Credit Acceptance Corporation reports developments tied to its consumer automobile finance business, which provides financing programs through a nationwide network of automobile dealers. The company focuses on enabling dealers to sell vehicles to consumers regardless of credit history, with revenue tied primarily to finance charges, servicing fees, reinsurance premiums on vehicle service contracts, and other fees.
Recurring CACC news includes quarterly earnings, adjusted net income measures, loan portfolio performance, forecasted collections, dealer and consumer product initiatives, executive appointments, and asset-backed non-recourse secured financings. Company updates also address digital credit applications, franchise dealer experience, consumer self-service tools, and capital transactions that use special purpose entities and trusts to fund conveyed consumer loans.
Credit Acceptance (CACC) appointed Shannon Wilson as Chief Human Resources Officer, effective September 28, 2026, joining the Executive Leadership Team.
Wilson is described as a business and transformation executive with experience across human resources, frontline operations, technology, and workforce strategy. Her background includes frontline retail roles at Best Buy and The Home Depot, more than a decade at Amazon leading HR for North American Customer Fulfillment and workforce-focused organizations, and service as Chief People Officer at Alto Pharmacy.
The company said her appointment supports its efforts to invest for long-term growth, strengthen operations, focus on talent and performance, and become more technology- and AI-enabled while preserving its existing mission and culture.
Credit Acceptance (CACC) announced on Sept. 17, 2026 that it has entered or will enter into consent judgments with the New York Attorney General and 40 other state attorneys general, resolving multistate litigation and investigations.
The resolution ends the 2023 lawsuit in the Southern District of New York and a multistate investigation begun in 2020, without any admission of fault or wrongdoing by the company. Credit Acceptance will pay $60 million into a consumer relief fund, pay $15.5 million to participating attorneys general for their investigation, and grant debt relief by waiving outstanding balances for certain customers. These monetary obligations will not require additional charges beyond amounts already accrued. The consent judgments require enhanced consumer disclosures, affordability protections, and dealer oversight, which the company states do not materially change its business model.
Credit Acceptance (CACC) extended the revolving period of its $500.0 million revolving secured warehouse facility from September 20, 2027 to September 15, 2028 and lowered its pricing. The interest rate on this Facility was reduced from SOFR + 185 bps to SOFR + 175 bps, with no other material changes, and $180.0 million was outstanding under the Facility as of September 15, 2026.
The company also extended its separate $500.0 million asset-backed non-recourse secured financing (Term ABS 2019-2), moving the cease-to-revolve date from September 15, 2026 to September 15, 2028. Under the amendment, the interest rate on this Financing increased from 5.43% to 5.83%, with no other material term changes.
Credit Acceptance (Nasdaq: CACC) completed a $600.0 million asset-backed, non-recourse secured financing, supported by approximately $750.2 million of consumer loans transferred to a wholly owned special purpose entity and then to a trust issuing three note classes (A, B and C).
The notes total $319.88 million, $117.3 million and $162.82 million, with average lives of 2.54, 3.23 and 3.69 years and coupon rates of 5.01%, 5.29% and 5.51%, respectively. According to Credit Acceptance, the transaction’s expected average annualized cost is about 5.5%, will revolve for 24 months before amortizing, and proceeds will be used to repay higher-cost debt and for general corporate purposes. The company will receive 4.0% of cash flows to cover servicing, with the remaining 96.0% applied to note payments and financing costs while preserving dealer holdback rights. Following closing, Credit Acceptance reported about $1.8 billion of unused borrowing capacity on its revolving credit facilities plus unrestricted cash.
Credit Acceptance (Nasdaq: CACC) appointed veteran technology and AI executive Jeetu Mirchandani as Chief Technology Officer, effective August 27, 2026. He will lead the Engineering organization and technology strategy to advance the company’s digital-first, AI-enabled evolution and enhance experiences for customers and dealer partners.
Mirchandani joins after more than 21 years at Amazon, where he led large-scale engineering, product, science and applied AI teams, influenced the company’s AI transformation strategy, evaluated major acquisitions such as Twitch and Goodreads, and contributed multiple U.S. patents in machine learning and data-driven personalization.
Credit Acceptance (Nasdaq: CACC) reported second quarter 2026 GAAP net income of $135.9 million, or $12.66 per diluted share, compared with $87.4 million, or $7.42 per diluted share, in the second quarter of 2025. Adjusted net income was $130.1 million, or $12.12 per diluted share, versus $118.3 million, or $10.05 per diluted share, a year earlier.
Average loan portfolio balance was $8.0 billion, roughly in line with the prior year. Consumer Loan assignment unit volume declined 1.0% to 84,615, while dollar volume grew 0.1% to $1.0 billion. The company repurchased 262,963 shares (2.5% of beginning shares) for $141.4 million and reported $1.4 billion of liquidity as of June 30, 2026. Forecasted net cash flows from the loan portfolio declined by $39.1 million (0.3%) during the quarter. The dealer network reached a record 11,004 active dealers, and 67% of inbound customer calls in June were handled by an AI-enabled agent.
Credit Acceptance (Nasdaq: CACC) announced it expects to issue its second quarter 2026 earnings news release on Tuesday, August 4, 2026, after the market closes. A webcast to discuss these results is scheduled for 5:00 p.m. Eastern Time the same day.
Investors can access the webcast and related information through the Investor Relations section of the company’s website at ir.creditacceptance.com. Telephone participants must pre-register via a provided online link to receive dial-in details and a unique PIN. A replay and transcript will be archived in the Investor Relations section.
Credit Acceptance (Nasdaq: CACC) announced leadership changes to advance its digital-first strategy. Siddharth Lal will join as Chief Marketing Officer, leading Marketing and retaining executive oversight of Product to integrate customer, dealer, product, and brand efforts and support the company’s next growth phase.
The company plans to announce a new Chief Technology Officer in late August. Current Chief Product and Marketing Officer Andrew Rostami and Chief Technology Officer Ravi Mohan will step down effective August 14, 2026, and are expected to support a six-month transition. Director and former CEO Kenneth Booth retired from the board on July 21, 2026, after more than 20 years with the company, and the board has been reduced from six to five members.
Credit Acceptance (Nasdaq:CACC) appointed Joe Billante as Chief Financial Officer, effective July 27, 2026, succeeding Jay Martin, who will retire after 23 years. Martin will assist with Q2 earnings and remain engaged through August 31, 2026.
The company provides auto financing solutions for consumers regardless of credit history through a nationwide dealer network.
Credit Acceptance (Nasdaq:CACC) extended the maturity of its revolving secured line of credit facility with a commercial bank syndicate from June 22, 2028 to June 22, 2029. The interest margin was reduced from SOFR + 197.5 bps to SOFR + 175 bps.
As of June 9, 2026, $270.5 million was outstanding, with no other material term changes.