Credit Acceptance Corp 2025年度报告

(Mark One) ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ________ Commission file number 000-20202 CREDIT ACCEPTANCE CORPORATION(Exact name of registrant as specified in its charter) Michigan38-1999511(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 25505 W. Twelve Mile RoadSouthfield, Michigan(Address of principal executive offices) 48034-8339(Zip Code) Registrant’s telephone number, including area code:(248) 353-2700 Title of each classTrading symbol(s)Name of each exchange on which registeredCommon Stock, $.01 par valueCACCThe Nasdaq Stock Market LLC Securities registered pursuant to section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the ExchangeAct. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No The aggregate market value of 5,579,827 shares of the registrant’s common stock held by non-affiliates on June 30, 2025 was approximately $2,842.5 million. For purposesof this computation, all officers, directors and 10% beneficial owners of the registrant are assumed to be affiliates.Such determination should not be deemed an admissionthat such officers, directors and beneficial owners are, in fact, affiliates of the registrant. At February6, 2026, there were 10,747,682 shares of the registrant’s common stock issued and outstanding. Portions of the registrant's definitive proxy statement pertaining to the registrant’s 2026 annual meeting of shareholders (the “Proxy Statement”) to be filed pursuant toRegulation 14A are incorporated herein by reference into Part III of this Annual Report on Form 10-K (this “Form 10-K”). INDEX TO FORM 10-K ItemDescriptionPagePART I1.Business31A.Risk Factors141B.Unresolved Staff Comments241C.Cybersecurity242.Properties253.Legal Proceedings264.Mine Safety Disclosures26PART II5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities276.[Reserved]287.Management's Discussion and Analysis of Financial Condition and Results of Operations297A.Quantitative and Qualitative Disclosures About Market Risk458.Financial Statements and Supplementary Data469.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure979A.Controls and Procedures979B.Other Information999C.