Credit Acceptance Corp. announced consolidated net income of $164.4 million for the second quarter compared to consolidated net income of $151 for the same period in 2018.

The company also provided an update on its portfolio performance.

Consumer finance contracts assigned in 2010 through 2013, 2017 and 2018 have yielded forecasted collection results materially better than Credit Acceptance’s initial estimates, while finance contracts assigned in 2015 and 2016 have yielded forecasted collection results materially worse than initial estimates. For finance contracts assigned in 2014 and 2019, actual results have been close to initial estimates. 

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

Credit Acceptance Corp. earned an award based on rankings released by Great Place to Work and Fortune.

For the fourth time, the company has been recognized as one of the best workplaces for millennials. Credit Acceptance was named No. 26 on the 2019 List of 75 Best Workplaces for Millennials based on the answers of millennial-aged employees who responded to the Trust Index survey last year.

This is the third award that Credit Acceptance has received from Great Place to Work and Fortune this year.

Credit Acceptance Corp. extended the date on its $400 million revolving secured warehouse facility.

The facility will now cease to revolve on July 12, 2022, rather than Dec. 20, 2020. There were no other material changes to the terms of the facility.

As of July 12, Credit Acceptance had $201 million outstanding under the facility.

Credit Acceptance Corp. recently extended the maturity of its revolving secured line of credit facility with a commercial bank syndicate to June 22, 2022 from June 22, 2021.

Following the extension, the amount of the facility is $340 million.

As of June 24, Credit Acceptance had $23.8 million outstanding under the facility.

There were no other material changes to the terms of the facility.

Credit Acceptance Corp. has been named to the Forbes Global 2000 List.

This is the company’s first time appearing on the list. 

Credit Acceptance ranked No. 1,885 out of the world’s 2,000 largest public companies. The ranking was based on a composite score from equally weighted measures of revenue, profit, assets and market value, over the latest 12 months of financial data.

Trending News