| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
| Michigan | 38-1999511 | ||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| 25505 W. Twelve Mile Road | |||||||||||
| Southfield, | Michigan | 48034-8339 | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| Not Applicable | ||||||||
(Former name, former address and former fiscal year, if changed since last report) | ||||||||
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||||||||
| Common Stock, $.01 par value | CACC | The Nasdaq Stock Market LLC | |||||||||||||||
| Large accelerated filer | þ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||
| PART I. — FINANCIAL INFORMATION | |||||
| ITEM 1. FINANCIAL STATEMENTS | |||||
| Consolidated Balance Sheets - As of September 30, 2026 and December 31, 2025 | |||||
| Consolidated Statements of Income - Three and nine months ended September 30, 2026 and 2025 | |||||
| Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2026 and 2025 | |||||
| Consolidated Statements of Shareholders’ Equity - Three and nine months ended September 30, 2026 and 2025 | |||||
| Consolidated Statements of Cash Flows - Nine months ended September 30, 2026 and 2025 | |||||
Notes to Consolidated Financial Statements | |||||
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||||
ITEM 4. CONTROLS AND PROCEDURES | |||||
| PART II. — OTHER INFORMATION | |||||
| ITEM 1. LEGAL PROCEEDINGS | |||||
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |||||
| ITEM 5. OTHER INFORMATION | |||||
| ITEM 6. EXHIBITS | |||||
| SIGNATURES | |||||
| (Dollars in millions, except per share data) | As of | ||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS: | |||||||||||
| Cash and cash equivalents | $ | 1.3 | $ | 22.8 | |||||||
| Restricted cash and cash equivalents | 516.9 | 477.9 | |||||||||
| Restricted securities available for sale | 129.1 | 106.2 | |||||||||
Loans receivable | 11,960.7 | 11,511.5 | |||||||||
| Allowance for credit losses | (3,833.5) | (3,602.3) | |||||||||
| Loans receivable, net | 8,127.2 | 7,909.2 | |||||||||
| Property and equipment, net | 15.0 | 12.6 | |||||||||
| Income taxes receivable | 53.4 | 67.2 | |||||||||
| Other assets | 35.0 | 35.8 | |||||||||
| Total assets | $ | 8,877.9 | $ | 8,631.7 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
| Liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 427.0 | $ | 400.2 | |||||||
| Revolving secured lines of credit | 227.2 | 107.3 | |||||||||
| Secured financing | 5,406.3 | 5,158.8 | |||||||||
| Senior notes | 1,090.2 | 1,087.8 | |||||||||
| Deferred income taxes, net | 337.9 | 354.0 | |||||||||
| Total liabilities | 7,488.6 | 7,108.1 | |||||||||
Commitments and Contingencies - See Note 15 | |||||||||||
| Shareholders’ Equity: | |||||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued | — | — | |||||||||
Common stock, $.01 par value, 80,000,000 shares authorized, 10,137,333 and 10,680,143 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 0.1 | 0.1 | |||||||||
| Paid-in capital | 528.4 | 403.3 | |||||||||
| Retained earnings | 863.1 | 1,119.2 | |||||||||
| Accumulated other comprehensive income (loss) | (2.3) | 1.0 | |||||||||
| Total shareholders’ equity | 1,389.3 | 1,523.6 | |||||||||
| Total liabilities and shareholders’ equity | $ | 8,877.9 | $ | 8,631.7 | |||||||
| (Dollars in millions, except per share data) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Finance charges | $ | 550.9 | $ | 539.4 | $ | 1,635.5 | $ | 1,606.8 | |||||||||||||||
| Premiums earned | 25.3 | 24.1 | 73.1 | 71.7 | |||||||||||||||||||
| Other income | 18.4 | 18.9 | 53.4 | 58.8 | |||||||||||||||||||
| Total revenue | 594.6 | 582.4 | 1,762.0 | 1,737.3 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Salaries and wages | 75.7 | 85.5 | 242.4 | 257.8 | |||||||||||||||||||
| General and administrative | 27.3 | 36.3 | 78.2 | 103.6 | |||||||||||||||||||
| Sales and marketing | 29.4 | 24.8 | 87.1 | 76.2 | |||||||||||||||||||
| Total operating expenses | 132.4 | 146.6 | 407.7 | 437.6 | |||||||||||||||||||
| Provision for credit losses on forecast changes | 281.9 | 88.1 | 417.9 | 265.7 | |||||||||||||||||||
| Provision for credit losses on new Consumer Loan assignments | 129.0 | 63.9 | 291.8 | 220.8 | |||||||||||||||||||
| Total provision for credit losses | 410.9 | 152.0 | 709.7 | 486.5 | |||||||||||||||||||
| Interest | 107.2 | 116.3 | 323.0 | 349.1 | |||||||||||||||||||
| Provision for claims | 17.6 | 18.6 | 51.5 | 54.5 | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | 1.2 | |||||||||||||||||||
| Total costs and expenses | 668.1 | 433.5 | 1,491.9 | 1,328.9 | |||||||||||||||||||
| Income (loss) before provision (benefit) for income taxes | (73.5) | 148.9 | 270.1 | 408.4 | |||||||||||||||||||
| Provision (benefit) for income taxes | (16.9) | 40.7 | 55.0 | 106.5 | |||||||||||||||||||
| Net income (loss) | $ | (56.6) | $ | 108.2 | $ | 215.1 | $ | 301.9 | |||||||||||||||
| Net income (loss) per share: | |||||||||||||||||||||||
| Basic | $ | (5.43) | $ | 9.62 | $ | 20.40 | $ | 25.95 | |||||||||||||||
| Diluted | $ | (5.43) | $ | 9.43 | $ | 19.92 | $ | 25.50 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 10,416,624 | 11,248,227 | 10,543,527 | 11,634,670 | |||||||||||||||||||
| Diluted | 10,416,624 | 11,472,729 | 10,800,420 | 11,837,887 | |||||||||||||||||||
| (In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | (56.6) | $ | 108.2 | $ | 215.1 | $ | 301.9 | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Unrealized gain (loss) on securities, net of tax | (2.1) | 0.1 | (3.3) | 1.4 | |||||||||||||||||||
| Other comprehensive income (loss) | (2.1) | 0.1 | (3.3) | 1.4 | |||||||||||||||||||
| Comprehensive income (loss) | $ | (58.7) | $ | 108.3 | $ | 211.8 | $ | 303.3 | |||||||||||||||
| (Dollars in millions) | For the Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
| Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance, beginning of period | 10,376,049 | $ | 0.1 | $ | 507.9 | $ | 1,081.1 | $ | (0.2) | $ | 1,588.9 | ||||||||||||||||||||||||
| Net loss | — | — | — | (56.6) | — | (56.6) | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | (2.1) | (2.1) | |||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 10.6 | — | — | 10.6 | |||||||||||||||||||||||||||||
Repurchase of common stock | (269,150) | — | (0.2) | (161.4) | — | (161.6) | |||||||||||||||||||||||||||||
| Restricted stock units settled in common stock | 2,485 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Stock options exercised | 27,949 | — | 10.1 | — | — | 10.1 | |||||||||||||||||||||||||||||
| Balance, end of period | 10,137,333 | $ | 0.1 | $ | 528.4 | $ | 863.1 | $ | (2.3) | $ | 1,389.3 | ||||||||||||||||||||||||
| (Dollars in millions) | For the Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
| Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance, beginning of period | 11,237,396 | $ | 0.1 | $ | 369.3 | $ | 1,184.3 | $ | 1.0 | $ | 1,554.7 | ||||||||||||||||||||||||
| Net income | — | — | — | 108.2 | — | 108.2 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 12.1 | — | — | 12.1 | |||||||||||||||||||||||||||||
Repurchase of common stock | (230,365) | — | (0.2) | (107.2) | — | (107.4) | |||||||||||||||||||||||||||||
| Restricted stock units settled in common stock | 1,856 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Stock options exercised | 32,544 | — | 10.9 | — | — | 10.9 | |||||||||||||||||||||||||||||
| Balance, end of period | 11,041,431 | $ | 0.1 | $ | 392.1 | $ | 1,185.3 | $ | 1.1 | $ | 1,578.6 | ||||||||||||||||||||||||
| (Dollars in millions) | For the Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
| Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance, beginning of period | 10,680,143 | $ | 0.1 | $ | 403.3 | $ | 1,119.2 | $ | 1.0 | $ | 1,523.6 | ||||||||||||||||||||||||
| Net income | — | — | — | 215.1 | — | 215.1 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | (3.3) | (3.3) | |||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 30.6 | — | — | 30.6 | |||||||||||||||||||||||||||||
| Repurchase of common stock | (897,371) | — | (10.7) | (471.2) | — | (481.9) | |||||||||||||||||||||||||||||
| Restricted stock units settled in common stock | 45,752 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Stock options exercised | 308,809 | — | 105.2 | — | — | 105.2 | |||||||||||||||||||||||||||||
| Balance, end of period | 10,137,333 | $ | 0.1 | $ | 528.4 | $ | 863.1 | $ | (2.3) | $ | 1,389.3 | ||||||||||||||||||||||||
| (Dollars in millions) | For the Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
| Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance, beginning of period | 12,048,151 | $ | 0.1 | $ | 335.1 | $ | 1,414.7 | $ | (0.3) | $ | 1,749.6 | ||||||||||||||||||||||||
| Net income | — | — | — | 301.9 | — | 301.9 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | 1.4 | 1.4 | |||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 37.7 | — | — | 37.7 | |||||||||||||||||||||||||||||
| Repurchase of common stock | (1,089,033) | — | (2.7) | (531.3) | — | (534.0) | |||||||||||||||||||||||||||||
| Restricted stock units settled to common stock | 17,194 | — | — | — | — | — | |||||||||||||||||||||||||||||
| Stock options exercised | 65,119 | — | 22.0 | — | — | 22.0 | |||||||||||||||||||||||||||||
| Balance, end of period | 11,041,431 | $ | 0.1 | $ | 392.1 | $ | 1,185.3 | $ | 1.1 | $ | 1,578.6 | ||||||||||||||||||||||||
| (In millions) | For the Nine Months Ended September 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash Flows From Operating Activities: | |||||||||||
| Net income | $ | 215.1 | $ | 301.9 | |||||||
| Adjustments to reconcile cash provided by operating activities: | |||||||||||
| Provision for credit losses | 709.7 | 486.5 | |||||||||
| Depreciation | 1.9 | 2.9 | |||||||||
| Amortization | 15.0 | 17.6 | |||||||||
| Provision for deferred income taxes | (15.3) | (21.2) | |||||||||
| Stock-based compensation | 30.6 | 37.7 | |||||||||
| Loss on extinguishment of debt | — | 1.2 | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Increase in accounts payable and accrued liabilities | 20.3 | 68.9 | |||||||||
| Decrease (increase) in income taxes receivable | 13.8 | (5.5) | |||||||||
| Decrease in income taxes payable | — | (105.3) | |||||||||
| Decrease in other assets | 0.7 | 0.6 | |||||||||
| Net cash provided by operating activities | 991.8 | 785.3 | |||||||||
| Cash Flows From Investing Activities: | |||||||||||
| Purchases of restricted securities available for sale | (58.1) | (32.3) | |||||||||
| Proceeds from sale of restricted securities available for sale | 20.5 | 22.1 | |||||||||
| Maturities of restricted securities available for sale | 10.7 | 9.7 | |||||||||
| Principal collected on Loans receivable | 2,663.2 | 2,606.3 | |||||||||
| Advances to Dealers | (2,287.9) | (2,170.3) | |||||||||
| Purchases of Consumer Loans | (1,175.1) | (864.5) | |||||||||
| Payments of Dealer Holdback | (127.9) | (183.2) | |||||||||
| Purchases of property and equipment | (4.3) | (1.2) | |||||||||
