SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* DANIELS TERRENCE D (Last) (First) (Middle) QUAD-C MANAGEMENT, INC. 230 EAST HIGH STREET (Street) CHARLOTTESVILLE VA 22902 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 02/04/2004	3. Issuer Name and Ticker or Trading Symbol ASSET ACCEPTANCE CAPITAL CORP [ AACC ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.01 par value per share	16,004,017	I	By AAC Quad-C Investors LLC(1)(2)(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to buy	(4)	02/04/2014	Common Stock, $0.01 par value per share	15,000	$15	D

Explanation of Responses:

1. AAC Quad-C Investors LLC is the direct beneficial owner of 16,004,017 shares of common stock of the issuer. Quad-C Partners VI, L.P. holds a 98.5222% membership interest in AAC Quad-C Investors LLC, and, as such, may be deemed to beneficially own 15,767,504 shares of the common stock held by AAC Quad-C Investors LLC. Quad-C Advisors VI, L.L.C. is the general partner of Quad-C Partners VI, L.P., and, as such, may be deemed to beneficially own 15,767,504 shares of the common stock held by AAC Quad-C Investors LLC. Mr. Daniels is a manager of AAC Quad-C Investors LLC. In addition, Mr. Daniels has an indirect membership interest in AAC Quad-C Investors LLC as a holder of a 30.84% membership interest in Quad-C Advisors VI, L.L.C.

2. Mr. Daniels disclaims beneficial ownership of these shares except the extent of his pecuniary interest in such shares, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all the reported shares for purposes of Section 16 or for any other purpose.

3. Mr. Daniels' adult children hold a combined 0.33888% membership interest in AAC Quad-C Investors LLC.

4. The options vest in two equal installments on February 4, 2005 and February 4, 2006.

Remarks:

	/s/ Terrence D. Daniels	02/04/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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