Credit Acceptance - Company Profile

Credit Acceptance is an indirect auto finance company, working with car dealers nationwide to enable them to sell cars to consumers on credit regardless of their credit history. Its guaranteed Credit Approval program provides their dealer-partners with the opportunity to deliver credit approvals to consumers within 30 seconds through the Internet using their patented Credit Approval Processing System (CAPS). Credit Acceptance’s underwriting risk is reasonable because the dealer pays fixed fees to be on the program. They require a minimum of $800 a month income, a minimum of $500 down (can be cash or trade equity) and the car is brought from one of their signed dealerships. In 2018, the company recorded annual revenues of $1.3B, and a net profit of $574M.