Document:

<PAGE>   1
                                                                           4(g)5

                                                                  EXECUTION COPY

                   FIRST AMENDMENT TO INTERCREDITOR AGREEMENT

        This FIRST AMENDMENT TO INTERCREDITOR AGREEMENT dated as of March 30,
2001 ("Amendment") is entered into by and among (a) Comerica Bank ("Comerica"),
acting in its capacity as agent (in such capacity, the "Agent") for and on
behalf of the various financial institutions which are, or may from time to time
hereafter become, parties to the Credit Agreement, (b) the undersigned Lenders
(including Comerica in its individual capacity), (c) the undersigned
Noteholders, and (d) Comerica, in its capacity as collateral agent hereunder
(together with its successors and assigns, the "Collateral Agent") and is
acknowledged by Credit Acceptance Corporation, a Michigan corporation
("Company") as issuer of the Credit Notes and the Senior Notes.

                                    RECITALS

        A.      Agent, Collateral Agent, each of the undersigned Lenders (or
their predecessors), and the undersigned Noteholders (or their predecessors)
entered into that certain Intercreditor Agreement dated as of December 15, 1998
which was acknowledged by the Company as of such date (the "Intercreditor
Agreement").

        B.      At the request of the Company, and in connection with prior
amendments to the Credit Agreement and the Note Agreements, the undersigned
parties have agreed to amend the terms and conditions of the Intercreditor
Agreement, but only as set forth herein.

        NOW, THEREFORE, the parties have entered into this Amendment to
acknowledge and confirm various matters, as follows:

        1.      The definition of "Security Documents" contained in the
Intercreditor Agreement is amended and restated in its entirety, as follows:

                "Security Documents' shall mean this Agreement, the Security
                Agreement, the Share Charge, each security agreement executed
                and delivered by the Company or any other Grantor pursuant to
                Section 7.23 of the Credit Agreement and Section 6.23 of the
                Note Agreements and shall include any other agreements or
                instruments which provide security with respect to any Benefited
                Obligation which are executed and delivered after the date
                hereof, including, without limitation, the security interest,
                lien and charge over the Company's partnership interests
                in the Scottish Partnership (to the extent required to be
                delivered by the Company under the Credit Agreement and the Note
                Agreements), but which shall not include those certain fixed and
                floating charges to be granted by CAC UK and the English Special
                Purpose Entity in favor of Comerica Bank, in its capacity as
                Agent

<PAGE>   2

                (but not as Collateral Agent) under the Credit Agreement, as
                security for certain obligations of the foreign Permitted
                Borrowers under the Credit Agreement."

        2.      The definition of "Significant Domestic Subsidiary" contained in
the Intercreditor Agreement is amended and restated in its entirety, as follows:

                "Significant Domestic Subsidiary has the meaning ascribed to
                that term in the Credit Agreement, as amended through and
                including the Fifth Amendment to the Third Amended and Restated
                Credit Agreement dated as of March 8, 2001, but without giving
                effect to any amendment thereto after the date of such Fifth
                Amendment."

        3.      The Lenders and the Noteholders further acknowledge and agree
(and by its execution of the Acknowledgment set forth below, the Company agrees)
that the capitalization of the Scottish Partnership with the share capital of
CAC UK under clause (ii) of the definition "UK Restructuring" contained in the
Credit Agreement and the Note Agreements may be effected by the Company
directly, or indirectly, by the transfer to Credit Acceptance Corporation of
Nevada, Inc. or another Domestic Subsidiary of approximately 10% of the
outstanding share capital of CAC UK and the contribution by such transferee to
the Scottish Partnership of such shares in exchange for an equity interest of
approximately 10% (as of the date of such transfer) in the Scottish Partnership.

        4.      Except to the extent otherwise defined herein, all capitalized
terms used in this Amendment shall have their respective meanings as set forth
in the Intercreditor Agreement.

        5.      Agent, Collateral Agent, the Lenders, the Noteholders and
Company hereby acknowledge that, subject to the terms hereof, the Intercreditor
Agreement is and shall remain in full force and effect according to its terms.

        6       This Amendment may be executed in any number of counterparts and
by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

                                   *    *    *

                     [SIGNATURES FOLLOW ON SUCCEEDING PAGES]

<PAGE>   3

        IN WITNESS WHEREOF, the undersigned parties have caused this Amendment
to be duly executed and delivered as of the date first above written.

                                           COMERICA BANK,
                                           as Agent and as Collateral Agent

                                           By:  /S/ Mike Stapleton
                                             -----------------------------------

                                           Its: First Vice President
                                              ----------------------------------

<PAGE>   4

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           LENDERS:

                                           COMERICA BANK

                                           By:  /S/ Mike Stapleton
                                             -----------------------------------

                                           Its: First Vice President
                                              ----------------------------------

<PAGE>   5

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           COMERICA BANK - CANADA

                                           By:  /S/Robert Rosen
                                             -----------------------------------

                                           Its: Vice President
                                              ----------------------------------

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         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           NATIONAL CITY BANK OF MINNEAPOLIS

                                           By:  /S/Steve Berglund
                                             -----------------------------------

                                           Its: Vice President
                                              ----------------------------------

<PAGE>   7

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           LASALLE BANK NATIONAL ASSOCIATION

                                           By:  /S/ Daniel Garces
                                             -----------------------------------

                                           Its: Assistant Vice President
                                              ----------------------------------

<PAGE>   8

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           BANK OF AMERICA, N.A.

                                           By:  /S/Elizabeth Kurilecz
                                             -----------------------------------

                                           Its: Managing Director
                                              ----------------------------------

<PAGE>   9

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           HARRIS TRUST AND SAVINGS BANK

                                           By:  /S/ Michael Camelli
                                             -----------------------------------

                                           Its: Assistant Vice President
                                              ----------------------------------

<PAGE>   10

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           UNION BANK OF CALIFORNIA, N.A.

                                           By:  /S/Robert Nagel
                                             -----------------------------------

                                           Its: Vice President
                                              ----------------------------------

<PAGE>   11

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

NOTEHOLDERS:
                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR AMERICAN
                                           PIONEER LIFE INSURANCE COMPANY OF
                                           NEW YORK

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR AMERICAN
                                           PROGRESSIVE LIFE AND HEALTH
                                           INSURANCE COMPANY OF NEW YORK

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR FEDERATED
                                           RURAL ELECTRIC INSURANCE CORP.

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR TOWER LIFE
                                           INSURANCE COMPANY

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

<PAGE>   12

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR MUTUAL
                                           PROTECTIVE INSURANCE COMPANY

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR PHYSICIANS
                                           LIFE INSURANCE COMPANY VISTA 500

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR WORLD
                                           INSURANCE COMPANY

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR VESTA FIRE
                                           INSURANCE CORPORATION

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR MEDICO LIFE
                                           INSURANCE COMPANY

                                           By /S/K Lange
                                              ----------------------------------
                                                 Name: Kathy Lange
                                                 Title:
<PAGE>   13

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

ACCEPTED:
                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR CENTRAL
                                           STATES HEALTH & LIFE COMPANY OF
                                           OMAHA

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR THE CHARLES
                                           SCHWAB TRUST COMPANY FBO GUARANTY
                                           INCOME LIFE INSURANCE COMPANY

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR AMERICAN
                                           COMMUNITY MUTUAL INSURANCE

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:
<PAGE>   14

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR CENTRAL RE
                                           CORP. & PHOENIX

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR OLD GUARD
                                           MUTUAL INSURANCE COMPANY

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR CSA FRATERNAL
                                           LIFE

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:
                                                 :

                                           ASSET ALLOCATION & MANAGEMENT
                                           COMPANY AS AGENT FOR KANAWHA
                                           INSURANCE COMPANY

