Credit Acceptance Announces Fourth Quarter 2025 Results

About this update from Credit Acceptance Corporation

[{"type":"image","alt":"Credit Acceptance Corporation","displaySize":"","headline":null,"caption":"Credit Acceptance Corporation","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":169,"url":"https://media.zenfs.com/en/globenewswire.com/2579bbb3b98c3c375b33e4c1d6037da7"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/vCVBHuMr2Y20OsCqsiqwhg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTIzNztjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/2579bbb3b98c3c375b33e4c1d6037da7","width":300,"height":169}},"lazy":false},{"type":"text","content":"Southfield, Michigan, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) today announced consolidated net income of $122.0 million, or $10.99 per diluted share, for the three months ended December 31, 2025. Adjusted net income, a non-GAAP financial measure, for the three months ended December 31, 2025 was $126.0 million, or $11.35 per diluted share. 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“ We are pleased to announce sequential growth in our financial results in the fourth quarter of 2025 ,” said Vinayak Hegde, CEO of Credit Acceptance. “These results, despite declines in loan volumes and loan performance, underscore the resilience of our business model and our ongoing commitment to our mission of maximizing intrinsic value and changing the lives of our customers .”","length":381,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Financial Highlights ","length":40,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$7.9 billion average balance of our loan portfolio.","length":51,"tagName":"p"}]},{"val":[{"type":"text","content":"Consumer Loan assignment unit volume of 71,731 and dollar volume of $821.3 million.","length":83,"tagName":"p"}]},{"val":[{"type":"text","content":"A moderate decline in forecasted collection rates, which decreased forecasted net cash flows from our loan portfolio by $34.2 million, or 0.3%, and slower net cash 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","length":130,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":784,"olType":false},{"type":"readMore"},{"type":"text","content":" “We’re making progress on our product initiatives as we strive to provide a frictionless experience for dealers and consumers, ” said Mr. Hegde. “We believe our recent product releases in digital credit applications, franchise dealer experience, and consumer self-service will strengthen dealer and consumer relationships and improve operational efficiency.” ","length":357,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Company Highlights ","length":38,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Enrolled 1,207 new dealers in our programs and had 9,863 active dealers during the quarter.","length":91,"tagName":"p"}]},{"val":[{"type":"text","content":"Progressed the following product initiatives:","length":45,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Made it easier for dealers to seamlessly and securely capture consumer information across in-store, web, and marketing channels through our digital credit application. 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","length":152,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1430,"olType":false},{"type":"text","content":" Consumer Loan Metrics ","length":21,"tagName":"p"},{"type":"text","content":"Dealers assign retail installment contracts (referred to as “Consumer Loans”) to Credit Acceptance. At the time a Consumer Loan is submitted to us for assignment, we forecast future expected cash flows from the Consumer Loan. Based on the amount and timing of these forecasts and expected expense levels, an advance or one-time purchase payment is made to the related dealer at a price designed to maximize economic profit, a non-GAAP financial measure that considers our return on capital, our cost of capital, and the amount of capital invested.","length":557,"tagName":"p"},{"type":"text","content":"We use a statistical model to estimate the expected collection rate for each Consumer Loan at the time of assignment. We continue to evaluate the expected collection rate for each Consumer Loan 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Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates. (2)   The forecasted collection rate for 2025 Consumer Loans as of December 31, 2025 includes both Consumer Loans that were in our portfolio as of September 30, 2025 and Consumer Loans assigned during the most recent quarter. 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For the three months ended December 31, 2025, forecasted collection rates improved for Consumer Loans assigned in 2025, declined for Consumer Loans assigned in 2023 and 2024, and were generally consistent with expectations at the start of the period for all other assignment years presented. 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(1)   Represents the repayments that we were contractually owed on Consumer Loans at the time of assignment, which include both principal and interest. (2)   Represents advances paid to dealers on Consumer Loans assigned under the portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under the purchase program. Payments of dealer holdback and accelerated dealer holdback are not included. (3)   The averages for 2025 Consumer Loans include both Consumer Loans that were in our portfolio as of September 30, 2025 and Consumer Loans assigned during the most recent quarter. The following table provides averages for each of these segments: ","length":727,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"7","style":"border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Average ","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2025 Consumer Loan Assignment Period ","length":36,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Consumer Loan ","length":13,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Advance ","length":7,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Initial Loan Term (in months) ","length":29,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;","val":[{"type":"text","content":"January 1, 2025 through September 30, 2025","length":42,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;padding-right:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$","length":1,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;padding-left:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"25,384","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;padding-right:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$","length":1,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;padding-left:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11,423","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"60","length":2,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;","val":[{"type":"text","content":"October 1, 2025 through December 31, 2025","length":41,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-right:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-left:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"25,567","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-right:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"padding-left:0;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11,450","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"60","length":2,"tagName":"p","attribs":{}}]}]}],"length":589},{"type":"text","content":" The profitability of our loans is primarily driven by the amount and timing of the net cash flows we receive from the spread between the forecasted collection rate and the advance rate, less operating expenses and the cost of capital. Forecasting collection rates accurately at loan inception is difficult. With this in mind, we establish advance rates that are intended to allow us to achieve acceptable levels of profitability across our portfolio, even if collection rates are less than we initially forecast.","length":517,"tagName":"p"},{"type":"text","content":"The following table presents aggregate forecasted Consumer Loan collection rates, advance rates, and spreads (the forecasted collection rate less the advance rate), and the percentage of the forecasted collections that had been realized as of December 31, 2025, as well as forecasted collection rates and spreads at the time of assignment. All amounts, unless otherwise noted, are presented as a percentage of the initial balance of the Consumer Loan (principal + interest). The table includes both dealer loans and purchased 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