Credit Acceptance Corporation 401(k) Review & Grade
Credit Acceptance Corporation 401(k) Plan and Trust
Southfield, MIFinance & Insurance2,333 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,343Employer $ per active participant
$8,586Employee $ saved per active participant
0.08%Direct admin cost, % of plan assets
$279.8MNet plan assets, end of year
$95,128Average balance per account
Score breakdown
- Employer generosity30.3 / 5061th percentile for employer $ per participant
- Low cost20.0 / 2580th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score67 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 61th |
| Lower admin cost | 80th |
| Employee saving | 66th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $3,481 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Credit Acceptance put in about $4,343 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $10,131,088 |
| Participant (employee) contributions | $20,031,329 |
| Other contributions (incl. rollovers in) | $5,099,818 |
| Administrative expenses paid from the plan | $197,633 |
| Contract administrator fees | $300 |
| Investment advisory & management fees | $74,534 |
| Benefits paid out | $16,220,678 |
| Net assets, start / end of year | $231.9M / $279.8M |
| Active participants, start / end of year | 2,229 / 2,437 |
| Participants with account balances | 2,941 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
| Employer stock held by plan | $14,912,313 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $122,991 reported compensation |
| Strategic Advisors, Inc. | $74,534 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250624101633NAL0016484562001, received 2025-06-24, EIN 38-1999511, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.