<PAGE>   15

                                           By /S/K Lange
                                             -----------------------------------
                                                 Name: Kathy Lange
                                                 Title:

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           OZARK NATIONAL LIFE INSURANCE
                                           COMPANY

                                           By /S/S Allen Weber
                                             -----------------------------------
                                                 Name: Allen Weber
                                                 Title: Executive Vice President
                                                        and Treasurer

<PAGE>   16

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           CONNECTICUT GENERAL LIFE INSURANCE
                                           COMPANY
                                           BY CIGNA INVESTMENTS, INC.
                                           (authorized agent)

                                           By /S/ Debra J. Height
                                           -------------------------------------
                                                  Name:
                                                  Title: Managing Director

<PAGE>   17

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           PAN AMERICAN LIFE INSURANCE COMPANY

                                           By /S/ Luis Ingles. Jr. C.F.A.
                                             -----------------------------------
                                                  Name:
                                                  Title: Senior Vice President-
                                                         Investments

<PAGE>   18

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           PHOENIX HOME LIFE MUTUAL INSURANCE
                                           COMPANY
                                           BY: PHOENIX INVESTMENT COUNSEL, INC.

                                           By  Rosemary T. Strekel
                                               ---------------------------------
                                                 Name:
                                                 Title: Senior Managing Director

<PAGE>   19

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           ALLSTATE LIFE INSURANCE CO.

                                           By /S/ JEFFREY A. MAZER
                                             -----------------------------------
                                                  Name:
                                                  Title:

                                           By /S/ PATRICIA W. WILSON
                                             -----------------------------------
                                                  Name:
                                                  Title:

<PAGE>   20

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           WILLIAM BLAIR & COMPANY, LLC

                                           By      William Blair & Company, LLC,
                                                   Attorney-in-Fact

                                           By /S/ JAMES D. MCKINNEY
                                                   Name:
                                                   Title:Principal

<PAGE>   21

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           CONNECTICUT GENERAL LIFE INSURANCE
                                           COMPANY
                                           BY CIGNA INVESTMENTS, INC.
                                           (authorized agent)

                                           By /S/ Debra J. Height
                                             -----------------------------------
                                                   Name:
                                                   Title:

                                           CONNECTICUT GENERAL LIFE INSURANCE
                                           COMPANY,
                                           ON BEHALF OF ONE OR MORE SEPARATE
                                           ACCOUNTS
                                           BY CIGNA INVESTMENTS, INC.
                                           (authorized agent)

                                           By /S/ Debra J. Height
                                             -----------------------------------
                                                   Name:
                                                   Title:

                                           ACE PROPERTY AND CASUALTY
                                           INSURANCE COMPANY (F.K.A. CIGNA
                                           PROPERTY AND CASUALTY INSURANCE
                                           COMPANY)
                                           BY CIGNA INVESTMENTS, INC.
                                           (authorized agent)

                                           By /S/ Debra J. Height
                                             -----------------------------------
                                                   Name:
                                                   Title:

<PAGE>   22

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           PHOENIX HOME LIFE MUTUAL INSURANCE
                                           COMPANY
                                           BY: PHOENIX INVESTMENT COUNSEL, INC.

                                           By
                                                   Name:
                                                   Title:

<PAGE>   23

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]

                                           ACKNOWLEDGED BY:

                                           CREDIT ACCEPTANCE CORPORATION

                                           By: /S/ Douglas W. Busk
                                             -----------------------------------

                                           Its: Chief Financial Officer
                                              ----------------------------------

                                           Date: March 30, 2001

<PAGE>   24

         [SIGNATURE PAGE TO FIRST AMENDMENT TO INTERCREDITOR AGREEMENT]<PAGE>   1
                                                                EXHIBIT 10(g)(1)

                              EMPLOYMENT AGREEMENT

        This Employment Agreement ("Agreement"), dated April 3, 2001, is between
Karl Sigerist, residing at Calgery, Alberta CN. (hereinafter "Sigerist", "you"
or "your"), and Credit Acceptance Corporation, a Michigan corporation
(hereinafter "CAC", "Company", "us" or "our").

                                   BACKGROUND

        A.      CAC is a specialized financial services company providing
funding, receivables management, collection, sales training and related products
and services to automobile dealers located in the United States, the United
Kingdom, Canada and Ireland. CAC's principal business is providing automobile
dealers with a financing source for used car purchasers who have limited access
to traditional sources of consumer credit, such as banks and credit unions, due
to their lack of credit history or a poor credit history.

        B.      CAC is the sole shareholder of Credit Acceptance Corporation UK
Limited and Credit Acceptance Corporation of Ireland Limited, collectively (the
"Subsidiaries"). CAC desires to hire Sigerist as the Managing Director of the
Subsidiaries.

        C.      Sigerist is willing and agrees to accept such employment on the
terms and conditions stated in this Agreement.

                                   AGREEMENTS

        1.      Employment. The Board of Directors of CAC ("the Board") will
appoint Sigerist as Managing Director of the Subsidiaries, and Sigerist will
accept such employment, upon the terms and subject to the conditions set forth
in this Agreement.

        2.     Duties During Employment Period.

                        (a)     Sigerist shall perform and discharge well and
        faithfully such lawful duties for the Subsidiaries as may be assigned to
        Sigerist from time to time by the Board or by the operating executive of
        CAC to whom supervisory responsibilities with respect to the
        Subsidiaries has been assigned. Sigerist shall devote sufficient time,
        attention, and energies to the business of the Subsidiaries reasonably
        necessary to achieve the Subsidiaries business objectives, and shall not
        during the term of this Agreement engage in any other business activity,
        whether or not such activity is pursued for gain, profit, or other
        pecuniary advantage, that conflicts or interferes with the performance
        of his duties as Managing Director of the Subsidiaries or conflicts or
        interferes with the business of CAC, its subsidiaries or divisions.

<PAGE>   2

        3.      Relocation. Sigerist agrees to establish a residence in the
United Kingdom on or before August, 2001. CAC agrees to pay all necessary moving
and travel expenses related to this relocation for you, your wife and your son.

        4.      Term of Employment. Employment under this Agreement shall
        commence on the date of this Agreement and shall be for an indefinite
        period subject to termination in accordance with Section 5 of this
        Agreement. It is recognized by both parties that continued employment is
        at the discretion of CAC and that your employment may be terminated,
        with or without cause, at any time.

        5.      Termination.

               (a) Termination For Cause: In the event that your employment is
        terminated for cause, the Board will provide you with 30 days notice of
        the effective date of the termination (the "Termination Date") and the
        reason or reasons of the termination. You will have until the
        Termination Date to cure or rectify the reason or reasons for the
        termination, unless the Board had previously notified you that your
        continued employment beyond the date you were notified of the
        Termination Date would be injurious to the Subsidiaries or CAC
        monetarily or otherwise. In the event of termination for cause, you will
        be entitled only to the amount of your salary and vacation pay earned up
        to the Termination Date. Examples of termination for cause include, but
        may not be limited to, the following:

                (i) Your willful and habitual failure to perform your duties as
                an employee of CAC and the Subsidiaries;

                (ii) Your pleading guilty or no contest to, or conviction of,
                any crime or criminal offense involving theft, fraud,
                embezzlement, misrepresentation of assets, malicious mischief,
                or any felony; or

                (iii) Your willful engagement in conduct, which the Board
                reasonably determines, was intended to be injurious to the
                Subsidiaries or CAC monetarily or otherwise, including, but not
                limited to, conduct that constitutes a violation of Section 8 of
                this Agreement;

