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Credit Acceptance Careers
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Provides auto financing for poor credit
Credit Acceptance Careers
Work Here?
Provides auto financing for poor credit
About Credit Acceptance Careers
Industries
Fintech
Financial Services
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Michigan
Founded
1972
Overview
Credit Acceptance Corporation offers auto financing solutions for individuals with poor or no credit history, partnering with car dealers to provide loans to high-risk borrowers. Their proprietary credit approval process allows dealers to approve financing for customers who may be turned down by traditional lenders. The company generates revenue through interest and fees on these loans, which are typically higher due to the associated risks. Credit Acceptance also aims to improve financial literacy among its customers through resources like the ExtraCredit program.
Simplify's Take
What believers are saying
- Recent $400M financing enhances liquidity and operational flexibility for growth.
- Named a top workplace for remote work, attracting and retaining talent.
- AI-driven credit scoring models improve risk assessment and loan approval processes.
What critics are saying
- Increased competition from fintech companies could erode market share.
- Rising interest rates may impact profitability due to higher borrowing costs.
- Potential regulatory scrutiny on subprime lending could increase compliance costs.
What makes Credit Acceptance Careers unique
- Credit Acceptance specializes in auto financing for individuals with poor or no credit.
- The company partners with car dealers to offer financing to high-risk borrowers.
- Credit Acceptance's proprietary credit approval process evaluates risk and creditworthiness effectively.
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Funding
Total Funding
$3850M
Above
Industry Average
Funded Over
1 Rounds
Benefits
401(k) Company Match
Remote Work Options
Flexible Work Hours
Adoption Assistance
Parental Leave
Tuition Reimbursement
Health Insurance
Dental Insurance
Vision Insurance
Company News
Credit Acceptance Corporation announced a $400 million asset-backed non-recourse secured financing on March 27, 2025. This involves transferring loans valued at approximately $500.2 million to a special purpose entity, which will issue notes to generate capital. Despite a -11.38% downturn in shares over the past year, this move aims to enhance liquidity and operational flexibility, signaling a commitment to growth amidst market volatility.
Southfield, Michigan , Feb. 13, 2025 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”,...
Southfield, Michigan, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation CACC (the "Company", "Credit Acceptance", "we", "our", or "us") announced today the completion of a $300.0 million asset-backed non-recourse secured financing (the "Financing"). Pursuant to this transaction, we conveyed loans having a value of approximately $375.1 million to a wholly owned special purpose entity that will pledge the loans to institutional lenders under a loan and security agreement. We will issue three classes of notes: Note Class Amount Interest Rate A $139,220,000 5.79% B $62,180,000 6.03% C $98,600,000 6.67% The Financing will: have an expected average annualized cost of approximately 6.3% including upfront fees and other costs;revolve for 36 months after which it will amortize based upon the cash flows on the conveyed loans; andbe used by us to repay outstanding indebtedness and for general corporate purposes. We will receive 4.0% of the cash flows related to the underlying consumer loans to cover servicing expenses. The remaining 96.0%, less amounts due to dealers for payments of dealer holdback, will be used to pay principal and interest to the institutional lenders as well as the ongoing costs of the Financing
Southfield, Michigan, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (the “Company”, “Credit Acceptance”, “we”, “our”, or...
He highlighted the recently announced N20 billion auto finance scheme by Credit Corporation (CreditCorp) as insufficient and overdue.
Credit Acceptance Careers is Hiring for 25 Jobs on Simplify!
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About Credit Acceptance Careers
Industries
Fintech
Financial Services
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Michigan
Founded
1972
Credit Acceptance Careers is Hiring for 25 Jobs on Simplify!
Find jobs on Simplify and start your career today
People Also Viewed
Discover companies similar to Credit Acceptance Careers