What dealers should know

Life happens to the best of us. Many consumers who need a car have a hard time getting financed because they have no credit (such as college students), or because a job loss or other financial hardship has impacted their ability to pay their bills, resulting in bad credit. Credit Acceptance was founded on the principle of enabling dealers to offer credit challenged consumers a chance to build or rebuild a positive credit history. By enrolling in the Credit Acceptance program, dealers can offer financing to customers they otherwise wouldn’t be able to finance. Below you’ll find some information that you may not have known about Credit Acceptance’s subprime finance programs.

Expand all


Collapse all

What is the ExtraCredit by Credit Acceptance Financial Wellness Resource?

ExtraCredit by Credit Acceptance is a financial wellness resource designed to help position consumers for long-term financial stability. Learn more about the resource!

Dealers can enroll with Credit Acceptance with NO UPFRONT COST.

Many dealers falsely believe that significant upfront costs are a barrier to enrolling in Credit Acceptance’s subprime auto finance programs.  In fact, Credit Acceptance offers no upfront cost enrollment options that work for every type of dealership, including Independent, BHPH, and Franchise.  Your Credit Acceptance Market Area Manager can explain the differences so you can choose the best auto finance program for you.

Dealers can enroll with Credit Acceptance and begin using the program from anywhere in the U.S.

Dealers do not have to travel to Credit Acceptance’s offices to complete the enrollment process.  Dealers can enroll from anywhere in the country with the help of a Market Area Manager and complete subprime lending training online, and begin offering financing to customers with bad credit or no credit.

Our Credit Approval Processing System (CAPS®) integrates seamlessly with Dealertrack®, RouteOne®, and other aggregators.

Dealers who use aggregators do not have to duplicate their work to get subprime applications into CAPS.  In addition to Dealertrack® and RouteOne®, Credit Acceptance is integrated with a number of other lead aggregators, eliminating double entry, maximizing efficiency and sales, and facilitating a fast and easy car buying experience for customers with bad credit.

Nearly any vehicle works on the Credit Acceptance Program.

It’s a myth that older, high-mileage used cars work best.  While Credit Acceptance’s finance programs work well with many lower-cost vehicles, dealers can sell nearly any vehicle that works well for subprime customers in their market, including new cars.  Contract terms up to 72 months help keep payments down and enable customers to finance newer, lower-mileage vehicles.

Getting every vehicle into CAPS is fast and easy.

You may have heard that syncing your inventory with CAPS is a hassle, but it has never been easier. CAPS integrates with a number of DMS providers, eliminating the need for double entry.  It also alerts dealers to missing vehicle information and other inventory issues.  Dealers select and enter their own inventory into CAPS, which has reporting capabilities and tools to help dealers purchase vehicles to maximize car sales.

Credit Acceptance offers same day funding.

Many auto finance companies take days to fund a contract. With Credit Acceptance’s eContracting, many dealers receive same day funding.  Processing begins as soon as the contract package and funding proofs are electronically submitted and approved by Credit Acceptance.

With Credit Acceptance, dealers can receive an approval for every customer, on every vehicle in their inventory, with one submission.

While others say “no,” Credit Acceptance offers non-recourse subprime auto financing that enables dealers to say “YES” to every customer, including those who have no credit history, believe they have bad credit, have multiple open car loans, and have a repossession or bankruptcy in their credit history. Additionally, CAPS allows dealers to restructure deals without waiting for a callback.

Dealers can close deals faster and provide an enhanced digital signing experience with a portable device signing option.

In addition to traditional CAPS® signing and wet signature options, dealers* can offer customers (including cosigners) the option to electronically sign Credit Acceptance documents using a portable device** via a link sent to their email address. This portable device signing option allows for increased ease and flexibility for customers to sign documents anytime, anywhere and the opportunity for dealers to provide a modern, relaxed dealership signing experience.

*Feature currently unavailable in California and Nevada and is restricted to on-premises signing only at Ohio used motor vehicle dealers.

**Supported devices for this signing experience include touchscreen devices and PCs, in both cases with a screen nine inches or larger.

Franchise dealers have been very successful on Credit Acceptance’s subprime finance programs.

You may associate Credit Acceptance with independent or BHPH dealers, but the truth is that Credit Acceptance is consistently among the top subprime car finance companies in the country and can help any dealer sell more cars and make more money.  Many successful franchise stores use one or both of the two primary programs, Portfolio and Purchase, depending on the dealership’s goals.  The programs are flexible and can easily integrate with existing business processes, enabling dealers to grow their current business and add additional sales.  Dealers who choose to use both programs can make their selection on a contract-by-contract basis.

Additionally, dealer groups (with common ownership) can combine contracts from multiple stores in order to accelerate positive cash flow if they opt to participate.

Dealers enrolled with Credit Acceptance see an upfront profit at contract inception.

Dealers don’t have to wait to submit 50 or 100 deals (contracts) to see a profit.  Credit Acceptance is different than other subprime finance companies. Dealers who participate in the Portfolio Program can also share in the principle and interest on every contract they submit, receiving 80% of the net collections on contracts in the form of Portfolio Profit down the road once the total advance balance in the pool is repaid.  Contracts are consolidated and ‘capped’ into pools of either 50 or 100 contracts to accelerate Portfolio Profit payout.  Talk to a Credit Acceptance Market Area Manager to learn more.

Dealers can add co-buyers with no residency or familial restrictions on the Credit Acceptance Program.

The Credit Acceptance program allows dealers to structure contracts with or without a co-buyer, depending on the attributes of a particular contract.  Co-buyers do not have to live together or be related, and are subject to the same underwriting standards as buyers. This gives more customers with bad credit or no credit the opportunity to purchase a vehicle.

Up to 72-month terms are available for eligible customers on the Credit Acceptance Program.

The Credit Acceptance program allows dealers to structure contracts with extended payment terms for eligible customers with bad credit or no credit, keeping payments affordable and enabling customers to finance newer, lower mileage cars.

Credit Acceptance does business in all 50 states.

Dealers of all types across the country have found success with the Credit Acceptance Program.  Credit Acceptance has Market Area Managers in every state dedicated to helping dealers succeed on our programs and change lives by helping individuals with bad credit or no credit get approved for financing a car.

Dealers may approve customers with open Chapter 7 and 13 bankruptcies (with court/trustee approval) on the Credit Acceptance Program.

Dealers enrolled with Credit Acceptance may approve customers with open Chapter 7 and 13 bankruptcies (with court/trustee approval), subject to Credit Acceptance’s funding standards.  Contact your Credit Acceptance Market Area Manager for more details.