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Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
SCHEDULE TO
(RULE 14d-100)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR SECTION 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
 
CREDIT ACCEPTANCE CORPORATION
(Name of Subject Company (Issuer))
CREDIT ACCEPTANCE CORPORATION
(Name of Filing Person (Offeror))
 
COMMON STOCK, PAR VALUE $.01 PER SHARE
(Title of Class Securities)
225310-10-1
(CUSIP Number of Class of Securities)
 
Charles A. Pearce
Chief Legal Officer and Corporate Secretary
Credit Acceptance Corporation
25505 West Twelve Mile Road
Southfield, MI 48034-8339
(248) 353-2700
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications on Behalf of Filing Persons)
 
With a copy to:
Richard C. Witzel, Jr., Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
155 N. Wacker Dr.
Chicago, IL 60606
(312) 407-0700
CALCULATION OF FILING FEE
               
 
TRANSACTION VALUATION*
     $ 124,999,940.63    
 
AMOUNT OF FILING FEE**
     $ 14,512.49    
 
*   Estimated for purposes of calculating the amount of the filing fee only. The amount assumes the purchase of a total of 1,904,761 shares of the outstanding common stock at a price of $62.625 per share in cash.
 
**   The amount of the filing fee equals $116.10 per $1 million of the transaction value and is estimated in accordance with Rule 0-11 under the Securities Exchange Act of 1934.
 
þ   Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
Amount Previously Paid: $14,512.49
Form or Registration No.: Schedule TO
Filing Party: Credit Acceptance Corporation
Date Filed: February 9, 2011
o Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the statement relates:
o third-party tender offer subject to Rule 14d-1.
þ issuer tender offer subject to Rule 13e-4.
o going-private transaction subject to Rule 13e-3.
o amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results of the tender offer: o
 
 

 

TABLE OF CONTENTS

SIGNATURE
EXHIBIT INDEX

Table of Contents

     This Amendment No. 2 amends and supplements the Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission (“SEC”) on February 9, 2011 (“Schedule TO”), as amended by Amendment No. 1 filed with the SEC on February 24, 2011, by Credit Acceptance Corporation, a Michigan corporation (“CA”), in connection with the offer by CA to purchase for cash up to 1,904,761 shares of its common stock, par value $0.01 per share, at a price of $65.625 per share, net to the seller in cash, without interest, upon and subject to the terms and conditions described in the Offer to Purchase, dated February 9, 2011 (the “Offer to Purchase”), and the related Letter of Transmittal (the “Letter of Transmittal”), which, in each case, as amended and supplemented from time to time, constitute the tender offer and which are appended to and filed with the Schedule TO as Exhibits (a)(1)(i) and (a)(1)(ii), respectively.
     All information in the Offer to Purchase and the Letter of Transmittal is hereby expressly incorporated in this Amendment No. 2 by reference in response to all of the applicable items in Schedule TO, except that such information is hereby amended and supplemented to the extent provided herein.
Items 1 through 11. Summary Term Sheet; Subject Company Information; Identity and Background of Filing Person; Terms of the Transaction; Past Contacts, Transactions, Negotiations and Agreements; Purposes of the Transaction and Plans or Proposals; Source and Amount of Funds or Other Consideration; Interest in Securities of the Subject Company; Persons/Assets Retained, Employed, Compensated or Used; Financial Statements; Additional Information
1.   The following rows are hereby added to the end of the table following the ninth paragraph of the “Interest of Directors and Executive Officers; Transactions and Arrangements Concerning Shares — Agreements, Arrangements or Understandings” section of the Offer to Purchase on page 37 thereof:
                             
Brett A. Roberts
  Chief Executive Officer     13,100     $ 9.25     February 9, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     10,000     $ 64.50     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     918     $ 64.60     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     7     $ 64.63     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,067     $ 64.70     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     8     $ 64.765     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     951     $ 64.80     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     49     $ 64.85     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     100     $ 64.90     February 9, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     5,900     $ 9.25     February 9, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     5,900     $ 65.00     February 9, 2011   Open market sale
Michael W. Knoblauch
  Senior Vice President — Loan Servicing     15,000     $ 9.885     February 10, 2011   Exercise of employee stock options
Michael W. Knoblauch
  Senior Vice President — Loan Servicing     15,000     $ 65.00     February 10, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     14,484     $ 9.25     February 11, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.00     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.03     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     2,000     $ 65.06     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.08     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.10     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     2,000     $ 65.15     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     3,000     $ 65.20     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     2,000     $ 65.24     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,484     $ 65.30     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     3,516     $ 9.25     February 11, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     516     $ 65.35     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.40     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.43     February 11, 2011   Open market sale

