Credit Acceptance Announces Fourth Quarter And Full Year 2012 Earnings

Southfield, Michigan, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the"Company", "Credit Acceptance", "we", "our", or "us") todayannounced consolidated net income of $59.9 million, or $2.40 perdiluted share, for the three months ended December 31, 2012compared to consolidated net income of $50.0 million, or $1.91 perdiluted share, for the same period in 2011.  For the yearended December 31, 2012, consolidated net income was $219.7million, or $8.58 per diluted share, compared to consolidated netincome of $188.0 million, or $7.07 per diluted share, for the sameperiod in 2011.

Adjusted net income, a non-GAAP financialmeasure, for the three months ended December 31, 2012 was $57.3million, or $2.30 per diluted share, compared to $51.3million, or $1.96 per diluted share, for the same period in2011.  For the year ended December 31, 2012, adjusted netincome was $216.2 million, or $8.45 per diluted share, compared toadjusted net income of $194.1 million, or $7.30 per diluted share,for the same period in 2011.

Webcast Details

We will host a webcast on January 31, 2013 at5:00 p.m. Eastern Time to answer questions related to our fourthquarter and full year 2012 results.  The webcast can beaccessed live by visiting the "Investor Relations" section of ourwebsite at creditacceptance.com or bydialing 877-303-2904.  Additionally, a replay and transcriptof the webcast will be archived in the "Investor Relations" sectionof our website.

Consumer Loan Performance

Dealers assign retail installment contracts(referred to as "Consumer Loans") to Credit Acceptance.  Atthe time a Consumer Loan is submitted to us for assignment, weforecast future expected cash flows from the Consumer Loan. Based on the amount and timing of these forecasts and expectedexpense levels, an advance or one-time purchase payment is made tothe related dealer at a price designed to achieve an acceptablereturn on capital.  If Consumer Loan performance equals orexceeds our initial expectation, it is likely our target return oncapital will be achieved.

We use a statistical model to estimate the expected collectionrate for each Consumer Loan at the time of assignment.  Wecontinue to evaluate the expected collection rate of each ConsumerLoan subsequent to assignment.  Our evaluation becomes moreaccurate as the Consumer Loans age, as we use actual performancedata in our forecast.  By comparing our current expectedcollection rate for each Consumer Loan with the rate we projectedat the time of assignment, we are able to assess the accuracy ofour initial forecast.  The following table compares ourforecast of Consumer Loan collection rates as of December 31, 2012,with the forecasts as of September 30, 2012, as of December 31,2011, and at the time of assignment, segmented by year ofassignment:

    ForecastedCollection Percentage as of     Variance inForecasted Collection Percentage from  
 Consumer LoanAssignment Year   December31, 2012     September30, 2012     December 31,2011     InitialForecast     September30, 2012     December 31,2011     InitialForecast  
2003     73.8 %     73.8 %     73.7 %     72.0 %     0.0 %     0.1 %     1.8 %
2004     73.0 %     73.0 %     73.0 %     73.0 %     0.0 %     0.0 %     0.0 %
2005     73.6 %     73.5 %     73.6 %     74.0 %     0.1 %     0.0 %     -0.4 %
2006     69.9 %     70.0 %     70.0 %     71.4 %     -0.1 %     -0.1 %     -1.5 %
2007     68.0 %     68.1 %     68.1 %     70.7 %     -0.1 %     -0.1 %     -2.7 %
2008     70.3 %     70.3 %     70.0 %     69.7 %     0.0 %     0.3 %     0.6 %
2009     79.5 %     79.5 %     79.4 %     71.9 %     0.0 %     0.1 %     7.6 %
2010     77.3 %     77.2 %     76.8 %     73.6 %     0.1 %     0.5 %     3.7 %
2011     74.1 %     73.7 %     73.2 %     72.5 %     0.4 %     0.9 %     1.6 %
      2012 (1)     72.2 %     71.6 %     --       71.4 %     0.6 %     --       0.8 %

(1)     The forecasted collection rate for2012 Consumer Loans as of December 31, 2012 includes both ConsumerLoans that were in our portfolio as of September 30, 2012 andConsumer Loans assigned during the most recent quarter.  Thefollowing table provides forecasted collection rates for each ofthese segments:
    ForecastedCollection Percentage as of        
 2012 Consumer LoanAssignment Period   December 31,2012     September 30,2012     Variance  
January 1, 2012 through September 30,2012     72.3 %     71.6 %     0.7 %
October 1, 2012 through December 31,2012     71.8 %     --       --  

Consumer Loans assigned in 2003 and 2009 through2011 have yielded forecasted collection results materially betterthan our initial estimates, while Consumer Loans assigned in 2006and 2007 have yielded forecasted collection results materiallyworse than our initial estimates.  For all other assignmentyears presented, actual results have been very close to our initialestimates.  For the three months ended December 31, 2012,forecasted collection rates improved for Consumer Loans assigned in2011 and 2012 and were generally consistent with expectations atthe start of the period for all assignment years presented. For the year ended December 31, 2012, forecasted collectionrates improved for Consumer Loans assigned during 2008 and 2010through 2012 and were generally consistent with expectations at thestart of the period for all other assignment years presented.

Forecasting collection rates precisely at loaninception is difficult.  With this in mind, we establishadvance rates that are intended to allow us to achieve acceptablelevels of profitability, even if collection rates are less than wecurrently forecast. 

The following table presents forecasted Consumer Loan collectionrates, advance rates, the spread (the forecasted collection rateless the advance rate), and the percentage of the forecastedcollections that had been realized as of December 31, 2012. All amounts, unless otherwise noted, are presented as a percentageof the initial balance of the Consumer Loan (principal +interest).  The table includes both dealer loans and purchasedloans.
    As of December31, 2012  
 Consumer LoanAssignment Year   ForecastedCollection %     Advance %(1)     Spread%     % of ForecastRealized (2)  
2003     73.8 %     43.4 %     30.4 %     99.7 %
2004     73.0 %     44.0 %     29.0 %     99.6 %
2005     73.6 %     46.9 %     26.7 %     99.5 %
2006     69.9 %     46.6 %     23.3 %     98.9 %
2007     68.0 %     46.5 %     21.5 %     98.0 %
2008     70.3 %     44.6 %     25.7 %     96.8 %
2009     79.5 %     43.9 %     35.6 %     94.9 %
2010     77.3 %     44.7 %     32.6 %     78.6 %
2011     74.1 %     45.5 %     28.6 %     50.9 %
2012     72.2 %     46.3 %     25.9 %     18.1 %

(1)     Represents advancespaid to dealers on Consumer Loans assigned under our portfolioprogram and one-time payments made to dealers to purchase ConsumerLoans assigned under our purchase program as a percentage of theinitial balance of the Consumer Loans.  Payments of dealerholdback and accelerated dealer holdback are not included.