| Net cash used in investing activities | (958.9) | (613.4) | |||||||||
| Cash Flows From Financing Activities: | |||||||||||
| Borrowings under revolving secured lines of credit | 6,847.9 | 849.1 | |||||||||
| Repayments under revolving secured lines of credit | (6,728.0) | (700.5) | |||||||||
| Proceeds from secured financing | 1,994.6 | 651.0 | |||||||||
| Repayments of secured financing | (1,748.0) | (887.2) | |||||||||
| Proceeds from issuance of senior notes | — | 500.0 | |||||||||
| Repayment of senior notes | — | (400.0) | |||||||||
| Payments of debt issuance costs | (12.6) | (15.9) | |||||||||
| Repurchase of common stock | (481.9) | (534.0) | |||||||||
| Proceeds from stock options exercised | 105.2 | 22.0 | |||||||||
| Other | 7.4 | (2.6) | |||||||||
| Net cash used in financing activities | (15.4) | (518.1) | |||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 17.5 | (346.2) | |||||||||
| Cash and cash equivalents and restricted cash and cash equivalents beginning of period | 500.7 | 845.0 | |||||||||
Cash and cash equivalents and restricted cash and cash equivalents end of period | $ | 518.2 | $ | 498.8 | |||||||
| Supplemental Disclosure of Cash Flow Information: | |||||||||||
| Cash paid during the period for interest | $ | 302.4 | $ | 323.8 | |||||||
| Cash paid during the period for income taxes, net of refunds | $ | 55.9 | $ | 232.1 | |||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
| Consumer Loan Assignment Volume | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores | 79.4 | % | 77.6 | % | 80.3 | % | 79.5 | % | ||||||||||||||||||
| Unit Volume | Dollar Volume (1) | |||||||||||||||||||||||||
| Three Months Ended | Dealer Loans | Purchased Loans | Dealer Loans | Purchased Loans | ||||||||||||||||||||||
| December 31, 2024 | 78.7 | % | 21.3 | % | 77.7 | % | 22.3 | % | ||||||||||||||||||
| March 31, 2025 | 77.0 | % | 23.0 | % | 75.1 | % | 24.9 | % | ||||||||||||||||||
| June 30, 2025 | 71.6 | % | 28.4 | % | 68.3 | % | 31.7 | % | ||||||||||||||||||
| September 30, 2025 | 73.1 | % | 26.9 | % | 70.6 | % | 29.4 | % | ||||||||||||||||||
| December 31, 2025 | 74.7 | % | 25.3 | % | 72.4 | % | 27.6 | % | ||||||||||||||||||
| March 31, 2026 | 72.0 | % | 28.0 | % | 69.2 | % | 30.8 | % | ||||||||||||||||||
| June 30, 2026 | 68.5 | % | 31.5 | % | 65.2 | % | 34.8 | % | ||||||||||||||||||
| September 30, 2026 | 67.2 | % | 32.8 | % | 64.3 | % | 35.7 | % | ||||||||||||||||||
| (In millions) | As of | ||||||||||||||||||||||
| September 30, 2026 | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||||
| Cash and cash equivalents | $ | 1.3 | $ | 22.8 | $ | 15.9 | $ | 343.7 | |||||||||||||||
| Restricted cash and cash equivalents | 516.9 | 477.9 | 482.9 | 501.3 | |||||||||||||||||||
Total cash and cash equivalents and restricted cash and cash equivalents | $ | 518.2 | $ | 500.7 | $ | 498.8 | $ | 845.0 | |||||||||||||||
| (In millions) | As of September 30, 2026 | As of December 31, 2025 | |||||||||||||||||||||
| Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents | $ | 1.3 | $ | 1.3 | $ | 22.8 | $ | 22.8 | |||||||||||||||
| Restricted cash and cash equivalents | 516.9 | 516.9 | 477.9 | 477.9 | |||||||||||||||||||
| Restricted securities available for sale | 129.1 | 129.1 | 106.2 | 106.2 | |||||||||||||||||||
| Loans receivable, net | 8,127.2 | 9,432.5 | 7,909.2 | 8,974.1 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Revolving secured lines of credit | $ | 227.2 | $ | 227.2 | $ | 107.3 | $ | 107.3 | |||||||||||||||
| Secured financing | 5,406.3 | 5,402.5 | 5,158.8 | 5,225.3 | |||||||||||||||||||
| Senior notes | 1,090.2 | 1,110.3 | 1,087.8 | 1,131.4 | |||||||||||||||||||
| Level 1 | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||
| Level 2 | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||
| Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the asset or liability. | ||||
| (In millions) | As of September 30, 2026 | ||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents (1) | $ | 1.3 | $ | — | $ | — | $ | 1.3 | |||||||||||||||
| Restricted cash and cash equivalents (1) | 516.9 | — | — | 516.9 | |||||||||||||||||||
| Restricted securities available for sale (2) | 106.0 | 23.1 | — | 129.1 | |||||||||||||||||||
| Loans receivable, net (1) | — | — | 9,432.5 | 9,432.5 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Revolving secured lines of credit (1) | $ | — | $ | 227.2 | $ | — | $ | 227.2 | |||||||||||||||
| Secured financing (1) | 3,713.3 | 1,689.2 | — | 5,402.5 | |||||||||||||||||||
| Senior notes (1) | 1,110.3 | — | — | 1,110.3 | |||||||||||||||||||
| (In millions) | As of December 31, 2025 | ||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents (1) | $ | 22.8 | $ | — | $ | — | $ | 22.8 | |||||||||||||||
| Restricted cash and cash equivalents (1) | 477.9 | — | — | 477.9 | |||||||||||||||||||
| Restricted securities available for sale (2) | 84.7 | 21.5 | — | 106.2 | |||||||||||||||||||
| Loans receivable, net (1) | — | — | 8,974.1 | 8,974.1 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Revolving secured lines of credit (1) | $ | — | $ | 107.3 | $ | — | $ | 107.3 | |||||||||||||||
| Secured financing (1) | 3,825.1 | 1,400.2 | — | 5,225.3 | |||||||||||||||||||
| Senior notes (1) | 1,131.4 | — | — | 1,131.4 | |||||||||||||||||||
| (In millions) | As of September 30, 2026 | ||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
| Corporate bonds | $ | 62.2 | $ | — | $ | (1.2) | $ | 61.0 | |||||||||||||||
| U.S. Government and agency securities | 46.5 | — | (1.5) | 45.0 | |||||||||||||||||||
| Asset-backed securities | 19.2 | — | (0.1) | 19.1 | |||||||||||||||||||
| Mortgage-backed securities | 4.1 | — | (0.1) | 4.0 | |||||||||||||||||||
| Total restricted securities available for sale | $ | 132.0 | $ | — | $ | (2.9) | $ | 129.1 | |||||||||||||||
| (In millions) | As of December 31, 2025 | ||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
| Corporate bonds | $ | 53.1 | $ | 0.9 | $ | (0.1) | $ | 53.9 | |||||||||||||||
| U.S. Government and agency securities | 30.6 | 0.2 | — | 30.8 | |||||||||||||||||||
| Asset-backed securities | 18.5 | 0.2 | — | 18.7 | |||||||||||||||||||
| Mortgage-backed securities | 2.8 | — | — | 2.8 | |||||||||||||||||||
| Total restricted securities available for sale | $ | 105.0 | $ | 1.3 | $ | (0.1) | $ | 106.2 | |||||||||||||||
| (In millions) | Securities Available for Sale with Gross Unrealized Losses as of September 30, 2026 | ||||||||||||||||||||||||||||||||||
| Less than 12 Months | 12 Months or More | ||||||||||||||||||||||||||||||||||
| Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Total Estimated Fair Value | Total Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| Corporate bonds | $ | 54.2 | $ | (1.2) | $ | 0.8 | $ | — | $ | 55.0 | $ | (1.2) | |||||||||||||||||||||||
| U.S. Government and agency securities | 43.4 | (1.5) | 1.5 | — | 44.9 | (1.5) | |||||||||||||||||||||||||||||
Asset-backed securities | 13.0 | (0.1) | 0.3 | — | 13.3 | (0.1) | |||||||||||||||||||||||||||||
| Mortgage-backed securities | 4.0 | (0.1) | — | — | 4.0 | (0.1) | |||||||||||||||||||||||||||||
Total restricted securities available for sale | $ | 114.6 | $ | (2.9) | $ | 2.6 | $ | — | $ | 117.2 | $ | (2.9) | |||||||||||||||||||||||
| (In millions) | Securities Available for Sale with Gross Unrealized Losses as of December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Less than 12 Months | 12 Months or More | ||||||||||||||||||||||||||||||||||
| Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Total Estimated Fair Value | Total Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| Corporate bonds | $ | 1.1 | $ | — | $ | 4.1 | $ | (0.1) | $ | 5.2 | $ | (0.1) | |||||||||||||||||||||||
| U.S. Government and agency securities | 6.9 | — | 1.4 | — | 8.3 | — | |||||||||||||||||||||||||||||
| Asset-backed securities | — | — | 1.2 | — | 1.2 | — | |||||||||||||||||||||||||||||
Total restricted securities available for sale | $ | 8.0 | $ | — | $ | 6.7 | $ | (0.1) | $ | 14.7 | $ | (0.1) | |||||||||||||||||||||||
| (In millions) | As of | |||||||||||||||||||||||||
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| Contractual Maturity | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
| Within one year | $ | 10.4 | $ | 10.3 | $ | 9.6 | $ | 9.6 | ||||||||||||||||||
| Over one year to five years | 113.6 | 110.9 | 92.1 | 93.2 | ||||||||||||||||||||||
| Over five years to ten years | 6.7 | 6.6 | 3.3 | 3.4 | ||||||||||||||||||||||
| Over ten years | 1.3 | 1.3 | — | — | ||||||||||||||||||||||
Total restricted securities available for sale | $ | 132.0 | $ | 129.1 | $ | 105.0 | $ | 106.2 | ||||||||||||||||||
| (In millions) | As of September 30, 2026 | ||||||||||||||||
| Dealer Loans | Purchased Loans | Total | |||||||||||||||
| Loans receivable | $ | 8,941.6 | $ | 3,019.1 | $ | 11,960.7 | |||||||||||
| Allowance for credit losses | (3,254.1) | (579.4) | (3,833.5) | ||||||||||||||
| Loans receivable, net | $ | 5,687.5 | $ | 2,439.7 | $ | 8,127.2 | |||||||||||
| (In millions) | As of December 31, 2025 | ||||||||||||||||
| Dealer Loans | Purchased Loans | Total | |||||||||||||||
| Loans receivable | $ | 8,790.8 | $ | 2,720.7 | $ | 11,511.5 | |||||||||||
| Allowance for credit losses | (3,089.1) | (513.2) | (3,602.3) | ||||||||||||||
| Loans receivable, net | $ | 5,701.7 | $ | 2,207.5 | $ | 7,909.2 | |||||||||||
| For the Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Loans Receivable | Allowance for Credit Losses | Loans Receivable, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 8,787.5 | $ | 2,821.2 | $ | 11,608.7 | $ | (3,137.5) | $ | (512.0) | $ | (3,649.5) | $ | 5,650.0 | $ | 2,309.2 | $ | 7,959.2 | |||||||||||||||||||||||||||||||||||
Finance charges | 563.5 | 233.1 | 796.6 | (204.7) | (41.0) | (245.7) | 358.8 | 192.1 | 550.9 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | (252.1) | (158.8) | (410.9) | (252.1) | (158.8) | (410.9) | ||||||||||||||||||||||||||||||||||||||||||||
New Consumer Loan assignments (1) | 897.1 | 498.1 | 1,395.2 | — | — | — | 897.1 | 498.1 | 1,395.2 | ||||||||||||||||||||||||||||||||||||||||||||
Collections (2) | (981.1) | (427.1) | (1,408.2) | — | — | — | (981.1) | (427.1) | (1,408.2) | ||||||||||||||||||||||||||||||||||||||||||||
Dealer Holdback payments | 37.3 | — | 37.3 | — | — | — | 37.3 | — | 37.3 | ||||||||||||||||||||||||||||||||||||||||||||
Transfers (3) | (37.9) | 37.9 | — | 11.7 | (11.7) | — | (26.2) | 26.2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-offs | (329.2) | (146.1) | (475.3) | 329.2 | 146.1 | 475.3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries (4) | 0.7 | 2.0 | 2.7 | (0.7) | (2.0) | (2.7) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Deferral of Loan origination costs | 3.7 | — | 3.7 | — | — | — | 3.7 | — | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 8,941.6 | $ | 3,019.1 | $ | 11,960.7 | $ | (3,254.1) | $ | (579.4) | $ | (3,833.5) | $ | 5,687.5 | $ | 2,439.7 | $ | 8,127.2 | |||||||||||||||||||||||||||||||||||