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Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.45     February 11, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     3,494     $ 9.25     February 15, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     2,979     $ 9.885     February 15, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     2,000     $ 65.29     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.35     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.40     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.42     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,473     $ 65.44     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     6,527     $ 9.885     February 15, 2011   Exercise of employee stock options
Brett A. Roberts
  Chief Executive Officer     500     $ 65.32     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     500     $ 65.35     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.40     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.44     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,527     $ 65.45     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     981     $ 65.48     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     9     $ 65.50     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     10     $ 65.505     February 15, 2011   Open market sale
Brett A. Roberts
  Chief Executive Officer     1,000     $ 65.55     February 15, 2011   Open market sale
John P. Neary
  Chief Information Officer     389     $ 70.40     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
John P. Neary
  Chief Information Officer     222     $ 70.34     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
Douglas W. Busk
  Senior Vice President and Treasurer     396     $ 70.40     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
Douglas W. Busk
  Senior Vice President and Treasurer     320     $ 70.34     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
Charles A. Pearce
  Chief Legal Officer     417     $ 70.40     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
Kenneth S. Booth
  Chief Financial Officer     598     $ 70.40     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
Steven M. Jones
  President     2,874     $ 70.40     February 18, 2011   Shares withheld to pay taxes on vested restricted stock
2.   The “Certain Financial Information” section of the Offer to Purchase on page 25 thereof is hereby amended and restated as follows:
     HISTORICAL FINANCIAL INFORMATION. CA incorporates by reference the audited financial statements and notes thereto included in Part II, Item 8 of CA’s Annual Report on Form 10-K for the year ended December 31, 2010. You should refer to Section 11 for instructions on how you can obtain copies of CA’s SEC filings, including filings that contain CA’s financial statements.
     SUMMARY HISTORICAL CONSOLIDATED FINANCIAL DATA. The following table sets forth CA’s summary historical consolidated financial data for the years ended December 31, 2010 and December 31, 2009, certain selected ratios for such periods, and CA’s financial position at December 31, 2010. This financial data has been derived from, and should be read in conjunction with, CA’s audited consolidated financial statements and the related notes filed as part of CA’s Annual Report on Form 10-K for the year ended December 31, 2010. Historical results are not necessarily indicative of the results of operations to be expected for the future periods, and interim results may not be indicative of results for the remainder of the year.

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    For the Years Ended  
    December 31,  
(In thousands, except ratios and per share data)   2010     2009  
Revenue:
                
Finance charges
   $ 388,050     $ 329,437  
Premiums earned
     32,659       33,605  
Other income
     21,426       17,622  
 
            
Total revenue
     442,135       380,664  
 
            
Costs and expenses:
                
Salaries and wages
     61,327       66,893  
General and administrative
     26,432       30,391  
Sales and marketing
     19,661       14,808  
Provision for credit losses
     10,037       (12,164 )
Interest
     47,752       32,399  
Provision for claims
     23,429       19,299  
 
            
Total costs and expenses
     188,638       151,626  
 
            
Income from continuing operations before provision for income taxes
     253,497       229,038  
Provision for income taxes
     83,390       82,992  
 
            
Income from continuing operations
     170,107       146,046  
 
            
Discontinued operations
                
Gain (loss) from discontinued United Kingdom operations
     (30 )     137  
(Credit) provision for income taxes
     —       (72 )
 
            
Gain (loss) from discontinued operations
     (30 )     209  
 
            
Net income
   $ 170,077     $ 146,255  
 
            
Net income per share:
                
Basic
   $ 5.79     $ 4.78  
 
            
Diluted
   $ 5.67     $ 4.62  
 
            
Weighted average shares outstanding:
                
Basic
     29,393       30,590  
Diluted
     29,985       31,669  
Ratio of earnings to fixed charges
     6.27       7.98  

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    As of  
(In thousands, except per share data)   December 31, 2010  
Balance Sheet Data:
        
Assets:
        