(2)     Presented as apercentage of total forecasted collections.

The risk of a material change in our forecastedcollection rate declines as the Consumer Loans age.  For 2009and prior Consumer Loan assignments, the risk of a materialforecast variance is modest, as we have currently realized inexcess of 90% of the expected collections.  Conversely, theforecasted collection rates for more recent Consumer Loanassignments are less certain as a significant portion of ourforecast has not been realized.

The spread between the forecasted collectionrate and the advance rate declined during the 2004 through 2007period as we increased advance rates during this period in responseto a more difficult competitive environment.  During 2008 and2009, the spread increased as the competitive environment improvedand we reduced advance rates.  In addition, during 2009, thespread was positively impacted by better than expected ConsumerLoan performance.  During the 2010 through 2012 period, thespread decreased as we again increased advance rates in response tothe competitive environment.

The following table presents forecasted ConsumerLoan collection rates, advance rates, and the spread (theforecasted collection rate less the advance rate) as of December31, 2012 for dealer loans and purchased loans separately.  Allamounts are presented as a percentage of the initial balance of theConsumer Loan (principal + interest).
  Consumer Loan AssignmentYear   Forecasted Collection%     Advance % (1)     Spread %  
Dealer loans 2007   67.9 %   45.8 %   22.1 %
  2008   70.7 %   43.3 %   27.4 %
  2009   79.5 %   43.5 %   36.0 %
  2010   77.3 %   44.4 %   32.9 %
  2011   74.0 %   45.2 %   28.8 %
  2012   72.1 %   46.0 %   26.1 %
                     
Purchased loans 2007   68.4 %   49.1 %   19.3 %
  2008   69.7 %   46.7 %   23.0 %
  2009   79.5 %   45.3 %   34.2 %
  2010   77.1 %   46.4 %   30.7 %
  2011   74.4 %   48.2 %   26.2 %
  2012   73.0 %   49.5 %   23.5 %

(1)     Represents advancespaid to dealers on Consumer Loans assigned under our portfolioprogram and one-time payments made to dealers to purchase ConsumerLoans assigned under our purchase program as a percentage of theinitial balance of the Consumer Loans.  Payments of dealerholdback and accelerated dealer holdback are not included.

        Theadvance rates presented for each Consumer Loan assignment yearchange over time due to the impact of transfers between dealer andpurchased loans.  Under our portfolio program, certain eventsmay result in dealers forfeiting their rights to dealerholdback.  We transfer the dealer's Consumer Loans from thedealer loan portfolio to the purchased loan portfolio in the periodthis forfeiture occurs. 

Although the advance rate on purchased loans is higher ascompared to the advance rate on dealer loans, purchased loans donot require us to pay dealer holdback. 

Consumer Loan Volume

The following table summarizes changes inConsumer Loan assignment volume in each of the last eight quartersas compared to the same period in the previous year:
    Year over YearPercent Change  
 Three MonthsEnded   UnitVolume     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 dealerson Consumer Loans assigned under our portfolio program and one-timepayments made to dealers to purchase Consumer Loans assigned underour purchase program.  Payments of dealer holdback andaccelerated dealer holdback are not included.

Consumer Loan assignment volumes depend on a number of factorsincluding (1) the overall demand for our product, (2) the amount ofcapital available to fund new loans, and (3) our assessment of thevolume that our infrastructure can support.  Our pricingstrategy is intended to maximize the amount of economic profit wegenerate, within the confines of capital and infrastructureconstraints. 

Unit and dollar volumes grew 2.4% and 6.0%, respectively, duringthe fourth quarter of 2012 as the number of active dealersgrew 24.9% and average volume per active dealer declined17.5%.  We believe the decline in volume per dealer is theresult of increased competition.  We increased advance ratesin April 2012 and September 2012, which positively impacted unitand dollar volumes while reducing the return on capital we expectto earn on new assignments.  We believe these advance rateincreases had a positive impact on economic profit as we believethe positive impact of the increased dollar volume exceeded thenegative impact of the reduced return on capital. 

The following table summarizes the changes in Consumer Loan unitvolume and active dealers:
    For the ThreeMonths Ended December 31,  
    2012     2011     %Change  
Consumer Loan unit volume     41,442       40,482       2.4 %
Active dealers (1)     4,001       3,203       24.9 %
Average volume per active dealer     10.4       12.6       -17.5 %

(1)     Active dealers are dealers who havereceived funding for at least one dealer loan or purchased loanduring the period.

The following table provides additional information on thechanges in Consumer Loan unit volume and active dealers:

    For the ThreeMonths Ended December 31,  
    2012     2011     %Change  
Consumer Loan unit volume from dealers activeboth periods     29,457       34,570       -14.8 %
Dealers active both periods     2,299       2,299       --  
Average volume per dealers active bothperiods     12.8       15.0       -14.8 %
                         
Consumer Loan unit volume from newdealers     2,044       1,713       19.3 %
New active dealers (1)     514       382       34.6 %
Average volume per new active dealers     4.0       4.5       -11.1 %
                         
Attrition (2)     -14.6 %     -10.3 %        

(1)     New active dealers are dealers whoenrolled in our program and have received funding for their firstdealer loan or purchased loan from us during the period.

(2)     Attrition is measured according tothe following formula:  decrease in Consumer Loan unit volumefrom dealers who have received funding for at least one dealer loanor purchased loan during the comparable period of the prior yearbut did not receive funding for any dealer loans or purchased loansduring the current period divided by prior year comparable periodConsumer Loan unit volume.

