Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): MARCH 29, 2005

                          CREDIT ACCEPTANCE CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

                        Commission File Number 000-20202

           Michigan                                   38-1999511
(State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization)                   Identification No.)

25505 W. TWELVE MILE ROAD, SUITE 3000                 48034-8339
        SOUTHFIELD, MICHIGAN                          (Zip Code)
(Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (248) 353-2700


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

/ /  Written Communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

/ /  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

/ /  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

/ /  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


Named Executive Officer Compensation

         On March 29, 2005, the Compensation Committee of the Board of Directors
of Credit Acceptance Corporation (the "Company") approved the payment of
executive bonuses for the year ended December 31, 2004, and determined base
salaries for the 2005 fiscal year for the persons expected to be listed as the
Company's Named Executive Officers in its 2005 annual meeting proxy statement,
in the following amounts:

                                                                             2004 BONUS (A)
                                                          2004                         SHARES OF          2005
                                                          BASE                         RESTRICTED         BASE
      NAME                      TITLE                    SALARY           CASH          STOCK (B)       SALARY (C)
      ----                      -----                    ------           ----          ---------       ----------
Donald A. Foss          Chairman of the Board           $ 475,000       $      -             -         $  475,000 

Brett A. Roberts        Chief Executive Officer         $ 400,000       $ 566,850         51,347       $  400,000 

Keith P. McCluskey      President                       $ 300,000       $ 453,480         32,800       $  325,000 

Michael W. Knoblauch    Chief Operating Officer         $ 258,000       $ 283,425            -         $  275,000 

Steven M. Jones         Chief Analytics Officer         $ 225,000       $ 226,740          6,448       $  240,000 

(A)      The 2004 cash and restricted stock bonuses were determined in
         accordance with the formula determined by the Compensation Committee in
         accordance with the Company's Incentive Compensation Plan (the "Plan"),
         which was approved by shareholders on May 13, 2004 and previously filed
         as Exhibit 10(q) to the Company's Quarterly Report on Form 10-Q for the
         quarter ended June 30, 2004. The formula, which was previously
         disclosed in the Company's 2004 annual meeting proxy statement, is
         attached hereto as Exhibit (q)(3) and is incorporated by reference. The
         bonus formula was applied to the Company's improvement in economic
         profit from 2003 to 2004, and the determination of the actual bonus
         amounts based upon the formula were approved by the Compensation
         Committee on March 29, 2005.

(B)      The number of shares of restricted stock granted was based on the
         average of the high and low market prices of the Company's common stock
         on March 30, 2005, which was $19.825 per share. The restricted stock
         awards were granted pursuant to a restricted stock grant agreement, the
         form of which was filed by the Company as Exhibit 10(q)(2) to the
         Current Report on Form 8-K dated February 24, 2005 and incorporated
         herein by reference. The restricted stock awarded vests in full or in
         part based on the Company's satisfaction of certain performance-related
         criteria, which are described more fully in the form of restricted
         stock grant agreement.

(C)      The Compensation Committee, based on a variety of factors, including
         individual performance, competitive practices and industry norms, has
         reviewed the Company's compensation policy and has set the base
         salaries for the executive officers consistent with this policy. Base
         salary levels for executive officer are determined by aligning external
         labor market information with the executive officer's responsibilities,
         skills, and individual performance. Salaries are reviewed annually and
         are adjusted based on the recommendation of management.


(c)      Exhibits.

         10(q)(3)   Incentive Compensation Bonus Formula approved February 2004


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                 CREDIT ACCEPTANCE CORPORATION

                                                 By: /s/ Kenneth S. Booth
                                                 Kenneth S. Booth
                                                 Chief Financial Officer
                                                 April 4, 2005

                                INDEX OF EXHIBITS

         EXHIBIT NO.                   DESCRIPTION
         -----------                   -----------
           10(q)(3)       Incentive Compensation Bonus Formula approved February 2004