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Jan 28, 2004

Credit Acceptance Announces 4th Quarter Earnings and 2003 Earnings

SOUTHFIELD, Mich., Jan 28, 2004 (BUSINESS WIRE) -- Credit Acceptance Corporation (Nasdaq:CACC) Credit Acceptance Corporation (the "Company") announced consolidated net income for the three months ended December 31, 2003 of $9,762,000 or $0.22 per diluted share compared to $5,090,000 or $0.12 per diluted share for the same period in 2002. For the year ended December 31, 2003, consolidated net income was $28,181,000 or $0.65 per diluted share compared to $28,365,000 or $0.65 per diluted share for the same period in 2002.

Excluding the impact of one-time items and foreign exchange losses on forward contracts, consolidated net income for the three months and year ended December 31, 2003 was $10,584,000 or $0.24 per diluted share and $36,543,000 or $0.84 per diluted share, respectively, compared to $4,798,000 or $0.11 per diluted share and $26,800,000 or $0.62 per diluted share for the same periods in 2002.

As a result of the decision in the second quarter of 2003 to stop loan originations in the United Kingdom and Canada and the decision to stop lease originations in early 2002, the Company's sole active business unit consists of providing "guaranteed credit approval" through a network of automobile dealer-partners located in the United States.

Segment Information
-------------------

(Dollars in thousands, except per     Three Months Ended December 31,
 share data)                        ----------------------------------
                                       2003        2002     % Change
                                    ----------- ----------- ----------
Net Income (Loss)
-----------------
United States (1), (2)                  $8,689      $4,835      79.7 %
United Kingdom (3), (4)                    781         800      (2.4)
Automobile Leasing                         216        (531)    140.7
Other                                       76         (14)    642.9
                                    ----------- -----------
Consolidated                            $9,762      $5,090      91.8 %
                                    =========== ===========

Net Income (Loss) Per Diluted Share
-----------------------------------
United States (1), (2)                   $0.20       $0.11      81.8 %
United Kingdom (3), (4)                   0.02        0.02       0.0
Automobile Leasing                        0.00       (0.01)    100.0
Other                                     0.00        0.00       0.0
                                    ----------- -----------
Consolidated                             $0.22       $0.12      83.3 %
                                    =========== ===========


(Dollars in thousands, except per         Years Ended December 31,
 share data)                        ----------------------------------
                                       2003        2002     % Change
                                    ----------- ----------- ----------
Net Income (Loss)
-----------------
United States (1), (2)                 $33,014     $23,790      38.8 %
United Kingdom (3), (4)                 (4,646)      6,277    (174.0)
Automobile Leasing                        (323)     (1,824)     82.3
Other                                      136         122      11.5
                                    ----------- -----------
Consolidated                           $28,181     $28,365      (0.6)%
                                    =========== ===========

Net Income (Loss) Per Diluted Share
-----------------------------------
United States (1), (2)                   $0.77       $0.55      40.0 %
United Kingdom (3), (4)                  (0.11)       0.14    (178.6)
Automobile Leasing                       (0.01)      (0.04)     75.0
Other                                     0.00        0.00       0.0
                                    ----------- -----------
Consolidated                             $0.65       $0.65       0.0 %
                                    =========== ===========

   (1) For the three months and year ended December 31, 2003, net
income includes: a foreign currency exchange loss due to the fair
value recognition of forward contracts associated with the anticipated
cash flows from the United Kingdom operation, which decreased net
income by $1,129,000 after-tax, or $0.03 per diluted share, for the
three month period and $1,831,000 after-tax, or $0.04 per diluted
share, for the year; and a reduction in Michigan single business tax
expense resulting from a reduction in the amount of income apportioned
to the state of Michigan, which increased net income by $307,000
after-tax, or $0.01 per diluted share. For the year ended December 31,
2003, net income also includes interest income from the Internal
Revenue Service, which increased net income by $400,000 after-tax, or
$0.01 per diluted share.
   (2) For the three months and year ended December 31, 2002, net
income includes: a reduction in state tax related expense resulting
from the re-characterization of income, which increased net income by
$462,000 after-tax, or $0.01 per diluted share, for the three month
period and $1,425,000 after-tax, or $0.03 per diluted share, for the
year; an adjustment to federal tax related expense related to
repatriation of earnings in the United Kingdom, which increased net
income by $570,000 after-tax, or $0.02 per diluted share, for the
three month period and decreased net income by $2,994,000 after-tax,
or $0.07 per diluted share, for the year; and a loss on the disposal
of computer hardware, which decreased net income by $740,000
after-tax, or $0.02 per diluted share. Net income for the year ended
December 31, 2002 also includes interest income from the Internal
Revenue Service, which increased net income by $3,127,000 after-tax,
or $0.07 per diluted share.
   (3) For the year ended December 31, 2003, net income includes
impairment and other expenses associated with the decision to
liquidate the United Kingdom operation, which decreased net income by
$7,238,000 after-tax, or $0.17 per diluted share.
   (4) For the year ended December 31, 2002, net income includes a
change in ancillary product revenue recognition policy, which
increased net income by $747,000 after-tax, or $0.02 per diluted
share.