Consumer Loans are assigned to us as either dealer loans throughour portfolio program or purchased loans through our purchaseprogram.  The following table summarizes the portion of ourConsumer Loan volume that was assigned to us as dealer loans:
    For the ThreeMonths EndedDecember 31,     For the YearsEndedDecember 31,  
    2012     2011     2012     2011  
Dealer loan unit volume as a percentage oftotal unit volume   94.0 %     92.6 %   93.7     92.5 %
Dealer loan dollar volume as a percentage oftotal dollar volume (1)     92.6 %     90.4 %     92.0 %     90.4 %
                                 

(1)     Represents advances paid to dealerson Consumer Loans assigned under our portfolio program and one-timepayments made to dealers to purchase Consumer Loans assigned underour purchase program.  Payments of dealer holdback andaccelerated dealer holdback are not included.

For the three months and year ended December 31,2012, dealer loan unit and dollar volume as a percentage of totalunit and dollar volume were generally consistent with the sameperiods in 2011.

As of December 31, 2012 and 2011, the net dealerloans receivable balance was 88.0% and 85.4%, respectively, of thetotal net loans receivable balance.

Adjusted Financial Results

Adjusted financial results are provided to help shareholdersunderstand our financial performance.  The financial databelow is non-GAAP, unless labeled otherwise.  We use adjustedfinancial information internally to measure financial performanceand to determine incentive compensation.  The table belowshows our results following adjustments to reflect non-GAAPaccounting methods.  Material adjustments are explained in thetable footnotes and the subsequent "Floating Yield Adjustment"section.  Measures such as adjusted average capital, adjustednet income, adjusted net income per diluted share, adjusted netincome plus interest expense after-tax, adjusted return on capital,adjusted revenue, operating expenses, and economic profit are allnon-GAAP financial measures.  These non-GAAP financialmeasures should be viewed in addition to, and not as an alternativefor, our reported results prepared in accordance with GAAP.

Adjusted financial results for the three months and year endedDecember 31, 2012, compared to the same periods in 2011, includethe following:
    For the ThreeMonths Ended December 31,     For the YearsEnded December 31,  
 (In millions, except share and pershare data)   2012     2011     %Change     2012     2011     %Change  
Adjusted average capital   $ 1,866.0     $ 1,512.8       23.3 %   $ 1,742.8     $ 1,371.1       27.1 %
Adjusted net income   $ 57.3     $ 51.3       11.7 %   $ 216.2     $ 194.1       11.4 %
Adjusted interest expense after-tax   $ 10.2     $ 9.5       7.4 %   $ 39.9     $ 36.0       10.8 %
Adjusted net income plus interest expenseafter-tax   $ 67.5     $ 60.8       11.0 %   $ 256.1     $ 230.1       11.3 %
Adjusted return on capital     14.5 %     16.1 %     -9.9 %     14.7 %     16.8 %     -12.5 %
Cost of capital     5.5 %     5.8 %     -5.2 %     5.5 %     6.4 %     -14.1 %
Economic profit   $ 42.1     $ 38.8       8.5 %   $ 159.6     $ 143.1       11.5 %
GAAP diluted weighted average sharesoutstanding     24,926,004       26,258,668       -5.1 %     25,598,956       26,600,855       -3.8 %
Adjusted net income per diluted share   $ 2.30     $ 1.96       17.3 %   $ 8.45     $ 7.30       15.8 %

Economic profit increased 8.5% and 11.5% for the threemonths and year ended December 31, 2012, respectively, as comparedto the same periods in 2011.  Economic profit is a function ofthe return on capital in excess of the cost of capital and theamount of capital invested in the business.  The followingtable summarizes the impact each of these components had on theincrease in economic profit for the three months and year endedDecember 31, 2012, as compared to the same periods in 2011:
    Year over YearChange in Economic Profit  
(In millions)   For the ThreeMonths Ended December 31, 2012     For the YearEnded December 31, 2012  
Increase in adjusted average capital   $ 9.1     $ 38.8  
Decrease in cost of capital     1.7       14.1  
Decrease in adjusted return on capital     (7.5 )     (36.4 )
Increase in economic profit   $ 3.3     $ 16.5  

The increase in economic profit for the three months endedDecember 31, 2012, as compared to the same period in 2011, was theresult of the following:
  • An increase in adjusted average capital of 23.3% due to growthin our loan portfolio primarily as a result of an increase inactive dealers. 
  • A decrease in our cost of capital of 30 basis points primarilydue to a decline in the average cost of debt resulting from thechange in the mix of our outstanding debt.
  • A decrease in our adjusted return on capital of 160 basispoints primarily as a result of the following:
  • A lower yield on our loan portfolio due to higher advance ratesdecreased the adjusted return on capital by 150 basispoints. 
  • An increase in operating expenses decreased the adjusted returnon capital by 30 basis points as operating expenses grew 29.4%while adjusted average capital grew 23.3%.  The 29.4% increase($8.5 million) in operating expenses primarily included:
  • An increase in salaries and wages expense of $5.0 million, or31.8%, which included a $3.3 million increase in stock-basedcompensation expense primarily attributable to the 15 year stockaward granted to our Chief Executive Officer during the firstquarter of 2012.  Salaries and wages, excluding the increasein stock-based compensation, increased $1.7 million including anincrease of $1.1 million in loan servicing, $0.5 million forsupport functions and $0.1 million in loan originations.
  • An increase in sales and marketing expense of $1.9 million, or32.8%, primarily as a result of the increase in the size of ourfield sales force.
  • An increase in general and administrative expenses of $1.6million, or 21.6%, primarily due to a $1.1 million expense relatedto the termination of our relationship with a third party ancillaryproduct provider during the fourth quarter of 2012 and a $0.3million increase in consulting fees.