| For the Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Loans Receivable | Allowance for Credit Losses | Loans Receivable, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 8,791.0 | $ | 2,772.0 | $ | 11,563.0 | $ | (3,005.9) | $ | (555.2) | $ | (3,561.1) | $ | 5,785.1 | $ | 2,216.8 | $ | 8,001.9 | |||||||||||||||||||||||||||||||||||
Finance charges | 551.4 | 223.9 | 775.3 | (193.6) | (42.3) | (235.9) | 357.8 | 181.6 | 539.4 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | (87.6) | (64.4) | (152.0) | (87.6) | (64.4) | (152.0) | ||||||||||||||||||||||||||||||||||||||||||||
New Consumer Loan assignments (1) | 652.5 | 271.6 | 924.1 | — | — | — | 652.5 | 271.6 | 924.1 | ||||||||||||||||||||||||||||||||||||||||||||
Collections (2) | (982.1) | (411.2) | (1,393.3) | — | — | — | (982.1) | (411.2) | (1,393.3) | ||||||||||||||||||||||||||||||||||||||||||||
Dealer Holdback payments | 51.9 | — | 51.9 | — | — | — | 51.9 | — | 51.9 | ||||||||||||||||||||||||||||||||||||||||||||
Transfers (3) | (41.3) | 41.3 | — | 13.1 | (13.1) | — | (28.2) | 28.2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-offs | (221.9) | (140.9) | (362.8) | 221.9 | 140.9 | 362.8 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries (4) | 0.5 | 1.5 | 2.0 | (0.5) | (1.5) | (2.0) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Deferral of Loan origination costs | 3.5 | — | 3.5 | — | — | — | 3.5 | — | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 8,805.5 | $ | 2,758.2 | $ | 11,563.7 | $ | (3,052.6) | $ | (535.6) | $ | (3,588.2) | $ | 5,752.9 | $ | 2,222.6 | $ | 7,975.5 | |||||||||||||||||||||||||||||||||||
| For the Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Loans Receivable | Allowance for Credit Losses | Loans Receivable, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Balance, beginning of period | $ | 8,790.8 | $ | 2,720.7 | $ | 11,511.5 | $ | (3,089.1) | $ | (513.2) | $ | (3,602.3) | $ | 5,701.7 | $ | 2,207.5 | $ | 7,909.2 | |||||||||||||||||||||||||||||||||||
| Finance charges | 1,678.2 | 683.4 | 2,361.6 | (606.3) | (119.8) | (726.1) | 1,071.9 | 563.6 | 1,635.5 | ||||||||||||||||||||||||||||||||||||||||||||
| Provision for credit losses | — | — | — | (403.5) | (306.2) | (709.7) | (403.5) | (306.2) | (709.7) | ||||||||||||||||||||||||||||||||||||||||||||
| New Consumer Loan assignments (1) | 2,287.9 | 1,175.1 | 3,463.0 | — | — | — | 2,287.9 | 1,175.1 | 3,463.0 | ||||||||||||||||||||||||||||||||||||||||||||
| Collections (2) | (3,024.0) | (1,285.5) | (4,309.5) | — | — | — | (3,024.0) | (1,285.5) | (4,309.5) | ||||||||||||||||||||||||||||||||||||||||||||
| Dealer Holdback payments | 127.9 | — | 127.9 | — | — | — | 127.9 | — | 127.9 | ||||||||||||||||||||||||||||||||||||||||||||
| Transfers (3) | (124.1) | 124.1 | — | 38.9 | (38.9) | — | (85.2) | 85.2 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Write-offs | (807.7) | (404.4) | (1,212.1) | 807.7 | 404.4 | 1,212.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Recoveries (4) | 1.8 | 5.7 | 7.5 | (1.8) | (5.7) | (7.5) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Deferral of Loan origination costs | 10.8 | — | 10.8 | — | — | — | 10.8 | — | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, end of period | $ | 8,941.6 | $ | 3,019.1 | $ | 11,960.7 | $ | (3,254.1) | $ | (579.4) | $ | (3,833.5) | $ | 5,687.5 | $ | 2,439.7 | $ | 8,127.2 | |||||||||||||||||||||||||||||||||||
| For the Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Loans Receivable | Allowance for Credit Losses | Loans Receivable, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Balance, beginning of period | $ | 8,521.0 | $ | 2,768.1 | $ | 11,289.1 | $ | (2,844.5) | $ | (594.3) | $ | (3,438.8) | $ | 5,676.5 | $ | 2,173.8 | $ | 7,850.3 | |||||||||||||||||||||||||||||||||||
| Finance charges | 1,630.7 | 669.3 | 2,300.0 | (564.3) | (128.9) | (693.2) | 1,066.4 | 540.4 | 1,606.8 | ||||||||||||||||||||||||||||||||||||||||||||
| Provision for credit losses | — | — | — | (294.3) | (192.2) | (486.5) | (294.3) | (192.2) | (486.5) | ||||||||||||||||||||||||||||||||||||||||||||
| New Consumer Loan assignments (1) | 2,170.3 | 864.5 | 3,034.8 | — | — | — | 2,170.3 | 864.5 | 3,034.8 | ||||||||||||||||||||||||||||||||||||||||||||
| Collections (2) | (2,977.2) | (1,246.6) | (4,223.8) | — | — | — | (2,977.2) | (1,246.6) | (4,223.8) | ||||||||||||||||||||||||||||||||||||||||||||
| Dealer Holdback payments | 183.2 | — | 183.2 | — | — | — | 183.2 | — | 183.2 | ||||||||||||||||||||||||||||||||||||||||||||
| Transfers (3) | (121.3) | 121.3 | — | 38.6 | (38.6) | — | (82.7) | 82.7 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Write-offs | (613.1) | (422.6) | (1,035.7) | 613.1 | 422.6 | 1,035.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Recoveries (4) | 1.2 | 4.2 | 5.4 | (1.2) | (4.2) | (5.4) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Deferral of Loan origination costs | 10.7 | — | 10.7 | — | — | — | 10.7 | — | 10.7 | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, end of period | $ | 8,805.5 | $ | 2,758.2 | $ | 11,563.7 | $ | (3,052.6) | $ | (535.6) | $ | (3,588.2) | $ | 5,752.9 | $ | 2,222.6 | $ | 7,975.5 | |||||||||||||||||||||||||||||||||||
(In millions) | For the Three Months Ended September 30, 2026 | ||||||||||||||||
Provision for Credit Losses | Dealer Loans | Purchased Loans | Total | ||||||||||||||
New Consumer Loan assignments | $ | 59.9 | $ | 69.1 | $ | 129.0 | |||||||||||
Forecast changes | 192.2 | 89.7 | 281.9 | ||||||||||||||
Total | $ | 252.1 | $ | 158.8 | $ | 410.9 | |||||||||||
| (In millions) | For the Three Months Ended September 30, 2025 | ||||||||||||||||
| Provision for Credit Losses | Dealer Loans | Purchased Loans | Total | ||||||||||||||
| New Consumer Loan assignments | $ | 34.9 | $ | 29.0 | $ | 63.9 | |||||||||||
| Forecast changes | 52.7 | 35.4 | 88.1 | ||||||||||||||
| Total | $ | 87.6 | $ | 64.4 | $ | 152.0 | |||||||||||
(In millions) | For the Nine Months Ended September 30, 2026 | ||||||||||||||||
Provision for Credit Losses | Dealer Loans | Purchased Loans | Total | ||||||||||||||
New Consumer Loan assignments | $ | 136.7 | $ | 155.1 | $ | 291.8 | |||||||||||
Forecast changes | 266.8 | 151.1 | 417.9 | ||||||||||||||
Total | $ | 403.5 | $ | 306.2 | $ | 709.7 | |||||||||||
| (In millions) | For the Nine Months Ended September 30, 2025 | ||||||||||||||||
| Provision for Credit Losses | Dealer Loans | Purchased Loans | Total | ||||||||||||||
| New Consumer Loan assignments | $ | 123.8 | $ | 97.0 | $ | 220.8 | |||||||||||
| Forecast changes | 170.5 | 95.2 | 265.7 | ||||||||||||||
| Total | $ | 294.3 | $ | 192.2 | $ | 486.5 | |||||||||||
(In millions) | For the Three Months Ended September 30, 2026 | ||||||||||||||||
New Consumer Loan Assignments | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Contractual net cash flows at the time of assignment (1) | $ | 1,419.0 | $ | 981.7 | $ | 2,400.7 | |||||||||||
Expected net cash flows at the time of assignment (2) | 1,283.5 | 693.2 | 1,976.7 | ||||||||||||||
Loans receivable at the time of assignment (3) | 897.1 | 498.1 | 1,395.2 | ||||||||||||||
Provision for credit losses expense at the time of assignment | $ | (59.9) | $ | (69.1) | $ | (129.0) | |||||||||||
Expected future finance charges at the time of assignment (4) | 446.3 | 264.2 | 710.5 | ||||||||||||||
Expected net Loan income at the time of assignment (5) | $ | 386.4 | $ | 195.1 | $ | 581.5 | |||||||||||
(In millions) | For the Three Months Ended September 30, 2025 | ||||||||||||||||
New Consumer Loan Assignments | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Contractual net cash flows at the time of assignment (1) | $ | 1,035.9 | $ | 534.0 | $ | 1,569.9 | |||||||||||
Expected net cash flows at the time of assignment (2) | 937.5 | 387.2 | 1,324.7 | ||||||||||||||
Loans receivable at the time of assignment (3) | 652.5 | 271.6 | 924.1 | ||||||||||||||
Provision for credit losses expense at the time of assignment | $ | (34.9) | $ | (29.0) | $ | (63.9) | |||||||||||
Expected future finance charges at the time of assignment (4) | 319.9 | 144.6 | 464.5 | ||||||||||||||
Expected net Loan income at the time of assignment (5) | $ | 285.0 | $ | 115.6 | $ | 400.6 | |||||||||||
| (In millions) | For the Nine Months Ended September 30, 2026 | ||||||||||||||||
| New Consumer Loan Assignments | Dealer Loans | Purchased Loans | Total | ||||||||||||||
| Contractual net cash flows at the time of assignment (1) | $ | 3,667.0 | $ | 2,338.1 | $ | 6,005.1 | |||||||||||
| Expected net cash flows at the time of assignment (2) | 3,318.4 | 1,655.7 | 4,974.1 | ||||||||||||||
| Loans receivable at the time of assignment (3) | 2,287.9 | 1,175.1 | 3,463.0 | ||||||||||||||
| Provision for credit losses expense at the time of assignment | $ | (136.7) | $ | (155.1) | $ | (291.8) | |||||||||||
| Expected future finance charges at the time of assignment (4) | 1,167.2 | 635.7 | 1,802.9 | ||||||||||||||
| Expected net Loan income at the time of assignment (5) | $ | 1,030.5 | $ | 480.6 | $ | 1,511.1 | |||||||||||
| (In millions) | For the Nine Months Ended September 30, 2025 | ||||||||||||||||
| New Consumer Loan Assignments | Dealer Loans | Purchased Loans | Total | ||||||||||||||
| Contractual net cash flows at the time of assignment (1) | $ | 3,462.8 | $ | 1,711.7 | $ | 5,174.5 | |||||||||||
| Expected net cash flows at the time of assignment (2) | 3,128.3 | 1,236.4 | 4,364.7 | ||||||||||||||
| Loans receivable at the time of assignment (3) | 2,170.3 | 864.5 | 3,034.8 | ||||||||||||||
| Provision for credit losses expense at the time of assignment | $ | (123.8) | $ | (97.0) | $ | (220.8) | |||||||||||
| Expected future finance charges at the time of assignment (4) | 1,081.8 | 468.9 | 1,550.7 | ||||||||||||||
| Expected net Loan income at the time of assignment (5) | $ | 958.0 | $ | 371.9 | $ | 1,329.9 | |||||||||||
(In millions) | For the Three Months Ended September 30, 2026 | ||||||||||||||||
Expected Future Net Cash Flows | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Balance, beginning of period | $ | 8,122.6 | $ | 3,631.1 | $ | 11,753.7 | |||||||||||
New Consumer Loan assignments (1) | 1,283.5 | 693.2 | 1,976.7 | ||||||||||||||
Realized net cash flows (2) | (943.8) | (427.1) | (1,370.9) | ||||||||||||||
Forecast changes | (167.4) | (123.8) | (291.2) | ||||||||||||||
Transfers (3) | (40.2) | 42.5 | 2.3 | ||||||||||||||
Balance, end of period | $ | 8,254.7 | $ | 3,815.9 | $ | 12,070.6 | |||||||||||
(In millions) | For the Three Months Ended September 30, 2025 | ||||||||||||||||
Expected Future Net Cash Flows | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Balance, beginning of period | $ | 8,355.5 | $ | 3,472.2 | $ | 11,827.7 | |||||||||||
New Consumer Loan assignments (1) | 937.5 | 387.2 | 1,324.7 | ||||||||||||||
Realized net cash flows (2) | (930.2) | (411.2) | (1,341.4) | ||||||||||||||
Forecast changes | (41.2) | (17.4) | (58.6) | ||||||||||||||
Transfers (3) | (42.4) | 44.2 | 1.8 | ||||||||||||||