Reconciliation of Reported Net Income to Adjusted Net Income
------------------------------------------------------------

The following table reconciles the reported net income and adjusted
net income (reported net income excluding certain adjustments) for the
three months and years ended December 31, 2003 and 2002:

                         Three Months Ended          Years Ended
                             December 31,            December 31,
(Dollars in thousands, ----------------------- -----------------------
 except per share data)    2003        2002        2003        2002
                       ----------- ----------- ----------- -----------

Reported net income        $9,762      $5,090     $28,181     $28,365
Foreign exchange loss
 due to forward contracts   1,129           -       1,831           -
Reduction in Michigan
 single business tax         (307)          -        (307)          -
United Kingdom
 impairment expenses            -           -       7,238           -
Interest income from
 Internal Revenue Service       -           -        (400)     (3,127)
2002 tax items, net             -      (1,032)          -       1,569
Loss on disposal of
 computer hardware              -         740           -         740
Ancillary product
 revenue recognition
 policy change                  -           -           -        (747)
                       ----------- ----------- ----------- -----------
  Adjusted net income     $10,584      $4,798     $36,543     $26,800
Diluted weighted
 average shares
 outstanding           43,958,520  42,852,646  43,409,007  43,362,741
Adjusted net income per
 diluted share              $0.24       $0.11       $0.84       $0.62
                       =========== =========== =========== ===========

Results for the three months and year ended December 31, 2003 include an expense of $1,129,000 after-tax, or $0.03 per diluted share and $1,831,000 after-tax, or $0.04 per diluted share, respectively, related to foreign currency exchange losses from forward contracts entered into during the third quarter. From the date the contracts were entered into, the weakening of the United States dollar versus the British pound sterling caused a reduction in the fair value of the forward contracts and an approximately equal increase in the amount of expected future cash flows. For the quarter ended December 31, 2003, the amount of the loss recognized by the Company on these forward contracts was offset by an approximately equal increase in shareholders' equity.

The Company intends to utilize proceeds from businesses being liquidated to: (i) fund dealer-partner advances on loans originated in the United States and (ii) fund share repurchases. During the three months ended December 31, 2003, the Company received $13.6 million in liquidation proceeds and made share repurchases of $477,000. Subsequent to December 31, 2003, the Company made additional share repurchases of $37.4 million through a modified Dutch auction tender offer.

Detail of expected future net liquidation proceeds follows:

(Dollars in thousands)            As of December 31, 2003
                                  --------------------------

United Kingdom                             $30,100
Canada                                       4,200
Automobile Leasing                           2,500
                                          ---------
                                           $36,800
                                          =========

United States Loan Originations
-------------------------------

(Dollars in       Three Months Ended               Years Ended
 thousands)           December 31,                 December 31,
              ---------------------------- ---------------------------
                 2003      2002   % Change   2003      2002   % Change
              --------- --------- -------- --------- -------- --------
Loan
 originations $177,678  $130,616    36.0%  $785,667  $571,690    37.4%
Number of
 loans
 originated     13,847    10,759             62,334    49,650
Number of
 active dealer-
 partners (1)      763       555                916       789
Loans per
 active dealer-
 partner          18.1      19.4               68.1      62.9
Average loan
 size            $12.8     $12.1              $12.6     $11.5

   (1) Active dealer-partners are dealer-partners who submitted at
least one loan during the period.

The increase in loan originations in the United States in 2003 is due to: (i) an increase in the number of active dealer-partners due to increased dealer-partner enrollments and reduced levels of dealer-partner attrition, (ii) a continued increase in the number of loans per active dealer-partner and (iii) an increase in the average loan size.

The Company made no material changes in credit policy or pricing in the fourth quarter, other than routine changes designed to maintain current profitability levels.

