Credit Acceptance Income Drops 4%
The subprime auto lender reported increased revenues for the quarter, but a drop in total customers. Credit loss provision also spiked 34 percent.
Credit Acceptance Corp. (Nasdaq: CACC) Tuesday reported third quarter consolidated net income of $14.7 million, down 4 percent from $15.3 million in the same period a year ago.
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The provider of auto loans to consumers through dealers tallied 22,351 consumer loans in the quarter, down about 1 percent from last year’s third quarter. Customers of Southfield, Mich.-based Credit Acceptance typically cannot obtain loans through other sources.
Total revenues were $61 .0 million, up 10 percent from $55.4 million. The provision for credit losses increased 34 percent to $5.9 million from $4.4 million. The provision for losses through the first nine months of 2007 is $13.6 million, up nearly 79 percent from $7.6 million in the same period a year ago.
Credit Acceptance had $755.9 million in net loans receivable at the end of the quarter, compared with $625.8 million a year ago, an increase of 21 percent.
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