Altheia Credit

I have done an extensive amount of work on European Debt Purchasers including Anacap, Arrow Global, Axactor, B2Holdings, Cabot, Encore, Hoist, Intrum, GetBack, Kruk, Lowell, MCS, PRA… Reach out to discuss the magnitude of the accounting inconsistencies identified. Antonio Gurrea | E: antonio.gurrea@gmail.com | M: +44 (0) 77 3437 2615 "This is your last chance. After this, there is no turning back. You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes. Remember: all I'm offering is the truth. Nothing more." Morpheus, The Matrix

Executive Summary The accounting practices used by Credit Acceptance Corporation ( CACC ) front-load revenue and understate write-offs, thus inflating earnings by 30% to 40% as well as Loans Receivable, which could be overstated by up to 25%. CACC is facing pressure from regulators, which could potentially result in a requirement to re-state financial accounts, fines and / or restitution to customers. CACC Thesis ( link ) CACC Presentation ( link ) CarMax Auto Owner Trust securitisation performance reports ( link ) Recent Events -      On Wednesday, January 31st, $CACC held its Q4 earnings call, where management (inadvertently) admitted to fudging the numbers ( link ).   -      On Friday, February 2nd, after markets close, $CACC published the following press release:  o    "On November 20, 2017 we received a second civil investigation demand from the Office of the Attorney General of the Commonwealth of Massachusetts seeking updated information on its orig