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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): SEPTEMBER 7, 2004 CREDIT ACCEPTANCE CORPORATION (Exact Name of Registrant as Specified in its Charter) Commission File Number 000-20202 MICHIGAN 38-1999511 (State or other jurisdiction of incorporation or (I.R.S. Employer organization) Identification No.) 25505 W. TWELVE MILE ROAD, SUITE 3000 48034-8339 SOUTHFIELD, MICHIGAN (Zip Code) (Address of Principal Executive Offices) (Registrant's telephone number, including area code): (248) 353-2700 ------------------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | | Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 7.01 REGULATION FD DISCLOSURE. Credit Acceptance Corporation is furnishing materials, included as Exhibit 99.1 to this report and incorporated herein by reference, which were prepared for inclusion on its investor relations website. Credit Acceptance Corporation is not undertaking to update these materials. This report should not be deemed an admission as to the materiality of any information contained in these materials. The information furnished in this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Materials added to website on or about September 7, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CREDIT ACCEPTANCE CORPORATION (Registrant) By: /s/ Douglas W. Busk ----------------------- Douglas W. Busk Treasurer September 7, 2004 INDEX OF EXHIBITS EXHIBIT NO. DESCRIPTION 99.1 Materials added to website on or about September 7, 2004
EXHIBIT 99.1 1. WHAT IS THE FUTURE OF CACC AS A PUBLIC COMPANY? DOES THE COMPANY INTEND TO STAY PUBLIC, OR IS THE COMPANY EXPLORING THE OPTION OF GOING PRIVATE? MANAGEMENT OWNS A SIGNIFICANT PORTION OF THIS HIGHLY ILLIQUID STOCK AND THE BUYBACKS, WHILE ADMIRABLE, WILL MOST LIKELY EXACERBATE THIS ISSUE. We intend to continue to repurchase shares when we have excess capital and the share price is attractive. We believe it is unlikely this strategy, given the number of unrestricted shares outstanding and the capital needs of our business, will result in us repurchasing all the publicly owned shares. Our goal is to create the most valuable business possible, in per share terms. We believe our historical share repurchases have been beneficial in this regard. Creating liquidity in our shares has never been and is not likely to be a priority for us. 2. REGARDING HURRICANE CHARLEY, CAN YOU GIVE US AN IDEA OF THE LEVEL OF YOUR BUSINESS IN FLORIDA (LOAN ORIGINATIONS AND DEALERS RELATIVE TO YOUR OVERALL BUSINESS)? Approximately 2% of our business is originated in Florida. 3. I AM WORKING ON A REPORT ON THE SUB PRIME AUTO FINANCE INDUSTRY. CAN YOU PROVIDE ME WITH YOUR MOST RECENT DELINQUENCY RATES FOR 30-60 DAYS AND 60+? I CAN'T SEEM TO FIND THIS METRIC IN YOUR REPORTS. We have not found portfolio delinquency rates to be useful in running our business, primarily because portfolio delinquency rates are influenced to a significant degree by the rate of growth in loan originations. Since we do not find the metrics you requested useful, we do not believe adding these metrics to our disclosures is appropriate at this time. Investors monitoring our credit quality are provided with actual and forecasted collection rates by year of origination. In addition, in the most recent quarter we began disclosing discounted and undiscounted cash flows expected from our loan portfolio. We believe the information provided is more useful than traditional delinquency measures. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION Certain statements in this document that are not historical facts, such as those using terms like "believes," "expects," "anticipates," "assumptions," "forecasts," "estimates" and 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 the Company's outlook only as of the date of this document. While the Company believes that its forward-looking statements are reasonable, actual results could differ materially since the statements are based on current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include the following: o the Company's potential inability to accurately forecast and estimate the amount and timing of future collections, o increased competition from traditional financing sources and from non-traditional lenders, o the unavailability of funding at competitive rates of interest, o the Company's potential inability to continue to obtain third party financing on favorable terms, o the Company's potential inability to generate sufficient cash flow to service its debt and fund its future operations, o adverse changes in applicable laws and regulations, o adverse changes in economic conditions, o adverse changes in the automobile or finance industries or in the non-prime consumer finance market, o the Company's potential inability to maintain or increase the volume of automobile loans, o an increase in the amount or severity of litigation against the Company, o the loss of key management personnel, o the effect of terrorist attacks and potential attacks, and o 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 statements whether as a result of new information, future events or otherwise, except as required by applicable law.