Balance, end of period | $ | 8,279.2 | $ | 3,475.0 | $ | 11,754.2 | |||||||||||
| (In millions) | For the Nine Months Ended September 30, 2026 | ||||||||||||||||
| Expected Future Net Cash Flows | Dealer Loans | Purchased Loans | Total | ||||||||||||||
| Balance, beginning of period | $ | 8,165.5 | $ | 3,444.7 | $ | 11,610.2 | |||||||||||
| New Consumer Loan assignments (1) | 3,318.4 | 1,655.7 | 4,974.1 | ||||||||||||||
| Realized net cash flows (2) | (2,896.1) | (1,285.5) | (4,181.6) | ||||||||||||||
| Forecast changes | (203.6) | (135.8) | (339.4) | ||||||||||||||
| Transfers (3) | (129.5) | 136.8 | 7.3 | ||||||||||||||
| Balance, end of period | $ | 8,254.7 | $ | 3,815.9 | $ | 12,070.6 | |||||||||||
| (In millions) | For the Nine Months Ended September 30, 2025 | ||||||||||||||||
| Expected Future Net Cash Flows | Dealer Loans | Purchased Loans | Total | ||||||||||||||
| Balance, beginning of period | $ | 8,176.3 | $ | 3,383.9 | $ | 11,560.2 | |||||||||||
| New Consumer Loan assignments (1) | 3,128.3 | 1,236.4 | 4,364.7 | ||||||||||||||
| Realized net cash flows (2) | (2,794.0) | (1,246.6) | (4,040.6) | ||||||||||||||
| Forecast changes | (105.4) | (29.9) | (135.3) | ||||||||||||||
| Transfers (3) | (126.0) | 131.2 | 5.2 | ||||||||||||||
| Balance, end of period | $ | 8,279.2 | $ | 3,475.0 | $ | 11,754.2 | |||||||||||
| Total Loans | ||||||||||||||||||||||||||||||||||||||||||||
| Forecasted Collection Rate as of (1) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | September 30, 2026 | June 30, 2026 | December 31, 2025 | Initial Forecast | June 30, 2026 | December 31, 2025 | Initial Forecast | |||||||||||||||||||||||||||||||||||||
| 2017 | 64.8 | % | 64.8 | % | 64.8 | % | 64.0 | % | 0.0 | % | 0.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||
| 2018 | 65.6 | % | 65.6 | % | 65.5 | % | 63.6 | % | 0.0 | % | 0.1 | % | 2.0 | % | ||||||||||||||||||||||||||||||
| 2019 | 67.3 | % | 67.3 | % | 67.2 | % | 64.0 | % | 0.0 | % | 0.1 | % | 3.3 | % | ||||||||||||||||||||||||||||||
| 2020 | 68.1 | % | 68.1 | % | 68.0 | % | 63.4 | % | 0.0 | % | 0.1 | % | 4.7 | % | ||||||||||||||||||||||||||||||
| 2021 | 64.2 | % | 64.1 | % | 63.8 | % | 66.3 | % | 0.1 | % | 0.4 | % | -2.1 | % | ||||||||||||||||||||||||||||||
| 2022 | 59.2 | % | 59.3 | % | 59.3 | % | 67.5 | % | -0.1 | % | -0.1 | % | -8.3 | % | ||||||||||||||||||||||||||||||
| 2023 | 62.4 | % | 62.9 | % | 63.3 | % | 67.5 | % | -0.5 | % | -0.9 | % | -5.1 | % | ||||||||||||||||||||||||||||||
| 2024 | 63.6 | % | 65.1 | % | 65.3 | % | 67.2 | % | -1.5 | % | -1.7 | % | -3.6 | % | ||||||||||||||||||||||||||||||
| 2025 | 64.9 | % | 66.9 | % | 67.2 | % | 67.0 | % | -2.0 | % | -2.3 | % | -2.1 | % | ||||||||||||||||||||||||||||||
| 2026 | 65.3 | % | 67.1 | % | — | 67.1 | % | -1.8 | % | — | -1.8 | % | ||||||||||||||||||||||||||||||||
| Dealer Loans | ||||||||||||||||||||||||||||||||||||||||||||
| Forecasted Collection Rate as of (1) (2) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | September 30, 2026 | June 30, 2026 | December 31, 2025 | Initial Forecast | June 30, 2026 | December 31, 2025 | Initial Forecast | |||||||||||||||||||||||||||||||||||||
| 2017 | 64.1 | % | 64.1 | % | 64.1 | % | 63.8 | % | 0.0 | % | 0.0 | % | 0.3 | % | ||||||||||||||||||||||||||||||
| 2018 | 65.0 | % | 65.0 | % | 64.9 | % | 63.6 | % | 0.0 | % | 0.1 | % | 1.4 | % | ||||||||||||||||||||||||||||||
| 2019 | 66.9 | % | 66.9 | % | 66.9 | % | 63.9 | % | 0.0 | % | 0.0 | % | 3.0 | % | ||||||||||||||||||||||||||||||
| 2020 | 67.9 | % | 67.9 | % | 67.8 | % | 63.3 | % | 0.0 | % | 0.1 | % | 4.6 | % | ||||||||||||||||||||||||||||||
| 2021 | 63.9 | % | 63.8 | % | 63.6 | % | 66.3 | % | 0.1 | % | 0.3 | % | -2.4 | % | ||||||||||||||||||||||||||||||
| 2022 | 58.4 | % | 58.5 | % | 58.5 | % | 67.3 | % | -0.1 | % | -0.1 | % | -8.9 | % | ||||||||||||||||||||||||||||||
| 2023 | 61.1 | % | 61.6 | % | 62.1 | % | 66.8 | % | -0.5 | % | -1.0 | % | -5.7 | % | ||||||||||||||||||||||||||||||
| 2024 | 62.4 | % | 63.8 | % | 64.1 | % | 66.3 | % | -1.4 | % | -1.7 | % | -3.9 | % | ||||||||||||||||||||||||||||||
| 2025 | 63.1 | % | 65.3 | % | 65.7 | % | 65.5 | % | -2.2 | % | -2.6 | % | -2.4 | % | ||||||||||||||||||||||||||||||
| 2026 | 63.8 | % | 65.7 | % | — | 65.8 | % | -1.9 | % | — | -2.0 | % | ||||||||||||||||||||||||||||||||
| Purchased Loans | ||||||||||||||||||||||||||||||||||||||||||||
| Forecasted Collection Rate as of (1) (2) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | September 30, 2026 | June 30, 2026 | December 31, 2025 | Initial Forecast | June 30, 2026 | December 31, 2025 | Initial Forecast | |||||||||||||||||||||||||||||||||||||
| 2017 | 66.4 | % | 66.4 | % | 66.4 | % | 64.6 | % | 0.0 | % | 0.0 | % | 1.8 | % | ||||||||||||||||||||||||||||||
| 2018 | 66.8 | % | 66.8 | % | 66.8 | % | 63.5 | % | 0.0 | % | 0.0 | % | 3.3 | % | ||||||||||||||||||||||||||||||
| 2019 | 67.9 | % | 67.9 | % | 67.9 | % | 64.2 | % | 0.0 | % | 0.0 | % | 3.7 | % | ||||||||||||||||||||||||||||||
| 2020 | 68.4 | % | 68.4 | % | 68.4 | % | 63.6 | % | 0.0 | % | 0.0 | % | 4.8 | % | ||||||||||||||||||||||||||||||
| 2021 | 64.7 | % | 64.7 | % | 64.4 | % | 66.3 | % | 0.0 | % | 0.3 | % | -1.6 | % | ||||||||||||||||||||||||||||||
| 2022 | 61.2 | % | 61.3 | % | 61.3 | % | 68.0 | % | -0.1 | % | -0.1 | % | -6.8 | % | ||||||||||||||||||||||||||||||
| 2023 | 65.9 | % | 66.3 | % | 66.8 | % | 69.4 | % | -0.4 | % | -0.9 | % | -3.5 | % | ||||||||||||||||||||||||||||||
| 2024 | 68.3 | % | 69.7 | % | 69.9 | % | 70.7 | % | -1.4 | % | -1.6 | % | -2.4 | % | ||||||||||||||||||||||||||||||
| 2025 | 70.0 | % | 71.5 | % | 71.9 | % | 71.5 | % | -1.5 | % | -1.9 | % | -1.5 | % | ||||||||||||||||||||||||||||||
| 2026 | 68.6 | % | 70.2 | % | — | 70.2 | % | -1.6 | % | — | -1.6 | % | ||||||||||||||||||||||||||||||||
(In millions) | Dealer Loans as of September 30, 2026 (1) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
| 2021 and prior | $ | 17.3 | $ | 10.5 | $ | 53.3 | $ | 143.6 | $ | 224.7 | |||||||||||||||||||
| 2022 | 128.8 | 46.5 | 132.0 | 13.0 | 320.3 | ||||||||||||||||||||||||
| 2023 | 466.1 | 144.2 | 227.6 | 2.5 | 840.4 | ||||||||||||||||||||||||
| 2024 | 1,160.5 | 372.9 | 361.2 | 0.2 | 1,894.8 | ||||||||||||||||||||||||
| 2025 | 1,753.1 | 512.8 | 266.1 | — | 2,532.0 | ||||||||||||||||||||||||
| 2026 | 2,709.6 | 378.0 | 41.8 | — | 3,129.4 | ||||||||||||||||||||||||
| $ | 6,235.4 | $ | 1,464.9 | $ | 1,082.0 | $ | 159.3 | $ | 8,941.6 | ||||||||||||||||||||
(In millions) | Purchased Loans as of September 30, 2026 (2) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
| 2021 and prior | $ | 9.1 | $ | 6.1 | $ | 29.1 | $ | 90.0 | $ | 134.3 | |||||||||||||||||||
| 2022 | 52.6 | 20.4 | 53.6 | 3.8 | 130.4 | ||||||||||||||||||||||||
| 2023 | 190.8 | 54.4 | 82.1 | 0.6 | 327.9 | ||||||||||||||||||||||||
| 2024 | 353.1 | 94.8 | 86.8 | 0.1 | 534.8 | ||||||||||||||||||||||||
| 2025 | 591.5 | 124.1 | 59.6 | — | 775.2 | ||||||||||||||||||||||||
| 2026 | 991.5 | 114.5 | 10.5 | — | 1,116.5 | ||||||||||||||||||||||||
| $ | 2,188.6 | $ | 414.3 | $ | 321.7 | $ | 94.5 | $ | 3,019.1 | ||||||||||||||||||||
(In millions) | Dealer Loans as of December 31, 2025 (1) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
| 2020 and prior | $ | 11.8 | $ | 8.4 | $ | 38.9 | $ | 134.5 | $ | 193.6 | |||||||||||||||||||
| 2021 | 58.5 | 29.8 | 99.3 | 16.5 | 204.1 | ||||||||||||||||||||||||
| 2022 | 265.2 | 92.1 | 190.1 | 4.7 | 552.1 | ||||||||||||||||||||||||
| 2023 | 801.8 | 247.5 | 299.9 | 0.6 | 1,349.8 | ||||||||||||||||||||||||
| 2024 | 1,882.7 | 581.3 | 412.4 | — | 2,876.4 | ||||||||||||||||||||||||
| 2025 | 2,947.2 | 547.7 | 119.9 | — | 3,614.8 | ||||||||||||||||||||||||
| $ | 5,967.2 | $ | 1,506.8 | $ | 1,160.5 | $ | 156.3 | $ | 8,790.8 | ||||||||||||||||||||
(In millions) | Purchased Loans as of December 31, 2025 (2) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
| 2020 and prior | $ | 8.2 | $ | 6.4 | $ | 27.1 | $ | 102.4 | $ | 144.1 | |||||||||||||||||||
| 2021 | 28.7 | 16.3 | 50.2 | 4.9 | 100.1 | ||||||||||||||||||||||||
| 2022 | 105.6 | 38.5 | 77.9 | 1.3 | 223.3 | ||||||||||||||||||||||||
| 2023 | 310.7 | 90.4 | 107.4 | 0.1 | 508.6 | ||||||||||||||||||||||||
| 2024 | 511.3 | 130.5 | 89.1 | — | 730.9 | ||||||||||||||||||||||||
| 2025 | 875.5 | 115.8 | 22.4 | — | 1,013.7 | ||||||||||||||||||||||||
| $ | 1,840.0 | $ | 397.9 | $ | 374.1 | $ | 108.7 | $ | 2,720.7 | ||||||||||||||||||||
| (In millions) | For the Three Months Ended September 30, 2026 | |||||||||||||||||||
| Write-offs by Consumer Loan Assignment Year | Dealer Loans | Purchased Loans | Total | |||||||||||||||||
| 2021 and prior | $ | 101.9 | $ | 18.4 | $ | 120.3 | ||||||||||||||
| 2022 | 89.4 | 13.0 | 102.4 | |||||||||||||||||
| 2023 | 59.8 | 26.3 | 86.1 | |||||||||||||||||
| 2024 | 53.3 | 33.3 | 86.6 | |||||||||||||||||
| 2025 | 20.2 | 28.9 | 49.1 | |||||||||||||||||
| 2026 | 4.6 | 26.2 | 30.8 | |||||||||||||||||
| $ | 329.2 | $ | 146.1 | $ | 475.3 | |||||||||||||||
| (In millions) | For the Three Months Ended September 30, 2025 | |||||||||||||||||||
| Write-offs by Consumer Loan Assignment Year | Dealer Loans | Purchased Loans | Total | |||||||||||||||||
| 2020 and prior | $ | 63.2 | $ | 23.9 | $ | 87.1 | ||||||||||||||
| 2021 | 40.3 | 12.9 | 53.2 | |||||||||||||||||
| 2022 | 70.0 | 23.4 | 93.4 | |||||||||||||||||
| 2023 | 29.9 | 32.9 | 62.8 | |||||||||||||||||
| 2024 | 14.1 | 28.3 | 42.4 | |||||||||||||||||
| 2025 | 4.4 | 19.5 | 23.9 | |||||||||||||||||
| $ | 221.9 | $ | 140.9 | $ | 362.8 | |||||||||||||||
| (In millions) | For the Nine Months Ended September 30, 2026 | |||||||||||||||||||
| Write-offs by Consumer Loan Assignment Year | Dealer Loans | Purchased Loans | Total | |||||||||||||||||
| 2021 and prior | $ | 289.5 | $ | 61.0 | $ | 350.5 | ||||||||||||||
| 2022 | 226.3 | 45.5 | 271.8 | |||||||||||||||||
| 2023 | 140.4 | 83.8 | 224.2 | |||||||||||||||||
| 2024 | 106.4 | 91.6 | 198.0 | |||||||||||||||||
| 2025 | 36.9 | 84.7 | 121.6 | |||||||||||||||||
| 2026 | 8.2 | 37.8 | 46.0 | |||||||||||||||||
| $ | 807.7 | $ | 404.4 | $ | 1,212.1 | |||||||||||||||
| (In millions) | For the Nine Months Ended September 30, 2025 | |||||||||||||||||||
| Write-offs by Consumer Loan Assignment Year | Dealer Loans | Purchased Loans | Total | |||||||||||||||||
| 2020 and prior | $ | 206.3 | $ | 80.8 | $ | 287.1 | ||||||||||||||
| 2021 | 112.7 | 44.6 | 157.3 | |||||||||||||||||
| 2022 | 180.8 | 76.7 | 257.5 | |||||||||||||||||
| 2023 | 65.3 | 103.5 | 168.8 | |||||||||||||||||
| 2024 | 39.0 | 86.7 | 125.7 | |||||||||||||||||
| 2025 | 9.0 | 30.3 | 39.3 | |||||||||||||||||
| $ | 613.1 | $ | 422.6 | $ | 1,035.7 | |||||||||||||||
| (In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net assumed written premiums | $ | 31.8 | $ | 23.1 | $ | 83.9 | $ | 72.4 | |||||||||||||||
| Net premiums earned | 25.3 | 24.1 | 73.1 | 71.7 | |||||||||||||||||||
| Provision for claims | 17.6 | 18.6 | 51.5 | 54.5 | |||||||||||||||||||
| Amortization of capitalized acquisition costs | 0.6 | 0.5 | 1.9 | 1.8 | |||||||||||||||||||
| (In millions) | As of | ||||||||||||||||
