[Form 4] CREDIT ACCEPTANCE CORP Insider Trading Activity

Rhea-AI Filing Summary

Kenneth Booth, CEO and Director of Credit Acceptance Corporation (CACC), reported transactions on Form 4 showing option exercises and a sale on 09/18/2025. He exercised 4,000 employee stock options with a $333.94 exercise price, which resulted in acquisition of 4,000 shares. On the same date he sold 4,000 shares at $506.59 each, reducing his reported beneficial ownership from 72,116 to 68,116 shares. The filing also shows he holds outstanding employee stock options exercisable through 12/30/2026 for 4,000 shares and an option covering 110,000 shares (exercisable in scheduled installments through 04/28/2031). The report notes 57,104 unvested restricted stock units included in the holdings.

Insights

Securities Analyst

TL;DR: Insider exercised options and sold an equal number of shares, leaving modest net reduction in direct holdings.

The filing documents routine insider activity: exercise of 4,000 options at $333.94 and a contemporaneous sale of 4,000 shares at $506.59. Such simultaneous exercise-and-sell transactions are commonly used to cover exercise costs and taxes. Post-transactions, Booth's direct beneficial ownership is 68,116 shares. The disclosure also confirms significant unvested RSUs (57,104) and long-dated option exposure (110,000 shares) that could affect future insider selling or dilution when exercised or vested.

Corporate Governance Expert

TL;DR: Disclosure is comprehensive and follows Section 16 reporting norms, showing both equity compensation and open option positions.

The Form 4 provides clear dates, codes, prices, and post-transaction ownership levels. It identifies Booth as CEO and Director and lists both direct holdings and derivative positions. The presence of large unvested RSUs and multi-year option schedules is material for governance and compensation monitoring but is routine for executive filings. No amendments or special-plan flags are indicated besides standard reporting fields.

Insider Trade Summary

Net Seller: 4,000 shares ($2,026,360)

Net Sell 4 txns

Insider Booth Kenneth

Role Chief Executive Officer

Sold 4,000 shs ($2.03M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	4,000	$0.00	--
Exercise	Common Stock	4,000	$333.94	$1.34M
Sale	Common Stock	4,000	$506.59	$2.03M
holding	Employee Stock Option (right to buy)	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 46,000 shares (Direct); Common Stock — 72,116 shares (Direct)

Footnotes (1)

1. Includes 57,104 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. The option, initially representing a right to purchase 110,000 shares, is exercisable in four equal annual installments beginning on April 28, 2022, which was the first anniversary of the date on which the option was granted.

Form 4 Insider Transactions: What Each Field Means →

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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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^*

Booth Kenneth

(Last) (First) (Middle)

25505 WEST TWELVE MILE ROAD

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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	09/18/2025		M		4,000	A	$333.94	72,116	D
Common Stock	09/18/2025		S		4,000	D	$506.59	68,116(1)	D

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	09/18/2025		M			4,000	12/30/2024	12/30/2026	Common Stock	4,000	$0	46,000	D
Employee Stock Option (right to buy)	$390.39							(2)	04/28/2031	Common Stock	110,000		110,000	D

Explanation of Responses:

1. Includes 57,104 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. The option, initially representing a right to purchase 110,000 shares, is exercisable in four equal annual installments beginning on April 28, 2022, which was the first anniversary of the date on which the option was granted.

Remarks:

	/s/ Kenneth S. Booth	09/22/2025
	** Signature of Reporting Person	Date
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