Credit Acceptance Corporation (Credit Acceptance) is a provider auto loans to consumers. Credit Acceptance product is offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers, and from sales to customers responding to advertisements for the Company’s product. The Company has two programs includes the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to Dealer-Partners (referred to as a Dealer Loan) in exchange for the right to service the underlying Consumer Loans. Under the Purchase Program, it buys the Consumer Loans from the Dealer-Partner (referred to as a Purchased Loan) and keeps all amounts collected from the consumer. Dealer Loans and Purchased Loans are collectively referred to as Loans.