| Balance Sheet Location | September 30, 2026 | December 31, 2025 | |||||||||||||||
| Trust assets | Restricted cash and cash equivalents | $ | 0.8 | $ | 0.7 | ||||||||||||
| Trust assets | Restricted securities available for sale | 129.1 | 106.2 | ||||||||||||||
| Unearned premium | Accounts payable and accrued liabilities | 84.8 | 74.0 | ||||||||||||||
| Claims reserve (1) | Accounts payable and accrued liabilities | 5.9 | 5.9 | ||||||||||||||
| (In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Ancillary product profit sharing | $ | 9.4 | $ | 9.5 | $ | 26.4 | $ | 25.7 | |||||||||||||||
| Interest | 5.3 | 5.7 | 15.1 | 21.9 | |||||||||||||||||||
| Remarketing fees | 3.4 | 3.4 | 11.0 | 10.1 | |||||||||||||||||||
| Other | 0.3 | 0.3 | 0.9 | 1.1 | |||||||||||||||||||
| Total | $ | 18.4 | $ | 18.9 | $ | 53.4 | $ | 58.8 | |||||||||||||||
| (In millions) | For the Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||||
| Ancillary Product Profit Sharing | Interest | Remarketing Fees | Other | Total Other Income | |||||||||||||||||||||||||
| Source of Income | |||||||||||||||||||||||||||||
| Third-Party Providers | $ | 9.4 | $ | 5.3 | $ | — | $ | 0.1 | $ | 14.8 | |||||||||||||||||||
| Dealers | — | — | 3.4 | 0.2 | 3.6 | ||||||||||||||||||||||||
| Total | $ | 9.4 | $ | 5.3 | $ | 3.4 | $ | 0.3 | $ | 18.4 | |||||||||||||||||||
| Timing of Revenue Recognition | |||||||||||||||||||||||||||||
| Over time | $ | 9.4 | $ | 5.3 | $ | — | $ | 0.1 | $ | 14.8 | |||||||||||||||||||
| At a point in time | — | — | 3.4 | 0.2 | 3.6 | ||||||||||||||||||||||||
| Total | $ | 9.4 | $ | 5.3 | $ | 3.4 | $ | 0.3 | $ | 18.4 | |||||||||||||||||||
| (In millions) | For the Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||
| Ancillary Product Profit Sharing | Interest | Remarketing Fees | Other | Total Other Income | |||||||||||||||||||||||||
| Source of Income | |||||||||||||||||||||||||||||
| Third-Party Providers | $ | 26.4 | $ | 15.1 | $ | — | $ | 0.3 | $ | 41.8 | |||||||||||||||||||
| Dealers | — | — | 11.0 | 0.6 | 11.6 | ||||||||||||||||||||||||
| Total | $ | 26.4 | $ | 15.1 | $ | 11.0 | $ | 0.9 | $ | 53.4 | |||||||||||||||||||
| Timing of Revenue Recognition | |||||||||||||||||||||||||||||
| Over time | $ | 26.4 | $ | 15.1 | $ | — | $ | 0.3 | $ | 41.8 | |||||||||||||||||||
| At a point in time | — | — | 11.0 | 0.6 | 11.6 | ||||||||||||||||||||||||
| Total | $ | 26.4 | $ | 15.1 | $ | 11.0 | $ | 0.9 | $ | 53.4 | |||||||||||||||||||
| (In millions) | As of September 30, 2026 | |||||||||||||||||||||||||
| Principal Outstanding | Unamortized Debt Issuance Costs | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||
| Revolving secured lines of credit (1) | $ | 227.2 | $ | — | $ | — | $ | 227.2 | ||||||||||||||||||
| Secured financing (2) | 5,427.2 | (20.9) | — | 5,406.3 | ||||||||||||||||||||||
| Senior notes | 1,100.0 | (9.8) | — | 1,090.2 | ||||||||||||||||||||||
| Total debt | $ | 6,754.4 | $ | (30.7) | $ | — | $ | 6,723.7 | ||||||||||||||||||
| (In millions) | As of December 31, 2025 | |||||||||||||||||||||||||
| Principal Outstanding | Unamortized Debt Issuance Costs | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||
| Revolving secured lines of credit (1) | $ | 107.3 | $ | — | $ | — | $ | 107.3 | ||||||||||||||||||
| Secured financing (2) | 5,180.6 | (21.7) | (0.1) | 5,158.8 | ||||||||||||||||||||||
| Senior notes | 1,100.0 | (12.2) | — | 1,087.8 | ||||||||||||||||||||||
| Total debt | $ | 6,387.9 | $ | (33.9) | $ | (0.1) | $ | 6,353.9 | ||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
| Financings | Wholly Owned Subsidiary | Maturity Date | Financing Amount | Interest Rate Basis as of September 30, 2026 | |||||||||||||||||||||||||
| Revolving Secured Line of Credit Facility | n/a | 06/22/2029 | $ | 390.0 | At our option, either the Secured Overnight Financing Rate (SOFR) plus 175.0 basis points or the prime rate plus 75.0 basis points | ||||||||||||||||||||||||
| RTP Facility | n/a | — | (1) | 20.0 | SOFR plus 175.0 basis points | ||||||||||||||||||||||||
| Warehouse Facility II (2) | CAC Warehouse Funding LLC II | 09/15/2028 | (3) | 500.0 | SOFR plus 175.0 basis points | ||||||||||||||||||||||||
| Warehouse Facility IV (2) | CAC Warehouse Funding LLC IV | 07/30/2028 | (3) | 300.0 | SOFR plus 205.0 basis points | ||||||||||||||||||||||||
| Warehouse Facility V (2) | CAC Warehouse Funding LLC V | 12/29/2027 | (4) | 250.0 | SOFR plus 185.0 basis points | ||||||||||||||||||||||||
| Warehouse Facility VI (2) | CAC Warehouse Funding LLC VI | 09/30/2028 | (3) | 75.0 | SOFR plus 185.0 basis points | ||||||||||||||||||||||||
| Warehouse Facility VIII (2) | CAC Warehouse Funding LLC VIII | 09/19/2028 | (3) | 200.0 | SOFR plus 185.0 basis points | ||||||||||||||||||||||||
| Term ABS 2019-2 (2) | Credit Acceptance Funding LLC 2019-2 | 09/15/2028 | (5) | 500.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2021-1 (2) | Credit Acceptance Funding LLC 2021-1 | 01/18/2028 | (6) | 100.0 | SOFR plus 140.0 basis points | ||||||||||||||||||||||||
| Term ABS 2022-2 (2) | Credit Acceptance Funding LLC 2022-2 | 06/15/2027 | (5) | 300.0 | SOFR plus 246.4 basis points | ||||||||||||||||||||||||
| Term ABS 2023-1 (2) | Credit Acceptance Funding LLC 2023-1 | 03/17/2025 | (3) | 400.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2023-2 (2) | Credit Acceptance Funding LLC 2023-2 | 05/15/2025 | (3) | 400.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2023-3 (2) | Credit Acceptance Funding LLC 2023-3 | 08/15/2025 | (3) | 400.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2023-5 (2) | Credit Acceptance Funding LLC 2023-5 | 12/15/2025 | (3) | 294.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2024-A (2) | Credit Acceptance Funding LLC 2024-A | 02/15/2027 | (5) | 200.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2024-1 (2) | Credit Acceptance Funding LLC 2024-1 | 03/16/2026 | (3) | 500.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2024-2 (2) | Credit Acceptance Funding LLC 2024-2 | 06/15/2026 | (3) | 550.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2024-3 (2) | Credit Acceptance Funding LLC 2024-3 | 09/15/2026 | (3) | 600.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2024-B (2) | Credit Acceptance Funding LLC 2024-B | 12/15/2027 | (5) | 300.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2025-1 (2) | Credit Acceptance Funding LLC 2025-1 | 03/15/2027 | (3) | 400.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2025-2 (2) | Credit Acceptance Funding LLC 2025-2 | 11/15/2027 | (3) | 500.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2026-1 (2) | Credit Acceptance Funding LLC 2026-1 | 04/17/2028 | (3) | 450.0 | Fixed rate | ||||||||||||||||||||||||
| Term ABS 2026-2 (2) | Credit Acceptance Funding LLC 2026-2 | 08/15/2028 | (3) | 600.0 | Fixed rate | ||||||||||||||||||||||||
| 2028 Senior Notes | n/a | 12/15/2028 | 600.0 | Fixed rate | |||||||||||||||||||||||||
| 2030 Senior Notes | n/a | 03/15/2030 | 500.0 | Fixed rate | |||||||||||||||||||||||||
| (In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revolving Secured Lines of Credit | |||||||||||||||||||||||
| Maximum outstanding principal balance | $ | 342.4 | $ | 199.3 | $ | 342.4 | $ | 199.3 | |||||||||||||||
| Average outstanding principal balance | 215.6 | 58.9 | 186.1 | 20.8 | |||||||||||||||||||
| Warehouse Facility II | |||||||||||||||||||||||
| Maximum outstanding principal balance | 315.0 | — | 315.0 | 251.0 | |||||||||||||||||||
| Average outstanding principal balance | 157.1 | — | 121.1 | 1.8 | |||||||||||||||||||
| Warehouse Facility IV | |||||||||||||||||||||||
| Maximum outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Average outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Warehouse Facility V | |||||||||||||||||||||||
| Maximum outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Average outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Warehouse Facility VI | |||||||||||||||||||||||
| Maximum outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Average outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Warehouse Facility VIII | |||||||||||||||||||||||
| Maximum outstanding principal balance | — | — | — | — | |||||||||||||||||||
| Average outstanding principal balance | — | — | — | — | |||||||||||||||||||
| (Dollars in millions) | As of | ||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Revolving Secured Lines of Credit | |||||||||||
| Principal balance outstanding | $ | 227.2 | $ | 107.3 | |||||||
| Amount available for borrowing (1) | 182.8 | 302.7 | |||||||||
| Interest rate | 5.65 | % | 5.69 | % | |||||||
| Warehouse Facility II | |||||||||||
| Principal balance outstanding | $ | 289.0 | $ | — | |||||||
| Amount available for borrowing (1) | 211.0 | 500.0 | |||||||||
| Loans pledged as collateral | 464.2 | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 8.7 | — | |||||||||
| Interest rate | 5.62 | % | — | % | |||||||
| Warehouse Facility IV | |||||||||||
| Principal balance outstanding | $ | — | $ | — | |||||||
| Amount available for borrowing (1) | 300.0 | 300.0 | |||||||||
| Loans pledged as collateral | — | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | — | — | |||||||||
| Interest rate | — | % | — | % | |||||||
| Warehouse Facility V | |||||||||||
| Principal balance outstanding | $ | — | $ | — | |||||||
| Amount available for borrowing (1) | 250.0 | 250.0 | |||||||||
| Loans pledged as collateral | — | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | — | 1.0 | |||||||||
| Interest rate | — | % | — | % | |||||||
| Warehouse Facility VI | |||||||||||
| Principal balance outstanding | $ | — | $ | — | |||||||
| Amount available for borrowing (1) | 75.0 | 75.0 | |||||||||
| Loans pledged as collateral | — | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | — | 0.1 | |||||||||
| Interest rate | — | % | — | % | |||||||
| Warehouse Facility VIII | |||||||||||
| Principal balance outstanding | $ | — | $ | — | |||||||
| Amount available for borrowing (1) | 200.0 | 200.0 | |||||||||
| Loans pledged as collateral | — | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | — | — | |||||||||
| Interest rate | — | % | — | % | |||||||
| Term ABS 2019-2 | |||||||||||
| Principal balance outstanding | $ | 500.0 | $ | 500.0 | |||||||
| Loans pledged as collateral | 502.6 | 523.8 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 42.0 | 42.1 | |||||||||
| Interest rate | 5.83 | % | 5.43 | % | |||||||
| Term ABS 2021-1 | |||||||||||
| Principal balance outstanding | $ | 100.0 | $ | 100.0 | |||||||
| Loans pledged as collateral | 108.6 | 108.8 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 8.8 | 8.8 | |||||||||
| Interest rate | 5.22 | % | 5.95 | % | |||||||
| (Dollars in millions) | As of | ||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Term ABS 2022-1 | |||||||||||
| Principal balance outstanding | $ | — | $ | 44.8 | |||||||
| Loans pledged as collateral | — | 186.3 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | — | 19.7 | |||||||||
