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Credit Acceptance stock closes in on $500 per share

In Credit Acceptance Corp.’s first day of trading on June 5, 1992, the stock closed at $2.71 per share. Fast forward 17 years, and the subprime lender’s stock price is nearing the $500-per-share mark. In its first decade of trading, CAC’s stock averaged $11.43 per share. It crossed the $20 mark in 1995 and the […]

Credit Acceptance Grows 72-Month Loans, as Historical Data Accumulates

Credit Acceptance Corp.’s average loan term rose in the first quarter to 54 months — the longest it’s been since 2008 — as the company became more comfortable with its 72-month loan program, Chief Executive Brett Roberts said on the company’s first quarter earnings call last week. “We’re just writing larger, longer-term loans than we had […]

CACC Receives Subpoena From Maryland AG

Credit Acceptance Corp. received a subpoena from the Attorney General of the State of Maryland, “relating to the company’s repossession and sale policies and procedures in the state of Maryland,” according to the company’s 10-Q filed with the Securities and Exchange Commission Monday. The subpoena was received by CACC on March 18. The Southfield, Mich.-based […]

CACC Latest Company to Receive Subpoena from DOJ

Credit Acceptance Corp., the Southfield, Mich.-based indirect lender, was issued a subpoena from the U.S. Department of Justice, the company revealed in an 8-K filed with the Securities and Exchange Commission today. In the filing, CACC wrote that it had received a subpoena on Tuesday, “pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act […]