                (b) Termination Without Cause: In the event that your employment
        is terminated without cause, including termination as the result of
        Disability, (Disability is defined in the same manner as it is defined
        in CAC's Employee Stock Option Plan), subject to the execution of a
        Severance Agreement in substantially the form attached hereto as Exhibit
        A, CAC agrees to pay you a severance package as follows:

                (i) Ten (10) months of your then current salary, less all
        applicable deductions;
<PAGE>   3

                (ii) Continuation of all existing housing allowance, car
        allowance, health, dental life and disability coverage for a period of
        ten (10) months

                (iii) Payment of the prior year bonus being carried over to
        current year as provided for in Section 6 (c) of this Agreement

                (iv) CAC employee stock options in accordance with the terms and
        conditions of the Option Agreement referenced in Section 6 (b) of this
        Agreement;

        Examples of termination without cause include, but may not be limited to
        the following:

                (i)     There is a material adverse change in your employment
                        terms or duties as set forth in Section 2 of this
                        Agreement;

                (ii)    The Board requires that you relocate outside the United
                        Kingdom;

                (iii)   The Subsidiaries are sold to an unrelated third party;

                (c)     In the event of your death, your employment shall be
        deemed to cease as of the date of your death, and your rights pursuant
        to Section 6 shall cease as of such date, except as provided in the
        individual Option Agreement between you and CAC. CAC also agrees to the
        payment of the prior year bonus being carried over to current year as
        provided for in Section 6 (c) of this Agreement.

                (d)     If you voluntarily terminate your employment, your
        employment shall be deemed to cease as of the date of such termination
        and your rights pursuant to Section 6 shall cease as of such date.

        6.      Employment Period Compensation.

                (a)     Salary. For services rendered by Sigerist under this
        Agreement, you will be paid an annual base salary of $215,132.00. Such
        salary shall be payable at such intervals as salaries are paid generally
        to salaried employees of the Subsidiaries. The Compensation Committee of
        the Board of Directors of CAC may, from time to time, increase your
        salary, in its sole discretion, as it deems appropriate in light of your
        performance.

                (b)     Grant of Options. CAC will grant to Sigerist, as of the
        date this Agreement is executed, options to purchase 75,000 shares of
        CAC common stock at an exercise price per share of $6.00. This option
        grant will be made in accordance with and governed by CAC's Employee
        Stock Option Plan (the "Plan") and CAC's Non-Qualified Stock Option
        Agreement ("Option Agreement"), a copy of which is attached hereto as
        Exhibit B and is incorporated into this Agreement by reference. All
        options issued to

<PAGE>   4

        Sigerist shall be subject to all of the terms and conditions of the Plan
        and Option Agreement as amended from time to time, and shall vest on the
        anniversary date of this Agreement as follows:

                      Year 1                 5,000
                      Year 2                10,000
                      Year 3                15,000
                      Year 4                20,000
                      Year 5                25,000

                (c)     Bonus Program. While employed at CAC, Sigerist shall
        participate in an Executive Bonus Program as approved by the
        Compensation Committee of CAC's Board from time to time. The Executive
        Bonus Program will be based upon a formula driven by the Economic Value
        Added ("EVA") of the Subsidiaries. The calculation utilized in
        determining the EVA of the Subsidiaries will be adopted by the
        Compensation Committee of the Board from time to time, and will be
        consistent with the EVA calculation used to determine the executive
        bonus for CAC executives with similar positions and compensation. The
        Executive Bonus will be payable in two parts, with 50% of the current
        year bonus paid to you and 50% carried over to the next year. The
        Executive Bonus will be calculated in accordance with the Bonus Plan (as
        amended from time to time by the Compensation Committee of the Board)
        attached hereto as Exhibit C.

                (d)     Other Benefits. While employed at CAC, CAC will provide
        Sigerist and his immediate family with fringe benefits including health,
        dental, life and disability coverage no less favorable than those then
        being received generally by senior executives of CAC and in a manner and
        amount consistent with his position and compensation.

                (e)     Housing allowance. While employed at CAC and living in
                        the United Kingdom, CAC will provide a housing allowance
                        of $2868.42 per month.

                (f)     Car allowance . While employed at CAC and living in the
                        United Kingdom, CAC will provide a car allowance of
                        $394.42 per month.

                (g)     Reimbursement of tax preparation and legal fees. You
                        will be entitled to a reimbursement of reasonable
                        amounts paid to tax professionals in connection with tax
                        return preparation and legal fees in connection with the
                        review of this Agreement.

                (h)     Business Expenses. You will be reimbursed for all
                        travel, entertainment and business expenses related to
                        the performance of your duties under this Agreement upon
                        presentment of the appropriate receipts.

                (i)     Vacation. You will be entitled to three (3) weeks of
                        paid vacation time annually.

<PAGE>   5

        7.      Indemnification. In consideration for your services, CAC shall,
in the absence of fraud or other improper intentional conduct on your part,
(excluding unintentional bad management decisions), either directly or through
an existing Director and Officer insurance policy, indemnify you, whether then
in office or not, for the reasonable cost and expenses incurred by you in
connection with the defense of, or for advice concerning any claim asserted or
proceeding brought against you by reason of you being or having been a director,
stockholder or officer of CAC or of any subsidiary of CAC, whether or not wholly
owned, to the maximum extent permitted by law.

        8.      Confidentiality and Non-Competition Agreement. Sigerist
acknowledges and recognizes the highly competitive nature of the Subsidiaries
and CAC's business and, accordingly, for the consideration set forth in
paragraph 6 above, Sigerist agrees to execute the Confidentiality and
Non-Competition Agreement attached hereto as Exhibit D.

        9.      Notices. Any notice required or permitted to be given under this
Agreement shall be deemed properly given if in writing and if mailed by
registered or certified mail, postage prepaid with return receipt requested or
sent by express courier service, charges prepaid by shipper, to his residence in
the case of notices to Sigerist, and to the principal offices of CAC, to the
attention of its Chief Operating Officer, Brett A. Roberts (with a copy to CAC's
General Counsel - Attention Charles A. Pearce, Esq.) in the case of notices to
CAC (or to such other address as a party is directed pursuant to written notice
from the other party).

        10.     Assignment. This Agreement shall not be assignable by either
party except by CAC to any subsidiary or affiliate of CAC or any successor in
interest to the Division or CAC's business provided CAC guarantees the
performance of this Agreement upon assignment.

        11.     Entire Agreement. This instrument contains the entire agreement
of the parties relating to the subject of employment, and supersedes and
replaces in its entirety any previously executed or existing Agreements. The
terms and conditions of this Agreement may not be waived, changed, modified,
extended or discharged orally but only by agreement in writing signed by the
party against whom enforcement of any such waiver, change, modification,
extension or discharge is sought. The waiver by CAC of a breach of any provision
of this Agreement by Sigerist shall not operate or be construed as a waiver of a
breach of any other provision of this Agreement or of any subsequent breach by
Sigerist.

        12.     Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the United States, State of Michigan
without regard to its conflict of laws principles.

        13.     Alternative Dispute Resolution. Other than CAC's remedies set
forth in the Confidentiality and Non Competition Agreement attached as Exhibit
D, any disputes and differences arising between the parties in connection with
or relating to this Agreement or the parties relationship with respect hereto
shall be settled and finally determined by arbitration, pursuant to the then
current version of the Model Employment Arbitration Procedures of the

<PAGE>   6

American Arbitration Association. The arbitration will take place in Oakland
County, State of Michigan, Untied States of America. .

        14.     Headings. The headings of the Sections are for convenience only
and shall not control or affect the meaning or construction or limit the scope
or intent of any of the provisions of this Agreement.

        15.     Currency. All references to currency in this Agreement are to
the United States Dollar.

        The parties have executed this Agreement on April 3, 2001.

