[Form 4] CREDIT ACCEPTANCE CORP Insider Trading Activity

Rhea-AI Filing Summary

Daniel A. Ulatowski, Chief Sales Officer of Credit Acceptance Corporation (CACC), reported option exercise and share sale transactions dated 09/11/2025. He exercised 4,000 employee stock options at an exercise price of $333.94 and acquired 4,000 shares. The same day, he sold 4,000 shares at $522 per share. After these transactions, he directly beneficially owns 36,000 shares and an additional 28,290 unvested restricted stock units. Separately, 4,000 shares are owned of record by a trust shared with his spouse.

Positive

• Retained stake: Mr. Ulatowski continues to hold 36,000 shares directly plus 28,290 unvested RSUs, maintaining alignment with shareholders
• Timely disclosure: Form 4 reports the exercise and sale transactions and trust ownership, meeting reporting requirements

Negative

• Insider sale: 4,000 shares were sold on 09/11/2025, which may be viewed unfavorably by some investors
• Concentrated transaction: Exercise and same-day sale realized a significant per-share spread ($333.94 exercise vs $522 sale), indicating monetization of equity

Insights

Financial Analyst

TL;DR: Insider exercised options and sold the resulting shares same day, leaving meaningful retained ownership including RSUs.

Mr. Ulatowski exercised 4,000 options at $333.94 and sold the resulting 4,000 shares at $522, realizing the spread between exercise and sale prices. Post-transaction direct holdings are 36,000 shares plus 28,290 unvested restricted stock units, indicating continued alignment with shareholder value despite the sale. The transaction size is modest relative to typical market caps for publicly traded firms but is material to monitoring insider activity.

Corporate Governance Expert

TL;DR: Transaction follows standard option exercise and sale; retained equity and RSUs suggest ongoing executive stake.

The filing discloses a same-day exercise-and-sale (transaction codes M and S) for 4,000 shares and reports ownership via a living trust for certain shares. The presence of 28,290 unvested RSUs under the company plan signals that a sizeable portion of compensation remains performance- or time-vested. From a governance perspective, the disclosure is routine and complies with Section 16 timing and reporting requirements.

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).

1. Name and Address of Reporting Person^*

ULATOWSKI DANIEL A.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

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	09/11/2025		M		4,000	A	$333.94	32,290	D
Common Stock	09/11/2025		S		4,000	D	$522	28,290(1)	D
Common Stock								4,000	I	By 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	09/11/2025		M			4,000	12/30/2024	12/30/2026	Common Stock	4,000	$0	36,000	D

Explanation of Responses:

1. Consists of 28,290 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. These shares are owned of record by Daniel A. Ulatowski and Barbara Ulatowski, spouse of Mr. Ulatowski, as trustees of the D.&.B. Ulatowski Living Trust.

Remarks:

	/s/ Daniel A. Ulatowski	09/15/2025
	** 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 CACC insider Daniel A. Ulatowski report on Form 4?

He reported exercising 4,000 employee stock options at an exercise price of $333.94 and selling 4,000 shares at $522 per share on 09/11/2025.

How many CACC shares does Daniel A. Ulatowski own after the reported transactions?

He beneficially owns 36,000 shares directly following the transactions and holds an additional 28,290 unvested restricted stock units.

What are the unvested restricted stock units disclosed for CACC insider?

The filing states 28,290 unvested restricted stock units granted under the company’s Incentive Compensation Plan, each representing one share of common stock.

Are any shares owned indirectly by Mr. Ulatowski?

Yes. 4,000 shares are owned of record by Daniel A. Ulatowski and his spouse as trustees of the D.&.B. Ulatowski Living Trust.

What codes indicate the types of transactions on the Form 4?

The exercise of options is reported with code M and the sale is reported with code S.