Credit Acceptance Reports Solid Collections Featured

By Staff Writer May 07, 2019 482

Credit Acceptance Corp. recently announced consolidated net income of $164.4 million for the first quarter, compared to consolidated net income of $120.1 million for the same period in 2018.

Credit Acceptance reported that finance contracts assigned in 2010 through 2013, 2017 and 2018 have yielded forecasted collection results materially better than its initial estimates, while finance contracts assigned in 2015 and 2016 have yielded forecasted collection results materially worse than initial estimates. Actual results for contracts assigned in 2014 and 2019 have been close to the company’s initial estimates.

For the first quarter, forecasted collection rates improved for finance contracts assigned in 2018 and 2019, declined for contracts assigned in 2017 and were generally consistent with expectations at the start of the period for all other assignment years presented.

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Last modified on Tuesday, 07 May 2019 13:51