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Credit Acceptance Corp. Announces Sale of Subsidiary

11 May 1999

Credit Acceptance Corp. Announces Sale of Subsidiary

    SOUTHFIELD, Mich.--May 11, 1999--Credit Acceptance Corp. announced today that it has sold 100 percent of its subsidiary, which provides risk assessment, fraud alert information and computerized skiptracing services regarding non-prime consumers to companies serving the non-prime consumer market, for $20.5 million in cash.
    The net proceeds from the transaction will be used to reduce outstanding indebtedness under the company's $125 million line of credit with a commercial bank syndicate. This subsidiary was acquired by the company on Dec. 11, 1996 for 200,000 shares of CACC common stock. In connection with this transaction, the company will report an after tax gain of approximately $9 million in the second quarter of 1999.
    Credit Acceptance Corp. is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.