Credit Accep Corp Mich Stock Price, News & Analysis

Credit Acceptance Corporation (Nasdaq: CACC) announced an extension of its revolving secured line of credit facility maturity from June 22, 2024, to June 22, 2025. This amendment increased the facility amount by $10 million, resulting in a net decrease to $410 million. The company will continue to see a decrease of $25 million on June 22, 2023. Additionally, the amendment eliminated the covenant requiring a minimum consolidated net income of $1 for the last two fiscal quarters. As of June 22, 2022, $192.5 million was outstanding under this facility.

Credit Acceptance Corporation (Nasdaq: CACC) announced the completion of a $350 million asset-backed financing secured by approximately $437.6 million in loans. The financing, with an expected annualized cost of about 5.4%, is set to revolve for 24 months before amortizing. The funds will be used for repaying outstanding debt and general corporate purposes. Additionally, the company extended the revolving secured warehouse facility's maturity from November 2023 to May 2025, with no outstanding balance as of June 16, 2022.

Credit Acceptance Corporation (CACC) reported a consolidated net income of $214.3 million, or $14.94 per diluted share, for Q1 2022, up from $202.1 million or $11.82 per diluted share in Q1 2021. Adjusted net income rose to $197.3 million ($13.76 per diluted share), reflecting a 19.7% year-over-year increase. Key highlights include improved forecasted collection rates for loans assigned from 2016 to 2021, which increased anticipated cash flows by $110.2 million. However, loan assignment volume decreased significantly, with unit and dollar volumes dropping by 22.1% and 10.5%, respectively.

Credit Acceptance Corporation (Nasdaq: CACC) announced it will release its first quarter 2022 earnings on May 2, 2022, after market close. A webcast is slated for the same day at 5:00 p.m. Eastern Time to discuss these earnings, accessible via the company's Investor Relations website or by phone. Credit Acceptance, founded in 1972, provides financing programs for automobile dealers, enabling sales to consumers with poor credit histories. The company's programs help improve customers' credit scores and facilitate access to better financing options.

Credit Acceptance Corporation (Nasdaq: CACC) has appointed Andrew Rostami as Chief Marketing and Product Officer, effective April 18, 2022. Andrew, previously at Citizens, aims to enhance customer interaction and product development, supporting the company's growth and innovation. Known for building consumer-oriented businesses, he will focus on increasing brand awareness and customer satisfaction. Credit Acceptance has facilitated vehicle financing for consumers with various credit histories since 1972, helping them improve their credit scores for better financial opportunities.

Credit Acceptance Corporation (CACC) reported a consolidated net income of $217.6 million, or $14.60 per diluted share, for Q4 2021, reflecting a 30.8% increase from $166.3 million in Q4 2020. For the full year 2021, net income reached $958.3 million, a 127.6% increase year-over-year. Adjusted net income for Q4 was $212.6 million compared to $189.5 million in the prior year. Despite a 22.6% drop in Consumer Loan assignments in Q4, improved forecasted collection rates boosted net cash flows by $31.9 million.

Credit Acceptance Corporation (Nasdaq: CACC) announced the upcoming release of its fourth quarter and full year 2021 results on January 31, 2022, after market closure. A webcast to discuss these results is scheduled for the same day at 5:00 p.m. ET, accessible via the company’s Investor Relations website or by calling 877-303-2904. Credit Acceptance, established in 1972, provides financing solutions to enable auto dealers to sell vehicles to consumers with varied credit histories, ultimately helping improve consumer credit scores by reporting to national agencies.

Credit Acceptance Corporation (Nasdaq: CACC) reported strong financial results for Q3 2021, with consolidated net income rising to $250 million ($15.79 per share), up from $242.1 million ($13.56 per share) in Q3 2020. For nine months, net income surged to $740.7 million ($44.73 per share) versus $254.7 million ($14.17 per share) in 2020. Adjusted net income reached $219.1 million ($13.84 per share), a 31.2% increase from $167 million in 2020. Despite a 29.4% decline in Consumer Loan assignments, improved cash flow forecasts boosted net cash flows by $82.3 million.