[Form 4] Credit Acceptance Corp Insider Trading Activity

Rhea-AI Filing Summary

Jonathan L. Lum, Chief Operating Officer of Credit Acceptance Corporation (CACC), reported Option exercise and offsetting open-market sales on 08/25/2025. He exercised an employee stock option to acquire 6,000 shares at an exercise price of $333.94. On the same date he sold 6,000 shares in multiple transactions at weighted average prices reported across a range from $508.38 to $517.83 per share. The Form 4 shows his beneficial ownership declining through those sales from 37,493 shares to 31,493 shares following the transactions. The filing also discloses that his reported holdings include 23,884 unvested restricted stock units, each representing one share of common stock.

Positive

• Exercise of employee stock option: 6,000 shares acquired at $333.94 (Employee Stock Option).
• Disclosure of unvested awards: 23,884 unvested restricted stock units are explicitly reported.

Negative

• Open-market sales totaling 6,000 shares: Sold in multiple transactions on 08/25/2025 reducing beneficial ownership from 37,493 to 31,493 shares.
• Sales executed at materially higher prices than exercise price: Weighted-average sale prices ranged across $508.38–$517.83, indicating full disposition of shares acquired or previously held.

Insights

Securities Analyst

TL;DR COO exercised 6,000 options and simultaneously sold 6,000 shares, reducing beneficial ownership to 31,493 shares.

The transaction is a straightforward option exercise paired with open-market disposition of an equal number of shares on 08/25/2025. The exercise price was $333.94 and the sales occurred across multiple executions with weighted-average sale prices within $508.38–$517.83, indicating realized proceeds materially above the exercise price. The filing also records 23,884 unvested restricted stock units held by the reporting person, which remain part of total beneficial ownership disclosures. This Form 4 is a routine insider reporting of compensation-related equity activity and subsequent market sales.

Corporate Governance Expert

TL;DR Insider exercise and sales were reported properly; holdings include significant unvested RSUs.

The Form 4 discloses that the reporting person, an officer (COO), complied with Section 16 reporting for an option exercise (6,000 shares) and multiple open-market sales (totaling 6,000 shares). The presence of 23,884 unvested restricted stock units is notable for ongoing equity incentives. The filing contains required weighted-average sale price footnotes and a manual signature dated 08/27/2025, consistent with standard reporting procedures. No amendments or plan-based 10b5-1 designation are stated in the form content provided.

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^*

LUM JONATHAN

(Last) (First) (Middle)

25505 WEST TWELVE MILE ROAD

(Street)

SOUTHFIELD MI 48034-8334

(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 Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

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	08/25/2025		M		6,000	A	$333.94	37,493(1)	D
Common Stock	08/25/2025		S		612	D	$508.69(2)	36,881(1)	D
Common Stock	08/25/2025		S		982	D	$509.79(3)	35,899(1)	D
Common Stock	08/25/2025		S		494	D	$510.9(4)	35,405(1)	D
Common Stock	08/25/2025		S		1,064	D	$512.24(5)	34,341(1)	D
Common Stock	08/25/2025		S		971	D	$513.33(6)	33,370(1)	D
Common Stock	08/25/2025		S		659	D	$514.44(7)	32,711(1)	D
Common Stock	08/25/2025		S		443	D	$515.47(8)	32,268(1)	D
Common Stock	08/25/2025		S		535	D	$516.57(9)	31,733(1)	D
Common Stock	08/25/2025		S		229	D	$517.31(10)	31,504(1)	D
Common Stock	08/25/2025		S		11	D	$518.39	31,493(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	08/25/2025		M			6,000	12/30/2024	12/30/2026	Common Stock	6,000	$0	31,500	D

Explanation of Responses:

1. Includes 23,884 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 price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.38 to $509.30, 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.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.45 to $510.07, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.47 to $511.35, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.61 to $512.58, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $512.87 to $513.75, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $513.94 to $514.93, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $514.95 to $515.91, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.00 to $516.83, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.09 to $517.83, inclusive.

Remarks:

	/s/ Jonathan L. Lum	08/27/2025
	** 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 transactions did Jonathan L. Lum report on Form 4 for CACC?

He exercised an employee stock option for 6,000 shares at $333.94 and sold 6,000 shares in multiple open-market transactions on 08/25/2025.

How much did Jonathan Lum own after the reported transactions?

Beneficial ownership after the transactions was 31,493 shares, according to the Form 4 disclosure.

Does the filing disclose restricted stock units for the reporting person?

Yes. The filing states it includes 23,884 unvested restricted stock units granted under the Company’s Incentive Compensation Plan.

At what prices were the shares sold?

Sales occurred across multiple executions; weighted-average sale prices fall within specified ranges from $508.38 to $517.83 per share as detailed in the footnotes.

When were the transactions and when was the Form 4 signed?

Transactions dated 08/25/2025 and the Form 4 bears a signature dated 08/27/2025.