credit Acceptance has been investigated by the
586:
8:
280:On December 12, 2019 NPR aired a segment of
19:
593:
579:
571:
383:Zacks, Contributor Zacks Equity Research.
18:
454:"The Big Business Of Subprime Auto Loans"
426:"Credit Acceptance Corporation: About Us"
1031:Companies based in Southfield, Michigan
312:
404:
394:
1016:Companies in the NASDAQ Financial-100
360:
358:
356:
7:
448:
446:
14:
527:"This Auto Lender Won't Pay Off"
224:
173:
172:
156:
155:
139:
138:
1041:1972 establishments in Michigan
1021:Companies listed on the Nasdaq
1:
370:google.brand.edgar-online.com
198:Credit Acceptance Corporation
160:US$ 656.1 million (2019)
143:US$ 857.5 million (2019)
20:Credit Acceptance Corporation
750:Fulton Financial Corporation
655:Capitol Federal Savings Bank
177:US$ 7.42 billion (2019)
940:United Bank (West Virginia)
850:Pinnacle Financial Partners
785:Independent Bank (Michigan)
735:First Merchants Corporation
725:First Financial Bank (Ohio)
615:American National Insurance
72:; 52 years ago
1057:
601:Selected companies of the
525:Back, Aaron (2017-08-16).
865:Principal Financial Group
775:Host Hotels & Resorts
720:First Citizens BancShares
645:BOK Financial Corporation
610:
795:International Bancshares
294:Federal Trade Commission
840:Pacific Premier Bancorp
266:initial public offering
675:Colliers International
660:Cathay General Bancorp
51:Russell 1000 Component
16:Auto financing company
945:United Community Bank
780:Huntington Bancshares
740:First Midwest Bancorp
650:Brighthouse Financial
290:Department of Justice
260:, one of the largest
995:Zions Bancorporation
755:Gaming & Leisure
665:Cincinnati Financial
603:Nasdaq Financial-100
99:Southfield, Michigan
910:SVB Financial Group
790:Interactive Brokers
730:First Hawaiian Bank
680:Commerce Bancshares
630:Atlantic Union Bank
531:Wall Street Journal
301:Wall Street Journal
21:
975:Wintrust Financial
920:Texas Capital Bank
880:SBA Communications
625:Arch Capital Group
407:has generic name (
236:. You can help by
207:automobile dealers
114:Kenneth S. Booth (
1003:
1002:
925:The Carlyle Group
835:Old National Bank
800:Lamar Advertising
690:Credit Acceptance
507:. 9 February 2018
340:finance.yahoo.com
254:
253:
195:
194:
1048:
970:Westamerica Bank
905:South State Bank
595:
588:
581:
572:
567:
566:
564:Official website
549:
548:
546:
545:
522:
516:
515:
513:
512:
497:
491:
490:
488:
487:
472:
466:
465:
463:
461:
450:
441:
440:
438:
437:
428:. Archived from
422:
413:
412:
406:
402:
400:
392:
380:
374:
373:
362:
351:
350:
348:
346:
332:
326:
325:
317:
249:
246:
228:
221:
191:
188:
187:creditacceptance
176:
175:
169:
159:
158:
142:
141:
133:Operating income
80:
78:
73:
22:
1056:
1055:
1051:
1050:
1049:
1047:
1046:
1045:
1006:
1005:
1004:
999:
955:Virtu Financial
935:Umpqua Holdings
885:SEI Investments
870:Regency Centers
845:PacWest Bancorp
770:Home BancShares
765:Hancock Whitney
760:Glacier Bancorp
606:
599:
562:
561:
558:
553:
552:
543:
541:
524:
523:
519:
510:
508:
499:
498:
494:
485:
483:
474:
473:
469:
459:
457:
452:
451:
444:
435:
433:
424:
423:
416:
403:
393:
382:
381:
377:
364:
363:
354:
344:
342:
334:
333:
329:
319:
318:
314:
309:
282:Morning Edition
278:
250:
244:
241:
234:needs expansion
219:
202:finance company
185:
165:
152:
135:
126:Credit Services
111:
104:
76:
74:
71:
49:
39:
17:
12:
11:
5:
1054:
1052:
1044:
1043:
1038:
1033:
1028:
1023:
1018:
1008:
1007:
1001:
1000:
998:
997:
992:
987:
982:
977:
972:
967:
962:
957:
952:
947:
942:
937:
932:
927:
922:
917:
912:
907:
902:
897:
892:
890:Signature Bank
887:
882:
877:
872:
867:
862:
860:PotlatchDeltic
857:
852:
847:
842:
837:
832:
830:Northern Trust
827:
822:
817:
812:
807:
802:
797:
792:
787:
782:
777:
772:
767:
762:
757:
752:
747:
742:
737:
732:
727:
722:
717:
712:
710:Erie Insurance
707:
702:
697:
695:East West Bank
692:
687:
682:
677:
672:
667:
662:
657:
652:
647:
642:
637:
632:
627:
622:
620:Ameris Bancorp
617:
611:
608:
607:
600:
598:
597:
590:
583:
575:
569:
568:
557:
556:External links
554:
551:
550:
517:
492:
475:Rivlin, Gary.
