SEC Form 4

FORM 4
[  ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person^* Smith, Thomas W (Last)                      (First)                      (Middle) 323 Railroad Avenue (Street) Greenwich,    CT   06830 (City)                      (State)                      (Zip)
2. Issuer Name
and Ticker or Trading Symbol
CREDIT ACCEPTANCE CORPORATION
CACC 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    Month/Day/Year)
08/12/02
5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   Director   X 10% Owner    Officer (give title below)     X Other (specify below)
Description           Member of 13(d) Group 7. 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 Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2.Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction     Code     (Instr. 8) Code  /  V	4. Securities Acquired (A) or Disposed Of (D)     (Instr. 3, 4, and 5) Amount / A/D / Price	5. Amount of     Securities     Beneficially     Owned Following     Reported Transaction(s)     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct (D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock, $.01 par value	8/12/02		P /	1,600 / A / $9.00	407,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
    (Instr. 3) 2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security 3. Transaction Date

(Month/
Day/
Year) 3A. Deemed Execution Date, if any

(Month/
Day/
Year) 4. Transaction Code
    (Instr.8)


Code / V     5. Number of Derivative
    Securities Acquired (A)
    or Disposed Of (D)

    (Instr. 3, 4 and 5)




(A) or (D) 6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)




  (DE)     /     (ED)   7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)




Title     /         Amount or Number of Shares 8. Price
    of
    Derivative
    Security
    (Instr.5) 9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transaction(s)
    (Instr.4) 10. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4) 11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)

Explanation of Responses:

By:
/s/ Thomas W. Smith                                                                                                09/10/02
** Signature of Reporting Person                                                                                    Date      

SEC 1474 (8-02)

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 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure