Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 13, 2008, the Compensation Committee of the Board of Directors of Credit Acceptance Corporation (the "Company") approved awards of 22,500 and 10,000 restricted stock units to Mr. Kenneth S. Booth, Chief Financial Officer, and Mr. Michael W. Knoblauch, Senior Vice President - Loan Servicing, respectively. Each restricted stock unit represents and has a value equal to one share of common stock of the Company. The restricted stock units will be earned over a five year period from 2009 through 2013 based upon the annual increase in the Company's adjusted economic profit. Any earned shares will be distributed to Mr. Booth and Mr. Knoblauch on February 22, 2016. The agreements are attached as Exhibits 10 (q) (7) and 10 (q) (8) and incorporated herein by reference.

Mr. Booth and Mr. Knoblauch will remain eligible to receive both non-equity and equity incentive compensation for 2008 performance under the incentive compensation plan disclosed in our definitive proxy statement filed on April 10, 2008. However, as a result of these grants, Mr. Booth and Mr. Knoblauch will not be eligible for equity incentive compensation under this plan for the five year performance period from 2009 through 2013.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10 (q) (7) Restricted Stock Unit Award Agreement for Mr. Kenneth S. Booth.
10 (q) (8) Restricted Stock Unit Award Agreement for Mr. Michael W. Knoblauch.

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