CREDIT ACCEPTANCE CORPORATION               KARL SIGERIST

By: /S/ CHARLES A. PEARCE                   /S/ KARL SIGERISTR
    ---------------------                   ---------------------
Name:  Charles A. Pearce
Its:   Vice President, General Counsel and
       Corporate Secretary

<PAGE>   7

                                    EXHIBIT A

                               SEVERANCE AGREEMENT

                WHEREAS, it is the intent of __________________ to separate from
employment with the Company; and

                WHEREAS, the parties to this Agreement are desirous of finally
and amicably resolving all matters of dispute between them;

                IT IS, THEREFORE, AGREED AS FOLLOWS:

                1. As used herein, "Company" means ___________________________
and its/their parent corporations, affiliated organizations, subsidiaries,
predecessors, successors and assigns, and all of its/their past, present and
future directors, officers, agents, employees, representatives, owners and
stockholders.

                2. __________________ hereby voluntarily and irrevocably resigns
his/her employment with the Company, effective upon the expiration of the
revocation period contained in Paragraph 13 of this Agreement.

                3. __________________ promises and agrees that,
contemporaneously with his/her signing this Agreement, he/she will sign and
submit to the Company the attached letter of resignation.

                4. __________________ promises and agrees not to apply at any
time after the date of this Agreement for employment with the Company, or any of
its subsidiaries, parent corporations or affiliated organizations, and agrees to
initiate no legal or administrative proceedings to obtain such employment or to
seek damages for the failure to obtain such employment.

                5. __________________, for his/herself, his/her heirs, legal
representatives and assigns his/hereby forever releases the Company and all of
its/their parent corporations, affiliated organizations, subsidiaries,
predecessors, successors and assigns, and all of its/their past, present and
future directors, officers, agents, employees, representatives, owners and

<PAGE>   8

stockholders both personally and in their representative capacities of and from
all claims, contracts, promises and damages, upon or by reason of any matter,
cause or thing whatsoever, whether known or unknown, which __________________
ever had or now has, up to the expiration of the revocation period contained in
Paragraph 13 of this Agreement, including, but not limited to, claims for
employment discrimination, breach of contract, claims for attorney fees, claims
under constitutional, statutory or common law; claims under the Age
Discrimination in Employment Act of 1967 or the Older Workers' Benefit
Protection Act; and claims that he/she was unfairly or illegally discriminated
against, treated or separated from employment with the Company.

               6. __________________ promises and agrees that he/she will not,
at any time, file any claim, legal or administrative, that he/she ever had, now
has, or which accrues through the expiration of the revocation period contained
in Paragraph 13 of this Agreement, against the Company and its/their parent
corporations, affiliated organizations, subsidiaries, predecessors, successors
and assigns, and all of its/their past, present and future directors, officers,
agents, employees, representatives, owners and stockholders. He/she further
promises and agrees that in the event he/she does file such a claim, he/she
shall immediately return all amounts paid to his/her under this Agreement, that
he/she will pay all damages, costs and actual attorney fees incurred as a result
of defending such a claim, and that all other provisions of this Agreement shall
remain in full force and effect.

               7. __________________ agrees that he/she, his/her agents and
anyone acting on his/her behalf shall not, at any time, disclose the terms and
conditions of this Agreement, unless legally compelled to do so by a court or
administrative agency of competent jurisdiction. She further warrants and
represents that he/she has made no such disclosure prior to the execution of
this Agreement. Because no exact measure of the damage to the Company for breach
of this non-disclosure Agreement can be determined, and for the purpose of
liquidating the amount of this damage and not as a penalty, it is agreed that in
the event of a breach of this non-disclosure Agreement, the damages shall be and
are hereby fixed, liquidated and determined

<PAGE>   9

as all amounts paid to __________________, and on his/her behalf, under this
Agreement. Nothing contained herein shall be construed as precluding the Company
from seeking injunctive relief for a breach or threatened breach of this
non-disclosure Agreement.

               8. __________________ agrees that he/she, his/her agents and
anyone acting on his/her behalf shall refrain from making any disparaging public
or private comments concerning the Company and its/their parent corporations,
affiliated organizations, subsidiaries, predecessors, successors and assigns,
and all of its/their past, present and future directors, officers, agents,
employees, representatives, owners and stockholders. Because no exact measure to
the Company for breach of this Agreement can be determined, and for purposes of
liquidating the amount of this damage, and not as a penalty, it is agreed that
in the event of a breach of this Agreement, the damages are hereby fixed,
liquidated and determined as all amounts paid to __________________, or on
his/her behalf, under this Agreement.

               9. __________________ promises and agrees that he/she will honor
and abide by all of the terms and conditions of the Confidentiality and
Non-Compete Agreements which shall continue in effect between __________________
and the Company. __________________ further promises and agrees that any and all
information learned in the course of employment with the Company shall be held
in the strictest confidence and not be disclosed to any person or third party.
In the event __________________ violates this Agreement, the Company shall
retain and may exercise all legal rights and pursue all legal remedies
available. In addition, because no exact measure of the damage to the Company
for breach of this Agreement can be determined, and for the purpose of
liquidating the amount of this damage and not as a penalty, it is agreed that in
the event of a breach of this Agreement, the damages shall be and are hereby
fixed, liquidated and determined as all amounts paid to __________________, and
on his/her behalf, under this Agreement. Nothing contained herein shall be
construed as precluding the Company from seeking injunctive relief for a breach
or threatened breach of this Agreement. __________________ promises and agrees
that he/she will pay all damages, costs and actual attorney fees incurred as a
result of the Company pursing such

<PAGE>   10

a claim or as a result of such disclosure or breach of this Agreement and that
all other provisions of this Agreement shall remain in full force and effect.

                10.     In exchange for the covenants, promises and Agreements
of __________________ contained herein, the Company promises and agrees as
follows:

                A.      Upon the expiration of the revocation period contained
                                in Paragraph 13 of this Agreement, the Company
                                will execute and deliver to __________________
                                the attached letter of reference.

                B.      Upon the expiration of the revocation period contained
                                in Paragraph 13 of this Agreement, in the event
                                it receives a written request for an employment
                                reference directed to
                                _______________________________________, the
                                Company will state or provide in writing only
                                the information contained in the attached letter
                                of reference.

                C.      Upon the expiration of the revocation period contained
                                in Paragraph 13 of this Agreement, the Company
                                will pay to ______________________ the severance
                                package set forth in Section 5 (b) of the
                                Employment Agreement dated April ____, 2001.

               11. __________________ is his/hereby advised to consult with an
attorney before signing this Agreement, and represents that he/she is entering
into this Agreement voluntarily, and after full consultation with his/her
attorney.

                12. __________________ acknowledges that he/she has been given a
period of twenty-one (21) days within which to consider this Agreement.

               13. __________________ understands that within seven (7) days of
signing this Agreement, he/she may revoke this Agreement, and further
understands that this Agreement shall not become effective or enforceable until
this revocation period has expired without his/her having revoked this
Agreement.

               14. Nothing contained in this Agreement shall be construed as an
admission of wrongdoing or liability by the Company and its/their parent
corporations, affiliated organizations,

<PAGE>   11

subsidiaries, predecessors, successors and assigns, and all of its/their past,
present and future directors, officers, agents, employees, representatives,
owners and stockholders. Rather, this Agreement is entered into so as to
amicably resolve disputed issues of fact, liability, and damages in the best
interest of all parties concerned without legal expense and litigation costs.

               15. This document constitutes the entire understanding of the
parties, and no other Agreement, policy or plan between these parties shall be
binding unless entered into after the date of this Agreement, in writing, and
signed by all the parties.

