Full-Time
Provides auto financing for poor credit
$130k - $190.7k/yr
Senior
Southfield, MI, USA
Occasional planned travel to an assigned Southfield, Michigan office location may be required. This position is permitted to work at a Southfield, Michigan office location if requested by the team member.
Credit Acceptance Corporation offers auto financing solutions for individuals with poor or no credit history by partnering with enrolled car dealers in the United States. Their unique credit approval process allows dealers to provide loans to high-risk borrowers, enabling these customers to purchase vehicles and rebuild their credit. The company generates revenue through interest and fees on these loans, which are typically higher due to the associated risks. Additionally, Credit Acceptance supports financial wellness through programs like ExtraCredit, helping customers improve their financial literacy.
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Michigan
Founded
1972
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401(k) Company Match
Remote Work Options
Flexible Work Hours
Adoption Assistance
Parental Leave
Tuition Reimbursement
Health Insurance
Dental Insurance
Vision Insurance
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.