Slides
Page 1
12 YEARS Q3 2026 Earnings Presentation October 29, 2026
Page 2
Forward Looking Statements and Non-GAAP Financial Measures Certain statements in this presentation constitute forward-looking statements within the meaning of federal securities law. Credit Acceptance cautions investors that any such forward-looking statements made by Credit Acceptance are not guarantees of future performance. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2026, and other risk factors listed from time to time in our reports filed with the SEC. This presentation includes certain non-GAAP financial measures. See the appendix to this presentation for reconciliations of these measures to the most directly comparable GAAP financial measures. Additional information regarding these measures, including reconciliations of these measures to the most directly comparable GAAP financial measures, is included in the Supplemental Information section of our earnings release for the quarter ended September 30, 2026 and in our prior earnings releases. 2
Page 3
Key Messages 1 Accelerated operating performance in Q3 • Loan unit volume grew 38% YoY, loan dollar volume up 51% YoY • Economic profit increased 18% YoY and adj. net income grew 15% YoY • Active dealers up 19% YoY, reaching an all-time high 2 Advanced pricing and forecasting capabilities • Data driven insights informed Q3 forecast adjustment • Positioned to make faster decisions 3 Executing on our disciplined profitable growth strategy with significant opportunities ahead • Driven by four core operating pillars: — Customer obsession, Segmentation, Leveraging data and AI, Disciplined operating rhythms and practices • Our focus remains on maximizing long-term Economic Profit per share 3
Page 4
Q3 Financial Highlights Economic Profit Economic Profit Per Diluted Share Adj. Net Income Adj. Net Income Per Diluted Share $50.7M $4.87 $135.5M $13.01 +18% YoY +30% YoY +15% YoY +27% YoY Consumer Loan Unit Volume Consumer Loan $ Volume Active Dealers Change in Forecasted Net Cash Flows 110,010 $1.4B 12,093 ($291.2M) +38% YoY +51% YoY +19% YoY (2.5%) vs beginning of period forecast 4
Page 5
Executing on Our Strategic Priorities to Position Credit Acceptance for the Future Disciplined Operating Rhythms and Practices Maximize Economic ProfitNorth Star Leveraging Data and AISegmentationCustomer Obsession • Improving customer experiences • Leveraging frontline insights and aggregator integrations • Evaluating opportunities across multiple dimensions, including: - Consumer credit - Dealer characteristics - Geography - Vehicle attributes - Deal structure • Developing centralized data platform • Continued improvement of forecasting • Improving inventory matching • Ensuring clear accountability • Executing with discipline • Making decisions faster 5
Page 6
Origination Trends -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Consumer Loan Assignment Growth Unit volume YoY (%) Dollar volume YoY (%) Metric Q3 2026 YoY Change (%) Active dealers 12,093 19% Average number of Consumer Loans per active dealer 9.1 15% Q3 2026 Unit Volume Q3 2026 $ Volume 110,010 $1.4B +38% YoY +51% YoY • Dollar volume grew 51% YoY • Growth driven by more active dealers (+19%) • Broad-based growth reflects stronger execution across multiple initiatives 6 Consumer Loan Assignments 0%
Page 7
Consumer Loan Collection Performance by Vintage In Q3, in view of additional loan seasoning, performance history, and more granular segmentation, CACC enhanced its methodology for forecasting future net cash flows from its portfolio. This change reduced forecasted collection rates for Consumer Loans assigned from 2022 through 2026. (1) Represents the forecasted future collections we expect to collect on Consumer Loans less the forecasted future dealer holdback payments we expect to make to dealers. (2) Represents activity for the nine months ended September30, 2026. Information in this table for each of the years prior to 2026 represents activity for all 12 months of that year. Forecasted Collection % Forecasted Future Net Cash Flows (1) Consumer Loan Assignment Year Sep 30, 2026 Initial Forecast Variance June 30, 2026 QoQ Variance Sep 30, 2026 ($ in millions) % of Total 2017 64.8% 64.0% 0.8% 64.8% 0.0% 17.2 0.1% 2018 65.6% 63.6% 2.0% 65.6% 0.0% 39.9 0.3% 2019 67.3% 64.0% 3.3% 67.3% 0.0% 74.6 0.6% 2020 68.1% 63.4% 4.7% 68.1% 0.0% 129.6 1.1% 2021 64.2% 66.3% -2.1% 64.1% 0.1% 274.1 2.3% 2022 59.2% 67.5% -8.3% 59.3% -0.1% 642.3 5.3% 2023 62.4% 67.5% -5.1% 62.9% -0.5% 1,177.7 9.8% 2024 63.6% 67.2% -3.6% 65.1% -1.5% 2,193.2 18.2% 2025 64.9% 67.0% -2.1% 66.9% -2.0% 3,737.4 31.0% 2026 (2) 65.3% 67.1% -1.8% 67.1% -1.8% 3,784.6 31.3% Total: $12,070.6 100.0% 7
