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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission file number 000-20202
CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Michigan 38-1999511
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
25505 W. Twelve Mile Road 
Southfield,Michigan48034-8339
(Address of principal executive offices)(Zip Code)
(248) 353-2700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueCACCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ

The number of shares of Common Stock, $.01 par value, outstanding on October 25, 2021 was 14,539,621.




TABLE OF CONTENTS

PART I. — FINANCIAL INFORMATION 
  
ITEM 1. FINANCIAL STATEMENTS 
  
Consolidated Balance Sheets - As of September 30, 2021 and December 31, 2020
  
Consolidated Statements of Income - Three and nine months ended September 30, 2021 and 2020
  
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2021 and 2020
 
Consolidated Statements of Shareholders' Equity - Three and nine months ended September 30, 2021 and 2020
 
Consolidated Statements of Cash Flows - Nine months ended September 30, 2021 and 2020
  
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 6. EXHIBITS
  
SIGNATURES


PART I. - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in millions, except per share data)As of
 September 30, 2021December 31, 2020
ASSETS:  
Cash and cash equivalents$13.3 $16.0 
Restricted cash and cash equivalents429.0 380.2 
Restricted securities available for sale67.1 66.1 
Loans receivable
9,685.8 10,124.8 
Allowance for credit losses(3,103.2)(3,336.9)
Loans receivable, net6,582.6 6,787.9 
Property and equipment, net58.3 59.4 
Income taxes receivable25.0 147.0 
Other assets23.7 32.4 
Total Assets$7,199.0 $7,489.0 
LIABILITIES AND SHAREHOLDERS' EQUITY:  
Liabilities:  
Accounts payable and accrued liabilities$251.3 $186.7 
Revolving secured line of credit72.2 95.9 
Secured financing3,733.0 3,711.6 
Senior notes792.0 790.6 
Mortgage note9.9 10.5 
Deferred income taxes, net386.6 391.0 
Income taxes payable0.2 0.2 
Total Liabilities5,245.2 5,186.5 
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, 14,716,977 and 17,092,432 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
0.1 0.2 
Paid-in capital166.0 161.9 
Retained earnings1,787.0 2,138.8 
Accumulated other comprehensive income0.7 1.6 
Total Shareholders' Equity1,953.8 2,302.5 
Total Liabilities and Shareholders' Equity$7,199.0 $7,489.0 


See accompanying notes to consolidated financial statements.
1


CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollars in millions, except per share data)For the Three Months Ended 
September 30,
For the Nine Months Ended 
September 30,
 2021202020212020
Revenue:   
Finance charges$442.1 $404.4 $1,312.4 $1,144.5 
Premiums earned15.4 15.1 45.6 42.2 
Other income12.6 7.0 34.8 35.2 
Total revenue470.1 426.5 1,392.8 1,221.9 
Costs and expenses:    
Salaries and wages63.2 46.6 150.9 140.4 
General and administrative16.9 17.2 79.9 46.8 
Sales and marketing16.3 16.6 48.4 53.9 
Provision for credit losses(8.3)(29.8)(17.5)464.3 
Interest39.8 46.8 125.6 146.9 
Provision for claims10.0 10.7 29.3 28.8 
Loss on extinguishment of debt   7.4 
Total costs and expenses137.9 108.1 416.6 888.5 
Income before provision for income taxes332.2 318.4 976.2 333.4 
Provision for income taxes82.2 76.3 235.5 78.7 
Net income$250.0 $242.1 $740.7 $254.7 
Net income per share:    
Basic$15.83 $13.57 $44.77 $14.18 
Diluted$15.79 $13.56 $44.73 $14.17 
Weighted average shares outstanding:    
Basic15,795,963 17,844,785 16,543,326 17,957,931 
Diluted15,829,166 17,849,765 16,559,639 17,973,091 






















See accompanying notes to consolidated financial statements.
2


CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In millions)For the Three Months Ended 
September 30,
For the Nine Months Ended 
September 30,
 2021202020212020</