Historically, the Company has experienced an adverse change in the profitability of loan originations during periods of high growth. While the growth rates experienced in the United States in 2003 are higher than the Company's expected long-term growth rate, the Company believes that the investments in infrastructure in 2002, combined with decreases in loan origination volumes in 2002, have adequately prepared the Company for this growth.

Return on Capital Analysis
--------------------------

Return on capital is equal to net operating profit after-tax (net
income plus interest expense after-tax) divided by average capital as
follows:

(Dollars in thousands)         Three Months Ended      Years Ended
                                   December 31,        December 31,
                               ------------------- -------------------
                                  2003      2002      2003      2002
                               --------- --------- --------- ---------

Net income                       $9,762    $5,090   $28,181   $28,365
Interest expense                 $2,793    $1,932    $8,057    $9,058
(1 - tax rate)                     65.0%     65.0%     65.0%     65.4%
                               --------- --------- --------- ---------
Interest expense after-tax       $1,815    $1,256    $5,237    $5,920
                               --------- --------- --------- ---------
Net operating profit after-tax  $11,577    $6,346   $33,418   $34,285
                               ========= ========= ========= =========
Average capital                $457,516  $448,696  $443,150  $469,423
                               ========= ========= ========= =========
Return on capital                  10.1%      5.7%      7.5%      7.3%
Adjusted return on capital (1)     10.8%      5.4%      9.4%      7.0%

   (1) Adjusted return on capital is calculated the same as
unadjusted but utilizes adjusted net income as presented in the
reconciliation of reported net income to adjusted net income table.

    The increase in the return on capital was the result of an
increase in the percentage of total capital allocated to the Company's
United States business segment, the business segment which generates
the highest return on capital, and an increase in the return on
capital in the United States business segment.

Economic Profit
---------------

   Economic profit represents net operating profit after-tax less an
imputed cost of equity. Economic profit measures how efficiently the
Company utilizes its total capital, both debt and equity. The
following table presents the calculation of the Company's economic
profit (loss) for the periods indicated (dollars in thousands, except
per share data):

                         Three Months Ended         Years Ended
                             December 31,           December 31,
                       ----------------------- -----------------------
                          2003        2002        2003        2002
                       ----------- ----------- ----------- -----------
Economic profit (loss)
Net income (1)             $9,762      $5,090     $28,181     $28,365
Imputed cost of equity
 at 10% (2)                (8,771)     (8,035)    (33,938)    (30,790)
                       ----------- ----------- ----------- -----------
Total economic profit
 (loss)                      $991     $(2,945)    $(5,757)    $(2,425)

Diluted weighted
 average shares
 outstanding           43,958,520  42,852,646  43,409,007  43,362,741
Economic profit (loss)
 per diluted share (3)      $0.02      $(0.07)     $(0.13)     $(0.06)

Adjusted economic
 profit (loss) (4)         $1,813     $(3,237)     $2,605     $(3,990)
Adjusted economic
 profit (loss) per
 diluted share (4)          $0.04      $(0.08)      $0.06      $(0.09)

   (1) Consolidated net income from the Consolidated Income
Statements.
   (2) Cost of equity is equal to 10% (on an annual basis) of average
shareholders' equity, which was $350,836,000 and $339,378,000 for the
three months and year ended December 31, 2003, respectively, and
$321,391,000 and $307,895,000 for the same periods in 2002,
respectively.
   (3) Economic profit (loss) per share equals the economic profit
(loss) divided by weighted average number of shares outstanding.
   (4) Adjusted economic profit (loss) and adjusted economic profit
(loss) per diluted share are calculated the same as unadjusted but
utilize adjusted net income as presented in the reconciliation of
reported net income to adjusted net income table.

Cautionary Statement Regarding Forward Looking Information

Certain statements in this release that are not historical facts, including those regarding the Company's future plans and objectives, are "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While the Company believes that its forward-looking statements are reasonable, actual results could differ materially since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include the following: increased competition from traditional financing sources and from non-traditional lenders, unavailability of funding at competitive rates of interest or the Company's potential inability to continue to obtain third party financing on favorable terms, the Company's potential inability to generate sufficient cash flow to service its debt and fund its future operations, adverse changes in applicable laws and regulations, adverse changes in economic conditions, adverse changes in the automobile or finance industries or in the non-prime consumer finance market, the Company's potential inability to maintain or increase the volume of automobile loans, the Company's potential inability to accurately forecast and estimate future collections and historical collection rates and the associated default risk, the Company's potential inability to accurately estimate the residual values of leased vehicles, an increase in the amount or severity of litigation against the Company, the loss of key management personnel, the effects of terrorist attacks and potential attacks, and various other factors discussed in the Company's reports filed with the Securities and Exchange Commission. Other factors not currently anticipated by management may also materially and adversely affect the Company's results of operations. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Description of Credit Acceptance Corporation