The increase in economic profit for the year ended December 31,2012, as compared to the same period in 2011, was the result of thefollowing:
  • An increase in adjusted average capital of 27.1% due to growthin our loan portfolio primarily as a result of an increase inactive dealers.
  • A decrease in our cost of capital of 90 basis points due to adecline in the average cost of equity resulting from a decline inthe average 30 year treasury rate and a decline in the average costof debt resulting from the change in the mix of our outstandingdebt.
  • A decrease in our adjusted return on capital of 210 basispoints primarily as a result of the following:
  • A lower yield on our loan portfolio due to higher advance ratesdecreased the adjusted return on capital by 180 basispoints. 
  • A decrease in other income reduced the adjusted return oncapital by 30 basis points primarily as a result of a decrease inGuaranteed Asset Protection ("GAP") profit sharing income, whichwas a result of the following:
  • Additional income recognized during 2011 as a result of achange we made to our revenue recognition during 2011 to beginrecognizing this income as earned over the life of the GAPcontracts.
  • A change made to our profit sharing income arrangement during2012 that increased the total amount of income earned per GAPcontract but reduced the amount recognized as other income. This reduction was more than offset by a higher fee per GAPcontract that is recognized as finance charges.
  • New GAP contract unit volume lagged the growth in adjustedaverage capital due to lower Consumer Loan unit volume growth and adecline in the penetration rate of our GAP product.

Operating expenses remained flat as a percentage of adjustedaverage capital for the year ended December 31, 2012, as comparedto the same period in 2011, as operating expenses grew 28.3% whileadjusted average capital grew 27.1%.  The 28.3% increase($31.7 million) in operating expenses included:
  • An increase in salaries and wages of $19.2 million, or 30.5%,which included a $10.3 million increase in stock-based compensationexpense primarily attributable to the 15 year stock award grantedto our Chief Executive Officer during the first quarter of 2012 anda $2.0 million increase in fringe benefits, primarily related tomedical claims. Salaries and wages, excluding the increase instock-based compensation and fringe benefits, increased $6.9million including an increase of $4.2 million in loan servicing,$2.2 million for support functions and $0.5 million in loanoriginations. 
  • An increase in sales and marketing expenses of $7.6 million, or32.2%, primarily as a result of the increase in the size of thefield sales force.
  • An increase in general and administrative expenses of $4.9million, or 19.1%, primarily due to a $1.2 million increase ininformation technology expenses, a $1.1 million expense related tothe termination of our relationship with a third party ancillaryproduct provider during the fourth quarter of 2012, a $1.1 millionincrease in legal expenses and $0.9 million in higher taxesprimarily as a result of a property tax refund recognized in thefirst quarter of 2011. 

The following table shows adjusted revenue and operatingexpenses as a percentage of adjusted average capital, the adjustedreturn on capital, and the percentage change in adjusted averagecapital for each of the last eight quarters, compared to the sameperiods in the prior year:
    For the ThreeMonths Ended  
    Dec. 31,2012     Sept. 30,2012     Jun. 30,2012     Mar. 31,2012     Dec. 31,2011     Sept. 30,2011     Jun. 30,2011     Mar. 31,2011  
Adjusted revenue as a percentage of adjustedaverage capital (1)     31.0 %     31.7 %     31.9 %     31.8 %     33.2 %     33.9 %     35.0 %     37.9 %
Operating expenses as a percentage ofadjusted average capital (1)     8.0 %     8.2 %     8.2 %     8.6 %     7.6 %     7.8 %     8.2 %     9.3 %
Adjusted return on capital (1)     14.5 %     14.8 %     14.9 %     14.6 %     16.1 %     16.4 %     16.9 %     18.0 %
Percentage change in adjusted average capitalcompared to the same period in the prior year     23.3 %     25.5 %     27.9 %     32.9 %     33.9 %     30.6 %     26.0 %     19.2 %

(1)     Annualized

The adjusted return on capital for the three months endedDecember 31, 2012, as compared to the three months ended September30, 2012, decreased 30 basis points primarily as a result of adecrease in finance charges as a percentage of adjusted averagecapital.  Finance charges decreased the adjusted return oncapital by 60 basis points primarily as a result of a decrease inthe yield on our loan portfolio due to higher advance rates onConsumer Loans assigned in the fourth quarter of 2012. 

The following tables provide a reconciliation of non-GAAPmeasures to GAAP measures.  All after-tax adjustments arecalculated using a 37% tax rate as we estimate that to be our longterm average effective tax rate.  Certain amounts do notrecalculate due to rounding. 
    For the ThreeMonths Ended  
(In millions, except share and  pershare data)   Dec.31,2012     Sept.30,2012     Jun.30,2012     Mar.31,2012     Dec.31,2011     Sept.30,2011     Jun.30,2011     Mar.31,2011  
Adjusted netincome                                                
GAAP net income   $ 59.9     $ 52.9     $ 56.6     $ 50.3     $ 50.0     $ 50.0     $ 44.8     $ 43.2  
Floating yield adjustment (after-tax)     (0.2 )     2.8       (1.9 )     (0.7 )     0.8       (0.4 )     2.9       3.8  
Program fee yield adjustment (after-tax)     --       --       --       --       0.2       --       0.1       --  
Adjustment to record taxes at 37%     (2.4 )     (0.1 )     (0.4 )     (0.6 )     0.3       (0.4 )     (0.4 )     (0.8 )
Adjusted net income   $ 57.3     $ 55.6     $ 54.3     $ 49.0     $ 51.3     $ 49.2     $ 47.4     $ 46.2  
                                                                 
Adjusted net income per diluted share   $ 2.30     $ 2.23     $ 2.09     $ 1.86     $ 1.96     $ 1.88     $ 1.81     $ 1.68  
Diluted weighted average sharesoutstanding     24,926,004       24,962,054       25,979,872       26,283,801       26,258,668       26,135,755       26,110,528       27,489,326  
                                                                 
Adjusted revenue                                                                
GAAP total revenue   $ 159.3     $ 155.7     $ 151.8     $ 142.4     $ 138.0     $ 133.7     $ 130.0     $ 123.5  
Floating yield adjustment     (0.3 )     4.4       (2.9 )     (1.1 )     1.3       (0.6 )     4.4       6.1  
Program fee yield adjustment     --       --       --       --       0.4       0.1       0.1       0.1  
Provision for credit losses     (6.2 )     (9.8 )     (2.7 )     (5.3 )     (6.6 )     (4.6 )     (9.0 )     (9.0 )
Provision for claims     (8.1 )     (9.1 )     (9.0 )     (8.5 )     (7.7 )     (8.4 )     (7.7 )     (6.6 )
Adjusted revenue   $ 144.7     $ 141.2     $ 137.2     $ 127.5     $ 125.4     $ 120.2     $ 117.8     $ 114.1  
                                                                 
