FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * KNOBLAUCH MICHAEL W   2. Issuer Name and Ticker or Trading Symbol CREDIT ACCEPTANCE CORPORATION [CACC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Operating Officer (Last) (First) (Middle) 25505 WEST TWELVE MILE ROAD 3. Date of Earliest Transaction (Month/Day/Year) 02/27/2006 (Street) SOUTHFIELD, MI 48034 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Options (right to buy)

$ 3.625

02/27/2006

A

50,000 (1)

02/27/2006

12/31/2009

Common Stock

50,000

$ 0

100,000

D

Employee Stock Options (right to buy)

$ 9.885

02/27/2006

A

60,000 (2)

02/27/2006

02/11/2012

Common Stock

60,000

$ 0

100,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KNOBLAUCH MICHAEL W 25505 WEST TWELVE MILE ROAD SOUTHFIELD, MI 48034			Chief Operating Officer

Signatures

/s/ Michael W. Knoblauch		03/22/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On December 31, 1999, the reporting person was granted 100,000 employee stock options, which vest in installments based on the Company's satisfaction of certain performance-related criteria. On February 27, 2006, the Company's compensation committee approved the Company's satisfaction of performance-related criteria for the year ended December 31, 2005, which resulted in the vesting of 50,000 employee stock options. The remaining 50,000 options became exercisable on March 29, 2005 upon the determination that the performance criteria had been satisfied, and were reported at that time.
(2)	On February 11, 2002, the reporting person was granted 100,000 employee stock options, which vest in installments based on the Company's satisfaction of certain performance-related criteria. On February 27, 2006, the Company's compensation committee approved the Company's satisfaction of performance-related criteria for the year ended December 31, 2005, which resulted in the vesting of 60,000 employee stock options. The remaining 40,000 options became exercisable on March 29, 2005 upon the determination that the performance criteria had been satisfied, and were reported at that time.

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