By Ben Glickman Credit Acceptance named Jay Martin as its next finance chief, effective Jan. 23. The Southfield, Mich.-based company said Martin serves as.
Southfield-based Credit Acceptance Corp., one of the biggest subprime U.S. auto lenders, reported its second quarter net income fell 79% from a year earlier as company collected less than it expected from borrowers and saw "below-average" loan prepayment rates cut into its cash flow.
Net income…
Credit Acceptance Corp.'s net income dropped 54 percent in the first quarter to $99.5 million compared with a year earlier as the subprime-focused auto lender set aside $114.1 million more as a hedge against future losses.
The Southfield-based company said Monday that it had experienced lower…