Adjusted averagecapital                                                                
GAAP average debt   $ 1,241.2     $ 1,202.8     $ 1,126.4     $ 1,031.2     $ 985.7     $ 941.5     $ 918.2     $ 723.8  
GAAP average shareholders' equity     612.2       568.9       585.1       558.8       516.8       467.3       418.4       476.2  
Floating yield adjustment     12.6       10.0       9.4       12.6       10.5       11.1       9.5       6.3  
Program fee yield adjustment     --       --       --       --       (0.2 )     (0.2 )     (0.3 )     (0.3 )
Adjusted average capital   $ 1,866.0     $ 1,781.7     $ 1,720.9     $ 1,602.6     $ 1,512.8     $ 1,419.7     $ 1,345.8     $ 1,206.0  
                                                                 
Adjusted revenue as a percentage of adjustedaverage capital (1)     31.0 %     31.7 %     31.9 %     31.8 %     33.2 %     33.9 %     35.0 %     37.9 %
                                                                 
Adjusted interestexpense                                                                
GAAP interest expense   $ 16.3     $ 16.3     $ 15.6     $ 15.2     $ 15.0     $ 14.6     $ 15.0     $ 12.6  
Adjustment to record tax effect at 37%     (6.1 )     (6.0 )     (5.8 )     (5.6 )     (5.5 )     (5.5 )     (5.6 )     (4.6 )
Adjusted interest expense (after-tax)   $ 10.2     $ 10.3     $ 9.8     $ 9.6     $ 9.5     $ 9.1     $ 9.4     $ 8.0  

(1)     Annualized
    For the ThreeMonths Ended  
(In millions)   Dec.31,2012     Sept.30,2012     Jun.30,2012     Mar.31,2012     Dec.31,2011     Sept.30,2011     Jun.30,2011     Mar.31,2011  
Adjusted return oncapital                                                
Adjusted net income   $ 57.3     $ 55.6     $ 54.3     $ 49.0     $ 51.3     $ 49.2     $ 47.4     $ 46.2  
Adjusted interest expense (after-tax)     10.2       10.3       9.8       9.6       9.5       9.1       9.4       8.0  
Adjusted net income plus interestexpense(after-tax)   $ 67.5     $ 65.9     $ 64.1     $ 58.6     $ 60.8     $ 58.3     $ 56.8     $ 54.2  
                                                                 
Adjusted return oncapital (1) (3)     14.5 %     14.8 %     14.9 %     14.6 %     16.1 %     16.4 %     16.9 %     18.0 %
                                                                 
Economic profit                                                                
Adjusted return on capital     14.5 %     14.8 %     14.9 %     14.6 %     16.1 %     16.4 %     16.9 %     18.0 %
Cost of capital (2) (3)     5.5 %     5.3 %     5.6 %     5.8 %     5.8 %     6.2 %     6.5 %     7.1 %
Adjusted return on capital in excess of costof capital     9.0 %     9.5 %     9.3 %     8.8 %     10.3 %     10.2 %     10.4 %     10.9 %
Adjusted average capital   $ 1,866.0     $ 1,781.7     $ 1,720.9     $ 1,602.6     $ 1,512.8     $ 1,419.7     $ 1,345.8     $ 1,206.0  
    Economic profit   $ 42.1     $ 42.1     $ 40.0     $ 35.4     $ 38.8     $ 36.4     $ 35.0     $ 32.9  
                                                                 
Operatingexpenses                                                                
GAAP salaries and wages   $ 20.7     $ 21.7     $ 20.4     $ 19.4     $ 15.7     $ 15.8     $ 15.4     $ 16.1  
GAAP general and administrative     9.0       6.8       7.3       7.4       7.4       6.0       6.5       5.7  
GAAP sales and marketing     7.7       8.2       7.5       7.8       5.8       5.6       5.8       6.4  
Operating expenses   $ 37.4     $ 36.7     $ 35.2     $ 34.6     $ 28.9     $ 27.4     $ 27.7     $ 28.2  
                                                                 
Operating expenses as a percentage ofadjusted average capital (3)     8.0 %     8.2 %     8.2 %     8.6 %     7.6 %     7.8 %     8.2 %     9.3 %
                                                                 
Percentage change in adjusted average capitalcompared to the same period in the prior year     23.3 %     25.5 %     27.9 %     32.9 %     33.9 %     30.6 %     26.0 %     19.2 %

(1)     Adjusted return oncapital is defined as adjusted net income plus adjusted interestexpense after-tax divided by adjusted average capital.

(2)     The cost of capitalincludes both a cost of equity and a cost of debt.  The costof equity capital is determined based on a formula that considersthe risk of the business and the risk associated with our use ofdebt.  The formula utilized for determining the cost of equitycapital is as follows: (the average 30 year treasury rate + 5%) +[(1 - tax rate) x (the average 30 year treasury rate + 5% - pre-taxaverage cost of debt rate) x average debt/(average equity + averagedebt x tax rate)].  For the periods presented, the average 30year treasury rate and the adjusted pre-tax average cost of debtwere as follows:

    For the ThreeMonths Ended  
    Dec.31,2012     Sept.30,2012     Jun.30,2012     Mar.31,2012     Dec.31,2011     Sept.30,2011     Jun.30,2011     Mar.31,2011  
Average 30 year treasury rate     2.8 %     2.7 %     3.0 %     3.1 %     3.0 %     3.8 %     4.4 %     4.5 %
Adjusted pre-tax average cost of debt(3)     5.2 %     5.4 %     5.6 %     5.9 %     6.1 %     6.2 %     6.5 %     7.0 %

(3)     Annualized
    For the YearsEnded December 31,  
(In millions, except share and per sharedata)   2012     2011  
             
Adjusted netincome            
GAAP net income   $ 219.7     $ 188.0  
Floating yield adjustment (after-tax)     --       7.1  
Program fee yield adjustment (after-tax)     --       0.3  
Adjustment to record taxes at 37%     (3.5 )     (1.3 )
Adjusted net income   $ 216.2     $ 194.1  
                 
Adjusted net income per dilutedshare   $ 8.45     $ 7.30  
Diluted weighted average sharesoutstanding     25,598,956       26,600,855  
                 
