$64,375 per month is the consulting rate Credit Acceptance Corporation (CACC) expects to pay its departing Chief Technology Officer Ravi Mohan under a separation and advisory agreement disclosed in an SEC 8-K filing dated July 24, 2026. Six months at that rate totals $386,250 in contracted advisory fees, the arrangement running from his August 14, 2026 effective resignation date through February 14, 2027. Mohan also retains the opportunity to vest in restricted stock units and stock options scheduled to mature on October 24, 2026, subject to his signing and not revoking a general release of claims.
Resignation timeline
On July 20, 2026, Credit Acceptance Corporation's Board of Directors and Mohan mutually agreed that he would step down as Chief Technology Officer effective August 14, 2026. His full separation from the Southfield, Michigan company is set for October 25, 2026. The advisory engagement begins on the Effective Date and runs six months beyond it, ending February 14, 2027.
Separation agreement terms
The company and Mohan "are expected to enter into" the formal agreement, per the filing's language, meaning the document was pending as of the 8-K date. Once executed, the deal preserves his equity schedule provided he completes and does not revoke a general release of claims. The restricted stock units and stock options set to vest October 24, 2026 remain on the table. That date falls one day before his October 25 full separation.
| Term | Detail |
|---|---|
| Resignation effective | August 14, 2026 |
| Full separation | October 25, 2026 |
| Advisory period | Aug. 14, 2026 to Feb. 14, 2027 |
| Monthly consulting fee | $64,375 (reported) |
| Advisory term | 6 months |
| Total contracted fees | $386,250 (6 x $64,375) |
| Equity vesting date | October 24, 2026 |
Filing details
Credit Acceptance Corporation is a Michigan-incorporated company headquartered at 25505 West Twelve Mile Road, Southfield, Michigan, and trades on the Nasdaq under CACC. Erin J. Kerber, Chief Legal Officer, Chief Compliance Officer and Secretary, signed the 8-K on July 24, 2026, four days after the resignation agreement was reached. The filing named no successor to the CTO role.