467:
442:
414:
389:www.nasdaq.com
375:
352:
327:
322:traded symbols
311:
310:
308:
305:
277:
274:
252:
251:
231:
229:
218:
215:
211:consumer loans
193:
192:
183:
179:
178:
170:
162:
161:
153:
148:
145:
144:
136:
131:
128:
127:
124:
120:
119:
112:
109:
106:
105:
102:
96:
92:
91:
86:
82:
81:
68:
64:
63:
58:
54:
53:
40:
35:
32:
31:
26:
15:
13:
10:
9:
6:
4:
3:
2:
1053:
1042:
1039:
1037:
1034:
1032:
1029:
1027:
1024:
1022:
1019:
1017:
1014:
1013:
1011:
996:
993:
991:
988:
986:
983:
981:
978:
976:
973:
971:
968:
966:
963:
961:
958:
956:
953:
951:
948:
946:
943:
941:
938:
936:
933:
931:
930:UMB Financial
928:
926:
923:
921:
918:
916:
915:T. Rowe Price
913:
911:
908:
906:
903:
901:
898:
896:
893:
891:
888:
886:
883:
881:
878:
876:
875:Renasant Bank
873:
871:
868:
866:
863:
861:
858:
856:
855:Popular, Inc.
853:
851:
848:
846:
843:
841:
838:
836:
833:
831:
828:
826:
823:
821:
818:
816:
813:
811:
810:LPL Financial
808:
806:
803:
801:
798:
796:
793:
791:
788:
786:
783:
781:
778:
776:
773:
771:
768:
766:
763:
761:
758:
756:
753:
751:
748:
746:
743:
741:
738:
736:
733:
731:
728:
726:
723:
721:
718:
716:
713:
711:
708:
706:
703:
701:
698:
696:
693:
691:
688:
686:
683:
681:
678:
676:
673:
671:
668:
666:
663:
661:
658:
656:
653:
651:
648:
646:
643:
641:
638:
636:
633:
631:
628:
626:
623:
621:
618:
616:
613:
612:
609:
604:
596:
591:
589:
584:
582:
577:
576:
573:
565:
560:
559:
555:
540:
536:
532:
528:
521:
518:
506:
502:
496:
493:
482:
478:
471:
468:
455:
449:
447:
443:
432:on 2014-02-15
431:
427:
421:
419:
415:
410:
398:
390:
386:
379:
376:
371:
367:
361:
359:
357:
353:
341:
337:
331:
328:
324:
323:
316:
313:
306:
304:
302:
297:
295:
291:
286:
283:
275:
273:
271:
267:
263:
259:
248:
239:
235:
232:This section
230:
227:
223:
222:
216:
214:
212:
208:
203:
199:
190:
184:
180:
171:
168:
163:
154:
151:
146:
137:
134:
129:
125:
121:
117:
113:
107:
103:United States
100:
97:
93:
90:
87:
83:
69:
65:
62:
59:
55:
52:
48:
44:
41:
38:
33:
30:
27:
23:
895:Simmons Bank
820:Nasdaq, Inc.
745:FirstService
689:
685:CoStar Group
542:. Retrieved
530:
520:
509:. Retrieved
504:
495:
484:. Retrieved
481:Mother Jones
480:
470:
460:December 12,
458:. Retrieved
434:. Retrieved
430:the original
405:|first=
388:
378:
369:
343:. Retrieved
339:
330:
321:
315:
298:
287:
279:
255:
242:
238:adding to it
233:
197:
196:
167:Total assets
95:Headquarters
25:Company type
950:Valley Bank
815:MarketAxess
805:LendingTree
715:Fifth Third
640:Banner Bank
456:. NPR. 2019
366:"EDGAR Pro"
258:Donald Foss
200:is an auto
89:Donald Foss
1010:Categories
960:WaFd, Inc.
900:Sallie Mae
544:2020-04-30
511:2020-04-30
486:2020-04-30
436:2014-02-18
307:References
245:March 2020
150:Net income
110:Key people
980:WSFS Bank
670:CME Group
539:0099-9660
276:Criticism
61:Financial
37:Traded as
965:WesBanco
635:Bank OZK
505:Jalopnik
397:cite web
292:and the
262:used car
123:Services
57:Industry
985:XP Inc.
825:Navient
705:Equinix
700:eHealth
345:6 March
268:on the
217:History
182:Website
85:Founder
75: (
67:Founded
45::
990:Zillow
537:
270:Nasdaq
43:Nasdaq
29:Public
605:index
535:ISSN
462:2019
409:help
347:2018
189:.com
77:1972
70:1972
47:CACC
240:.
116:CEO
1012::
533:.
529:.
503:.
479:.
445:^
417:^
401::
399:}}
395:{{
387:.
368:.
355:^
338:.
101:,
594:e
587:t
580:v
547:.
514:.
489:.
464:.
439:.
411:)
391:.
372:.
349:.
247:)
243:(
118:)
79:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