Cash and cash equivalents
   $ 3,792  
Restricted cash and cash equivalents
     66,536  
Restricted securities available for sale
     805  
Loans receivable (including $9,031 from affiliates as of December 31, 2010)
     1,344,881  
Allowance for credit losses
     (126,868 )
 
      
Loans receivable, net
     1,218,013  
 
      
Property and equipment, net
     16,311  
Income taxes receivable
     12,002  
Other assets
     26,056  
 
      
Total assets
   $ 1,343,515  
 
      
Liabilities and Shareholders’ Equity:
        
Liabilities:
        
Accounts payable and accrued liabilities
   $ 75,297  
Line of credit
     136,700  
Secured financing
     300,100  
Mortgage note
     4,523  
Senior notes
     244,344  
Deferred income taxes, net
     108,077  
 
      
Total liabilities
     869,041  
 
      
Shareholders’ Equity:
        
Common stock
     273  
Paid-in capital
     30,985  
Retained earnings
     443,326  
Accumulated other comprehensive loss, net of tax of $64 as of December 31, 2010
     (110 )
 
      
Total shareholders’ equity
     474,474  
 
      
Total liabilities and shareholders’ equity
   $ 1,343,515  
 
      
Book Value per share
     17.4  
     SUMMARY UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL DATA. The following tables set forth summary unaudited pro forma consolidated financial data for the year ended December 31, 2010 and certain ratios for such period. The summary unaudited pro forma consolidated financial data for the year ended December 31, 2010 has been derived from CA’s audited financial statements which have been audited by Grant Thornton LLP. The summary unaudited pro forma consolidated financial data gives effect to the purchase of shares pursuant to the tender offer, as if such purchase had occurred on January 1, 2010 for the condensed consolidated statements of income for the year ended December 31, 2010 and on December 31, 2010 for the condensed consolidated balance sheet as of December 31, 2010. Such pro forma data also assumes that the purchase of shares is financed through the Debt Financing on the terms described in the footnotes to the tables below and additional borrowings under our revolving secured line of credit facility.
     This information should be read in conjunction with Summary Historical Consolidated Financial Data and CA’s audited consolidated financial statements and the related notes filed as part of CA’s Annual Report on Form 10-K for the year ended December 31, 2010. This summary unaudited pro forma consolidated financial data is not necessarily indicative of either CA’s financial position or results of operations that actually would have been attained had the purchase of shares pursuant to the tender offer and the related financing been completed at the dates indicated, or will be achieved in the future. The summary unaudited pro forma financial data set forth below is presented for informational purposes only, and does not purport to be indicative of CA’s results of operations for any future period. There can be no assurance that CA will secure the necessary financing for the tender offer on terms reasonably satisfactory to CA. CA’s future results are subject to prevailing economic and industry specific conditions and financial, business and other known and unknown risks and uncertainties, certain of which are beyond CA’s control. These factors include, without limitation, those described in this Offer to Purchase under “Forward-Looking Statements.”

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    For the Year Ended December 31, 2010  
            Pro Forma        
(In thousands, except ratios and per share data)   As Reported     Adjustments     Pro Forma  
            (Unaudited)  
Revenue:
                        
Finance charges
   $ 388,050     $ —     $ 388,050  
Premiums earned
     32,659       —       32,659  
Other income
     21,426       —       21,426  
 
                  
Total revenue
     442,135       —       442,135  
 
                  
Costs and expenses:
                        
Salaries and wages
     61,327       —       61,327  
General and administrative
     26,432       —       26,432  
Sales and marketing
     19,661       —       19,661  
Provision for credit losses
     10,037       —       10,037  
Interest
     47,752       10,474 (a)     58,226  
Provision for claims
     23,429       —       23,429  
 
                  
Total costs and expenses
     188,638       10,474       199,112  
 
                  
Income from continuing operations before provision for income taxes
     253,497       (10,474 )     243,023  
Provision for income taxes
     83,390       (3,446 )(b)     79,944  
 
                  
Income from continuing operations
     170,107       (7,028 )     163,079  
 
                  
Discontinued operations
                        
Loss from discontinued United Kingdom operations
     (30 )     —       (30 )
Credit for income taxes
     —       —       —  
 
                  
Loss from discontinued operations
     (30 )     —       (30 )
 