Page 8
Economic Profit & Return on Capital Adjusted ROC Cost of Capital Economic Profit 9.9% 7.6% $50.7M +18% YoY Q3 Economic Profit increased 18% YoY due to an increase in adjusted return on capital driven by higher expected yields on more recent Consumer Loan assignments. 0 10 20 30 40 50 60 6% 7% 8% 9% 10% 11% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Economic Profit ($M) Adjusted ROC (%) Cost of Capital (%) Q3 2026 8
Page 9
Capital Allocation & Financial Flexibility 2.8x $1.2B $161.6M Adjusted Leverage Available Liquidity (1) Share Repurchases in Q3 Average during Q3 2026 As of September 30, 2026 269,150 Shares Repurchased $6.7B $9.4B 2.6% Diversified Funding Sources Adjusted Loan Portfolio Of Beginning-Quarter Shares (revolving secured line of credit facility, warehouse facilities, term ABS financings, senior notes) +4% vs Q3 2025 Diluted weighted-average share count down 9% YoY Financial Flexibility Shareholder Returns Maximizing long-term economic profit per share through disciplined capital deployment Capital Allocation Priority 9 (1) Amounts available for borrowing under revolving lines of credit and unrestricted cash and cash equivalents.
Page 10
Appendix
Page 11
Non-GAAP Reconciliations GAAP Net Income (Loss) to Adjusted Net Income (Dollars in millions, except per share data) GAAP Net Income (Loss) to Economic Profit (Dollars in millions, except per share data) Adjusted net income, adjusted net income per diluted share, economic profit, and economic profit per diluted share are non-GAAP financial measures. See the “Supplemental Information” section of the Q3 2026 earnings release for complete reconciliations, a description of the Floating Yield Adjustment, and definitions of all non-GAAP measures used above. Three Months Ended September 30, 2026 2025 GAAP net income (loss) $(56.6) $108.2 Floating yield adjustment (after-tax) (117.5) (119.0) GAAP provision for credit losses (after-tax) 308.2 114.0 Contingent loss (after-tax) — 11.2 Income tax adjustment 1.4 3.5 Adjusted net income $135.5 $117.9 Diluted weighted average shares outstanding 10,416,624 11,472,729 Adjusted net income per diluted share $13.01 $10.28 Three Months Ended September 30, 2026 2025 GAAP net income (loss) $(56.6) $108.2 Non-GAAP adjustments 192.1 9.7 Adjusted net income 135.5 117.9 Interest expense (after-tax) 80.4 87.3 Adjusted net income plus interest expense (after- tax) 215.9 205.2 Less: cost of capital 165.2 162.2 Economic profit $50.7 $43.0 Economic profit per diluted share $4.87 $3.75 11
Page 12
Non-GAAP Reconciliations (continued) GAAP Average Capital to Adjusted Average Capital and Adjusted Leverage (Dollars in millions) GAAP Return on Equity to Adjusted ROC (Annualized) GAAP Loans Receivable to Adjusted Loans Receivable (Dollars in millions) Adjusted average capital, adjusted leverage, adjusted return on capital, and adjusted loan portfolio (adjusted loans receivable) are non-GAAP financial measures. Adjusted leverage is calculated as GAAP average debt divided by adjusted average equity. Adjusted return on capital is defined as adjusted net income plus interest expense (after-tax) divided by adjusted average capital. See the “Supplemental Information” section of the Q3 2026 earnings release for complete reconciliations and definitions of all non-GAAP measures used above. Three Months Ended September 30, 2026 2025 GAAP average debt $6,446.9 $6,400.1 GAAP average shareholders’ equity 1,552.2 1,573.4 Income tax adjustment (96.9) (96.9) Floating yield adjustment 845.1 822.6 Adjusted average equity 2,300.4 2,299.1 Adjusted average capital $8,747.3 $8,699.2 Adjusted leverage (GAAP average debt / Adjusted average equity) 2.8x 2.8x Three Months Ended September 30, 2026 2025 GAAP return on equity (14.6%) 27.5% Non-GAAP adjustments 24.5% (18.1%) Adjusted return on capital 9.9% 9.4% Three Months Ended September 30, 2026 2025 GAAP loans receivable, net $8,127.2 $7,975.5 Floating yield adjustment 1,305.3 1,089.7 Adjusted loans receivable $9,432.5 $9,065.2 12
Page 13
© 2026 Credit Acceptance. All rights reserved.