Welcome to our dedicated page for Credit Accep Mich news (Ticker: CACC), a resource for investors and traders seeking the latest updates and insights on Credit Accep Mich stock.
Credit Acceptance Corporation (Nasdaq: CACC) is a U.S. consumer finance company that focuses on automobile-related financing programs offered through a nationwide network of automobile dealers. The company’s news flow reflects its role in auto finance, its funding activities, and its public-company reporting obligations.
On this page, readers can review news items that Credit Acceptance has released through channels such as GlobeNewswire and that are referenced in its SEC filings. These include quarterly earnings announcements that discuss consolidated net income, adjusted net income, loan portfolio trends, forecasted collection rates on Consumer Loans, and changes in forecasted net cash flows from the loan portfolio. Such releases often provide detail on Consumer Loan assignment volumes, dealer enrollment and active dealer counts, and the company’s approach to forecasting and managing credit performance.
Another major category of news relates to the company’s funding and capital structure. Credit Acceptance regularly announces extensions and amendments to its revolving secured warehouse facilities and its revolving secured line of credit facility, including revised maturity dates and interest rate spreads over the Secured Overnight Financing Rate (SOFR). The company also issues press releases about asset-backed non-recourse secured financings, in which consumer loans are conveyed to special purpose entities and trusts that issue notes backed by those loans.
Corporate governance and leadership updates also appear in the company’s news. For example, Credit Acceptance has announced a CEO transition, with details on the planned retirement of its current Chief Executive Officer and the appointment of a successor, along with related board roles. The company additionally highlights workplace and culture recognitions from external organizations in its earnings and corporate communications.
Investors and observers can use this news page to follow developments in Credit Acceptance’s earnings, loan portfolio performance, funding arrangements, and leadership changes, as well as recurring descriptions of its auto dealer financing programs and their impact on consumers with varied credit histories.
Credit Acceptance (CACC) reported Q4 2024 consolidated net income of $151.9 million ($12.26 per diluted share), compared to $93.6 million ($7.29 per diluted share) in Q4 2023. Adjusted net income was $126.0 million ($10.17 per diluted share) versus $129.1 million ($10.06 per diluted share) in Q4 2023.
Key Q4 2024 highlights include: Consumer Loan assignment unit volume growth slowed to 0.3% (vs 26.7% in Q4 2023), while the loan portfolio reached its largest-ever size with a 14.0% GAAP increase. The initial spread on Consumer Loan assignments improved to 22.4% from 21.7%. However, the average cost of debt increased from 6.3% to 7.2%. The company repurchased approximately 590,000 shares (4.7% of outstanding shares).
Forecasted collection rates declined by $31.1 million (0.3%) in Q4 2024, showing improvement from the $57.0 million (0.6%) decline in Q4 2023. Consumer Loans assigned in 2022 continued to show significant underperformance compared to initial estimates.
Credit Acceptance (Nasdaq: CACC) has announced its schedule for the fourth quarter 2024 earnings release and webcast. The company will release its earnings report on Thursday, January 30, 2025, after market close, followed by a webcast at 5:00 p.m. Eastern Time.
To participate in the Q&A session, attendees must pre-register through the provided link to access the webcast by telephone. The webcast can also be accessed through the company's Investor Relations website, where a replay and transcript will be archived.
Credit Acceptance specializes in providing vehicle financing solutions through a nationwide network of automobile dealers, enabling consumers with various credit histories to purchase vehicles. The company's programs benefit dealers through direct sales, repeat business, and referrals, while helping consumers improve their credit scores through reporting to national credit agencies.
Credit Acceptance (CACC) has completed a $300.0 million asset-backed non-recourse secured financing. The company conveyed loans valued at approximately $375.1 million to a special purpose entity, issuing three classes of notes with interest rates ranging from 5.79% to 6.67%. The financing will have an expected average annualized cost of about 6.3%, including fees.
The financing structure includes a 36-month revolving period followed by amortization based on conveyed loan cash flows. CACC will retain 4.0% of cash flows for servicing expenses, while 96.0% will be used for principal and interest payments to lenders and ongoing financing costs, after dealer holdback payments. The arrangement preserves dealer relationships and holdback payment rights.
Credit Acceptance (Nasdaq: CACC) has been recognized as one of the Best Places to Work in IT by Computerworld for the 10th year, ranking #8 among midsize companies. The recognition highlights the company's tech-led strategies and inclusive workplace environment.