Credit Acceptance is a financial services company specializing in products and services for a network of automobile dealer-partners. Credit Acceptance provides its dealer-partners with financing sources for consumers with limited access to credit and delivers credit approvals instantly through the internet. Other dealer-partner services include marketing, sales training and a wholesale purchasing cooperative. Through its financing program, Credit Acceptance helps consumers change their lives by providing them an opportunity to strengthen and reestablish their credit standing by making timely monthly payments. Credit Acceptance is publicly traded on the NASDAQ National Market under the symbol CACC. For more information, visit www.creditacceptance.com.

                     CREDIT ACCEPTANCE CORPORATION

                    Consolidated Income Statements

(Dollars in thousands,   Three Months Ended          Years Ended
 except per share data)      December 31,            December 31,
                       ----------------------- -----------------------
                           2003        2002        2003        2002
                       ----------- ----------- ----------- -----------
Revenue:
 Finance charges          $26,668     $23,319    $103,125     $97,744
 Lease revenue              1,061       2,900       6,432      16,101
 Ancillary product
  income                    5,062       3,518      19,397      16,437
 Premiums earned              740       1,017       2,986       4,512
 Other income               3,494       3,465      13,848      19,540
                       ----------- ----------- ----------- -----------
Total revenue              37,025      34,219     145,788     154,334
                       ----------- ----------- ----------- -----------
Costs and expenses:
 General and
  administrative            4,673       6,662      20,034      24,551
 Salaries and wages         8,572       6,906      33,655      29,042
 Sales and marketing        1,948       2,079       8,494       7,623
 Stock-based
  compensation expense        753         490       3,583       2,072
 Provision for
  insurance and service
  contract claims             (91)        138         546       1,861
 Provision for credit
  losses                    1,105       7,962      10,459      23,935
 Depreciation of leased
  assets                      642       1,911       4,210       9,669
 United Kingdom asset
  impairment expense            -           -      10,493           -
 Interest                   2,793       1,932       8,057       9,058
                       ----------- ----------- ----------- -----------
   Total costs and
    expenses               20,395      28,080      99,531     107,811
                       ----------- ----------- ----------- -----------
Operating income           16,630       6,139      46,257      46,523
 Foreign exchange loss     (1,730)         (2)     (2,767)          -
                       ----------- ----------- ----------- -----------
Income before provision
 for income taxes          14,900       6,137      43,490      46,523
  Provision for income
   taxes                    5,138       1,047      15,309      18,158
                       ----------- ----------- ----------- -----------
Net income                 $9,762      $5,090     $28,181     $28,365
                       =========== =========== =========== ===========
Net income per common
 share:
  Basic                     $0.23       $0.12       $0.67       $0.67
                       =========== =========== =========== ===========
  Diluted                   $0.22       $0.12       $0.65       $0.65
                       =========== =========== =========== ===========
Weighted average shares
 outstanding:
  Basic                42,040,063  42,371,316  42,195,340  42,438,292
  Diluted              43,958,520  42,852,646  43,409,007  43,362,741


                     CREDIT ACCEPTANCE CORPORATION

                      Consolidated Balance Sheets

(Dollars in thousands)                                 Years Ended
                                                       December 31,
                                                   -------------------
                                                      2003      2002
                                                   --------- ---------
                      ASSETS:
Cash and cash equivalents                           $36,044   $13,466
Investments -- held to maturity                           -       173

Loans receivable                                    872,970   770,069
Allowance for credit losses                         (17,615)  (20,991)
                                                   --------- ---------
  Loans receivable, net                             855,355   749,078
                                                   --------- ---------

Floorplan receivables, net                            2,449     4,450
Lines of credit, net                                  2,023     3,655
Notes receivable, net (including $1,583 and $1,513
 from affiliates as of December 31, 2003 and 2002,
 respectively)                                        2,090     3,899
Investment in operating leases, net                   4,447    17,879
Property and equipment, net                          18,503    19,951
Income taxes receivable                               5,795         -
Other assets                                         17,074    14,280
                                                   --------- ---------
  Total Assets                                     $943,780  $826,831
                                                   ========= =========

       LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
 Lines of credit                                         $-   $43,555
 Secured financing                                  100,000    58,153
 Mortgage note                                        5,418     6,195
 Capital lease obligations                            1,049     1,938
 Accounts payable and accrued liabilities            33,117    28,341
 Dealer holdbacks, net                              423,861   347,040
 Deferred income taxes, net                          22,770    10,058
 Income taxes payable                                     -     6,094
                                                   --------- ---------
   Total Liabilities                                586,215   501,374
                                                   --------- ---------

Shareholders' Equity:
 Common stock                                           421       423
 Paid-in capital                                    125,078   124,772
 Retained earnings                                  227,039   198,858
 Accumulated other comprehensive income -
  cumulative translation adjustment                   5,027     1,404
                                                   --------- ---------
   Total Shareholders' Equity                       357,565   325,457
                                                   --------- ---------
   Total Liabilities and Shareholders' Equity      $943,780  $826,831
                                                   ========= =========


                     CREDIT ACCEPTANCE CORPORATION

                 Consolidated Statements of Cash Flows
                        (Dollars in thousands)

(Dollars in thousands)                                 Years Ended
                                                       December 31,
                                                   -------------------
                                                      2003      2002
                                                   --------- ---------
Cash Flows From Operating Activities:
 Net income                                         $28,181   $28,365
 Adjustments to reconcile net cash provided by
  operating activities:
  Provision for credit losses                        10,459    23,935
  Depreciation                                        4,469     4,718
  Depreciation of leased assets                       4,210     9,669
  Loss on retirement of property and equipment           73     1,417
  Foreign currency loss on forward contracts          2,817         -
  Provision for deferred income taxes                12,712     1,838
  Stock-based compensation                            3,583     2,072
  United Kingdom asset impairment                    10,493         -
Change in operating assets and liabilities:
  Accounts payable and accrued liabilities            1,081   (11,106)
  Income taxes payable                               (6,094)      996
  Income taxes receivable                            (5,795)        -
  Lease payments receivable                             619    (1,031)
  Unearned insurance premiums, insurance reserves and
   fees                                                (837)   (2,850)
  Deferred dealer enrollment fees, net                  878       140
  Other assets                                       (2,794)      282
                                                   --------- ---------
    Net cash provided by operating activities        64,055    58,445
                                                   --------- ---------
Cash Flows From Investing Activities:
 Proceeds from maturities of investments - held to
  maturity                                              173         -
 Principal collected on loans receivable            348,932   339,371
 Advances to dealers                               (366,747) (285,612)
 Payments of dealer holdbacks                       (28,954)  (32,890)
 Operating lease acquisitions                             -      (874)
 Deferred costs from lease acquisitions                   -      (201)
 Operating lease liquidations                         6,900    12,081
 Decrease in floorplan receivables                    1,596     1,940
 Decrease (increase) in lines of credit                 969      (273)
 Increase in notes receivable  -- affiliates            (70)       (5)
 Decrease in notes receivable -- non-affiliates       1,848       706
 Purchases of property and equipment                 (3,094)   (6,440)
                                                   --------- ---------
   Net cash provided by (used in) investing
    activities                                      (38,447)   27,803
                                                   --------- ---------
Cash Flows From Financing Activities:
 Net repayments under lines of credit               (43,555)  (29,660)
 Proceeds from secured financings                   100,000   103,551
 Repayments of secured financings                   (58,153) (167,794)
 Proceeds under capital lease obligations                32     2,249
 Principal payments under capital lease obligations    (921)     (311)
 Repayment of mortgage note                            (777)     (723)
 Repurchase of common stock                          (5,316)   (7,018)
 Proceeds from stock options exercised                2,037     3,608
                                                   --------- ---------
   Net cash used in financing activities             (6,653)  (96,098)
                                                   --------- ---------
   Effect of exchange rate changes on cash            3,623     7,543
                                                   --------- ---------
Net increase (decrease) in cash and cash
 equivalents                                         22,578    (2,307)
  Cash and cash equivalents, beginning of period     13,466    15,773
                                                   --------- ---------
  Cash and cash equivalents, end of period          $36,044   $13,466
                                                   ========= =========


                     CREDIT ACCEPTANCE CORPORATION

                        Summary Financial Data
                        (Dollars in thousands)

Loans Receivable
----------------

The following table summarizes the composition of loans receivable:

                                                As of December  31,
                                             -------------------------
                                                 2003         2002
                                             ------------- -----------

Gross loans receivable                         $1,033,234    $910,417
Unearned finance charges                         (157,707)   (136,954)
Unearned insurance premiums, insurance
 reserves and fees                                 (2,557)     (3,394)
                                             ------------- -----------
Loans receivable                                 $872,970    $770,069
                                             ============= ===========

