Credit Acceptance Corporation filed a Form 8-K on September 4, 2026, disclosing a separation agreement and general release entered into on September 3, 2026, with Jay D. Martin, the company's former Chief Financial Officer.

Key Highlights

  • Agreement date: The separation agreement and general release was executed on September 3, 2026.
  • Advisory role: Mr. Martin will serve as an unsalaried employee advisor from September 3, 2026, through February 1, 2027, providing approximately 15 hours of advisory services per month.
  • CFO tenure ended: Mr. Martin's tenure as Chief Financial Officer ended on July 27, 2026, according to the filing.
  • Lump sum payment: The company will provide a pre-tax lump sum payment of $4,000, representing benefit premiums under COBRA based on Mr. Martin's coverage election on September 3, 2026, through the end of the term.
  • Benefits continuation: Mr. Martin will receive three months of medical, dental, and vision benefits during the term at no cost to him.
  • Equity vesting continues: Mr. Martin will continue to vest in outstanding equity awards during the term in accordance with existing vesting schedules.
  • General release: The agreement includes a general release of claims by Mr. Martin in favor of the company.

Credit Acceptance Discloses CFO Separation Terms and Advisory Arrangement

Credit Acceptance Corporation (NASDAQ:CACC) disclosed on September 4, 2026, that it had entered into a formal separation agreement with Jay D. Martin, who had served as the company's Chief Financial Officer before that role ended on July 27, 2026. According to the filing, Mr. Martin had been serving as an employee advisor to the company between the conclusion of his CFO tenure and the execution of the separation agreement.

Under the terms of the separation agreement, as described in the filing, Mr. Martin will continue in an unsalaried advisory capacity from September 3, 2026, through February 1, 2027, the defined term. During that period, he is expected to provide approximately 15 hours of advisory services per month. The company disclosed it will make a pre-tax lump sum payment of $4,000 to cover benefit premiums under the Consolidated Omnibus Budget Reconciliation Act of 1985, calculated based on Mr. Martin's coverage election as of September 3, 2026, through the end of the term. Additionally, the company will provide three months of medical, dental, and vision benefits to Mr. Martin at no cost during the term.

The filing further states that Mr. Martin's outstanding equity awards will continue to vest during the advisory term in accordance with the existing vesting schedules applicable to those awards. The separation agreement includes a general release of claims by Mr. Martin in favor of the company. The report was signed by Erin J. Kerber, Chief Legal Officer, Chief Compliance Officer and Secretary, on September 4, 2026. The filing notes that any forward-looking statements are the company's own and are subject to its cautionary language and the risk factors discussed in its Annual Report on Form 10-K for the year ended December 31, 2025.

What Was Disclosed

Credit Acceptance Corporation reported the execution of a separation agreement with former CFO Jay D. Martin, detailing an unsalaried advisory term through February 1, 2027, a $4,000 lump sum COBRA payment, continued benefits, ongoing equity vesting, and a mutual general release of claims.