| Interest rate | — | % | 6.13 | % | |||||||
| Term ABS 2022-2 | |||||||||||
| Principal balance outstanding | $ | 300.0 | $ | 300.0 | |||||||
| Loans pledged as collateral | 321.0 | 325.0 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 27.0 | 23.6 | |||||||||
| Interest rate | 6.33 | % | 6.12 | % | |||||||
| Term ABS 2022-3 | |||||||||||
| Principal balance outstanding | $ | — | $ | 127.0 | |||||||
| Loans pledged as collateral | — | 238.8 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | — | 23.0 | |||||||||
| Interest rate | — | % | 8.84 | % | |||||||
| Term ABS 2023-1 | |||||||||||
| Principal balance outstanding | $ | 54.1 | $ | 209.2 | |||||||
| Loans pledged as collateral | 186.8 | 293.5 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 23.0 | 26.9 | |||||||||
| Interest rate | 7.71 | % | 7.32 | % | |||||||
| Term ABS 2023-2 | |||||||||||
| Principal balance outstanding | $ | 71.2 | $ | 242.7 | |||||||
| Loans pledged as collateral | 215.4 | 338.4 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 24.6 | 28.6 | |||||||||
| Interest rate | 7.15 | % | 6.69 | % | |||||||
| Term ABS 2023-3 | |||||||||||
| Principal balance outstanding | $ | 138.6 | $ | 312.9 | |||||||
| Loans pledged as collateral | 247.3 | 371.3 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 25.7 | 30.0 | |||||||||
| Interest rate | 7.47 | % | 6.99 | % | |||||||
| Term ABS 2023-5 | |||||||||||
| Principal balance outstanding | $ | 149.7 | $ | 294.0 | |||||||
| Loans pledged as collateral | 224.9 | 327.7 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 25.8 | 28.9 | |||||||||
| Interest rate | 6.93 | % | 6.54 | % | |||||||
| Term ABS 2024-A | |||||||||||
| Principal balance outstanding | $ | 200.0 | $ | 200.0 | |||||||
| Loans pledged as collateral | 204.1 | 211.1 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 16.8 | 16.6 | |||||||||
| Interest rate | 7.45 | % | 7.45 | % | |||||||
| Term ABS 2024-1 | |||||||||||
| Principal balance outstanding | $ | 317.9 | $ | 500.0 | |||||||
| Loans pledged as collateral | 458.2 | 580.2 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 40.3 | 44.0 | |||||||||
| Interest rate | 6.20 | % | 6.01 | % | |||||||
| (Dollars in millions) | As of | ||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Term ABS 2024-2 | |||||||||||
| Principal balance outstanding | $ | 456.7 | $ | 550.0 | |||||||
| Loans pledged as collateral | 559.4 | 608.6 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 44.0 | 42.9 | |||||||||
| Interest rate | 6.26 | % | 6.21 | % | |||||||
| Term ABS 2024-3 | |||||||||||
| Principal balance outstanding | $ | 600.0 | $ | 600.0 | |||||||
| Loans pledged as collateral | 634.4 | 668.7 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 50.7 | 47.4 | |||||||||
| Interest rate | 4.91 | % | 4.91 | % | |||||||
| Term ABS 2024-B | |||||||||||
| Principal balance outstanding | $ | 300.0 | $ | 300.0 | |||||||
| Loans pledged as collateral | 326.2 | 339.9 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 24.6 | 22.5 | |||||||||
| Interest rate | 6.13 | % | 6.13 | % | |||||||
| Term ABS 2025-1 | |||||||||||
| Principal balance outstanding | $ | 400.0 | $ | 400.0 | |||||||
| Loans pledged as collateral | 437.5 | 463.5 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 33.5 | 32.1 | |||||||||
| Interest rate | 5.26 | % | 5.26 | % | |||||||
| Term ABS 2025-2 | |||||||||||
| Principal balance outstanding | $ | 500.0 | $ | 500.0 | |||||||
| Loans pledged as collateral | 565.3 | 689.8 | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 39.0 | 39.0 | |||||||||
| Interest rate | 4.77 | % | 4.77 | % | |||||||
| Term ABS 2026-1 | |||||||||||
| Principal balance outstanding | $ | 450.0 | $ | — | |||||||
| Loans pledged as collateral | 522.9 | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 34.9 | — | |||||||||
| Interest rate | 4.87 | % | — | % | |||||||
| Term ABS 2026-2 | |||||||||||
| Principal balance outstanding | $ | 600.0 | $ | — | |||||||
| Loans pledged as collateral | 730.6 | — | |||||||||
| Restricted cash and cash equivalents pledged as collateral | 46.7 | — | |||||||||
| Interest rate | 5.20 | % | — | % | |||||||
| 2028 Senior Notes | |||||||||||
| Principal balance outstanding | $ | 600.0 | $ | 600.0 | |||||||
| Interest rate | 9.250 | % | 9.250 | % | |||||||
| 2030 Senior Notes | |||||||||||
| Principal balance outstanding | $ | 500.0 | $ | 500.0 | |||||||
| Interest rate | 6.625 | % | 6.625 | % | |||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | Percentage | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||||||||||||||||
| U.S. federal statutory income tax rate | $ | (15.4) | 21.0 | % | $ | 31.3 | 21.0 | % | $ | 56.7 | 21.0 | % | $ | 85.8 | 21.0 | % | |||||||||||||||||||||||||||||||
| State and local income taxes | (1.9) | 2.6 | % | 8.3 | 5.6 | % | 4.7 | 1.8 | % | 16.5 | 4.0 | % | |||||||||||||||||||||||||||||||||||
| Non-deductible executive compensation expense | 1.7 | -2.3 | % | 1.0 | 0.6 | % | 1.5 | 0.5 | % | 3.7 | 0.9 | % | |||||||||||||||||||||||||||||||||||
| Tax deficiency (excess tax benefit) from stock-based compensation | (0.6) | 0.7 | % | 0.1 | 0.1 | % | (2.5) | -0.9 | % | 0.3 | 0.1 | % | |||||||||||||||||||||||||||||||||||
| Research and development tax credits | (0.8) | 1.1 | % | — | — | % | (5.6) | -2.1 | % | — | — | % | |||||||||||||||||||||||||||||||||||
| Other | 0.1 | -0.1 | % | — | — | % | 0.2 | 0.1 | % | 0.2 | 0.1 | % | |||||||||||||||||||||||||||||||||||
| Effective income tax rate | $ | (16.9) | 23.0 | % | $ | 40.7 | 27.3 | % | $ | 55.0 | 20.4 | % | $ | 106.5 | 26.1 | % | |||||||||||||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Common shares | 10,307,670 | 11,138,833 | 10,440,187 | 11,525,276 | |||||||||||||||||||
| Vested restricted stock units | 108,954 | 109,394 | 103,340 | 109,394 | |||||||||||||||||||
| Basic number of weighted average shares outstanding | 10,416,624 | 11,248,227 | 10,543,527 | 11,634,670 | |||||||||||||||||||
| Dilutive effect of restricted stock units and stock options | — | 224,502 | 256,893 | 203,217 | |||||||||||||||||||
| Dilutive number of weighted average shares outstanding | 10,416,624 | 11,472,729 | 10,800,420 | 11,837,887 | |||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Stock options | 73,436 | 47,000 | 17,337 | 47,000 | |||||||||||||||||||
| Restricted stock units | 219,047 | 9,415 | 26,994 | 7,143 | |||||||||||||||||||
| Total | 292,483 | 56,415 | 44,331 | 54,143 | |||||||||||||||||||
| (Dollars in millions) | For the Three Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| Stock Repurchases | Number of Shares Repurchased | Cost | Number of Shares Repurchased | Cost | ||||||||||||||||||||||
| Open Market (1) (2) | 268,655 | $ | 161.4 | 230,064 | $ | 107.3 | ||||||||||||||||||||
| Other (3) | 495 | 0.2 | 301 | 0.1 | ||||||||||||||||||||||
| Total | 269,150 | $ | 161.6 | 230,365 | $ | 107.4 | ||||||||||||||||||||
| (Dollars in millions) | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| Stock Repurchases | Number of Shares Repurchased | Cost | Number of Shares Repurchased | Cost | ||||||||||||||||||||||
| Open Market (1) (2) | 875,803 | $ | 470.8 | 1,084,024 | $ | 531.5 | ||||||||||||||||||||
| Other (3) | 21,568 | 11.1 | 5,009 | 2.5 | ||||||||||||||||||||||
| Total | 897,371 | $ | 481.9 | 1,089,033 | $ | 534.0 | ||||||||||||||||||||
| Restricted Stock Units | Number of Restricted Stock Units | Weighted Average Grant-Date Fair Value Per Share | ||||||||||||
Outstanding as of December 31, 2025 | 697,623 | $ | 443.27 | |||||||||||
| Granted | 174,773 | 557.07 | ||||||||||||
| Settled | (45,775) | 487.56 | ||||||||||||
| Forfeited | (162,398) | 476.50 | ||||||||||||
Outstanding as of September 30, 2026 | 664,223 | $ | 462.04 | |||||||||||
| (In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Restricted stock units | $ | 10.4 | $ | 11.4 | $ | 29.9 | $ | 33.3 | ||||||||||||||||||
| Stock options | 0.2 | 0.7 | 0.7 | 4.4 | ||||||||||||||||||||||
| Total | $ | 10.6 | $ | 12.1 | $ | 30.6 | $ | 37.7 | ||||||||||||||||||
| (In millions) | ||||||||
| Year | Total Projected Stock-Based Compensation Expense | |||||||
| Remainder of 2026 | $ | 11.2 | ||||||
| 2027 | 41.4 | |||||||
| 2028 | 34.8 | |||||||
| 2029 | 28.8 | |||||||
| 2030 | 25.9 | |||||||
| Thereafter | 105.4 | |||||||
| Total | $ | 247.5 | ||||||
| Forecasted Collection Rate as of (1) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | September 30, 2026 | June 30, 2026 | December 31, 2025 | Initial Forecast | June 30, 2026 | December 31, 2025 | Initial Forecast | |||||||||||||||||||||||||||||||||||||
| 2017 | 64.8 | % | 64.8 | % | 64.8 | % | 64.0 | % | 0.0 | % | 0.0 | % | 0.8 | % | ||||||||||||||||||||||||||||||
| 2018 | 65.6 | % | 65.6 | % | 65.5 | % | 63.6 | % | 0.0 | % | 0.1 | % | 2.0 | % | ||||||||||||||||||||||||||||||
| 2019 | 67.3 | % | 67.3 | % | 67.2 | % | 64.0 | % | 0.0 | % | 0.1 | % | 3.3 | % | ||||||||||||||||||||||||||||||
| 2020 | 68.1 | % | 68.1 | % | 68.0 | % | 63.4 | % | 0.0 | % | 0.1 | % | 4.7 | % | ||||||||||||||||||||||||||||||
| 2021 | 64.2 | % | 64.1 | % | 63.8 | % | 66.3 | % | 0.1 | % | 0.4 | % | -2.1 | % | ||||||||||||||||||||||||||||||
| 2022 | 59.2 | % | 59.3 | % | 59.3 | % | 67.5 | % | -0.1 | % | -0.1 | % | -8.3 | % | ||||||||||||||||||||||||||||||
| 2023 | 62.4 | % | 62.9 | % | 63.3 | % | 67.5 | % | -0.5 | % | -0.9 | % | -5.1 | % | ||||||||||||||||||||||||||||||
| 2024 | 63.6 | % | 65.1 | % | 65.3 | % | 67.2 | % | -1.5 | % | -1.7 | % | -3.6 | % | ||||||||||||||||||||||||||||||
| 2025 | 64.9 | % | 66.9 | % | 67.2 | % | 67.0 | % | -2.0 | % | -2.3 | % | -2.1 | % | ||||||||||||||||||||||||||||||
| 2026 (2) | 65.3 | % | 67.1 | % | — | 67.1 | % | -1.8 | % | — | -1.8 | % | ||||||||||||||||||||||||||||||||
| Forecasted Collection Rate as of | Current Forecast Variance from | |||||||||||||||||||||||||||||||
| 2026 Consumer Loan Assignment Period | September 30, 2026 | June 30, 2026 | Initial Forecast | June 30, 2026 | Initial Forecast | |||||||||||||||||||||||||||
| January 1, 2026 through June 30, 2026 | 64.7 | % | 67.1 | % | 67.2 | % | -2.4 | % | -2.5 | % | ||||||||||||||||||||||
| July 1, 2026 through September 30, 2026 | 66.1 | % | — | 67.0 | % | — | -0.9 | % | ||||||||||||||||||||||||
| (Dollars in millions) | Decrease in Forecasted Net Cash Flows | |||||||||||||
| Three Months Ended | Total Loans | % Change from Forecast at Beginning of Period | ||||||||||||
| December 31, 2024 | $ | (31.1) | -0.3 | % | ||||||||||
| March 31, 2025 | (20.9) | -0.2 | % | |||||||||||
| June 30, 2025 | (55.8) | -0.5 | % | |||||||||||
| September 30, 2025 | (58.6) | -0.5 | % | |||||||||||
| December 31, 2025 | (34.2) | -0.3 | % | |||||||||||
| March 31, 2026 | (9.1) | -0.1 | % | |||||||||||
| June 30, 2026 | (39.1) | -0.3 | % | |||||||||||
| September 30, 2026 | (291.2) | -2.5 | % | |||||||||||
| Average | Total Assignment Volume | |||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | Consumer Loan (1) | Advance (2) | Initial Loan Term (in months) | Unit Volume | Dollar Volume (2) (in millions) | |||||||||||||||||||||||||||