                  
Net income
   $ 170,077     $ (7,028 )   $ 163,049  
 
                  
Net income per share:
                        
Basic
   $ 5.79             $ 5.93  
 
                    
Diluted
   $ 5.67             $ 5.81  
 
                    
Weighted average shares outstanding:
                        
Basic
     29,393       (1,905 )(c)     27,488  
Diluted
     29,985       (1,905 )(c)     28,080  
Other data:
                        
Ratio of earnings to fixed charges
     6.27       —       5.15  
 
(a)   Reflects the additional interest expense and debt cost amortization associated with an assumed amount of Debt Financing and additional borrowings under our revolving secured line of credit facility. The assumed interest rate for the Debt Financing is a rate consistent with market rates for comparable debt instruments. Each 50 basis point increase or decrease in the yield on the Debt Financing will result in an annual $0.5 million increase or decrease, respectively, in interest expense.
 
(b)   Reflects the tax benefit associated with the pro forma adjustments at an effective rate of 32.9%.
 
(c)   Reflects the purchase of approximately 1.9 million shares at $65.625 per share.

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    As of December 31, 2010  
            Pro Forma        
(In thousands, except per share data)   As Reported     Adjustments     Pro Forma  
Assets:
                        
Cash and cash equivalents
   $ 3,792     $ —     $ 3,792  
Restricted cash and cash equivalents
     66,536       —       66,536  
Restricted securities available for sale
     805       —       805  
Loans receivable (including $9,031 from affiliates as of December 31, 2010)
     1,344,881       —       1,344,881  
Allowance for credit losses
     (126,868 )     —       (126,868 )
 
                  
Loans receivable, net
     1,218,013       —       1,218,013  
 
                  
Property and equipment, net
     16,311       —       16,311  
Income taxes receivable
     12,002       —       12,002  
Other assets
     26,056       3,000 (a)     29,056  
 
                  
Total assets
   $ 1,343,515     $ 3,000     $ 1,346,515  
 
                  
Liabilities and Shareholders’ Equity:
                        
Liabilities:
                        
Accounts payable and accrued liabilities
   $ 75,297     $ —     $ 75,297  
Line of credit
     136,700       28,300       165,000  
Secured financing
     300,100       —       300,100  
Mortgage note
    4,523       —       4,523  
New Debt Financing
     —       100,000 (b)     100,000  
Senior notes
     244,344 (c)     —       244,344  
Deferred income taxes, net
     108,077       —       108,077  
 
                  
Total liabilities
     869,041       128,300       997,341  
 
                  
Shareholders’ Equity:
                        
Common stock
     273       (19 )     254  
Paid-in capital
     30,985       —       30,985  
Retained earnings
     443,326       (125,281 )(d)     318,045  
Accumulated other comprehensive loss, net of tax of $64 at December 31, 2010
     (110 )     —       (110 )
 
                  
Total shareholders’ equity
     474,474       (125,300 )     349,174  
 
                  
Total liabilities and shareholders’ equity
   $ 1,343,515     $ 3,000     $ 1,346,515  
 
                  
Book Value per share
     17.4               13.7  
 
(a)   Reflects the addition of $3.0 million in Debt Financing issuance costs.
 
(b)   Reflects $100.0 million in Debt Financing.
 
(c)   Represents $250.0 million aggregate principal amount of existing notes, net of unamortized debt discount.
 
(d)   Reflects the purchase of approximately 1.9 million shares at $65.625 per share and $0.3 million of related fees and expenses.
     3.   The bullets in the “Certain Information Concerning CA — Incorporation By Reference” section of the Offer to Purchase on page 32 thereof are amended and restated as follows:
       •   Annual Report on Form 10-K for the fiscal year ended December 31, 2010, filed with the Commission on February 24, 2011;
 
       •   Definitive Proxy Statement on Form 14A, filed with the Commission on April 8, 2010; and
 
       •   Current Report on Form 8-K, filed with the Commission on February 9, 2011.