Non-accrual loans                                $201,151    $212,373
                                             ============= ===========

Non-accrual loans as a percent of gross loans
 receivable                                          19.5%       23.3%
                                             ============= ===========


A summary of changes in gross loans receivable is as follows:

                            Three Months Ended        Year Ended
                               December 31,          December 31,
                           --------------------- ---------------------
                              2003       2002       2003       2002
                           ----------- --------- ----------- ---------

Balance, beginning of
 period                    $1,032,185  $932,713    $910,417  $900,415
Gross amount of loans
 accepted                     177,678   140,108     814,182   625,385
Net cash collections on
 loans                       (115,299) (106,390)   (457,406) (440,851)
Charge-offs(a)                (73,920)  (59,412)   (261,365) (186,788)
Recoveries                      7,048         -      14,168         -
Net change in repossessed
 collateral                    (1,780)     (211)        156    (2,212)
Currency translation            7,322     3,609      13,082    14,468
                           ----------- --------- ----------- ---------
Balance, end of period     $1,033,234  $910,417  $1,033,234  $910,417
                           =========== ========= =========== =========

(a) Charge-offs presented net of recoveries for activity prior to
July 1, 2003


                     CREDIT ACCEPTANCE CORPORATION

                        Summary Financial Data
                        (Dollars in thousands)

Loans Receivable - (concluded)
------------------------------

A summary of the change in the allowance for credit losses is as
follows:

                                 Three Months Ended    Years Ended
                                    December 31,       December 31,
                                -------------------- -----------------
                                   2003      2002      2003     2002
                                ---------- --------- -------- --------

Balance, beginning of period      $14,883   $17,568  $20,991  $13,906
Provision for loan losses           1,005     5,864    7,657   15,443
Charge-offs(a)                     (1,548)   (2,537) (17,736)  (8,800)
Recoveries                          2,927         -    6,160        -
Currency translation                  348        96      543      442
                                ---------- --------- -------- --------
Balance, end of period            $17,615   $20,991  $17,615  $20,991
                                ========== ========= ======== ========

(a) Charge-offs presented net of recoveries for periods prior to
July 1, 2003


Investment in Operating Leases
------------------------------

The following table summarizes the composition of investment in
operating leases, net:

                                                  As of December 31,
                                                ----------------------
                                                    2003       2002
                                                ----------- ----------

Gross leased assets                                $10,274    $26,821
Accumulated depreciation                            (6,664)   (12,304)
Gross deferred costs                                 1,513      3,956
Accumulated amortization of deferred costs          (1,307)    (2,706)
Lease payments receivable                              631      2,112
                                                ----------- ----------
Investment in operating leases                      $4,447    $17,879
                                                =========== ==========

                     CREDIT ACCEPTANCE CORPORATION

                        Summary Financial Data

                        (Dollars in thousands)

Investment in Operating Leases - (concluded)
--------------------------------------------

A summary of changes in the investment in operating leases is as
follows:

                                  Three Months Ended    Years Ended
                                      December 31,      December 31,
                                  ------------------------------------
                                    2003      2002     2003     2002
                                  --------- -------- -------- --------

Balance, beginning of period        $6,364  $23,222  $17,879  $42,774
Gross operating leases originated        -        -        -    1,075
Depreciation of operating leases      (642)  (1,911)  (4,210)  (9,669)
Lease payments receivable            1,041    2,995    6,513   16,062
Collections on operating leases     (1,145)  (2,883)  (7,132) (15,031)
Provision for lease losses               -   (1,231)  (1,703)  (5,251)
Operating lease liquidations        (1,250)  (2,331)  (7,323) (12,100)
Currency translation                    79       18      423       19
                                  --------- -------- -------- --------
Balance, end of period              $4,447  $17,879   $4,447  $17,879
                                  ========= ======== ======== ========

Dealer Holdbacks
-----------------

The following table summarizes the composition of dealer holdbacks:

                                              As of December 31,
                                            ----------------------
                                               2003        2002
                                            ----------------------

Dealer holdbacks                              $828,720   $734,625
Less: advances                                (404,859)  (387,585)
                                            ----------- ----------
Dealer holdbacks, net                         $423,861   $347,040
                                            =========== ==========

SOURCE: Credit Acceptance Corporation

Credit Acceptance Corporation, Southfield
Douglas W. Busk, 248-353-2700 Ext. 432
IR@creditacceptance.com
www.creditacceptance.com
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