| 2017 | $ | 20,230 | $ | 8,746 | 55 | 328,507 | $ | 2,873.1 | ||||||||||||||||||||||||
| 2018 | 22,158 | 9,635 | 57 | 373,329 | 3,595.8 | |||||||||||||||||||||||||||
| 2019 | 23,139 | 10,174 | 57 | 369,805 | 3,772.2 | |||||||||||||||||||||||||||
| 2020 | 24,262 | 10,656 | 59 | 341,967 | 3,641.2 | |||||||||||||||||||||||||||
| 2021 | 25,632 | 11,790 | 59 | 268,730 | 3,167.8 | |||||||||||||||||||||||||||
| 2022 | 27,242 | 12,924 | 60 | 280,467 | 3,625.3 | |||||||||||||||||||||||||||
| 2023 | 27,025 | 12,475 | 61 | 332,499 | 4,147.8 | |||||||||||||||||||||||||||
| 2024 | 26,497 | 11,961 | 61 | 386,126 | 4,618.4 | |||||||||||||||||||||||||||
| 2025 | 25,423 | 11,428 | 60 | 337,411 | 3,856.1 | |||||||||||||||||||||||||||
| 2026 (3) (4) | 26,077 | 11,916 | 60 | 290,617 | 3,463.0 | |||||||||||||||||||||||||||
| Average | ||||||||||||||||||||
| 2026 Consumer Loan Assignment Period | Consumer Loan | Advance | Initial Loan Term (in months) | |||||||||||||||||
| January 1, 2026 through June 30, 2026 | $ | 25,355 | $ | 11,449 | 60 | |||||||||||||||
| July 1, 2026 through September 30, 2026 | 27,261 | 12,682 | 61 | |||||||||||||||||
| Forecasted Collection % | Spread % as of | Forecasted Future Net Cash Flows (1) | ||||||||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | September 30, 2026 | Initial Forecast | Advance % | September 30, 2026 | Initial Forecast | September 30, 2026 (in millions) | % of Total | |||||||||||||||||||||||||||||||||||||
| 2017 | 64.8 | % | 64.0 | % | 43.2 | % | 21.6 | % | 20.8 | % | $ | 17.2 | 0.1 | % | ||||||||||||||||||||||||||||||
| 2018 | 65.6 | % | 63.6 | % | 43.5 | % | 22.1 | % | 20.1 | % | 39.9 | 0.3 | % | |||||||||||||||||||||||||||||||
| 2019 | 67.3 | % | 64.0 | % | 44.0 | % | 23.3 | % | 20.0 | % | 74.6 | 0.6 | % | |||||||||||||||||||||||||||||||
| 2020 | 68.1 | % | 63.4 | % | 43.9 | % | 24.2 | % | 19.5 | % | 129.6 | 1.1 | % | |||||||||||||||||||||||||||||||
| 2021 | 64.2 | % | 66.3 | % | 46.0 | % | 18.2 | % | 20.3 | % | 274.1 | 2.3 | % | |||||||||||||||||||||||||||||||
| 2022 | 59.2 | % | 67.5 | % | 47.4 | % | 11.8 | % | 20.1 | % | 642.3 | 5.3 | % | |||||||||||||||||||||||||||||||
| 2023 | 62.4 | % | 67.5 | % | 46.2 | % | 16.2 | % | 21.3 | % | 1,177.7 | 9.8 | % | |||||||||||||||||||||||||||||||
| 2024 | 63.6 | % | 67.2 | % | 45.1 | % | 18.5 | % | 22.1 | % | 2,193.2 | 18.2 | % | |||||||||||||||||||||||||||||||
| 2025 | 64.9 | % | 67.0 | % | 45.0 | % | 19.9 | % | 22.0 | % | 3,737.4 | 31.0 | % | |||||||||||||||||||||||||||||||
| 2026 (2) (3) | 65.3 | % | 67.1 | % | 45.8 | % | 19.5 | % | 21.3 | % | 3,784.6 | 31.3 | % | |||||||||||||||||||||||||||||||
| Total | $ | 12,070.6 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
| Forecasted Collection % as of | Spread % as of | |||||||||||||||||||||||||||||||
| 2026 Consumer Loan Assignment Period | September 30, 2026 | Initial Forecast | Advance % | September 30, 2026 | Initial Forecast | |||||||||||||||||||||||||||
| January 1, 2026 through June 30, 2026 | 64.7 | % | 67.2 | % | 45.2 | % | 19.5 | % | 22.0 | % | ||||||||||||||||||||||
| July 1, 2026 through September 30, 2026 | 66.1 | % | 67.0 | % | 46.6 | % | 19.5 | % | 20.4 | % | ||||||||||||||||||||||
| Dealer Loans | Purchased Loans | |||||||||||||||||||||||||||||||||||||
| Forecasted Collection Rate as of (1) | Forecasted Collection Rate as of (1) | |||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | September 30, 2026 | Initial Forecast | Variance | September 30, 2026 | Initial Forecast | Variance | ||||||||||||||||||||||||||||||||
| 2017 | 64.1 | % | 63.8 | % | 0.3 | % | 66.4 | % | 64.6 | % | 1.8 | % | ||||||||||||||||||||||||||
| 2018 | 65.0 | % | 63.6 | % | 1.4 | % | 66.8 | % | 63.5 | % | 3.3 | % | ||||||||||||||||||||||||||
| 2019 | 66.9 | % | 63.9 | % | 3.0 | % | 67.9 | % | 64.2 | % | 3.7 | % | ||||||||||||||||||||||||||
| 2020 | 67.9 | % | 63.3 | % | 4.6 | % | 68.4 | % | 63.6 | % | 4.8 | % | ||||||||||||||||||||||||||
| 2021 | 63.9 | % | 66.3 | % | -2.4 | % | 64.7 | % | 66.3 | % | -1.6 | % | ||||||||||||||||||||||||||
| 2022 | 58.4 | % | 67.3 | % | -8.9 | % | 61.2 | % | 68.0 | % | -6.8 | % | ||||||||||||||||||||||||||
| 2023 | 61.1 | % | 66.8 | % | -5.7 | % | 65.9 | % | 69.4 | % | -3.5 | % | ||||||||||||||||||||||||||
| 2024 | 62.4 | % | 66.3 | % | -3.9 | % | 68.3 | % | 70.7 | % | -2.4 | % | ||||||||||||||||||||||||||
| 2025 | 63.1 | % | 65.5 | % | -2.4 | % | 70.0 | % | 71.5 | % | -1.5 | % | ||||||||||||||||||||||||||
| 2026 | 63.8 | % | 65.8 | % | -2.0 | % | 68.6 | % | 70.2 | % | -1.6 | % | ||||||||||||||||||||||||||
| Dealer Loans | Purchased Loans | |||||||||||||||||||||||||||||||||||||
| Consumer Loan Assignment Year | Forecasted Collection % (1) | Advance % (1) | Spread % | Forecasted Collection % (1) | Advance % (1) | Spread % | ||||||||||||||||||||||||||||||||
| 2017 | 64.1 | % | 42.1 | % | 22.0 | % | 66.4 | % | 45.8 | % | 20.6 | % | ||||||||||||||||||||||||||
| 2018 | 65.0 | % | 42.7 | % | 22.3 | % | 66.8 | % | 45.2 | % | 21.6 | % | ||||||||||||||||||||||||||
| 2019 | 66.9 | % | 43.1 | % | 23.8 | % | 67.9 | % | 45.6 | % | 22.3 | % | ||||||||||||||||||||||||||
| 2020 | 67.9 | % | 43.0 | % | 24.9 | % | 68.4 | % | 45.5 | % | 22.9 | % | ||||||||||||||||||||||||||
| 2021 | 63.9 | % | 45.1 | % | 18.8 | % | 64.7 | % | 47.7 | % | 17.0 | % | ||||||||||||||||||||||||||
| 2022 | 58.4 | % | 46.4 | % | 12.0 | % | 61.2 | % | 50.1 | % | 11.1 | % | ||||||||||||||||||||||||||
| 2023 | 61.1 | % | 44.8 | % | 16.3 | % | 65.9 | % | 49.8 | % | 16.1 | % | ||||||||||||||||||||||||||
| 2024 | 62.4 | % | 44.1 | % | 18.3 | % | 68.3 | % | 48.9 | % | 19.4 | % | ||||||||||||||||||||||||||
| 2025 | 63.1 | % | 43.2 | % | 19.9 | % | 70.0 | % | 50.4 | % | 19.6 | % | ||||||||||||||||||||||||||
| 2026 | 63.8 | % | 43.8 | % | 20.0 | % | 68.6 | % | 50.3 | % | 18.3 | % | ||||||||||||||||||||||||||
| Year over Year Percent Change | ||||||||||||||
| Three Months Ended | Unit Volume | Dollar Volume | ||||||||||||
| December 31, 2024 | 0.3 | % | -4.9 | % | ||||||||||
| March 31, 2025 | -10.1 | % | -15.5 | % | ||||||||||
| June 30, 2025 | -14.6 | % | -18.8 | % | ||||||||||
| September 30, 2025 | -16.5 | % | -19.4 | % | ||||||||||
| December 31, 2025 | -9.1 | % | -11.3 | % | ||||||||||
| March 31, 2026 | -4.3 | % | -4.0 | % | ||||||||||
| June 30, 2026 | -1.0 | % | 0.1 | % | ||||||||||
| September 30, 2026 | 37.7 | % | 51.0 | % | ||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Consumer Loan unit volume | 110,010 | 79,916 | 37.7 | % | 290,617 | 265,680 | 9.4 | % | |||||||||||||||||||||||||||
| Active Dealers (1) | 12,093 | 10,180 | 18.8 | % | 15,601 | 14,483 | 7.7 | % | |||||||||||||||||||||||||||
| Average volume per active Dealer | 9.1 | 7.9 | 15.2 | % | 18.6 | 18.3 | 1.6 | % | |||||||||||||||||||||||||||
Consumer Loan unit volume from Dealers active both periods | 85,087 | 68,719 | 23.8 | % | 249,212 | 238,966 | 4.3 | % | |||||||||||||||||||||||||||
| Dealers active both periods | 7,121 | 7,121 | — | 10,167 | 10,167 | — | |||||||||||||||||||||||||||||
Average volume per Dealer active both periods | 11.9 | 9.7 | 23.8 | % | 24.5 | 23.5 | 4.3 | % | |||||||||||||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Consumer Loan unit volume from new active Dealers | 5,173 | 2,924 | 76.9 | % | 26,333 | 22,627 | 16.4 | % | |||||||||||||||||||||||||||
| New active Dealers (1) | 1,313 | 1,012 | 29.7 | % | 3,788 | 3,301 | 14.8 | % | |||||||||||||||||||||||||||
Average volume per new active Dealer | 3.9 | 2.9 | 34.5 | % | 7.0 | 6.9 | 1.4 | % | |||||||||||||||||||||||||||
Attrition (2) | -14.0 | % | -18.9 | % | -10.1 | % | -10.9 | % | |||||||||||||||||||||||||||
| Unit Volume | Dollar Volume | |||||||||||||||||||||||||
| Three Months Ended | Dealer Loans | Purchased Loans | Dealer Loans | Purchased Loans | ||||||||||||||||||||||
| December 31, 2024 | 78.7 | % | 21.3 | % | 77.7 | % | 22.3 | % | ||||||||||||||||||
| March 31, 2025 | 77.0 | % | 23.0 | % | 75.1 | % | 24.9 | % | ||||||||||||||||||
| June 30, 2025 | 71.6 | % | 28.4 | % | 68.3 | % | 31.7 | % | ||||||||||||||||||
| September 30, 2025 | 73.1 | % | 26.9 | % | 70.6 | % | 29.4 | % | ||||||||||||||||||
| December 31, 2025 | 74.7 | % | 25.3 | % | 72.4 | % | 27.6 | % | ||||||||||||||||||
| March 31, 2026 | 72.0 | % | 28.0 | % | 69.2 | % | 30.8 | % | ||||||||||||||||||
| June 30, 2026 | 68.5 | % | 31.5 | % | 65.2 | % | 34.8 | % | ||||||||||||||||||
| September 30, 2026 | 67.2 | % | 32.8 | % | 64.3 | % | 35.7 | % | ||||||||||||||||||
| (Dollars in millions, except per share data) | For the Three Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Finance charges | $ | 550.9 | $ | 539.4 | $ | 11.5 | 2.1 | % | |||||||||||||||
| Premiums earned | 25.3 | 24.1 | 1.2 | 5.0 | % | ||||||||||||||||||
| Other income | 18.4 | 18.9 | (0.5) | -2.6 | % | ||||||||||||||||||
| Total revenue | 594.6 | 582.4 | 12.2 | 2.1 | % | ||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Salaries and wages | 75.7 | 85.5 | (9.8) | -11.5 | % | ||||||||||||||||||
| General and administrative | 27.3 | 36.3 | (9.0) | -24.8 | % | ||||||||||||||||||
| Sales and marketing | 29.4 | 24.8 | 4.6 | 18.5 | % | ||||||||||||||||||
| Total operating expenses | 132.4 | 146.6 | (14.2) | -9.7 | % | ||||||||||||||||||
| Provision for credit losses on forecast changes | 281.9 | 88.1 | 193.8 | 220.0 | % | ||||||||||||||||||
| Provision for credit losses on new Consumer Loan assignments | 129.0 | 63.9 | 65.1 | 101.9 | % | ||||||||||||||||||
| Total provision for credit losses | 410.9 | 152.0 | 258.9 | 170.3 | % | ||||||||||||||||||
| Interest | 107.2 | 116.3 | (9.1) | -7.8 | % | ||||||||||||||||||
| Provision for claims | 17.6 | 18.6 | (1.0) | -5.4 | % | ||||||||||||||||||
| Total costs and expenses | 668.1 | 433.5 | 234.6 | 54.1 | % | ||||||||||||||||||
| Income (loss) before provision (benefit) for income taxes | (73.5) | 148.9 | (222.4) | * | |||||||||||||||||||
| Provision (benefit) for income taxes | (16.9) | 40.7 | (57.6) | * | |||||||||||||||||||
| Net income (loss) | $ | (56.6) | $ | 108.2 | $ | (164.8) | * | ||||||||||||||||
| Net income (loss) per share: | |||||||||||||||||||||||
| Basic | $ | (5.43) | $ | 9.62 | $ | (15.05) | * | ||||||||||||||||
| Diluted | $ | (5.43) | $ | 9.43 | $ | (14.86) | * | ||||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 10,416,624 | 11,248,227 | (831,603) | -7.4 | % | ||||||||||||||||||
| Diluted | 10,416,624 | 11,472,729 | (1,056,105) | -9.2 | % | ||||||||||||||||||
| (Dollars in millions) | For the Three Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Average net Loans receivable balance | $ | 8,075.0 | $ | 7,990.5 | $ | 84.5 | |||||||||||
| Average yield on our Loan portfolio | 27.3 | % | 27.0 | % | 0.3 | % | |||||||||||
| (In millions) | Year over Year Change | ||||
| Impact on finance charges: | For the Three Months Ended September 30, 2026 | ||||
| Due to an increase in the average yield | $ | 5.8 | |||
