Credit Accep Corp Mich Stock Price, News & Analysis

Credit Acceptance Corporation (Nasdaq: CACC) has announced the upcoming release of its third quarter 2021 results, scheduled for November 1, 2021, after market close. A live webcast will follow at 5:00 p.m. Eastern Time, accessible via the company's investor relations website. Founded in 1972, Credit Acceptance provides financing programs to help automobile dealers sell vehicles to consumers with poor credit histories. This initiative enables consumers to improve their credit scores and transition to traditional financing options.

Credit Acceptance Corporation (Nasdaq: CACC) has announced an extension on its $75.0 million revolving secured warehouse facility, moving the cease-to-revolve date from September 30, 2022, to September 30, 2024. Notably, there are no material changes to the terms of this facility. As of October 15, 2021, the company reported no outstanding balance under this facility. Established in 1972, Credit Acceptance provides financing programs that enable automobile dealers to sell vehicles to consumers with varied credit histories, fostering financial accessibility and credit improvement for customers.

Credit Acceptance Corporation (Nasdaq: CACC) increased its revolving credit facility from $340 million to $385 million and extended its maturity date to June 22, 2024. The facility's amount will decrease to $350 million in June 2022 and further to $325 million in June 2023. As of October 6, 2021, $189.7 million remains outstanding under this facility. This financing supports automobile dealers in providing credit options for consumers with varying credit histories, enhancing vehicle sales and consumer credit scores.

Credit Acceptance Corporation (Nasdaq: CACC) announced an extension of its $200 million revolving secured warehouse facility until September 1, 2024. This extension allows the company to maintain liquidity without any outstanding balance as of September 2, 2021. The financing programs offered by Credit Acceptance enable automobile dealers to sell vehicles to consumers with poor credit history, while also assisting these consumers in improving their credit scores. This initiative enhances vehicle access for a broader customer base and supports the overall business model.

Credit Acceptance Corporation (CACC) has resolved litigation with the Massachusetts Attorney General, concluding a contested matter while asserting no admission of liability. The company aims to continue offering financing programs in Massachusetts, helping consumers regardless of credit history. The settlement details were disclosed in a Form 8-K and the case filed in Suffolk Superior Court. Established in 1972, Credit Acceptance facilitates vehicle sales through a network of dealers, enhancing access to financing and improving customers' credit scores.

Credit Acceptance Corporation (CACC) reported a consolidated net income of $288.6 million, or $17.18 per diluted share for Q2 2021, a substantial increase from $96.4 million and $5.40 per diluted share in Q2 2020. Year-to-date, net income reached $490.7 million, compared to $12.6 million in 2020. Adjusted net income also rose, reflecting improved forecasted collection rates by $104.5 million. However, Consumer Loan assignment volume declined significantly by 28.7%, impacting overall performance due to low dealer inventories and rising used vehicle prices. The ongoing effects of the COVID-19 pandemic continue to influence business dynamics.

Credit Acceptance Corporation (CACC) announced its intention to release second quarter 2021 results on July 29, 2021, after market hours. A live webcast discussing these results is scheduled for the same day at 5:00 p.m. ET, available through the Investor Relations section of their website or by dialing 877-303-2904. The company has provided financing programs since 1972, empowering automobile dealers to sell to consumers with varying credit histories, thereby contributing to credit improvement opportunities for consumers.

Credit Acceptance Corporation (Nasdaq: CACC) has been recognized by Crain’s Detroit Business as one of the 50 fastest-growing companies in the Detroit area for the eighth consecutive year, ranking 8th based on revenue growth from 2017 to 2020. This recognition highlights the company’s ability to sustain strong financial performance. Additionally, Credit Acceptance has received multiple workplace awards this year, reinforcing its reputation as a desirable employer in the financial services sector.