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Credit Acceptance Announces Fourth Quarter And Full Year 2012 Earnings

        The advance rates presented for each Consumer Loan assignment year change over time due to the impact of transfers between dealer and purchased loans.  Under our portfolio program, certain events may result in dealers forfeiting their rights to dealer holdback.  We transfer the dealer's Consumer Loans from the dealer loan portfolio to the purchased loan portfolio in the period this forfeiture occurs. 

Although the advance rate on purchased loans is higher as compared to the advance rate on dealer loans, purchased loans do not require us to pay dealer holdback. 

Consumer Loan Volume

The following table summarizes changes in Consumer Loan assignment volume in each of the last eight quarters as compared to the same period in the previous year:

    Year over Year Percent Change  
 Three Months Ended   Unit Volume     Dollar Volume (1)  
March 31, 2011     36.7 %     59.3 %
June 30, 2011     28.7 %     41.3 %
September 30, 2011     28.6 %     40.5 %
December 31, 2011     25.3 %     32.1 %
March 31, 2012     10.6 %     10.7 %
June 30, 2012     7.3 %     7.9 %
September 30, 2012     5.4 %     3.1 %
December 31, 2012     2.4 %     6.0 %

(1)     Represents advances paid to dealers on Consumer Loans assigned under our portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under our purchase program.  Payments of dealer holdback and accelerated dealer holdback are not included.

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