| Due to an increase in the average net Loans receivable balance | 5.7 | ||||
| Total increase in finance charges | $ | 11.5 | |||
| (In millions) | For the Three Months Ended September 30, | ||||||||||||||||
| Impact on provision for credit losses | 2026 | 2025 | Change | ||||||||||||||
| Forecast changes | $ | 281.9 | $ | 88.1 | $ | 193.8 | |||||||||||
| New Consumer Loan assignments | 129.0 | 63.9 | 65.1 | ||||||||||||||
| Total | $ | 410.9 | $ | 152.0 | $ | 258.9 | |||||||||||
| (Dollars in millions) | For the Three Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Interest expense | $ | 107.2 | $ | 116.3 | $ | (9.1) | |||||||||||
| Average outstanding debt balance | 6,446.9 | 6,400.1 | 46.8 | ||||||||||||||
| Average cost of debt | 6.7 | % | 7.3 | % | -0.6 | % | |||||||||||
| (Dollars in millions, except per share data) | For the Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Finance charges | $ | 1,635.5 | $ | 1,606.8 | $ | 28.7 | 1.8 | % | |||||||||||||||
| Premiums earned | 73.1 | 71.7 | 1.4 | 2.0 | % | ||||||||||||||||||
| Other income | 53.4 | 58.8 | (5.4) | -9.2 | % | ||||||||||||||||||
| Total revenue | 1,762.0 | 1,737.3 | 24.7 | 1.4 | % | ||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Salaries and wages | 242.4 | 257.8 | (15.4) | -6.0 | % | ||||||||||||||||||
| General and administrative | 78.2 | 103.6 | (25.4) | -24.5 | % | ||||||||||||||||||
| Sales and marketing | 87.1 | 76.2 | 10.9 | 14.3 | % | ||||||||||||||||||
| Total operating expenses | 407.7 | 437.6 | (29.9) | -6.8 | % | ||||||||||||||||||
| Provision for credit losses on forecast changes | 417.9 | 265.7 | 152.2 | 57.3 | % | ||||||||||||||||||
| Provision for credit losses on new Consumer Loan assignments | 291.8 | 220.8 | 71.0 | 32.2 | % | ||||||||||||||||||
| Total provision for credit losses | 709.7 | 486.5 | 223.2 | 45.9 | % | ||||||||||||||||||
| Interest | 323.0 | 349.1 | (26.1) | -7.5 | % | ||||||||||||||||||
| Provision for claims | 51.5 | 54.5 | (3.0) | -5.5 | % | ||||||||||||||||||
| Loss on extinguishment of debt | — | 1.2 | (1.2) | — | % | ||||||||||||||||||
| Total costs and expenses | 1,491.9 | 1,328.9 | 163.0 | 12.3 | % | ||||||||||||||||||
| Income before provision for income taxes | 270.1 | 408.4 | (138.3) | -33.9 | % | ||||||||||||||||||
| Provision for income taxes | 55.0 | 106.5 | (51.5) | -48.4 | % | ||||||||||||||||||
| Net income | $ | 215.1 | $ | 301.9 | $ | (86.8) | -28.8 | % | |||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | 20.40 | $ | 25.95 | $ | (5.55) | -21.4 | % | |||||||||||||||
| Diluted | $ | 19.92 | $ | 25.50 | $ | (5.58) | -21.9 | % | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 10,543,527 | 11,634,670 | (1,091,143) | -9.4 | % | ||||||||||||||||||
| Diluted | 10,800,420 | 11,837,887 | (1,037,467) | -8.8 | % | ||||||||||||||||||
| (Dollars in millions) | For the Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Average net Loans receivable balance | $ | 7,974.0 | $ | 7,961.5 | $ | 12.5 | |||||||||||
| Average yield on our Loan portfolio | 27.3 | % | 26.9 | % | 0.4 | % | |||||||||||
| (In millions) | Year over Year Change | ||||
| Impact on finance charges: | For the Nine Months Ended September 30, 2026 | ||||
| Due to an increase in the average yield | $ | 26.2 | |||
| Due to an increase in the average net Loans receivable balance | 2.5 | ||||
| Total increase in finance charges | $ | 28.7 | |||
| (In millions) | For the Nine Months Ended September 30, | ||||||||||||||||
| Provision for Credit Losses | 2026 | 2025 | Change | ||||||||||||||
| Forecast changes | $ | 417.9 | $ | 265.7 | $ | 152.2 | |||||||||||
| New Consumer Loan assignments | 291.8 | 220.8 | 71.0 | ||||||||||||||
| Total | $ | 709.7 | $ | 486.5 | $ | 223.2 | |||||||||||
| (Dollars in millions) | For the Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| Interest expense | $ | 323.0 | $ | 349.1 | $ | (26.1) | |||||||||||
| Average outstanding debt balance | 6,357.2 | 6,460.7 | (103.5) | ||||||||||||||
| Average cost of debt | 6.8 | % | 7.2 | % | -0.4 | % | |||||||||||
| (In millions) | ||||||||
| Year | Scheduled Principal Debt Maturities (1) | |||||||
| Remainder of 2026 | $ | 475.6 | ||||||
| 2027 | 2,135.0 | |||||||
| 2028 | 2,202.2 | |||||||
| 2029 | 1,286.0 | |||||||
| 2030 | 655.6 | |||||||
| Over five years | — | |||||||
| Total | $ | 6,754.4 | ||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
| July 1 to July 31, 2026 | 189 | (3) | $ | 608.01 | — | 1,153,618 | ||||||||||||||||||||
| August 1 to August 31, 2026 | 144,028 | (4) | 594.75 | 143,815 | 1,009,803 | |||||||||||||||||||||
| September 1 to September 30, 2026 | 124,933 | (5) | 596.39 | 124,840 | 884,963 | |||||||||||||||||||||
| Total | 269,150 | 595.52 | 268,655 | |||||||||||||||||||||||
| Exhibit No. | Description | ||||
| Indenture, dated as of August 20, 2026, between Credit Acceptance Auto Loan Trust 2026-2 and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.148 to the Company’s Current Report on Form 8-K filed on August 25, 2026). | |||||
| Backup Servicing Agreement, dated as of August 20, 2026, among the Company, Credit Acceptance Funding LLC 2026-2, Credit Acceptance Auto Loan Trust 2026-2, and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.149 to the Company’s Current Report on Form 8-K filed on August 25, 2026). | |||||
| Amended and Restated Intercreditor Agreement, dated August 20, 2026, among the Company, CAC Warehouse Funding LLC II, CAC Warehouse Funding LLC IV, CAC Warehouse Funding LLC V, CAC Warehouse Funding LLC VI, CAC Warehouse Funding LLC VIII, Credit Acceptance Funding LLC 2026-2, Credit Acceptance Funding LLC 2026-1, Credit Acceptance Funding LLC 2025-2, Credit Acceptance Funding LLC 2025-1, Credit Acceptance Funding LLC 2024-B, Credit Acceptance Funding LLC 2024-3, Credit Acceptance Funding LLC 2024-2, Credit Acceptance Funding LLC 2024-1, Credit Acceptance Funding LLC 2024-A, Credit Acceptance Funding LLC 2023-5, Credit Acceptance Funding LLC 2023-3, Credit Acceptance Funding LLC 2023-2, Credit Acceptance Funding LLC 2023-1, Credit Acceptance Funding LLC 2022-2, Credit Acceptance Funding LLC 2021-1, Credit Acceptance Funding LLC 2019-2, Credit Acceptance Auto Loan Trust 2026-2, Credit Acceptance Auto Loan Trust 2026-1, Credit Acceptance Auto Loan Trust 2025-2, Credit Acceptance Auto Loan Trust 2025-1, Credit Acceptance Auto Loan Trust 2024-3, Credit Acceptance Auto Loan Trust 2024-2, Credit Acceptance Auto Loan Trust 2024-1, Credit Acceptance Auto Loan Trust 2024-A, Credit Acceptance Auto Loan Trust 2023-5, Credit Acceptance Auto Loan Trust 2023-3, Credit Acceptance Auto Loan Trust 2023-2, Credit Acceptance Auto Loan Trust 2023-1, Computershare Trust Company, N.A., as trustee, Bank of Montreal, as agent, Fifth Third Bank, National Association, as agent, Flagstar Bank, National Association, as agent, Fifth Third Bank, National Association, successor by merger to Comerica Bank, as agent, and Citizens Bank, N.A., as agent (incorporated by reference to Exhibit 4.150 to the Company’s Current Report on Form 8-K filed on August 25, 2026). | |||||
| Sale and Contribution Agreement, dated as of August 20, 2026, between the Company and Credit Acceptance Funding LLC 2026-2 (incorporated by reference to Exhibit 4.151 to the Company’s Current Report on Form 8-K filed on August 25, 2026). | |||||
| Amended and Restated Trust Agreement, dated as of August 20, 2026, among Credit Acceptance Funding LLC 2026-2, each of the initial members of the Board of Trustees of the Trust, and Computershare Delaware Trust Company (incorporated by reference to Exhibit 4.152 to the Company’s Current Report on Form 8-K filed on August 25, 2026). | |||||
| Sale and Servicing Agreement, dated as of August 20, 2026, among the Company, Credit Acceptance Auto Loan Trust 2026-2, Credit Acceptance Funding LLC 2026-2, and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.153 to the Company’s Current Report on Form 8-K filed on August 25, 2026). | |||||
| Amendment No. 4 Loan and Security Agreement and Amendment No. 1 to Sale and Contribution Agreement, dated as of September 15, 2026, among the Company, Credit Acceptance Funding LLC 2019-2, Wells Fargo Bank, National Association, and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.154 to the Company’s Current Report on Form 8-K filed on September 21, 2026). | |||||
| Amendment No. 4 to the Seventh Amended and Restated Loan and Security Agreement and Amendment No. 1 to the Fifth Amended and Restated Sale and Contribution Agreement, dated as of September 15, 2026, among CAC Warehouse Funding LLC II, the Company, Wells Fargo Bank, National Association, and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.155 to the Company’s Current Report on Form 8-K filed on September 21, 2026). | |||||
| Separation and Advisory Agreement, dated August 19, 2026, between the Company and Ravi Mohan.* | |||||
| Separation and Release Agreement, dated September 3. 2026, between the Company and Jay Martin.* | |||||
| Consent judgment entered into on September 17, 2026, between Credit Acceptance Corporation and the office of the attorney general of the state of Maryland, with a schedule identifying other consent judgments not filed as exhibits in accordance with Instruction 2 to Item 601 of Regulation S-K (incorporated by reference to the Company’s Current Report on Form 8-K filed on September 18, 2026). | |||||
| Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
| Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||
| Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
| Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||
| 101(SCH) | Inline XBRL Taxonomy Extension Schema Document. | ||||
| 101(CAL) | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
| 101(DEF) | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
| 101(LAB) | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
| 101(PRE) | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
| 104 | Cover Page Interactive Data File (included in the Exhibit 101 Inline XBRL Document Set). | ||||
| * | Management contract or compensatory plan or arrangement. | ||||
| CREDIT ACCEPTANCE CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| By: | /s/ Joseph Billante III | ||||||||||
| Joseph Billante III | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
| Date: | October 29, 2026 | ||||||||||
| Date: | October 29, 2026 | /s/ Vinayak R. Hegde | ||||||||||||
| Vinayak R. Hegde | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| (Principal Executive Officer) | ||||||||||||||
| Date: | October 29, 2026 | /s/ Joseph Billante III | ||||||||||||
| Joseph Billante III | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
| Date: | October 29, 2026 | /s/ Vinayak R. Hegde | ||||||||||||
| Vinayak R. Hegde | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| (Principal Executive Officer) | ||||||||||||||
| Date: | October 29, 2026 | /s/ Joseph Billante III | ||||||||||||
| Joseph Billante III | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||