Adjusted averagecapital                
GAAP average debt   $ 1,150.4     $ 892.3  
GAAP average shareholders' equity     581.3       469.7  
Floating yield adjustment     11.1       9.4  
Program fee yield adjustment     --       (0.3 )
    Adjusted averagecapital   $ 1,742.8     $ 1,371.1  
                 
Adjusted interestexpense                
GAAP interest expense   $ 63.4     $ 57.2  
Adjustment to record tax effect at 37%     (23.5 )     (21.2 )
Adjusted interest expense (after-tax)   $ 39.9     $ 36.0  
                 
Adjusted return oncapital                
Adjusted net income   $ 216.2     $ 194.1  
Adjusted interest expense (after-tax)     39.9       36.0  
    Adjusted net incomeplus interest expense (after-tax)   $ 256.1     $ 230.1  
                 
    Adjusted return oncapital (1)     14.7 %     16.8 %
                 
Economic profit                
Adjusted return on capital     14.7 %     16.8 %
Cost of capital (2)     5.5 %     6.4 %
Adjusted return on capital in excess of costof capital     9.2 %     10.4 %
Adjusted average capital   $ 1,742.8     $ 1,371.1  
    Economic profit   $ 159.6     $ 143.1  

(1)     Adjusted return oncapital is defined as adjusted net income plus adjusted interestexpense after-tax divided by adjusted average capital.

(2)     The cost of capitalincludes both a cost of equity and a cost of debt.  The costof equity capital is determined based on a formula that considersthe risk of the business and the risk associated with our use ofdebt.  The formula utilized for determining the cost of equitycapital is as follows: (the average 30 year treasury rate + 5%) +[(1 - tax rate) x (the average 30 year treasury rate + 5% - pre-taxaverage cost of debt rate) x average debt/(average equity + averagedebt x tax rate)].  For the periods presented, the average 30year treasury rate and the adjusted pre-tax average cost of debtwere as follows:

    For the YearsEnded December 31,  
    2012     2011  
Average 30 year treasury rate     2.9 %     3.9 %
Adjusted pre-tax average cost of debt     5.5 %     6.4 %

Floating Yield Adjustment

The purpose of this adjustment is to modify thecalculation of our GAAP-based finance charge revenue so thatfavorable and unfavorable changes in expected cash flows from loansreceivable are treated consistently.  To make the adjustmentunderstandable, we must first explain how GAAP requires us toaccount for finance charge revenue, our primary revenue source.

The finance charge revenue we will recognizeover the life of the loan equals the cash inflows from our loanportfolio less cash outflows to acquire the loans.  Our GAAPfinance charge revenue is based on estimates of future cash flowsand is recognized on a level-yield basis over the estimated life ofthe loan.  With the level-yield approach, the amount offinance charge revenue recognized from a loan in a given period,divided by the loan asset, is a constant percentage.  UnderGAAP, favorable changes in expected cash flows are treated asincreases to the yield and are recognized over time, whileunfavorable changes are recorded as a current period expense. The non-GAAP methodology that we use (the "floating yield" method)is identical to the GAAP approach except that, under the "floatingyield" method, all changes in expected cash flows (both positiveand negative) are treated as yield adjustments and therefore impactearnings over time.  The GAAP treatment always results in alower carrying value of the loan receivable asset, but may resultin either higher or lower earnings for any given period dependingon the timing and amount of expected cash flow changes. 

We believe adjusted earnings, which include thefloating yield adjustment, are a more accurate reflection of theperformance of our business, since both favorable and unfavorablechanges in estimated cash flows are treated consistently.

Cautionary Statement Regarding Forward-LookingInformation

We claim the protection of the safe harbor for forward-lookingstatements contained in the Private Securities Litigation ReformAct of 1995 for all of our forward-looking statements. Statements in this release that are not historical facts, such asthose using terms like "may," "will," "should," "believe,""expect," "anticipate," "assume," "forecast," "estimate," "intend,""plan," "target" and those regarding our future results, plans andobjectives, are "forward-looking statements" within the meaning ofthe federal securities laws.  These forward-looking statementsrepresent our outlook only as of the date of this release. Actual results could differ materially from these forward-lookingstatements since the statements are based on our currentexpectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are notlimited to, the factors set forth in Item 1A to our Form 10-K forthe year ended December 31, 2011, filed with the Securities andExchange Commission on February 24, 2012, as amended in Item 1A ofPart II of our Form 10-Q for the quarter ended June 30, 2012, filedwith the Securities and Exchange Commission on August 2, 2012, asamended in Item 1A of Part II of our Form 10-Q for the quarterended September 30, 2012, filed with the Securities and ExchangeCommission on November 1, 2012, other risk factors discussed hereinor listed from time to time in our reports filed with theSecurities and Exchange Commission and the following:
  • Our inability to accurately forecast and estimate the amountand timing of future collections could have a material adverseeffect on results of operations.
  • We may be unable to execute our business strategy due tocurrent economic conditions.
  • We may be unable to continue to access or renew funding sourcesand obtain capital needed to maintain and grow our business.
  • The terms of our debt limit how we conduct our business.
  • A violation of the terms of our asset-backed secured financingfacilities or revolving secured warehouse facilities could have amaterially adverse impact on our operations.
  • The conditions of the U.S. and international capital marketsmay adversely affect lenders with which we have relationships,causing us to incur additional costs and reducing our sources ofliquidity, which may adversely affect our financial position,liquidity and results of operations.
  • Our substantial debt could negatively impact our business,prevent us from satisfying our debt obligations and adverselyaffect our financial condition.
  • Due to competition from traditional financing sources andnon-traditional lenders, we may not be able to competesuccessfully.
  • We may not be able to generate sufficient cash flows to serviceour outstanding debt and fund operations and may be forced to takeother actions to satisfy our obligations under such debt.
  • Interest rate fluctuations may adversely affect our borrowingcosts, profitability and liquidity.
  • Reduction in our credit rating could increase the cost of ourfunding from, and restrict our access to, the capital markets andadversely affect our liquidity, financial condition and results ofoperations.
  • We may incur substantially more debt and otherliabilities.  This could exacerbate further the risksassociated with our current debt levels.
  • The regulation to which we are or may become subject couldresult in a material adverse effect on our business.
  • Adverse changes in economic conditions, the automobile orfinance industries, or the non-prime consumer market couldadversely affect our financial position, liquidity and results ofoperations, the ability of key vendors that we depend on to supplyus with services, and our ability to enter into future financingtransactions.
  • Litigation we are involved in from time to time may adverselyaffect our financial condition, results of operations and cashflows.
  • Changes in tax laws and the resolution of uncertain income taxmatters could have a material adverse effect on our results ofoperations and cash flows from operations.
  • Our operations are dependent on technology.
  • Reliance on third parties to administer our ancillary productofferings could adversely affect our business and financialresults.
  • We are dependent on our senior management and the loss of anyof these individuals or an inability to hire additional teammembers could adversely affect our ability to operateprofitably.
  • Our reputation is a key asset to our business, and our businessmay be affected by how we are perceived in the marketplace.
  • The concentration of our dealers in several states couldadversely affect us.
  • Failure to properly safeguard confidential consumer informationcould subject us to liability, decrease our profitability anddamage our reputation.
  • Our Chairman and founder controls a significant percentage ofour common stock, has the ability to significantly influencematters requiring shareholder approval and has interests which mayconflict with the interests of our other security holders.
  • Reliance on our outsourced business functions could adverselyaffect our business.
  • Natural disasters, acts of war, terrorist attacks and threatsor the escalation of military activity in response to these attacksor otherwise may negatively affect our business, financialcondition and results of operations.

