Credit Acceptance Insider Offloads $10.8M Stock, Keeps 102k Shares

Rhea-AI Filing Summary

Form 4 filing overview (CACC – 7/2/2025): 10% owner Jill Foss Watson, trustee of the Jill Foss Watson Living Trust, executed a series of open-market sales totaling 20,000 shares of Credit Acceptance Corp. common stock on 2 July 2025. The shares were sold in ten separate blocks at weighted-average prices ranging from $535.87 to $546.28 per share. After completion of the transactions, the trust’s direct beneficial ownership fell from 122,107 shares (implied) to 102,107 shares.

The transaction generated gross proceeds of roughly $10.8 million (20,000 × ≈$540). Footnote 2 notes a non-cash transfer of 30,180 shares into the Living Trust since the prior Form 4, which did not affect the reporter’s pecuniary interest. No derivative securities were involved, and the filing was made by a single reporting person. The sales reduce the insider’s stake by about 16%, which investors often view as a potential bearish signal, especially when conducted by a >10% holder.

Positive

• None.

Negative

• 20,000 shares sold by a 10% owner at market prices, representing roughly 16 % of her holdings and signalling reduced insider commitment.

Insights

Financial Analyst

TL;DR – Large insider sells 20k CACC shares (~$10.8 M), trimming stake 16%; modestly bearish signal.

As a 10% owner, Watson’s sale is noteworthy because it represents meaningful liquidity (≈0.16 % of outstanding shares, ≈16 % of her personal stake). While Form 4s cannot reveal motive, the absence of derivative exercise and the use of market sales suggests straightforward profit-taking. The wide but elevated price band ($536-$546) indicates an attempt to capitalize on recent strength in CACC’s share price. Importantly, Watson still owns >100 k shares, so she remains a significant holder. Nevertheless, large insider sales historically correlate with short-term underperformance, particularly when they are not offset by insider buys. From a portfolio-management standpoint, the filing is impactful enough to warrant monitoring but not necessarily a sole sell trigger.

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^*

Watson Jill Foss

(Last) (First) (Middle)

C/O UBS FINANCIAL SERVICES INC.

1000 HARBOR BLVD, 3RD FLOOR

(Street)

WEEHAWKEN NJ 07086

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

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

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	07/02/2025		S		857	D	$536.26(1)	121,250(2)	I	See footnote(3)
Common Stock	07/02/2025		S		3,275	D	$537.34(4)	117,975	I	See footnote(3)
Common Stock	07/02/2025		S		434	D	$538.63(5)	117,541	I	See footnote(3)
Common Stock	07/02/2025		S		2,132	D	$539.63(6)	115,409	I	See footnote(3)
Common Stock	07/02/2025		S		7,728	D	$540.45(7)	107,681	I	See footnote(3)
Common Stock	07/02/2025		S		3,302	D	$540.58(8)	104,379	I	See footnote(3)
Common Stock	07/02/2025		S		1,325	D	$541.34(9)	103,054	I	See footnote(3)
Common Stock	07/02/2025		S		3	D	$543.19	103,051	I	See footnote(3)
Common Stock	07/02/2025		S		58	D	$542.14(10)	102,993	I	See footnote(3)
Common Stock	07/02/2025		S		886	D	$546.1(11)	102,107	I	See footnote(3)

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

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 $535.87 to $536.81, 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 preceding sentence.

2. Includes an increase of 30,180 additional shares from the reporting person's last Form 4 that were transferred to the Jill Foss Watson Living Trust from the reporting person's grantor retained annuity trust for no consideration. The reporting person's pecuniary interest in the transferred shares did not change as a result of the transfer.

3. These shares are owned of record by Jill Foss Watson, as Trustee of the Jill Foss Watson Living Trust.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $537.00 to $537.89, 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 preceding sentence.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $538.00 to $538.70, 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 preceding sentence.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $539.05 to $539.83, 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 preceding sentence.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $540.00 to $540.98, 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 preceding sentence.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $540.16 to $541.00, 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 preceding sentence.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $541.00 to $541.85, 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 preceding sentence.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $542.00 to $542.32, 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 preceding sentence.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $546.07 to $546.28, 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 preceding sentence.

	Jill Foss Watson, Trustee	07/07/2025
	** 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.
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FAQ

How many Credit Acceptance (CACC) shares did insider Jill Foss Watson sell?

She sold 20,000 shares of common stock on 07/02/2025.

What price range did the insider receive for the CACC shares sold?

Weighted-average sale prices ranged from $535.87 to $546.28 per share.

How many CACC shares does the insider still own after the sale?

Watson’s trust now holds 102,107 shares directly.

Did the filing report any derivative security transactions?

No, Table II was empty; no options, warrants, or other derivatives were involved.

Was there a recent non-cash transfer mentioned in the Form 4?

Yes, 30,180 shares were transferred into the Living Trust with no consideration, leaving pecuniary interest unchanged.