SCHEDULE: Foss Trusts Report Share Sales in Credit Acceptance Corp

A group of trusts associated with the late Donald A. Foss reported the sale of 66,300 shares of Credit Acceptance Corporation common stock.

Summary

• The Reporting Persons, consisting of five trusts and trustee Allan V. Apple, collectively hold 2,070,944 shares of Credit Acceptance Corporation.
• This represents approximately 19.8% of the company's total outstanding common stock.
• The Marital Trust U/A Donald A. Foss Trust disposed of 66,300 shares between April 13, 2026, and the filing date.
• Shares were sold in the open market at prices ranging from $471.50 to $560.84 per share.
• The filing confirms no current plans for extraordinary corporate transactions, mergers, or changes to the board of directors.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; while insider selling can be perceived negatively, this appears to be routine trust management following the death of the founder.

Positives

• The reporting trusts maintain a significant long-term stake of 19.8% in the company, signaling continued alignment with the issuer.
• The sales were executed in the open market, indicating liquidity for the stock.

Negatives

• The sale of 66,300 shares by the Marital Trust represents a reduction in the holdings of a major shareholder group.
• The selling activity may create downward pressure on the stock price in the short term.

Risks

• The Reporting Persons reserve the right to dispose of additional shares in the future, which could impact market supply and price.
• Market conditions may influence future decisions by the trusts to acquire or dispose of shares.

Future Outlook

The Reporting Persons intend to evaluate their investment on an ongoing basis and may acquire or dispose of shares depending on market conditions and their best interests.

Management Comments

• The Reporting Persons do not have any current plans or proposals relating to extraordinary corporate transactions, mergers, or changes to the board of directors.

Industry Context

StockSavvy.ai notes that this filing reflects standard estate planning and portfolio rebalancing by the trusts of a company founder, rather than a shift in the company's fundamental business strategy or a loss of confidence in the issuer.

Comparison to Industry Standards

• The 19.8% ownership stake remains a significant concentration for a legacy shareholder group, consistent with other founder-led financial services firms.
• The use of a 13D filing for trust-based share sales is standard regulatory compliance for major shareholders.

Corporate Governance

Related Party Transactions

• The Reporting Persons are trusts established by the late Donald A. Foss, and Allan V. Apple serves as trustee.

Stakeholder Impact

• Shareholders may experience minor volatility due to the ongoing sale of shares by the Marital Trust.
• The voting alignment agreement provides stability for the Board of Directors.

Next Steps

• Ongoing evaluation of investment position by the Reporting Persons.
• Potential future open market or private transactions by the trusts.

Key Dates

Recommendation

The filing indicates routine divestment by a major shareholder group. While the selling activity is price-sensitive, it does not signal a fundamental change in the company's outlook or management, warranting a hold position until further market reaction is observed.

Keywords

Credit Acceptance Corp, CACC, Schedule 13D, Insider Selling, Donald A. Foss, Trust Holdings, Shareholder Agreement