Latest news with #CACC
New Paper
3 days ago
- Entertainment
- New Paper
From outsider to bandmate: Malay woman finds harmony in Chinese-majority percussion group
When Ms Nazirah Majid, 58, walked into her first Kitchen Beats session in June, she almost turned back. As the only Malay participant in the Chinese-majority percussion group, the mother of three admitted she felt out of place and even considered quitting. But instead of walking away, she chose to embrace the experience - making new friends and becoming a proud performer for this year's SG60 celebrations. Kitchen Beats is a community arts initiative under the Sembawang Central Community Arts and Culture Club (CACC), where everyday kitchen items such as woks, pots and ladles are turned into musical instruments. The group comprises seniors aged 53 to 80 from across Singapore, and aims to promote active ageing and intergenerational bonding through music. Ms Nazirah, who lives in Block 303 near the training venue at Zone 2 Residents' Committee (RC), told Berita Harian that the first few sessions were lonely. Everyone else left in small groups while she walked home alone. "When I came for the first training, all the participants were Chinese and many were much older," she said. "I felt like, 'Eh, this is not my place,'" she added. She tried getting her friends to join, but few were keen. Still, she pressed on. "I want my life to be colourful," she said. "It's not just about worship and religion. We also need to exercise, create, and do things that make us happy." The Kitchen Beats crew rehearsing for their August 3 performance. SCREENGRAB: SBWCENTRALCC/INSTAGRAM What helped her feel included was her fluency in Mandarin, which she had learnt as her mother tongue in school. The trainers conducted the sessions entirely in Mandarin, and while the instructor initially translated instructions into English for her, she surprised everyone by responding confidently in Mandarin. "Everyone applauded when I answered in Mandarin," she recalled. "I felt appreciated." The idea for Kitchen Beats came about spontaneously, when CACC chairwoman Joanne Tay was beating eggs and noticed a rhythm in the sounds. Officially formed in June, the group now has 22 members from six Residents' Association centres. Training is held every Sunday morning for 90 minutes, and some members even arrange extra practice on Mondays. Despite most participants having no musical background, they've embraced the challenge. On Aug 3, they made their debut at the National Day celebrations near Sun Plaza as part of the Sembawang Arts Festival, performing three songs in Malay, Mandarin, and Tamil. "This year is SG60, and I am proud to be a Singaporean," Ms Nazirah said. "When the government organises activities for all ages, why not take part?" She hopes her involvement will inspire others in the Malay community to step out of their comfort zones. Though she once dreamed of performing at the National Day Parade, she never found the right group - until now. "I think it doesn't matter your race, religion, age… if you're interested, give it a try," she said. "We are all Singaporeans."
Yahoo
01-08-2025
- Automotive
- Yahoo
Credit Acceptance Corp (CACC) Q2 2025 Earnings Call Highlights: Record Loan Portfolio Amid ...
Loan Portfolio: Reached a new record-high of $9.1 billion on an adjusted basis, up 6% from last Q2. Market Share: 5.4% in the core segment of used vehicles financed by subprime consumers for the first five months of the year, down from 6.6% in the same period in 2024. Forecasted Net Cash Flows: Declined by 0.5% or $56 million. Contracts Financed: Over 85,000 contracts financed during the quarter. Collections: Collected $1.4 billion overall during the quarter. Dealer Holdback Payments: Paid $63 million in dealer holdback and accelerated dealer holdback. New Dealers Enrolled: 1,560 new dealers enrolled during the quarter. Active Dealers: 10,655 active dealers during the quarter. Warning! GuruFocus has detected 8 Warning Signs with CACC. Release Date: July 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Credit Acceptance Corp (NASDAQ:CACC) achieved a record-high loan portfolio of $9.1 billion, marking a 6% increase from the previous year. The 2025 vintage of loans exceeded performance expectations, indicating strong recent loan origination quality. CACC enrolled 1,560 new dealers and maintained 10,655 active dealers, showcasing robust dealer network growth. The company received two workplace awards, including being named one of the 100 Best Companies to Work For by Great Place To Work and Fortune magazine. CACC's engineering team made significant progress in modernizing the loan origination system, enhancing operational efficiency and customer experience. Negative Points Loan performance declined with the 2022, 2023, and 2024 vintages underperforming expectations, impacting overall financial results. Forecasted net cash flows decreased by 0.5%, equivalent to $56 million, indicating financial pressure. Market share in the core segment of used vehicles financed by subprime consumers fell to 5.4% from 6.6% the previous year. The company experienced a decline in unit and dollar volumes, attributed to a Q3 2024 scorecard change and increased competition. Collections were down again this quarter, with a greater shortfall than in the previous two quarters, raising concerns about loan performance sustainability. Q & A Highlights Q: Collections were down this quarter, but the adjusted yield was higher. Can you explain this discrepancy? A: Jay Martin, Chief Financial Officer, explained that while a decline in forecasted collections would typically lower the adjusted yield, the yield recognized is also influenced by the volume and pricing of new loan originations. The yields from new loans have offset the decline due to loan performance. Q: Despite the '25 vintage outperforming, the underperformance in older vintages seems greater. Can you elaborate on this? A: Jay Martin noted that their forecast models perform well in stable economic periods but are less accurate during volatility. Inflation has impacted loan performance, particularly for 2024 loans originated before