CACC insider sale disclosed; 18,373 RSUs and 13,950 options remain

Rhea-AI Filing Summary

Credit Acceptance Corporation (CACC) director and Chief Alignment Officer Nicholas J. Elliott reported selling 350 shares of CACC common stock at $521.73 per share and disclosing 315 shares held indirectly in the company 401(k) stock fund. The filing also shows Mr. Elliott directly holds 19,034.86 shares following the sale, which include 18,373 unvested restricted stock units granted under the company’s incentive plan. In addition, he holds 13,950 exercisable employee stock options with a $333.94 exercise price expiring in 2026. The transaction is reported as a sale and the ownership mix includes direct shares, RSUs and a 401(k) holding.

Positive

• Full disclosure of direct, indirect and derivative holdings provides transparency about the insider's economic exposure
• Substantial alignment remains via 18,373 unvested RSUs and 13,950 exercisable options, indicating continued vested interest in company performance

Negative

• Insider sale of 350 shares reduces direct holdings, which could be viewed negatively if interpreted as liquidity-taking
• Concentration in equity compensation (large RSU and option balances) may limit near-term diversification for the insider

Insights

Securities Analyst

TL;DR Insider sold a small number of shares while retaining substantial equity via RSUs and exercisable options, a largely routine disclosure.

The 350-share sale at $521.73 reduces direct holdings modestly to 19,034.86 shares; the position remains materially supported by 18,373 unvested RSUs and 13,950 exercisable options with a $333.94 strike. The 315 shares held in the company 401(k) are reported as indirect holdings. This combination—direct shares, significant RSUs and in-the-money options—indicates continued alignment with shareholder value while allowing limited liquidity. The sale size relative to total reported economic exposure appears minor and consistent with routine insider transactions or plan-driven sales.

Corporate Governance Expert

TL;DR Disclosure is complete and shows compensation mix; transaction does not signal a major change in insider alignment.

The Form 4 discloses both the sale and the composition of the reporting person's holdings, including sizable unvested restricted stock units from the incentive plan and exercisable employee options expiring in 2026. Proper disclosure of the 401(k) holdings as indirect ownership is included. From a governance perspective, the mix of deferred equity (RSUs) and options suggests retention incentives remain in place. The single small open-market sale is not, by itself, a material governance concern based on the reported figures.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Elliott Nicholas J

(Last) (First) (Middle)

25505 WEST TWELVE MILE RD

(Street)

SOUTHFIELD MI 48034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CREDIT ACCEPTANCE CORP [ CACC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Alignment Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/05/2025		S		350	D	$521.73	19,034.86(1)	D
Common Stock								315	I	By 401(k) Trust(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$333.94							12/30/2024	12/30/2026	Common Stock	13,950		13,950	D

Explanation of Responses:

1. Includes 18,373 unvested restricted stock units that were granted under the Company's Incentive Compensation Plan. Each restricted stock unit represents and has a value equal to one share of common stock of Credit Acceptance Corporation.

2. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of September 5, 2025, according to the Plan trustee.

Remarks:

	/s/ Nicholas J. Elliott	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did CACC insider Nicholas J. Elliott sell and at what price?

He sold 350 shares of CACC common stock at $521.73 per share as reported on the Form 4.

How many CACC shares does Nicholas J. Elliott own after the reported transaction?

He reports beneficial ownership of 19,034.86 shares directly following the reported sale.

Does Nicholas J. Elliott hold restricted stock units or options in CACC?

Yes. The filing shows 18,373 unvested restricted stock units and 13,950 exercisable employee stock options with a $333.94 exercise price expiring in 2026.

Are there any indirect holdings reported for Nicholas J. Elliott in CACC?

Yes. The filing reports 315 shares held indirectly in the Credit Acceptance Stock Fund of the company 401(k) Profit Sharing Plan and Trust.

Does this Form 4 indicate any material change in insider alignment with CACC shareholders?

No. While a small sale occurred, the insider retains significant equity exposure through RSUs and options, suggesting ongoing alignment.