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  "documentTitle": "Credit Acceptance Corporation (CACC)",
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      "text": "The bears got the headline right and the business completely wrong.",
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      "text": "Fair question. Here's our honest answer: we are not moral arbiters of American capitalism. We are analysts. And when we apply the ethical lens that markets sometimes use on \"dirty\" businesses, we find the comparison embarrassing — for the companies that get a free pass.",
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      "text": "We know what some readers are thinking. Subprime auto lending. High rates charged to people who can barely make rent. Is this the business Citron wants its name on?",
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      "text": "We do not write reports to stay consistent with past positions. We write reports because we see something the market is missing. What we missed before — and what the market is still missing today — is that CACC's underlying business never broke.",
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      "text": "Citron has covered Credit Acceptance for years — and not always favorably. We were among those who believed the regulatory scrutiny posed existential risk. We were wrong. The company quietly resolved every major legal threat without a fundamental crack in the business.",
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      "text": "Is Subprime Lending \"Dirty\"? Let's Have That Conversation.",
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