Other Income

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure [Text Block]

OTHER INCOME

Other income consists of the following:

(In millions)	For the Years Ended December 31,
	2023		2022		2021
Ancillary product profit sharing	$	34.1	$	60.6	$	40.2
Interest	19.7		6.6		1.2
Remarketing fees	10.7		13.4		7.8
Other	2.4		2.8		3.9
Total	$	66.9	$	83.4	$	53.1

Ancillary product profit sharing consists of payments received from TPPs based upon the performance of vehicle service contracts and GAP contracts, and is recognized as income over the life of the vehicle service contracts and GAP contracts.

Interest consists of income earned on cash and cash equivalents, restricted cash and cash equivalents, and restricted securities available for sale. Interest income is generally recognized over time as it is earned. Interest income on restricted securities available for sale is recognized over the life of the underlying financial instruments using the interest method.

Remarketing fees consist of fees charged to Dealers that are retained from the sale of repossessed vehicles by Vehicle Remarketing Services, Inc. (“VRS”), our wholly owned subsidiary that is responsible for remarketing vehicles for Credit Acceptance. VRS coordinates vehicle repossessions with a nationwide network of repossession contractors, the redemption of the vehicles by the consumers, and the sale of the vehicles through a nationwide network of vehicle auctions. VRS recognizes income from the retained fees at the time of the sale and does not retain a fee if a repossessed vehicle is redeemed by the consumer prior to the sale.

The following table disaggregates our other income by major source of income and timing of the revenue recognition:

(In millions)	For the Year Ended December 31, 2023
	Ancillary product profit sharing		Interest		Remarketing fees		Other		Total Other Income
Source of income
Third-Party Providers	$	34.1	$	19.7	$	—	$	0.1	$	53.9
Dealers	—		—		10.7		2.3		13.0
Total	$	34.1	$	19.7	$	10.7	$	2.4	$	66.9
Timing of revenue recognition
Over time	$	34.1	$	19.7	$	—	$	0.9	$	54.7
At a point in time	—		—		10.7		1.5		12.2
Total	$	34.1	$	19.7	$	10.7	$	2.4	$	66.9