CREDIT ACCEPTANCE CORPORATION CACC

election_required = True...depositary would not only avoid the payment of brokerage commissions, but also would avoid any applicable odd lot discounts in a sale of the odd lot holder's shares. 9 Any odd lot holder wishing to tender all of its shares pursuant to the tender offer should complete the section entitled "Odd Lots" in the letter of transmittal and, if applicable, in the notice of guaranteed delivery. PRORATION. If proration of tendered shares is required, CA will determine the proration factor as soon as practicable following the expiration date. Proration for each shareholder tendering shares, other than odd lot holders, shall be based on the ratio of the number of shares pro...

expiry = 2006-03-13...R CASH BY CREDIT ACCEPTANCE CORPORATION OF UP TO 5,000,000 SHARES OF ITS COMMON STOCK AT A PURCHASE PRICE NOT GREATER THAN $25.00 NOR LESS THAN $21.00 PER SHARE THE TENDER OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MARCH 13, 2006, UNLESS THE TENDER OFFER IS EXTENDED. Credit Acceptance Corporation, a Michigan corporation ("CA"), is offering to purchase for cash up to 5,000,000 shares of its common stock, par value $.01 per share, upon the terms and subject to the co...

listed = True...q National Market and are currently traded on the Pink Sheets Electronic Quotation Service under the symbol "CACC.PK". The following table sets forth, for the fiscal quarters indicated during 2004 and for the each quarter during 2005 that the common stock was traded on Nasdaq, the high and low sales prices per share on the Nasdaq National Market, as applicable, and for the remainder of 2005 and 2006, the high and low bid prices for the common stock as reported by the Pink Sheets Electronic Quotation Service. HIGH LOW ------ ------ 2004 First Quarter............................................... $20.65 $14.97 Second Quarter...........................................

mechanism = DUTCH...rchase shares of its common stock, par value $.01 per share, in a tender offer. What will the purchase price for the shares be and what will be the form of payment?...................... We are conducting the tender offer through a procedure commonly called a modified "Dutch Auction." This procedure allows you to select the price within a price range specified by us at which you are willing to sell your shares. The price range for the tender offer is $21.00 to $25.00 per share. We will select the lowest purchase price that will allow us to buy 5,000,000 shares or, if a lesser number of shares are properly tendered,...

must_tender_all = True...ements will be satisfied following completion of the tender offer. See Section 8. 4 What happens if more than 5,000,000 shares are tendered in the tender offer?.......... We will purchase shares: - first, from all holders of "odd lots" of less than 100 shares who properly tender all of their shares at or below the purchase price selected by us and do not properly withdraw them before the expiration date; - second, after purchasing the shares from the "odd lot" holders, from all other shareholders who properly tender shares at or below the purchase price selected by us, on a pro rata basis, subject to the conditional tender provisio...

price = USD 21.0-25.0...re commonly called a modified "Dutch Auction." This procedure allows you to select the price within a price range specified by us at which you are willing to sell your shares. The price range for the tender offer is $21.00 to $25.00 per share. We will select the lowest purchase price that will allow us to buy 5,000,000 shares or, if a lesser number of shares are properly tendered, all shares that are properly tendered and not properly withdrawn. Al...

threshold = 100...below the purchase price. ODD LOTS. For purposes of the tender offer, the term "odd lots" shall mean all shares properly tendered prior to the expiration date at prices at or below the purchase price and not properly withdrawn by any person referred to as an "odd lot holder" who owns beneficially or of record an aggregate of fewer than 100 shares and so certifies in the appropriate place on the letter of transmittal and, if applicable, on the notice of guaranteed delivery. To qualify for this preference, an odd lot holder must tender all shares owned beneficially or of record by the odd lot holder in accordance with the procedures described in Section 3. As set forth above, odd l...

txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 k02251exv99wxayx1yxiy.txt OFFER TO PURCHASE EXHIBIT (a)(1)(i) OFFER TO PURCHASE FOR CASH BY CREDIT ACCEPTANCE CORPORATION OF UP TO 5,000,000 SHARES OF ITS COMMON STOCK AT A PURCHASE PRICE NOT GREATER THAN $25.00 NOR LESS THAN $21.00 PER SHARE THE TENDER OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MARCH 13, 2006, UNLESS THE TENDER OFFER IS EXTENDED....