The Engineering team's contributions include the innovative 'Test Drive' program for dealers and support for remote-first working environments. The company has also received multiple workplace awards in 2024, including ranking 39th in Fortune's 100 Best Companies to Work For®, 29th in Best Workplaces for Women, and 13th in Best Workplaces in Financial Services & Insurance.
Credit Acceptance provides vehicle financing solutions through a nationwide dealer network, helping consumers regardless of credit history while offering opportunities for credit improvement.
Credit Acceptance (Nasdaq: CACC) has announced significant changes to its Warehouse Facility V. The facility's amount has been increased from $200.0 million to $250.0 million. The revolving period has been extended from December 29, 2025 to December 29, 2027, and the maturity date has been pushed from December 27, 2027 to December 27, 2029. Additionally, the interest rate on borrowings has been reduced from SOFR plus 245 basis points to SOFR plus 185 basis points. As of December 5, 2024, there was no outstanding balance under the facility.
Credit Acceptance (CACC) has been recognized as the #2 top large company in Michigan by the 2024 Detroit Free Press Top Workplaces, marking its 13th consecutive year receiving this distinction. The company also received the Managers Specialty Award for leadership excellence.
As a remote-first company with 50+ years of Michigan roots, Credit Acceptance demonstrates strong community engagement through initiatives like supporting the Pure Heart Foundation, Children's Hospital of Michigan, and Stone Soup Food Bank. The ranking was based on anonymous employee surveys conducted by Energage,
In 2024, the company has garnered 11 awards, including recognition from Great Place to Work® and Fortune in categories such as 100 Best Companies to Work For®, Best Workplaces for Women™, and Best Workplaces in Financial Services & Insurance™.
Credit Acceptance (CACC) reported Q3 2024 consolidated net income of $78.8 million, or $6.35 per diluted share, compared to $70.8 million, or $5.43 per share, in Q3 2023. Adjusted net income decreased to $109.1 million ($8.79 per share) from $139.5 million ($10.70 per share) year-over-year.
Key highlights include: 17.7% growth in unit volume, 12.2% increase in dollar volume, and 14.9% GAAP growth in average loan portfolio balance. The initial spread increased to 21.9% from 21.4%, while average cost of debt rose from 5.8% to 7.3%. Forecasted collection rates declined for Consumer Loans assigned in 2021-2024.
Credit Acceptance (Nasdaq: CACC) has been recognized as one of the 2024 Best Workplaces for Women™ by Great Place to Work® and Fortune, ranking #29 on the Top 100 Large Company list, improving 47 positions from the previous year. With women comprising nearly 60% of their workforce, the company emphasizes female empowerment through various initiatives including a remote-first work environment, professional development programs, and the 'DrivHER' Team Member Resource Group launched in 2023.
The company's commitment to workplace equality is reflected in their Trust Index® scores, with 97% of team members confirming fair treatment across demographics. This marks their fourth Great Place to Work® and Fortune award in 2024, following recognitions for Best Companies to Work For®, Best Workplaces for Millennials™, and Best Workplaces in Financial Services & Insurance™.
Credit Acceptance (Nasdaq: CACC) has announced its schedule for third quarter 2024 earnings release and webcast. The company will release earnings on Wednesday, October 30, 2024, after market close, followed by a webcast discussion on Thursday, October 31, 2024, at 8:30 a.m. Eastern Time. Participants can access the webcast through telephone registration or the company's investor relations website. The event will include a Q&A session for telephone participants, and a replay and transcript will be available on the company's website.
Credit Acceptance (Nasdaq: CACC) has been recognized as a Top Workplace for Remote Work by Monster and Energage, ranking #2 out of 54 companies in the 500-plus employee category. This accolade celebrates organizations fostering exceptional remote working environments based on employee feedback.
The company's remote-first policy, permanently adopted in December 2020, has been important in attracting and retaining top talent nationwide, enhancing workforce diversity. Credit Acceptance has also received numerous other workplace honors in 2024, including rankings in Fortune's 100 Best Companies to Work For, Best Workplaces for Millennials, and Best Workplaces in Financial Services & Insurance.
Credit Acceptance provides innovative financing solutions enabling automobile dealers to sell vehicles to consumers regardless of credit history. The company is publicly traded on the Nasdaq Stock Market under the symbol CACC.
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