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SIGNATURE
     After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
         
  CREDIT ACCEPTANCE CORPORATION
 		  
  By:   /s/ Douglas W. Busk    
  Name:   Douglas W. Busk   
  Title:   Senior Vice President and Treasurer   
 
Dated: February 28, 2011

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EXHIBIT INDEX
     
EXHIBIT    
NUMBER   DESCRIPTION
(a)(1)(i)
  Offer to Purchase.*
 
    
(a)(1)(ii)
  Letter of Transmittal.*
 
    
(a)(5)(i)
  Notice of Guaranteed Delivery.*
 
    
(a)(5)(ii)
  Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.*
 
    
(a)(5)(iii)
  Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.*
 
    
(a)(5)(iv)
  Letter to Participants in the Credit Acceptance 401(k) Profit Sharing Plan and Trust.*
 
    
(a)(5)(v)
  Press release dated February 9, 2011 announcing the commencement of the offer (incorporated by reference to CA’s Form 8-K dated February 9, 2011).
 
    
(b)(i)
  Fourth Amended and Restated Credit Agreement, dated as of February 7, 2006, among CA, the Lenders which are parties thereto from time to time, Comerica Bank as administrative agent and Banc of America Securities LLC as sole lead arranger and sole bank manager (incorporated by reference to CA’s Form 8-K dated February 10, 2006).
 
    
(b)(ii)
  Amendment No. 1, dated September 20, 2006, to the Fourth Amended and Restated Credit Agreement as of February 7, 2006, among CA, the Lenders which are parties thereto from time to time and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated June 19, 2007).
 
    
(b)(iii)
  Amendment No. 2, dated January 19, 2007, to the Fourth Amended and Restated Credit Agreement as of February 7, 2006, among CA, the Lenders which are parties thereto from time to time and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated June 19, 2007).
 
    
(b)(iv)
  Amendment No. 3, dated June 14, 2007, to the Fourth Amended and Restated Credit Agreement as of February 7, 2006, among CA, the Lenders which are parties thereto from time to time and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated June 19, 2007).
 
    
(b)(v)
  Amendment No. 4, dated January 25, 2008, to the Fourth Amended and Restated Credit Agreement as of February 7, 2006, among CA, the Lenders which are parties thereto from time to time and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated January 31, 2008).
 
    
(b)(vi)
  Fifth Amendment, dated as of July 31, 2008, to the Fourth Amended and Restated Credit Agreement, dated February 7, 2006, among CA, the Lenders which are parties thereto from time to time, and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 10-Q for the quarterly period ended September 30, 2008).
 
    
(b)(vii)
  Sixth Amendment, dated as of December 9, 2008, to the Fourth Amended and Restated Credit Agreement, dated February 7, 2006, among CA, the Lenders which are parties thereto from time to time, and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 10-K for the year ended December 31, 2008).
 
    
(b)(viii)
  Seventh Amendment, dated as of June 15, 2009, to Fourth Amended and Restated Credit Agreement, dated February 7, 2006, among CA, the Lenders which are parties thereto from time to time, and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated June 18, 2009).
 
    
(b)(ix)
  Eighth Amendment, dated as of October 20, 2009, to the Fourth Amended and Restated Credit Agreement, dated February 7, 2006, among CA, the Lenders which are parties thereto from time to time, and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 10-K for the year ended December 31, 2009).
 
    
(b)(x)
  Ninth Amendment, dated as of February 1, 2010, to the Fourth Amended and Restated Credit Agreement, dated February 7, 2006, among CA, the Lenders which are parties thereto from time to time, and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated February 5, 2010).
 
    
(b)(xi)
  Tenth Amendment, dated as of June 9, 2010, to the Fourth Amended and Restated Credit Agreement, dated February 7, 2006, among CA, the Lenders which are parties thereto from time to time, and Comerica Bank as administrative agent (incorporated by reference to CA’s Form 8-K dated June 9, 2010).

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Table of Contents

     
EXHIBIT    
NUMBER   DESCRIPTION
(d)(1)
  Credit Acceptance Corporation Amended and Restated Incentive Compensation Plan, as amended, April 6, 2009 (incorporated by reference to Annex A to CA’s Definitive Proxy Statement on Schedule 14A dated April 10, 2009).
 
    
(d)(2)
  Credit Acceptance Corporation 1992 Stock Option Plan, as amended and restated May 1999 (incorporated by reference to CA’s Form 10-Q for the quarterly period ended June 30, 1999).
 
    
(d)(3)
  Credit Acceptance Corporation Director Stock Option Plan (incorporated by reference to CA’s Form 10-K for the year ended December 31, 2001).
 
*   Previously filed.

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