Credit Acceptance Corp. Files 2024 10-K

TL;DR

CACC 2024 10-K is in. Full year financials out.

AI Summary

Credit Acceptance Corp. filed its 2024 10-K on February 12, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The company, based in Southfield, Michigan, operates in the personal credit institutions sector. The filing provides comprehensive financial data and operational insights for the reporting period.

Why It Matters

This filing provides investors and analysts with a detailed look at Credit Acceptance Corp.'s financial health and operational performance for the full year 2024, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-12 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• Credit Acceptance Corp. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-12 (date) — Filing date
• Southfield, Michigan (location) — Company headquarters

FAQ

Filing Documents

• cacc-20241231.htm (10-K) — 3638KB
• cacc-20241231xex1024.htm (EX-10.24) — 50KB
• cacc-20241231xex19.htm (EX-19) — 21KB
• cacc-20241231xex21.htm (EX-21) — 24KB
• cacc-20241231xex23.htm (EX-23) — 3KB
• cacc-20241231xex31a.htm (EX-31.1) — 11KB
• cacc-20241231xex31b.htm (EX-31.2) — 11KB
• cacc-20241231xex32a.htm (EX-32.1) — 7KB
• cacc-20241231xex32b.htm (EX-32.2) — 7KB
• cacc-20241231_g1.gif (GRAPHIC) — 110KB
• image_0.jpg (GRAPHIC) — 9KB
• 0000885550-25-000012.txt ( ) — 18253KB
• cacc-20241231.xsd (EX-101.SCH) — 93KB
• cacc-20241231_cal.xml (EX-101.CAL) — 94KB
• cacc-20241231_def.xml (EX-101.DEF) — 369KB
• cacc-20241231_lab.xml (EX-101.LAB) — 912KB
• cacc-20241231_pre.xml (EX-101.PRE) — 662KB
• cacc-20241231_htm.xml (XML) — 4391KB

Business

Business 3 1A.

Risk Factors

Risk Factors 14 1B. Unresolved Staff Comments 23 1 C . Cybersecurity 23 2.

Properties

Properties 24 3.

Legal Proceedings

Legal Proceedings 25 4. Mine Safety Disclosures 25 PART II 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 6. [Reserved] 27 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 9. Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure 95 9A.

Controls and Procedures

Controls and Procedures 95 9B. Other Information 97 9 C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III 10. Directors, Executive Officers and Corporate Governance 97 11.

Executive Compensation

Executive Compensation 97 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 13. Certain Relationships and Related Transactions , and Director Independence 98 14. Principal Accounting Fees and Services 98 PART IV 15. Exhibits and Financial Statement Schedules 98 16. Form 10-K Summary 109

Signatures

Signatures 110 2 PART I

BUSINESS

ITEM 1. BUSINESS General Credit Acceptance Corporation (referred to as the "Company", "Credit Acceptance", "we", "our" or "us") makes vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance was founded in 1972 to collect retail installment contracts (referred to as "Consumer Loans") originated by automobile dealerships owned by Donald Foss, our founder. During the 1980s, we began to market this service to non-affiliated dealers and, at the same time, began to offer dealers a non-recourse cash payment (referred to as an "advance") against anticipated future collections on Consumer Loans serviced for that dealer. We refer to automobile dealers who participate in our programs and who share our desire to provide an opportunity to consumers to improve their lives as "Dealers." Upon enrollment in our financing programs, the Dealer enters into a Dealer servicing agreement with us that defines the legal relationship between Credit Acceptance and the Dealer. The Dealer servicing agreement assigns the responsibilities for administering, servicing, and collecting the amounts