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Credit Acceptance Corporation Announces Court Decision

1 September 1999

Credit Acceptance Corporation Announces Court Decision

    SOUTHFIELD, Mich.--Sept. 1, 1999--Credit Acceptance Corporation announced today that the United States Court of Appeals for the Eighth Circuit has overturned an August 1998 partial summary judgment order and injunction against the Company.
    The order and injunction, entered on August 4, 1998 against the Company by the United States District Court for the Western District of Missouri, related to class action claims of alleged interest overcharges and improper repossession notices. The Court of Appeals held that the District Court lacked jurisdiction over those claims, which are now expected to be litigated in state court.
    The remaining class action claims of alleged public official fee overcharges have not been finally adjudicated by the District Court and were not part of the appeal. The public official fee overcharge claims will remain before the District Court.
    The Company's Vice President and General Counsel, Charles A. Pearce stated, "We are pleased with the Court of Appeals' decision and will continue our vigorous defense of all remaining claims."
    Credit Acceptance Corporation 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.