a scorecard change. However, loans originated post-change are performing as expected. Q: The loan size has been declining. Is there a change in the type of cars being financed or the borrower profile? A: Jay Martin attributed the decline to a different mix of consumers and vehicles being financed, not necessarily a change in borrower quality. The variability in vehicle mix since the pandemic has contributed to this trend. Q: With a forecasted collection percentage over 65% for 2025, how do you reconcile this with the ongoing adjustments to estimates? A: Jay Martin explained that the mix of business has changed, leading to lower initial expectations. They continue to adjust expectations for new loans to address underperformance, which is reflected in initial estimates. Q: Can you discuss the return profile, particularly in light of share repurchases and potential negative economic returns on older vintages? A: Jay Martin stated that even with underperformance, the 2022 vintage is still producing a return on capital above the cost of capital. They remain profitable, and share repurchases are considered when capital is adequate for new originations. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
11-07-2025
- Business
- Globe and Mail
Credit Acceptance Announces Extension of Revolving Secured Warehouse Facility
Southfield, Michigan, July 11, 2025 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the 'Company', 'Credit Acceptance', 'we', 'our', or 'us') announced today that we extended the date on which our $75.0 million revolving secured warehouse facility will cease to revolve from September 30, 2026, to September 30, 2028. The interest rate on borrowings under the facility has decreased from the Secured Overnight Financing Rate ('SOFR') plus 210 basis points to SOFR plus 185 basis points. The amendment has also decreased the servicing fee from 6.0% to 4.0% of collections on the underlying consumer loans. There were no other material changes to the terms of the facility. As of July 11, 2025, we did not have a balance outstanding under the facility. Description of Credit Acceptance Corporation We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit
Axios
03-07-2025
- Business
- Axios
Charlotte community leaders inaugurate Colombian Chamber of Commerce of the Carolinas
The Colombian Chamber of Commerce of the Carolinas (CACC) is a new nonprofit based in Charlotte that aims to serve the roughly 50,000 Colombians living in North and South Carolina. Why it matters: CACC will strengthen ties between Colombia and the U.S. through entrepreneurship, education and business development, according to the organization's president, Fredy Romero, and vice president, Natalia Silva. Driving the news: On June 28, local business owners, public servants and community leaders packed the Jack S. Brayboy Gymnasium at Johnson C. Smith University for the nonprofit's inauguration and ceremonial ribbon cutting. "This chamber will help transform ideas into opportunities, and opportunities into lasting impact," said Colombian presidential candidate and former Minister of Foreign Affairs, Luis Gilberto Murillo. JCSU and CACC share similar values, such as collaboration, community engagement, higher education and environmental justice, JCSU President Valerie Kinloch said in a speech to the attendees. Catch up quick: Following last year's announcement by the Colombian Ministry of Foreign Affairs that Charlotte was approved to receive a Colombian consulate, community leaders behind the efforts to get the consulate here began forming the group that is now known as the CACC. The ultimate goal as an organization is to share resources and exchange information between entrepreneurs, community leaders and civic servants between the U.S. and Colombia. Zoom out: Part of that information exchange will happen directly through JCSU and the Technological University of Chocó in Quibdó, Colombia. This includes fostering foreign exchange programs between the two schools, Silva told Axios. "We are not just building bridges with our Colombian community. We are creating opportunities where the world will be better because of our partnership," Kinloch said. Zoom in: CACC is also facilitating the work of Charlotte-based nonprofit United Firefighting Training Network Corporation, which travels to impoverished countries to lead training sessions with donated equipment. What's next: The plan to bring a Colombian consulate to Charlotte is currently stalled, Silva says. It's another mission the CACC has — to meet directly with the Colombian DIAN (National Directorate of Taxes and Customs) to expedite the process of bringing the consulate to Charlotte.
Miami Herald
10-06-2025
- Health
- Miami Herald
Puppy abandoned after being diagnosed with deadly disease – but she's a fighter
When humans hear the word 'parvo,' which is an infection known as canine parvovirus, come out of the mouths of their veterinarians, it can cause panic. The virus, which is extremely contagious, attacks 'white blood cells and the gastrointestinal tract of dogs' and in puppies 'can damage the heart muscle,' the American Veterinary Medical Association says. So when a puppy named Lily was diagnosed in a Chicago emergency vet, hope waned. 'A parvovirus diagnosis is the last thing you want to hear as a pet owner. It's deadly, highly contagious, and very expensive to treat, for a pet owner or a shelter,' the PAWSChicago shelter said in a June 5 Instagram post. 'After Lily was admitted to an emergency vet clinic, her owner wouldn't come back for her. Things are hard right now. Pet surrenders are up 312% at CACC, many of them because people are struggling to afford the cost of basic pet care, let alone major medical costs.' Thankfully, the shelter was able to take the sweet girl in. In the video posted to social media, Lily is a spunky girl with large eyes and a boopable nose. 'But Lily can't live at the emergency clinic, and she needed someplace to go. Earlier this week, she came to PAWS to continue her treatment. While she hasn't beat parvo yet, she's doing really well so far!' the shelter said. To keep up with Lily's story, follow the shelter's Instagram.
