Credit Acceptance Corp.’s net income fell to $22.2 million, down 79 percent from a year earlier as the major non-prime auto lender collected less than it expected from borrowers and saw “below-average” loan prepayment rates cut into its cash flow.
Net income also was impacted by Credit Acceptance revamping its forecasting to take into account more recent loans with weaker performance, the lender said in announcing earnings Aug. 1. The revised projections were among the factors leading Credit Acceptance to