Other factors not currently anticipated by management may alsomaterially and adversely affect our results of operations.  Wedo not undertake, and expressly disclaim any obligation, to updateor alter our statements whether as a result of new information,future events or otherwise, except as required by applicablelaw.

Description of Credit AcceptanceCorporation

Since 1972, Credit Acceptance has offeredautomobile dealers financing programs that enable them to sellvehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network ofautomobile dealers who benefit from sales of vehicles to consumerswho otherwise could not obtain financing; from repeat and referralsales generated by these same customers; and from sales tocustomers responding to advertisements for our product, but whoactually end up qualifying for traditional financing.

Without our financing programs, consumers areoften unable to purchase a vehicle or they purchase an unreliableone.  Further, as we report to the three national creditreporting agencies, an important ancillary benefit of our programsis that we provide a significant number of our consumers with anopportunity to improve their lives by improving their credit scoreand move on to more traditional sources of financing.  CreditAcceptance is publicly traded on the NASDAQ under the symbolCACC.  For more information, visit creditacceptance.com.

CREDIT ACCEPTANCECORPORATION

CONSOLIDATED STATEMENTS OFINCOME
(In millions, except share and per sharedata)   For the ThreeMonths EndedDecember 31,     Forthe Years EndedDecember 31,
    2012     2011     2012     2011
    (Unaudited)         (Unaudited)  
Revenue:            
Finance charges   $ 140.6     $ 122.4     $ 538.2     $ 460.6    
Premiums earned     12.1       10.8       47.1       40.0    
Other income     6.6       4.8       23.9       24.6    
Total revenue     159.3       138.0       609.2       525.2    
Costs and expenses:                                  
Salaries and wages     20.7       15.7       82.2       63.0    
General and administrative     9.0       7.4       30.5       25.6    
Sales and marketing     7.7       5.8       31.2       23.6    
Provision for credit losses     6.2       6.6       24.0       29.0    
Interest     16.3       15.0       63.4       57.2    
Provision for claims     8.1       7.7       34.8       30.4    
Total costs and expenses     68.0       58.2       266.1       228.8    
Income before provision for income taxes     91.3       79.8       343.1       296.4    
Provision for income taxes     31.4       29.8       123.4       108.4    
Net income   $ 59.9     $ 50.0     219.7      $ 188.0    
                                   
Net income per share:                                  
Basic   $ 2.42     $ 1.92     $ 8.65     $ 7.15    
Diluted   $ 2.40     $ 1.91     $ 8.58     $ 7.07    
                                   
Weighted average shares outstanding:                                  
Basic     24,756,286       26,021,682       25,409,655       26,302,289    
Diluted     24,926,004       26,258,668       25,598,956       26,600,855    
                                     

CREDIT ACCEPTANCECORPORATION

CONSOLIDATED BALANCE SHEETS
(In millions, except share and per sharedata)   As of December31,  
    2012     2011  
    (Unaudited)        
ASSETS:            
Cash and cash equivalents   $ 9.0     $ 4.7  
Restricted cash and cash equivalents     92.4       104.7  
Restricted securities available for sale     46.1       0.8  
                 
Loans receivable (including $5.9 and $4.9from affiliates as of December 31, 2012 and December 31, 2011,respectively)     2,109.9       1,752.9  
Allowance for credit losses     (176.4 )     (154.3 )
Loans receivable, net     1,933.5       1,598.6  
                 
Property and equipment, net     22.2       18.5  
Income taxes receivable     1.1       0.5  
Other assets     28.9       30.8  
Total Assets   $ 2,133.2     $ 1,758.6  
                 
LIABILITIES AND SHAREHOLDERS'EQUITY:                
Liabilities:                
Accounts payable and accrued liabilities   $ 105.8     $ 95.8  
Revolving secured line of credit     43.5       43.9  
Secured financing     853.0       599.3  
Mortgage note     4.0       4.3  
Senior notes     350.3       350.4  
Deferred income taxes, net     148.4       123.4  
Income taxes payable     6.3       1.5  
Total Liabilities     1,511.3       1,218.6  
                 
Shareholders' Equity:                
Preferred stock, $.01 par value, 1,000,000shares authorized, none issued     --       --  
Common stock, $.01 par value, 80,000,000shares authorized, 24,114,896 and 25,623,684 shares issued andoutstanding as of December 31, 2012 and December 31, 2011,respectively     0.2       0.3  
Paid-in capital     53.4       38.8  
Retained earnings     568.4       500.9  
Accumulated other comprehensive loss     (0.1 )     --  
Total Shareholders' Equity     621.9       540.0  
Total Liabilities and Shareholders'Equity   $ 2,133.2     $ 1,758.6  

