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

On August 28, 2012, Terrence D. Daniels, a member of the Board of Directors (the "Board") of Asset Acceptance Capital Corp. (the "Company"), notified the Company of his retirement from the Board effective August 28, 2012.

The Board increased the number of directors to nine from eight and elected H. Philip Goodeve and Gerald J. Wilkins to fill the vacancies created by Mr. Daniels' retirement and the increase in the number of directors. Mr. Goodeve and Mr. Wilkins will be Class II Directors, with terms expiring at the Company's annual meeting of shareholders in 2014. In connection with their election to the Board of Directors, Mr. Goodeve and Mr. Wilkins each will receive under the Company's 2012 Stock Incentive Plan a grant of restricted stock units having a grant date value of $31,250 and vesting at the rate of 50% each year of their service on the anniversary of the grant date. Mr. Goodeve and Mr. Wilkins will also be compensated under the Company's non-associate director compensation policy as described in the Company's most recent proxy statement.

The Board also appointed H. Eugene Lockhart, a director of the Company since 2004, as the Chairman of the Board.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Press Release, dated August 28, 2012

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