[CREDIT ACCEPTANCE LOGO]

                                                        SILVER TRIANGLE BUILDING
                                        25505 WEST TWELVE MILE ROAD O SUITE 3000
                                                       SOUTHFIELD, MI 48034-8339
                                                                  (248) 353-2700
                                                        WWW.CREDITACCEPTANCE.COM

                                  NEWS RELEASE

FOR IMMEDIATE RELEASE                            DATE:  SEPTEMBER 10, 2004

                                   INVESTOR RELATIONS:  DOUGLAS W. BUSK
                                                        TREASURER
                                                        (248) 353-2700 EXT. 4432
                                                        IR@CREDITACCEPTANCE.COM

                                        NASDAQ SYMBOL:  CACC

                     CREDIT ACCEPTANCE CORPORATION ANNOUNCES
                           PRELIMINARY RESULTS OF ITS
                       MODIFIED DUTCH AUCTION TENDER OFFER

SOUTHFIELD, MICHIGAN -- SEPTEMBER 10, 2004 -- CREDIT ACCEPTANCE CORPORATION
(NASDAQ: CACC) today announced the preliminary results of its modified Dutch
auction tender offer, which expired at 5:00 p.m. on September 9, 2004. Credit
Acceptance commenced the tender offer on August 11, 2004 to purchase up to
3,000,000 shares of its common stock at a price between $14.00 and $20.00 per
share, net to the seller in cash, without interest. Georgeson Shareholder
Communications, Inc. acted as information agent for the offer and Computershare
Trust Company of New York acted as the depositary.

Based on a preliminary count by the depositary, the total number of shares
tendered in the offer was 2,746,728, which includes 289,304 pursuant to the
guaranteed delivery procedure. Based on the preliminary count, the Company
expects to purchase all properly tendered shares at $20.00 per share, net to the
seller in cash, without interest, for a total purchase price of approximately
$54.9 million. All shares purchased in the tender offer will be purchased at the
same price. The actual number of shares to be purchased and the purchase price
are subject to final confirmation and the proper delivery of all shares tendered
and not withdrawn, including shares tendered pursuant to the guaranteed delivery
procedure. The actual number of shares and purchase price per share will be
announced promptly following completion of the verification process. Payment for
shares accepted and the return of all shares tendered but not accepted will
occur promptly after determination of the number of shares properly tendered.


DESCRIPTION OF CREDIT ACCEPTANCE CORPORATION

Since 1972, Credit Acceptance has provided auto loans to consumers, regardless
of their credit history. Our product is offered through a nationwide network of
automobile dealers who benefit by selling vehicles to consumers who otherwise
could not obtain financing, by repeat and referral sales generated by these same
customers, and from sales to customers responding to advertisements for our
product, but who actually end up qualifying for traditional financing.

Without our product, consumers are often unable to purchase a vehicle or they
purchase an unreliable one and are not provided the opportunity to improve their
credit standing. As we report to the three national credit reporting agencies, a
significant number of our customers improve their lives by improving their
credit score and move on to more traditional sources of financing. Credit
Acceptance is publicly traded on the NASDAQ National Market under the symbol
CACC. For more information, visit www.creditacceptance.com.