               16. If any provision of this Agreement is determined by any court
or administrative agency of competent jurisdiction to be illegal or invalid, the
validity of the remaining parts, terms and provisions shall remain in full force
and effect and shall not be affected thereby.

               Dated this _____ day of __________________________, _______
                                                   COMPANY

____________________________________        By:_________________________________

<PAGE>   12

                                    EXHIBIT B

                                          [CAC LOGO]

                      NON-QUALIFIED STOCK OPTION AGREEMENT
                                    UNDER THE
                          CREDIT ACCEPTANCE CORPORATION
                         1992 EMPLOYEE STOCK OPTION PLAN

        THIS AGREEMENT IS ENTERED INTO EFFECTIVE AS OF APRIL 3, 2001 BY AND
BETWEEN CREDIT ACCEPTANCE CORPORATION ("CORPORATION") AND KARL SIGERIST
("OPTIONEE"), PURSUANT TO THE CREDIT ACCEPTANCE CORPORATION 1992 STOCK OPTION
PLAN ("PLAN"). THE CORPORATION HEREBY GRANTS TO THE OPTIONEE A NON-QUALIFIED
STOCK OPTION TO PURCHASE A TOTAL OF 75,000 SHARES OF COMMON STOCK, SUBJECT TO
THE TERMS AND CONDITIONS CONTAINED IN THE PLAN AND AS HEREINAFTER PROVIDED (THE
"OPTION"). CAPITALIZED TERMS NOT DEFINED IN THIS AGREEMENT SHALL HAVE THE
MEANINGS RESPECTIVELY ASCRIBED TO THEM IN THE PLAN.

        1.      OPTION PRICE. THE OPTION SHALL BE EXERCISABLE AT A PRICE OF
$6.00 PER SHARE.

        2.     OPTION EXERCISE.

                (a) THE OPTION SHALL BECOME EXERCISABLE IN INSTALLMENTS AS
DESCRIBED IN SECTION 6 (b) OF THE EMPLOYMENT AGREEMENT, DATED APRIL 3, 2001,
BETWEEN THE CORPORATION AND THE OPTIONEE. TO THE EXTENT NOT EXERCISED,
INSTALLMENTS SHALL ACCUMULATE AND THE OPTIONEE MAY EXERCISE THEM THEREAFTER IN
WHOLE OR IN PART. ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY
NOTWITHSTANDING, THE OPTION SHALL EXPIRE AND NO LONGER BE EXERCISABLE AFTER THE
DATE WHICH IS THE TENTH (10TH) ANNIVERSARY OF THE DATE OF THIS AGREEMENT.

               (b) THE OPTION SHALL BE EXERCISABLE BY A WRITTEN NOTICE IN THE
FORM ATTACHED HERETO WHICH SHALL:

                                (i) STATE THE ELECTION TO EXERCISE THE OPTION,
                        THE NUMBER OF SHARES WITH RESPECT TO WHICH IT IS BEING
                        EXERCISED, THE PERSON IN WHOSE NAME THE STOCK
                        CERTIFICATE OR CERTIFICATES FOR SUCH SHARES OF COMMON
                        STOCK ARE TO BE REGISTERED, AND THE ADDRESS AND SOCIAL
                        SECURITY NUMBER OF SUCH PERSON;

                                (ii) BE SIGNED BY THE PERSON OR PERSONS ENTITLED
                        TO EXERCISE THE OPTION, AND IF THE OPTION IS BEING
                        EXERCISED BY A PERSON OR PERSONS OTHER THAN THE
                        OPTIONEE, BE ACCOMPANIED BY PROOF

<PAGE>   13

                        SATISFACTORY TO THE CORPORATION'S LEGAL COUNSEL OF THE
                        RIGHT OF SUCH PERSON OR PERSONS TO EXERCISE THE OPTION;
                        AND

                                (iii) BE IN WRITING AND DELIVERED TO THE
                        TREASURER OF THE CORPORATION PURSUANT TO SECTION 12 OF
                        THIS AGREEMENT.

                (c)     PAYMENT OF THE FULL PURCHASE PRICE OF ANY SHARES WITH
RESPECT TO WHICH THE OPTION IS BEING EXERCISED SHALL ACCOMPANY THE NOTICE OF
EXERCISE OF THE OPTION. PAYMENT SHALL BE MADE (i) IN CASH OR BY CERTIFIED CHECK,
BANK DRAFT OR MONEY ORDER; (ii) IF THE COMMITTEE SO APPROVES AT THE TIME OF
EXERCISE, BY TENDERING TO THE CORPORATION SHARES OF COMMON STOCK THEN OWNED BY
THE OPTIONEE, DULY ENDORSED FOR TRANSFER OR WITH DULY EXECUTED STOCK POWER
ATTACHED, WHICH SHARES SHALL BE VALUED AT THEIR FAIR MARKET VALUE AS OF THE DATE
OF SUCH EXERCISE AND PAYMENT; OR (iii) IF THE COMMITTEE SO APPROVES AT THE TIME
OF EXERCISE, BY DELIVERY TO THE CORPORATION OF A PROPERLY EXECUTED EXERCISE
NOTICE, ACCEPTABLE TO THE CORPORATION, TOGETHER WITH IRREVOCABLE INSTRUCTIONS TO
THE OPTIONEE'S BROKER TO DELIVER TO THE CORPORATION A SUFFICIENT AMOUNT OF CASH
TO PAY THE EXERCISE PRICE AND ANY APPLICABLE INCOME AND EMPLOYMENT WITHHOLDING
TAXES, IN ACCORDANCE WITH A WRITTEN AGREEMENT BETWEEN THE CORPORATION AND THE
BROKERAGE FIRM ("CASHLESS EXERCISE") IF, AT THE TIME OF EXERCISE, THE
CORPORATION HAS ENTERED INTO SUCH AN AGREEMENT.

        3.      TERMINATION OF EMPLOYMENT.

                (a)     TERMINATION WITHOUT CAUSE PRIOR TO OPTION BECOMING
EXERCISABLE. SUBJECT TO THE PROVISIONS OF PARAGRAPH 10 OF THIS AGREEMENT, IF,
PRIOR TO THE DATE THAT THE OPTIONS SHALL FIRST BECOME EXERCISABLE THE OPTIONEE'S
EMPLOYMENT SHALL BE TERMINATED WITHOUT CAUSE, ALL OUTSTANDING OPTIONS, WHETHER
OR NOT EXERCISABLE ON THE DATE OF TERMINATION, SHALL BECOME IMMEDIATELY
EXERCISABLE. IN THIS EVENT, THE OPTIONEE SHALL HAVE THE RIGHT, PRIOR TO THE
EARLIER OF (i) THE EXPIRATION OF THE OPTION OR (ii) TWO YEARS AFTER SUCH
TERMINATION OF EMPLOYMENT, TO EXERCISE THE OPTION, SUBJECT TO ANY OTHER
LIMITATION ON THE EXERCISE OF THE OPTION IN EFFECT AT THE DATE OF EXERCISE.

                (b)     TERMINATION, OTHER THAN WITHOUT CAUSE, PRIOR TO OPTION
BECOMING EXERCISABLE. IF, PRIOR TO THE DATE THAT THE OPTIONS SHALL FIRST BECOME
EXERCISABLE THE OPTIONEE'S EMPLOYMENT SHALL BE TERMINATED, WITH CAUSE, OR BY THE
ACT, DEATH, DISABILITY, OR RETIREMENT OF THE OPTIONEE, THE OPTIONEE'S RIGHT TO
EXERCISE THE OPTION SHALL TERMINATE AND ALL RIGHTS HEREUNDER SHALL CEASE.

