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): APRIL 29, 2005

                          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                      (I.R.S. Employer
 incorporation or organization)                     Identification No.)

 25505 W. TWELVE MILE ROAD, SUTIE 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

/ / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR

/ / 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))


         As previously announced, Credit Acceptance Corporation (the "Company")
was unable to timely file its Annual Report on Form 10-K for the year ended
December 31, 2004. As a result, the Company is not in compliance with certain
covenants in its Third Amended and Restated Credit Acceptance Corporation Credit
Agreement dated as of June 9, 2004, among the Company, the Lenders which are
parties thereto from time to time (each a "Bank" and collectively, the "Banks"),
and Comerica Bank as Administrative Agent for the Banks (in such capacity,
"Agent"), as amended, (the "Credit Agreement").

         On April 29, 2005, the Company and certain other parties to the Credit
Agreement executed an Extension, Waiver and Amendment (the "Waiver"), whereby
the applicable parties waived the breach of provisions of the Credit Agreement
resulting from the Company's ongoing discussions concerning its accounting
policies with Deloitte & Touche LLP and the Company's resulting inability to
timely file its Form 10-K. The Waiver expires on May 31, 2005.

         In addition, the Waiver amended a provision in the Credit Agreement
relating to the delivery of certain forward-looking financial information to the
Banks and permanently waived any related default with respect to that provision.

         The Company is in the process of obtaining SEC guidance as to the
proper accounting methodology in connection with how it accounts for loans.
There can be no assurance as to the length of time necessary to complete this
process or to complete its Form 10-K following completion of the process, and
the Company believes it is unlikely that it will file its 2004 Form 10-K prior
to May 31, 2005. If the Company is not able to determine the appropriate
accounting policies for loans and file its Form 10-K prior to such date, it
intends to seek an extension of the Waiver from the Banks.


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

                                           By: /s/ Douglas W. Busk
                                               Douglas W. Busk
                                               April 29, 2005