Credit Acceptance Corporation Announces Court Decision

Business Wire, July 16, 1999

SOUTHFIELD, Mich.--(BUSINESS WIRE)--July 15, 1999--

Credit Acceptance Corp. (Nasdaq:CACC) announced today that the United States District Court for the Eastern District of Michigan has granted the plaintiffs' motion for reconsideration of its April 23, 1999 judgement dismissing with prejudice the putative consolidated class action entitled In re Credit Acceptance Corp. Securities Litigation and has granted the plaintiffs leave to file an amended complaint.

The Court stated that "justice requires an opportunity for amendment in the case due to the Sixth Circuit (Court of Appeals') recent clarification of the pleading standard applicable to securities fraud cases." The Court further stated it "will reconsider its earlier decision in light of the amended complaint and the recent Sixth Circuit pronouncement ... "

Credit Acceptance Corp. is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.