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Credit Acceptance Corporation Announces Court Ruling

7 August 1998

Credit Acceptance Corporation Announces Court Ruling

    SOUTHFIELD, Mich.--Aug. 6, 1998--Credit Acceptance Corporation announced today that the United States District Court for the Western District of Missouri has granted partial summary judgment on liability in favor of certain class action plaintiffs based upon the Court's finding of violations of certain Missouri consumer protection laws while denying summary judgment on certain other claims.
    The Company also reported that the Court ruled in favor of the Company on certain claims raised by class plaintiffs. The Company intends to appeal the Court's ruling and believes that it has substantial grounds for appeal. Trial on the remaining issues, as well as on the amount of damages is currently scheduled to commence on January 25, 1999.
    Credit Acceptance Corporation 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.