UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Commission File Number: 000-20202
NOTIFICATION OF LATE FILING
(CHECK ONE):
[X] Form 10-K and Form 10-KSB [ ] Form
20-F [ ] Form 11-K [ ] Form 10-Q
and Form 10-QSB [ ] Form N-SAR
For Period Ended: DECEMBER 31, 2004
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates:
PART I--REGISTRANT INFORMATION
CREDIT ACCEPTANCE CORPORATION
Full Name of Registrant (Former Name if Applicable)
25505 WEST TWELVE MILE ROAD, SUITE 3000
Address of Principal Executive Office (Street and Number)
SOUTHFIELD, MICHIGAN 48034-8339
City, State and Zip Code
PART II--RULES 12B-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or
portion thereof will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III--NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the
transition report or portion thereof, could not be filed within the prescribed
time period.
Credit Acceptance (the "Company") is unable to timely file its Annual Report on
Form 10-K for the year ended December 31, 2004 without unreasonable effort or
expense primarily due to the following matter. On March 4, 2005, the Company's
management, as authorized by the Company's audit committee, approved the
restatement of its previously issued financial statements contained in the
Company's Annual Report on Form 10-K for the year ended December 31, 2003 and
its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31,
2004, June 30, 2004 and September 30, 2004. This restatement relates to the
correction of errors in the accounting for income taxes primarily related to the
Company's foreign subsidiaries, as discussed further in the Company's Form 8-K
filed on March 10, 2005. The restatement for these errors will decrease net
income for the year ended December 31, 2003 by $2.3 million and increase net
income for the three months ended June 30, 2004 by $2.7 million. The correction
of these errors will have no impact on pre-tax income. As a result of this
ongoing matter, the Company needs additional time to finalize its audited
financial statements and ensure the accuracy and completeness of its Form 10-K
disclosures.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Douglas W. Busk, Treasurer 248 353 - 2700 Ext. 4432
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
As a result of the matters noted in Part III above, the Company is not in a
position to provide a reasonable estimate of any anticipated significant
changes in results of operations from the year ended December 31, 2003 to
the year ended December 31, 2004, other than the impact of the restatement,
that may be reflected in the earnings statements to be included in the 2004
Form 10-K.
CREDIT ACCEPTANCE CORPORATION
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
By: /s/ Kenneth S. Booth
---------------------------
Kenneth S. Booth
Chief Financial Officer
March 17, 2005