                (c)     TERMINATION, OTHER THAN WITHOUT CAUSE AND OTHER THAN
BECAUSE OF DEATH OR DISABILITY AFTER OPTION BECOMES EXERCISABLE. IF, ON OR AFTER
THE DATE THAT THE OPTION SHALL FIRST BECOME EXERCISABLE, THE OPTIONEE'S
EMPLOYMENT SHALL BE TERMINATED FOR CAUSE OTHER THAN DEATH OR DISABILITY, THE
OPTIONEE SHALL HAVE THE RIGHT, PRIOR TO THE EARLIER OF (i) THE EXPIRATION OF THE
OPTION OR (ii) THREE MONTHS AFTER SUCH TERMINATION OF EMPLOYMENT, TO EXERCISE
THE OPTION TO THE EXTENT THAT IT WAS EXERCISABLE AND IS UNEXERCISED ON THE DATE
OF SUCH TERMINATION OF EMPLOYMENT, SUBJECT TO ANY OTHER LIMITATION ON THE
EXERCISE OF THE OPTION IN EFFECT AT THE DATE OF EXERCISE.

                (d)     TERMINATION BECAUSE OF DEATH OR DISABILITY AFTER OPTION
BECOMES EXERCISABLE. IF, ON OR AFTER THE DATE THAT THE OPTION SHALL HAVE BECOME
EXERCISABLE, THE

<PAGE>   14

OPTIONEE SHALL DIE OR BECOME DISABLED WHILE AN EMPLOYEE OR WHILE THE OPTION
REMAINS EXERCISABLE, THE OPTIONEE OR THE EXECUTOR OR ADMINISTRATOR OF THE ESTATE
OF THE OPTIONEE (AS THE CASE MAY BE), OR THE PERSON OR PERSONS TO WHOM THE
OPTION SHALL HAVE BEEN TRANSFERRED (IF SUCH TRANSFER WAS MADE IN COMPLIANCE WITH
THE PLAN AND SECTION 7 OF THIS AGREEMENT), SHALL HAVE THE RIGHT, PRIOR TO THE
EARLIER OF (i) THE EXPIRATION OF THE OPTION OR (ii) ONE YEAR FROM THE DATE OF
THE OPTIONEE'S DEATH OR TERMINATION DUE TO SUCH DISABILITY TO EXERCISE THE
OPTION TO THE EXTENT THAT IT WAS EXERCISABLE AND UNEXERCISED ON THE DATE OF
DEATH OR TERMINATION, SUBJECT TO ANY OTHER LIMITATION ON EXERCISE IN EFFECT AT
THE DATE OF EXERCISE.

        4.      OPTIONEE'S AGREEMENT. THE OPTIONEE AGREES TO ALL THE TERMS
STATED IN THIS AGREEMENT, AS WELL AS TO THE TERMS OF THE PLAN (WHICH SHALL
CONTROL IN CASE OF CONFLICT WITH THIS AGREEMENT), A COPY OF WHICH IS AVAILABLE
FROM HUMAN RESOURCES.

        5.      WITHHOLDING. THE OPTIONEE CONSENTS TO WITHHOLDING FROM THIS
COMPENSATION OF ALL APPLICABLE PAYROLL AND INCOME TAXES WITH RESPECT TO THE
OPTION. IF THE OPTIONEE IS NO LONGER EMPLOYED BY THE CORPORATION AT THE TIME ANY
APPLICABLE TAXES WITH RESPECT TO THE OPTION ARE DUE AND MUST BE REMITTED BY THE
CORPORATION, THE OPTIONEE AGREES TO PAY APPLICABLE TAXES TO THE CORPORATION, AND
THE CORPORATION MAY DELAY ISSUANCE OF A CERTIFICATE UNTIL PROPER PAYMENT OF SUCH
TAXES HAS BEEN MADE BY THE OPTIONEE. IF THE COMMITTEE SO APPROVES AT THE TIME OF
EXERCISE, THE OPTIONEE MAY SATISFY HIS OBLIGATIONS UNDER THIS SECTION 5 BY (i)
MAKING AN ELECTION, NOTICE OF WHICH SHALL BE IN WRITING AND PROMPTLY DELIVERED
TO THE COMMITTEE, AND TENDERING PREVIOUSLY-ACQUIRED SHARES OF COMMON STOCK OR
HAVING SHARES OF COMMON STOCK WITHHELD FROM THE SHARES OF COMMON STOCK TO BE
RECEIVED UPON EXERCISE, PROVIDED THAT THE SHARES HAVE AN AGGREGATE FAIR MARKET
VALUE ON THE DATE OF EXERCISE OF THE OPTION SUFFICIENT TO SATISFY IN WHOLE OR IN
PART THE APPLICABLE WITHHOLDING TAXES; OR (ii) UTILIZING THE CASHLESS EXERCISE
PROCEDURE DESCRIBED IN SECTION 2(c). EXCEPT AS PERMITTED UNDER RULE 16B-3
PROMULGATED UNDER THE EXCHANGE ACT, IF THE OPTIONEE IS SUBJECT TO THE INSIDER
TRADING RESTRICTION OF SECTION 16(b) OF THE EXCHANGE ACT, THE OPTIONEE MAY USE
COMMON STOCK TO SATISFY THE APPLICABLE WITHHOLDING REQUIREMENTS ONLY IF NOTICE
OF ELECTION TO SO USE COMMON STOCK IS GIVEN OR BECOMES EFFECTIVE WITHIN THE
"WINDOW PERIODS" SET FORTH IN RULE 16B-3, OR IF SUCH ELECTION IS IRREVOCABLE AND
MADE AT LEAST SIX MONTHS PRIOR TO THE DATE OF THE EXERCISE OF THE OPTION.

        6.      RIGHTS AS SHAREHOLDER. THE OPTIONEE SHALL HAVE NO RIGHTS AS A
SHAREHOLDER OF THE CORPORATION WITH RESPECT TO ANY OF THE SHARES COVERED BY THE
OPTION UNTIL THE ISSUANCE OF A STOCK CERTIFICATE OR CERTIFICATES UPON THE
EXERCISE OF THE OPTION, AND THEN ONLY WITH RESPECT TO THE SHARES REPRESENTED BY
SUCH CERTIFICATE OR CERTIFICATES. NO ADJUSTMENT SHALL BE MADE FOR DIVIDENDS OR
OTHER RIGHTS WITH RESPECT TO SUCH SHARES FOR WHICH THE RECORD DATE IS PRIOR TO
THE DATE SUCH CERTIFICATE OR CERTIFICATES ARE ISSUED.

        7.      NON-TRANSFERABILITY OF OPTION. THE OPTION SHALL NOT BE
TRANSFERRED IN ANY MANNER OTHER THAN BY WILL, THE LAWS OF DESCENT OR
DISTRIBUTION OR PURSUANT TO A QUALIFIED DOMESTIC RELATIONS ORDER AS DEFINED BY
THE CODE OR TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT, OR THE RULES
THEREUNDER. DURING THE LIFETIME OF THE OPTIONEE, THE OPTION SHALL BE EXERCISED
ONLY BY THE OPTIONEE. NO TRANSFER OF THE OPTION SHALL BE EFFECTIVE TO BIND THE
CORPORATION UNLESS THE CORPORATION SHALL HAVE BEEN FURNISHED WITH WRITTEN NOTICE
THEREOF AND SUCH EVIDENCE AS THE CORPORATION MAY DEEM NECESSARY TO

<PAGE>   15

ESTABLISH THE VALIDITY OF THE TRANSFER AND THE ACCEPTANCE BY THE TRANSFEREE OF
THE TERMS AND CONDITIONS OF THE OPTION.