CREDIT ACCEPTANCECORPORATION

CONSOLIDATED STATEMENTS OF CASHFLOWS
(In millions)   For the YearsEnded December 31,  
    2012     2011  
    (Unaudited)        
Cash Flows From OperatingActivities:            
Net income   $ 219.7     $ 188.0  
Adjustments to reconcile cash provided byoperating activities:                
Provision for credit losses     24.0       29.0  
Depreciation     5.1       4.1  
Amortization     7.1       5.9  
Provision for deferred income taxes     25.0       15.3  
Stock-based compensation     12.2       1.9  
Change in operating assets andliabilities:                
Increase in accounts payable and accruedliabilities     10.0       20.7  
(Increase) decrease in income taxesreceivable     (0.6 )     11.5  
Increase in income taxes payable     4.8       1.5  
Decrease (increase) in other assets     1.3       (2.2 )
Net cash provided by operatingactivities     308.6       275.7  
Cash Flows From InvestingActivities:                
Decrease (increase) in restricted cash andcash equivalents     12.3       (38.1 )
Purchases of restricted securities availablefor sale     (57.1 )     (0.5 )
Proceeds from sale of restricted securitiesavailable for sale     2.0       0.1  
Maturities of restricted securities availablefor sale     9.6       0.4  
Principal collected on loans receivable     1,162.8       996.9  
Advances to dealers     (1,253.6 )     (1,152.5 )
Purchases of Consumer Loans     (108.8 )     (122.2 )
Accelerated payments of dealer holdback     (43.7 )     (47.4 )
Payments of dealer holdback     (115.7 )     (85.2 )
Net decrease in other loans     0.1       0.8  
Purchases of property and equipment     (8.8 )     (6.3 )
Net cash used in investing activities     (400.9 )     (454.0 )
Cash Flows From FinancingActivities:                
Borrowings under revolving secured line ofcredit     2,507.4       2,384.9  
Repayments under revolving secured line ofcredit     (2,507.8 )     (2,477.7 )
Proceeds from secured financing     1,742.0       1,164.5  
Repayments of secured financing     (1,488.3 )     (865.3 )
Principal payments under mortgage note     (0.3 )     (0.3 )
Proceeds from sale of senior notes     --       106.0  
Payments of debt issuance costs     (6.5 )     (8.4 )
Repurchase of common stock     (152.5 )     (130.8 )
Proceeds from stock options exercised     0.6       2.9  
Tax benefits from stock-based compensationplans     2.0       3.4  
Net cash provided by financingactivities     96.6       179.2  
Net increase in cash and cashequivalents     4.3       0.9  
Cash and cash equivalents, beginning ofperiod     4.7       3.8  
Cash and cash equivalents, end of period   $ 9.0     $ 4.7  
                 
Supplemental Disclosure of Cash FlowInformation:                
Cash paid during the period for interest   $ 56.2     $ 51.4  
Cash paid during the period for incometaxes   $ 92.4     $ 76.5  

CREDIT ACCEPTANCECORPORATION

SUMMARY FINANCIAL DATA

Loans Receivable

A summary of changes in Loans receivable is as follows:
    (Unaudited)  
(In millions)   For the YearEnded December 31, 2012  
    DealerLoans     PurchasedLoans     Total  
 Balance, beginning of period   $ 1,506.5     $ 246.4     $ 1,752.9  
 New Consumer Loan assignments (1)     1,253.6       108.8       1,362.4  
 Principal collected on loansreceivable     (1,024.8 )     (138.0 )     (1,162.8 )
 Accelerated dealer holdbackpayments     43.7       --       43.7  
 Dealer holdback payments     115.7       --       115.7  
 Transfers (2)     (23.8 )     23.8       --  
 Write-offs     (3.6 )     (0.6 )     (4.2 )
 Recoveries (3)     2.2       0.1       2.3  
 Net change in other loans     (0.1 )     --       (0.1 )
 Balance, end of period   $ 1,869.4     $ 240.5     $ 2,109.9  
                         
(In millions)   For the YearEnded December 31, 2011  
    DealerLoans     PurchasedLoans     Total  
 Balance, beginning of period   $ 1,082.0     $ 262.9     $ 1,344.9  
 New Consumer Loan assignments (1)     1,152.5       122.2       1,274.7  
 Principal collected on loansreceivable     (843.1 )     (153.8 )     (996.9 )
 Accelerated dealer holdbackpayments     47.4       --       47.4  
 Dealer holdback payments     85.2       --       85.2  
 Transfers (2)     (15.5 )     15.5       --  
 Write-offs     (3.0 )     (0.5 )     (3.5 )
 Recoveries (3)     1.8       0.1       1.9  
 Net change in other loans     (0.8 )     --       (0.8 )
 Balance, end of period   $ 1,506.5     $ 246.4     $ 1,752.9  
                         

(1)     The dealer loansamount represents advances paid to dealers on Consumer Loansassigned under our portfolio program.  The purchased loansamount represents one-time payments made to dealers to purchaseConsumer Loans assigned under our purchase program.

(2)     Under our portfolioprogram, certain events may result in dealers forfeiting theirrights to dealer holdback.  We transfer the dealer'soutstanding dealer loan balance to purchased loans in the periodthis forfeiture occurs.

(3)     Representscollections received on previously written off loans.

A summary of changes in the allowance for creditlosses is as follows:
    (Unaudited)  
(In millions)   For the YearEnded December 31, 2012  
    DealerLoans     PurchasedLoans     Total  
Balance, beginning of period   $ 141.7     $ 12.6     $ 154.3  
Provision for credit losses     27.1       (3.1 )     24.0  
Write-offs     (3.6 )     (0.6 )     (4.2 )
Recoveries (1)     2.2       0.1       2.3  
Balance, end of period   $ 167.4     $ 9.0     $ 176.4  
                         
(In millions)   For the YearEnded December 31, 2011  
    DealerLoans     PurchasedLoans     Total  
Balance, beginning of period   $ 113.2     $ 13.7     $ 126.9  
Provision for credit losses     29.7       (0.7 )     29.0  
Write-offs     (3.0 )     (0.5 )     (3.5 )
Recoveries (1)     1.8       0.1       1.9  
Balance, end of period   $ 141.7     $ 12.6     $ 154.3  
                         

(1)     Representscollections received on previously written off loans.
CONTACT: Investor Relations: Douglas W. Busk         Senior Vice President and Treasurer         (248) 353-2700 Ext. 4432         IR@creditacceptance.com

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