Did Nicholas J. Elliott’s overall Credit Acceptance share ownership change materially?

The Form 4 reports 1,815 shares sold and 1,815 options exercised into shares, indicating no net change in share count from these transactions alone. The activity mainly converts option-based compensation into cash at current market prices.

Credit Acceptance (CACC) officer sells shares and exercises 1,815 stock options

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Credit Acceptance Corp Chief Transformation Officer Nicholas J. Elliott reported both stock option exercises and open-market sales of common stock. On May 18, 2026, he exercised 1,815 employee stock options at an exercise price of $333.94 per share and sold 1,815 common shares in multiple open-market transactions.

The reported sale prices ranged from roughly the mid-$550s, with weighted average prices including $556.30, $554.93, $554.44, $552.62, $551.43, and $550.19 per share, each representing groups of trades within narrow price bands. The net effect is an exercise-and-sell pattern that leaves his overall share count broadly unchanged while converting stock options into cash.

The filing also shows an indirect holding of 323 common shares in the Credit Acceptance Stock Fund within the company’s 401(k) Profit Sharing Plan and Trust as of May 19, 2026, according to the plan trustee.

Insider Trade Summary 10b5-1

Net Seller: 1,815 shares ($1,002,618)

Net Sell 9 txns

Insider Elliott Nicholas J

Role Chief Transformation Officer

Sold 1,815 shs ($1.00M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	1,815	$0.00	--
Exercise	Common Stock	1,815	$333.94	$606K
Sale	Common Stock	616	$550.19	$339K
Sale	Common Stock	252	$551.43	$139K
Sale	Common Stock	306	$552.62	$169K
Sale	Common Stock	480	$554.44	$266K
Sale	Common Stock	41	$554.93	$23K
Sale	Common Stock	120	$556.30	$67K
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 10,463 shares (Direct, null); Common Stock — 22,712.3 shares (Direct, null); Common Stock — 323 shares (Indirect, By 401(k) Trust)

Footnotes (1)

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $550.00 to $550.95, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $551.24 to $551.64, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $552.47 to $552.73, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $553.85 to $554.81, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $554.92 to $555.00, inclusive. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $556.30 to $556.31, inclusive. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of May 19, 2026, according to the Plan trustee.

Key Figures

Shares sold: 1,815 shares Options exercised: 1,815 options Option exercise price: $333.94 per share +3 more

6 metrics

Shares sold 1,815 shares Common stock sold in open-market transactions on May 18, 2026

Options exercised 1,815 options Employee stock options converted into common stock on May 18, 2026

Option exercise price $333.94 per share Exercise price for 1,815 employee stock options

Sale price (weighted average example) $556.30 per share Weighted average sale price for one group of May 18, 2026 trades

Sale price range example $550.00–$550.95 per share Price range for one weighted-average group of sales

Indirect 401(k) holdings 323 shares Common stock in Credit Acceptance Stock Fund as of May 19, 2026

Key Terms

weighted average price, Employee Stock Option (right to buy), 401(k) Profit Sharing Plan and Trust, open-market sale, +1 more

5 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Employee Stock Option (right to buy) financial

"security_title: "Employee Stock Option (right to buy)""

open-market sale financial

"transaction_action: "open-market sale" for common stock transactions"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion" for option exercise entries"

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Form 4 Insider Transactions: What Each Field Means →

05/20/2026 - 04:06 PM

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
Estimated average burden
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

MICHIGAN

48034

(City)

(State)

(Zip)

UNITED STATES

(Country)

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 Transformation Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/18/2026		M		1,815	A	$333.94	22,712.3	D
Common Stock	05/18/2026		S		616	D	$550.19⁽¹⁾	22,096.3	D
Common Stock	05/18/2026		S		252	D	$551.43⁽²⁾	21,844.3	D
Common Stock	05/18/2026		S		306	D	$552.62⁽³⁾	21,538.3	D
Common Stock	05/18/2026		S		480	D	$554.44⁽⁴⁾	21,058.3	D
Common Stock	05/18/2026		S		41	D	$554.93⁽⁵⁾	21,017.3	D
Common Stock	05/18/2026		S		120	D	$556.3⁽⁶⁾	20,897.3	D
Common Stock								323	I	By 401(k) Trust⁽⁷⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$333.94	05/18/2026		M			1,815	12/30/2024	12/30/2026	Common Stock	1,815	$0	10,463	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $550.00 to $550.95, inclusive. The reporting person undertakes to provide to Credit Acceptance Corporation, any security holder of Credit Acceptance Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $551.24 to $551.64, inclusive.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $552.47 to $552.73, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $553.85 to $554.81, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $554.92 to $555.00, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $556.30 to $556.31, inclusive.

7. Held in the Credit Acceptance Stock Fund of the Credit Acceptance Corporation 401(k) Profit Sharing Plan and Trust as of May 19, 2026, according to the Plan trustee.

Remarks:

	/s/ Nicholas J. Elliott	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did CACC executive Nicholas J. Elliott report on this Form 4?

Nicholas J. Elliott reported exercising 1,815 employee stock options and selling 1,815 shares of Credit Acceptance common stock in open-market transactions on May 18, 2026. The pattern reflects an exercise-and-sell sequence rather than a simple purchase or sale.

How many Credit Acceptance (CACC) shares did Nicholas J. Elliott sell and at what prices?

He sold 1,815 Credit Acceptance common shares across multiple trades. Weighted average sale prices reported include $556.30, $554.93, $554.44, $552.62, $551.43, and $550.19 per share, each covering transactions within narrow price ranges on May 18, 2026.

What stock options did the CACC Chief Transformation Officer exercise in this filing?

The filing shows Nicholas J. Elliott exercised 1,815 employee stock options, each with an exercise price of $333.94 per share. These options converted into 1,815 shares of Credit Acceptance common stock, which were then sold in the accompanying open-market transactions.

Does the Form 4 show any indirect holdings for CACC executive Nicholas J. Elliott?

Yes. The filing notes an indirect holding of 323 Credit Acceptance common shares in the Credit Acceptance Stock Fund of the company’s 401(k) Profit Sharing Plan and Trust as of May 19, 2026, based on information from the plan trustee.

How are the sale prices in Nicholas J. Elliott’s CACC transactions described?

Sale prices are reported as weighted averages for groups of trades. Footnotes explain that individual sales occurred within specified ranges, such as $550.00–$550.95, $551.24–$551.64, $552.47–$552.73, $553.85–$554.81, $554.92–$555.00, and $556.30–$556.31 per share.