What Credit Acceptance Corporation told the SEC could break it.

Credit Acceptance is subject to supervision by the Consumer Financial Protection Bureau, and changes to financial-services laws/regulations could materially alter its operating environment.

“We are subject to supervision by the Consumer Financial Protection Bureau (the “Bureau”).”

Higher tariffs on U.S. imports could raise used-car prices, reducing Dealer origination of Consumer Loans and the volume of loan assignments to Credit Acceptance.

“Imposition of or increases in tariffs on U.S. imports could result in higher used car prices in the United States, leading to decreased Dealer origination of Consumer Loans and a decline in Consumer Loan assignments to us.”

Credit Acceptance depends on revolving secured lines of credit and Warehouse facilities to fund Consumer Loans; if these become limited or unavailable it may be unable to maintain or grow loan volume.

“We cannot guarantee that the revolving secured line of credit facility or the Warehouse facilities will continue to be available beyond their current maturity dates, on acceptable terms, or at all, or that we will be able to obtain additional financing on acceptable terms or at all.”

Most Consumer Loans assigned to Credit Acceptance are to individuals with impaired or limited credit histories, entailing higher delinquency, default, repossession and loss rates; nearly all revenue is generated from these loans.

“The majority of the Consumer Loans assigned to us are made to individuals with impaired or limited credit histories. Consumer Loans made to these individuals generally entail a higher risk of delinquency, default, and repossession, and higher losses than loans made to consumers with better credit.”