8-K

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K
                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported): OCTOBER 20, 2004



                         CREDIT ACCEPTANCE CORPORATION
             (Exact Name of Registrant as Specified in its Charter)


                        Commission File Number 000-20202


                                                                         

                           MICHIGAN                                                     38-1999511
(State or other jurisdiction of incorporation or organization)             (I.R.S. Employer Identification No.)

             25505 W. TWELVE MILE ROAD, SUITE 3000                                      48034-8339
                     SOUTHFIELD, MICHIGAN                                               (Zip Code)
            (Address of Principal Executive Offices)





      (Registrant's telephone number, including area code): (248) 353-2700

                      ------------------------------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ]   Written Communications pursuant to Rule 425 under the Securities Act (17
       CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
       CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
       Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
       Exchange Act (17 CFR 240.13e-4(c))





ITEM 7.01 REGULATION FD DISCLOSURE.

    Credit Acceptance Corporation is furnishing materials, included as Exhibit
99.1 to this report and incorporated herein by reference, which were prepared
for inclusion on its investor relations website. Credit Acceptance Corporation
is not undertaking to update these materials. This report should not be deemed
an admission as to the materiality of any information contained in these
materials.

    The information furnished in this report shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section, nor shall such information
be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

        (c) Exhibits.

              99.1    Materials added to website on or about October 20, 2004




                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                           CREDIT ACCEPTANCE CORPORATION
                                           (Registrant)

                                           By: /s/ Douglas W. Busk
                                           -----------------------
                                           Douglas W. Busk
                                           Treasurer
                                           October 20, 2004





                               INDEX OF EXHIBITS






EXHIBIT NO.                           DESCRIPTION
- -----------                           -----------

                
  99.1             Materials added to website on or about October 20, 2004

EX-99.1

                                                                    EXHIBIT 99.1


1. IS THERE AN EASY WAY YOU CAN EXPLAIN TO ME HOW YOUR DUTCH AUCTION WORKS? AND
WHAT THE ADVANTAGE IS TO BOTH THE COMPANY AND THE SHAREHOLDERS?

Shareholders can choose a price at which they are willing to sell their shares,
with in the rang specified by the Company in the offering document. At the
completion of the tender, the Company selects the lowest single purchase price
that results in the purchase of the number of shares specified. If fewer than
the target number of shares are tendered, the Company purchases all of the
tendered shares at the highest price specified by tendering shareholders. All
shares acquired in the tender offer will be purchased at the same purchase price
regardless of whether the shareholder selected a lower price. A more detailed
description of the tender offer can be found in the Offer to Purchase. This
document can be located on the investor relations section of our website under
SEC filings.

The second part of your question relates to the advantages to "both the Company
and to shareholders." The advantage of our Dutch Tender offer for shareholders
depends on whether the Company has correctly assessed the capital needs and
value of our business. If our assessments are correct, the per share value of
our business will increase as a result of our share repurchase. The incremental
benefit depends on the true value of our Company, that is, the discounted value
of future dividends. For example, if we were able to repurchase 10% of our
shares at a 50% discount to true value, the per share value of the remaining
shares would be increased by 5%. Of course, the discounted value of future
dividends is not a number that can be calculated with precision. It depends
largely on an assessment of the Company's future prospects.

Your question inquires about the benefit to "the Company". There is no benefit
to the Company that is separate from the benefit to shareholders described
above.


2. IF THE $40 MILLION "IN EXCESS COLLECTIONS EXPECTED" FROM THE CURRENT LOAN
BASE (AS NOTED IN THE RELEASE) WERE INCLUDED IN GAAP ACCOUNTING, MEANING IT RAN
THROUGH THE P&L AND THE BALANCE SHEET, WHAT WOULD THE IMPACT BE TO QUARTERLY
EARNINGS?

Assuming GAAP were modified to allow the net investment in loans receivable to
be recorded at the estimated present value of future cash flows ("PVFCF"), to
the extent the $40 million excess of PVFCF over the net investment recorded
under current GAAP ("excess") increased over time, our earnings would be higher
under modified GAAP then under current GAAP. To the extent the $40 million
"excess" decreased over time, our earnings would be lower under modified GAAP
then under current GAAP. In each case, the difference in pre-tax earnings would
equal the amount of the change in the "excess" during the period. For example,
if the "excess" increased to $45 million during Year 1, our pre-tax earnings
would be $5 million higher under modified GAAP then under current GAAP.

Under modified GAAP, the initial difference of $40 million would be recorded as
an increase in the net investment in loans receivable of $40 million, an
increase retained earnings of $26 million and increase in deferred taxes of $14
million.

We have no reason to believe GAAP will be modified in this manner.





CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Certain statements in this document that are not historical facts, such as those
using terms like "believes," "expects," "anticipates," "assumptions,"
"forecasts," "estimates" and those regarding the Company's future plans and
objectives, are "forward-looking statements" within the meaning of the federal
securities laws. These forward-looking statements represent the Company's
outlook only as of the date of this document. While the Company believes that
its forward-looking statements are reasonable, actual results could differ
materially since the statements are based on current expectations, which are
subject to risks and uncertainties. Factors that might cause such a difference
include the following:

     -   the Company's potential inability to accurately forecast and estimate
         the amount and timing of future collections,
     -   increased competition from traditional financing sources and from
         non-traditional lenders,
     -   the unavailability of funding at competitive rates of interest,
     -   the Company's potential inability to continue to obtain third party
         financing on favorable terms,
     -   the Company's potential inability to generate sufficient cash flow to
         service its debt and fund its future operations,
     -   adverse changes in applicable laws and regulations,
     -   adverse changes in economic conditions,
     -   adverse changes in the automobile or finance industries or in the
         non-prime consumer finance market,
     -   the Company's potential inability to maintain or increase the volume of
         automobile loans,
     -   an increase in the amount or severity of litigation against the
         Company,
     -   the loss of key management personnel,
     -   the effect of terrorist attacks and potential attacks, and
     -   various other factors discussed in the Company's reports filed with the
         Securities and Exchange Commission.

Other factors not currently anticipated by management may also materially and
adversely affect the Company's results of operations. The Company does not
undertake, and expressly disclaims any obligation, to update or alter its
statements whether as a result of new information, future events or otherwise,
except as required by applicable law.