UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): MARCH 4, 2005
CREDIT ACCEPTANCE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Commission File Number 000-20202
MICHIGAN 38-1999511
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
25505 W. TWELVE MILE ROAD, SUITE 3000 48034-8339
SOUTHFIELD, MICHIGAN (Zip Code)
(Address of Principal Executive Offices)
(Registrant's telephone number, including area code): (248) 353-2700
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written Communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On March 10, 2005, Credit Acceptance Corporation (the "Company") issued a
press release announcing operational data for the three months and year ended
December 31, 2004 and the restatement of tax amounts in prior periods. The press
release, dated March 10, 2005, is attached as Exhibit 99.1 to this Form 8-K and
incorporated herein by reference.
ITEM 4.02. NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED
AUDIT REPORT OR COMPLETED INTERIM REVIEW.
On March 4, 2005, the Company's management, as authorized by the Audit
Committee approved the restatement of its previously issued financial statements
contained in the Company's Annual Report on Form 10-K for the year ended
December 31, 2003 and its Quarterly Reports on Form 10-Q for the quarterly
periods ended March 31, 2004, June 30, 2004 and September 30, 2004. The
Company's audit committee and independent registered public accounting firm,
Deloitte & Touche LLP, have discussed the subject and this conclusion. As a
result, these previously issued financial statements should no longer be relied
upon. The nature and impact of the restatement are summarized in a press release
issued by the Company on March 10, 2005, which is attached as Exhibit 99.1 to
this Form 8-K and incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated March 10, 2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CREDIT ACCEPTANCE CORPORATION
(Registrant)
By: /s/ Kenneth S. Booth
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Kenneth S. Booth
Chief Financial Officer
March 10, 2005
INDEX OF EXHIBITS
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated March 10, 2005.