Credit Acceptance Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company reported consolidated net income of $40.7 million, or $1.29 per diluted share, for the three months ended September 30, 2009 compared to consolidated net income of $20.7 million, or $0.67 per diluted share, for the same period in 2008. Adjusted net income, a non-GAAP financial measure, for the three months ended September 30, 2009 was $34.7 million, or $1.10 per diluted share, compared to $22.3 million, or $0.72 per diluted share, for the same period in 2008. For the quarter, the company reported total revenue of $100.2 million and income from continuing operations before income taxes of $62.3 million and income continuing operations of $40.8 million or $1.29 per diluted share compared to total revenue of $80.1 million and income from continuing operations before income taxes of $32.9 million and income continuing operations of $20.3 million or $0.37 per diluted share for the same period a year ago. For the nine months ended September 30, 2009, consolidated net income was $105.9 million, or $3.38 per diluted share, compared to consolidated net income of $48.6 million, or $1.57 per diluted share, for the same period in 2008. For the nine months ended September 30, 2009, adjusted net income was $89.5 million, or $2.85 per diluted share, compared to adjusted net income of $59.2 million, or $1.91 per diluted share, for the same period in 2008. For the nine months, the company reported total revenue of $280.5 million and income from continuing operations before income taxes of $165.3 million and income continuing operations of $105.9 million or $3.38 per diluted share compared to total revenue of $225.8 million and income from continuing operations before income taxes of $77.1 million and income continuing operations of $48.3 million or $1.57 per diluted share for the same period a year ago.

Credit Acceptance Corp. announced that it has increased the amount of its revolving secured warehouse facility with an institutional investor from $50.0 million to $75.0 million. In addition, the expiration of the revolving period on the facility was extended from May 23, 2010 to August 31, 2011 and the maturity of the facility was extended from May 23, 2011 to August 31, 2012. The interest rate on the facility was increased from a floating rate equal to Libor plus 177.5 basis points to Libor plus 375.0 basis points. There were no other material changes to the terms of the facility.

Credit Acceptance Corp. announced that it has extended the maturity date of its $325.0 million revolving warehouse facility from August 26, 2009 to August 23, 2010. The $50.0 million residual credit facility that matures August 26, 2009 was not renewed. There were no amounts outstanding under this residual facility. The interest rate on borrowings under the $325.0 million warehouse facility has been increased from a floating rate equal to the commercial paper rate plus 1% to the commercial paper rate plus 5%. Under the terms of the extension, the minimum levels for the three month average Net Yield Percentage to avoid early amortization or termination of the facility were reduced from 6% and 5% respectively, to 2% and 1% respectively. The Net Yield Percentage for any month is equal to the product of (i) 12, and (ii) 20% of collections less the amount of interest and fees due on the facility, divided by the average borrowing base during the month. In addition, the agreement was modified to provide that in the event that the facility is not renewed and the borrower is in compliance with the terms and conditions of the agreement, the facility will amortize for twelve months. During this time, the outstanding debt will be paid down through the collections on the contributed assets. At the end of the 12-month period, the balance of the facility will be due and payable. There were no other material changes to the terms of the facility.