        8.      COMPLIANCE WITH SECURITIES, TAX AND OTHER LAWS. THE OPTION MAY
NOT BE EXERCISED IF THE ISSUANCE OF SHARES UPON SUCH EXERCISE WOULD CONSTITUTE A
VIOLATION OF ANY APPLICABLE FEDERAL OR STATE SECURITIES LAW OR ANY OTHER LAW OR
VALID REGULATION. AS A CONDITION TO EXERCISE OF THE OPTION, THE CORPORATION MAY
REQUIRE THE OPTIONEE, OR ANY PERSON ACQUIRING THE RIGHT TO EXERCISE THE OPTION,
TO MAKE ANY REPRESENTATION OR WARRANTY THAT THE CORPORATION DEEMS TO BE
NECESSARY UNDER ANY APPLICABLE SECURITIES, TAX, OR OTHER LAW OR REGULATION.

        9.      ADJUSTMENTS. IN THE EVENT THAT THE COMMITTEE SHALL DETERMINE
THAT ANY DIVIDEND OR OTHER DISTRIBUTION (WHETHER IN THE FORM OF CASH, COMMON
STOCK, OTHER SECURITIES, OR OTHER PROPERTY), RECAPITALIZATION, STOCK SPLIT,
REVERSE STOCK SPLIT, REORGANIZATION, MERGER, CONSOLIDATION, SPLIT-UP, SPIN-OFF,
COMBINATION, REPURCHASE, OR EXCHANGE OF COMMON STOCK OR OTHER SECURITIES OF THE
CORPORATION, ISSUANCE OF WARRANTS OR OTHER RIGHTS TO PURCHASE COMMON STOCK OR
OTHER SECURITIES OF THE CORPORATION, OR OTHER SIMILAR CORPORATE TRANSACTION OR
EVENT AFFECTS THE COMMON STOCK SUCH THAT AN ADJUSTMENT IS DETERMINED BY THE
COMMITTEE TO BE APPROPRIATE IN ORDER TO PREVENT DILUTION OR ENLARGEMENT OF THE
BENEFITS OR POTENTIAL BENEFITS INTENDED TO BE MADE AVAILABLE BY THE GRANT OF THE
OPTION, THE COMMITTEE IS PERMITTED TO ADJUST THE TERMS OF THE OPTION AS PROVIDED
IN THE PLAN.

        10.     CHANGE OF CONTROL. EXCEPT AS PROVIDED BELOW, IN THE EVENT OF A
CHANGE OF CONTROL, EACH OPTION SHALL BE CANCELED IN EXCHANGE FOR PAYMENT IN CASH
OF AN AMOUNT EQUAL TO THE EXCESS OF THE CHANGE OF CONTROL PRICE OVER THE
EXERCISE PRICE THEREOF. NOTWITHSTANDING THE IMMEDIATELY PRECEDING SENTENCE, NO
CANCELLATION, CASH SETTLEMENT OR ACCELERATION OF VESTING SHALL OCCUR WITH
RESPECT TO ANY OPTION IF THE COMMITTEE REASONABLY DETERMINES IN GOOD FAITH PRIOR
TO THE OCCURRENCE OF A CHANGE OF CONTROL THAT SUCH OPTION SHALL BE HONORED OR
ASSUMED, OR NEW RIGHTS SUBSTITUTED THEREFOR (SUCH HONORED, ASSUMED OR
SUBSTITUTED OPTION HEREINAFTER CALLED AN "ALTERNATIVE OPTION"), BY A
PARTICIPANT'S EMPLOYER (OR THE PARENT OR A SUBSIDIARY OF SUCH EMPLOYER)
IMMEDIATELY FOLLOWING THE CHANGE OF CONTROL, PROVIDED THAT ANY SUCH ALTERNATIVE
OPTION MUST:

                                        (i) BE BASED ON STOCK WHICH IS TRADED ON
                        AN ESTABLISHED SECURITIES MARKET, OR WHICH WILL BE SO
                        TRADED WITHIN SIXTY (60) DAYS OF THE CHANGE OF CONTROL;

                                        (ii) PROVIDE SUCH PARTICIPANT (OR EACH
                        PARTICIPANT IN A CLASS OF PARTICIPANTS) WITH RIGHTS AND
                        ENTITLEMENT SUBSTANTIALLY EQUIVALENT TO OR BETTER THAN
                        THE RIGHTS, TERMS AND CONDITIONS APPLICABLE UNDER SUCH
                        OPTION, INCLUDING, BUT NOT LIMITED TO, AN IDENTICAL OR
                        BETTER EXERCISE OR VESTING SCHEDULE AND IDENTICAL OR
                        BETTER TIMING AND METHODS OF PAYMENT; AND

                                        (iii) HAVE SUBSTANTIALLY EQUIVALENT
                        ECONOMIC VALUE TO SUCH OPTION (DETERMINED AT THE TIME OF
                        THE CHANGE OF CONTROL).

<PAGE>   16

"CHANGE OF CONTROL PRICE" MEANS THE HIGHEST PRICE PER SHARE OFFERED IN
CONJUNCTION WITH ANY TRANSACTION RESULTING IN A CHANGE OF CONTROL (AS DETERMINED
IN GOOD FAITH BY THE COMMITTEE IF ANY PART OF THE OFFERED PRICE IS PAYABLE OTHER
THAN IN CASH) OR, IN THE CASE OF A CHANGE OF CONTROL OCCURRING SOLELY BY REASON
OF A CHANGE IN THE COMPOSITION OF THE BOARD, THE HIGHEST FAIR MARKET VALUE OF
THE STOCK ON ANY OF THE 30 TRADING DAYS IMMEDIATELY PRECEDING THE DATE ON WHICH
A CHANGE OF CONTROL OCCURS.

        11.     NO RIGHT TO EMPLOYMENT. THE GRANTING OF THE OPTION DOES NOT
CONFER UPON THE OPTIONEE ANY RIGHT TO BE RETAINED AS AN EMPLOYEE.

        12.     AMENDMENT AND TERMINATION OF OPTION. EXCEPT AS OTHERWISE
PROVIDED IN THIS AGREEMENT, THE CORPORATION MAY NOT, WITHOUT THE CONSENT OF THE
OPTIONEE, ALTER OR IMPAIR ANY OPTION GRANTED UNDER THE PLAN. THE OPTION SHALL BE
CONSIDERED TERMINATED IN WHOLE OR IN PART, TO THE EXTENT THAT, IN ACCORDANCE
WITH THE PROVISIONS OF THE PLAN, IT CAN NO LONGER BE EXERCISED FOR SHARES
ORIGINALLY SUBJECT TO THE OPTION.

        13.     NOTICES. EVERY NOTICE RELATING TO THIS AGREEMENT SHALL BE IN
WRITING AND IF GIVEN BY MAIL SHALL BE GIVEN BY REGISTERED OR CERTIFIED MAIL WITH
RETURN RECEIPT REQUESTED. ALL NOTICES TO THE CORPORATION OR THE COMMITTEE SHALL
BE SENT OR DELIVERED TO THE TREASURER OF THE CORPORATION AT THE CORPORATION'S
HEADQUARTERS. ALL NOTICES BY THE CORPORATION TO THE OPTIONEE SHALL BE DELIVERED
TO THE OPTIONEE PERSONALLY OR ADDRESSED TO THE OPTIONEE AT THE OPTIONEE'S LAST
RESIDENCE ADDRESS AS THEN CONTAINED IN THE RECORDS OF THE CORPORATION OR SUCH
OTHER ADDRESS AS THE OPTIONEE MAY DESIGNATE. EITHER PARTY BY NOTICE TO THE OTHER
MAY DESIGNATE A DIFFERENT ADDRESS TO WHICH NOTICES SHALL BE ADDRESSED. ANY
NOTICE GIVEN BY THE CORPORATION TO THE OPTIONEE AT THE OPTIONEE'S LAST
DESIGNATED ADDRESS SHALL BE EFFECTIVE TO BIND ANY OTHER PERSON WHO SHALL ACQUIRE
RIGHTS HEREUNDER.

