Credit Acceptance income soars

SOUTHFIELD, Mich. - Subprime auto lender Credit Acceptance Corp., on Friday, Oct. 19, reported net income of $7.6 million for the third quarter, 25.2 percent ahead of the year-ago quarter. The company buys finance contracts, mostly for used cars, from 1,121 dealers in the United States and the United Kingdom. Credit Acceptance originated $211.5 million worth of contracts in the quarter, up 52.7 percent.

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