                IN WITNESS WHEREOF, THE CORPORATION, BY ITS DULY AUTHORIZED
OFFICER, AND THE OPTIONEE HAVE EXECUTED THIS AGREEMENT EFFECTIVE AS OF THE DATE
AND YEAR FIRST ABOVE WRITTEN.

                                    CREDIT ACCEPTANCE CORPORATION

                                    BY:
                                       -----------------------------------------

                                    ITS:
                                        ----------------------------------------

                                    OPTIONEE:

                                    BY:/S/ KARL SIGERIST
                                       -----------------------------------------

<PAGE>   17

                                    EXHIBIT C

EVA BONUS CALCULATION

ALL DEFINITIONS AND CALCULATIONS LISTED BELOW RELATED SOLELY TO THE OPERATION OF
THE SUBSIDIARIES

EVA bonus = 3% x EVA prior year (if positive) + 7% * [EVA current year minus EVA
prior year]

EVA =  NOPAT - (WACC x Average Total Capital)

NOPAT = (Adjusted Operating income + interest expense)*(1 - Tax rate)

WACC = [Cost of Equity * (Average Equity/Average Total Capital)] + [Cost of Debt
* (1 - tax rate) * (Average Debt/Average Total Capital)]

Cost of Equity = 30 year US government bond rate + 6% + ((2 x Debt/Equity)/100)
(ie at debt to equity of 2:1 and a US government bond rate of 6% the Cost of
Equity would be 16%)

The debt to equity ratio for purposes of computing the Cost of Equity is equal
to the consolidated debt to equity ratio of CAC

Adjusted Operating Income = Pre tax operating income of Corporation included in
CAC's consolidated results + any bonus accrued pursuant to this agreement.

<PAGE>   18

[CAC LOGO]
CREDIT ACCEPTANCE CORPORATION

                                    EXHIBIT D

                  CONFIDENTIALITY AND NON-COMPETITION AGREEMENT

This confidentiality and non-competition agreement (the "Agreement") is entered
into between Karl Sigerist (hereinafter referred to as "I") and Credit
Acceptance Corporation (hereinafter referred to as the "Company").

I understand and acknowledge that during my employment with the Company, certain
information not generally known in the industry in which the Company is or may
be engaged in has been and will be disclosed to me about the business,
customers, suppliers, products, services and financial statements of the
Company, including without limitation, the dealer/customer lists, sales, costs,
records, products, property, discounts, computer programs, forms, methods of
billing, methods of collecting accounts, computer software, marketing, other
corporate activities of the Company and other confidential information relative
to the Company's actual or prospective dealers/customers, employees, and
investors (hereinafter collectively referred to as "Confidential Information").

In consideration of the understandings set forth above and in consideration of
my continued employment by the Company and the compensation paid or to be paid
for my services by the Company, the Company and I agree and covenant as follows:

1.      I will not in any way, directly or indirectly, use, disseminate,
        disclose, lecture upon or publish any Confidential Information outside
        the ordinary course of my duties.

2.      I will sign all papers and do such other acts as the Company may deem
        necessary or desirable or may reasonably require of me to protect its
        rights to such confidential Information.

3.      During and after such employment by the Company, I will not divulge,
        reproduce or exhibit to others or appropriate for my own use or benefit
        or for the use and benefit of others any Confidential Information I may
        receive, acquire or develop, or have received, acquired or developed,
        during my employment by the Company which relates to the Company, unless
        and until such information becomes generally available to the public
        through no fault of my own or unless such disclosure or appropriation is
        authorized in writing by the Company outside the ordinary course of my
        duties.

4.      I shall not in any manner disrupt or attempt to disrupt any relationship
        which the Company may have with its employees, suppliers, dealers,
        customers, lessors, banks, consultants and other persons or entities
        with whom business dealings or ongoing relationships exist, nor induce
        any of such parties to terminate or otherwise alter the manner in which
        such relationships are being conducted with the Company.

<PAGE>   19

5.      I shall at no time remove from the Company's premises or retain without
        the Company's written consent any of the Company's confidential
        Information, unpublished records, books of account, books, corporate
        documents, correspondence, papers, memoranda, notes, manuals, computer
        software, or copies of or extracts from any of the foregoing outside the
        ordinary course of my duties.

6.      Upon termination of my employment, I shall promptly deliver to the
        Company all Confidential Information, records, books of account, books,
        corporate documents, correspondence, papers, memoranda, notes, manuals,
        computer software, or copies of or extracts from any of the foregoing
        and all other property of the Company, which are then in my possession
        or under my control, unless authorized in writing by the Company to
        retain any such materials.

7.      I acknowledge and agree that the Company will be irreparably harmed
        should I, in any manner, enter into competition with the Company. During
        the period of my employment with the Company and in the event of
        termination for cause or my voluntary resignation, for a period of two
        (2) years thereafter and in the event of my termination without cause,
        for a period of ten (10) months thereafter, I will not, directly or
        indirectly, in any capacity whatsoever (including, but not limited to,
        as an officer, director, employee, partner, agent, representative,
        advisor, consultant, or shareholder of any person, firm, partnership,
        corporation, association or any entity):

        a.      Solicit the trade or patronage of, disclose the name of, or take
                any action that shall cause the interruption or termination of
                the business relationship between the Company and any existing
                or prospective dealer, customer or supplier of the Company;

        b.      Directly or indirectly engage in, own, manage, finance, operate,
                joint control, participate in, or derive any benefits
                whatsoever, from any business engaged in any activity that is in
                competition in any manner with the business of the Company,
                and/or its successors, within the geographic and market location
                in which the Company conducts its business; or

        c.      Induce or attempt to induce away, or aid, assist or abet any
                other party or person in inducing or attempting to induce away,
                any other employee of the Company from his or her employment
                with the Company.

8.      I hereby acknowledge that breach of this Agreement shall result in
        irreparable harm to the Company, for which there is no adequate remedy
        at law and for which the ascertainment of damages will be difficult. As
        a result, the Company shall be entitled without having to prove the
        inadequacy of other remedies at law to specific enforcement of this
        Agreement and any money damages as well as both temporary relief
        (without notice or bond) and permanent injunctive relief (without being
        required to post bond or other security).

9.      This agreement shall be binding on my heirs, devisees, executors,
        administrators or other legal representatives and assigns and shall
        inure to the benefit of the Company and its successors and assigns in
        interest.

10.     I hereby acknowledge that this Agreement may be assigned without my
        consent in connection with a sale, transfer, or other assignment of all
        or substantially all of the assets of, or merger of the Company.

<PAGE>   20

11.     I have read and understand and hereby agree to the foregoing and
        acknowledge receipt of one copy of this Agreement.

12.     Each paragraph and provision of this Agreement is sevarable from the
        Agreement, and if one provision or part thereof is declared invalid, the
        remaining provisions shall nevertheless remain in full force and effect.

13.     This Agreement shall be governed by and construed and enforced in
        accordance with the laws of the state of Michigan, without regard to any
        principles of conflict of laws that would require the application of the
        law of another jurisdiction.

Date: _____________  ___________________________________________________
                                                 Signature

                    CREDIT ACCEPTANCE CORPORATION

                    By: /S/ CHARLES A. PEARCE
                        -------------------------------------------------------

                    Its: Vice President, General Counsel and Corporate Secretary
                    -----------------------------------------------------------

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