Document:

<PAGE>   1
                                                               EXHIBIT 4(c)(7)

                                SECOND AMENDMENT
                                       TO
                   THIRD AMENDED AND RESTATED CREDIT AGREEMENT

     This SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
("Second Amendment") is made as of this 28th day of April, 2000 by and among
Credit Acceptance Corporation, a Michigan corporation ("Company"), the Permitted
Borrowers signatory hereto (each, a "Permitted Borrower" and collectively, the
"Permitted Borrowers"), Comerica Bank and the other banks signatory hereto
(individually, a "Bank" and collectively, the "Banks") and Comerica Bank, as
agent for the Banks (in such capacity, "Agent").

                                    RECITALS

     A. Company, Permitted Borrowers, Agent and the Banks entered into that
certain Third Amended and Restated Credit Agreement dated as of June 15, 1999
and a First Amendment dated as of December 10, 1999 (collectively, the "Credit
Agreement") under which the Banks renewed and extended (or committed to extend)
credit to the Company and the Permitted Borrowers, as set forth therein.

     B. The Company and the Permitted Borrowers have requested that Agent and
the Banks agree to a further amendment to the Credit Agreement and Agent and the
Banks are willing to do so, but only on the terms and conditions set forth in
this Second Amendment.

     NOW, THEREFORE, Company, Permitted Borrowers, Agent and the Banks agree:

     l.   The definition of Consolidated Tangible Net Worth in Section 1 of the
          Credit Agreement is hereby amended and restated in its entirety as set
          forth below, effective as of December 10, 1999:

                    "Consolidated Tangible Net Worth" shall mean the total
               preferred shareholders' investment and common shareholders'
               investment (common stock, paid in capital and retained earnings)
               as computed under GAAP, less assets properly classified as
               intangible assets according to GAAP, but excluding from the
               determination thereof, without duplication, any excess servicing
               asset resulting from the transfer, pursuant to a Permitted
               Securitization, of Advances to Dealers, Leased Vehicles,
               Installment Contracts (whether assigned outright or related to
               Advances to Dealers) or Leases (whether assigned outright or
               related to Leased Vehicles)."

     2.   Sections 7.5 and 7.6 of the Credit Agreement are amended, effective as
          of December 10, 1999, to change the word "excluding" (in the
          parenthetical phrase in the second line of each such section) to the
          word "including".

<PAGE>   2

                                                               EXHIBIT 4(c)(7)

     3.   This Second Amendment shall become effective, according to the terms
          and as of the date hereof, upon satisfaction by the Company and the
          Permitted Borrowers, on or before May 1, 2000, of the following
          conditions:

          (a)  Agent shall have received counterpart originals of this Second
               Amendment, in each case duly executed and delivered by Company,
               the Permitted Borrowers and the requisite Banks, in form
               satisfactory to Agent and the Banks;

          (b)  Agent shall have received from the Company and each of the
               Permitted Borrowers a certification (i) that all necessary
               actions have been taken by such parties to authorize execution
               and delivery of this Second Amendment, supported by such
               resolutions or other evidence of corporate authority or action as
               reasonably required by Agent and the Majority Banks and that no
               consents or other authorizations of any third parties are
               required in connection therewith; and (ii) that, after giving
               effect to this Second Amendment, no Default or Event of Default
               has occurred and is continuing on the proposed effective date of
               the Second Amendment;

          (c)  Agent shall have received, with a copy for each of the Banks,
               amendments to the Senior Debt Documents executed and delivered by
               the Company and the requisite holders of the Senior Debt, such
               amendments to be in form and substance satisfactory to the Agent
               and the Majority Banks; and

          If the foregoing conditions have not been satisfied or waived on or
          before May 1, 2000, this Second Amendment shall lapse and be of no
          further force and effect.

     4.   Each of the Company and the Permitted Borrowers ratifies and confirms,
          as of the date hereof and after giving effect to the amendments
          contained herein, each of the representations and warranties set forth
          in Sections 6.1 through 6.22, inclusive, of the Credit Agreement and
          acknowledges that such representations and warranties are and shall
          remain continuing representations and warranties during the entire
          life of the Credit Agreement.

     5.   Except as specifically set forth above, this Second Amendment shall
          not be deemed to amend or alter in any respect the terms and
          conditions of the Credit Agreement, any of the Notes issued thereunder
          or any of the other Loan Documents, or to constitute a waiver by the
          Banks or Agent of any right or remedy under or a consent to any
          transaction not meeting the terms and conditions of the Credit
          Agreement, any of the Notes issued thereunder or any of the other Loan
          Documents.

     6.   Unless otherwise defined to the contrary herein, all capitalized terms
          used in this Second Amendment shall have the meaning set forth in the
          Credit Agreement.

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                                                               EXHIBIT 4(c)(7)

     7.   This Second Amendment may be executed in counterpart in accordance
          with Section 13.10 of the Credit Agreement.

     8.   Comerica Bank - Canada having been designated by Comerica Bank, in its
          capacity as swing line bank (and as a Bank) under the Credit Agreement
          to fund Comerica Bank's advances in $C pursuant to Section 11.12 of
          the Credit Agreement, has executed this Second Amendment to evidence
          its approval of the terms and conditions thereof.

     9.   This Second Amendment shall be construed in accordance with and
          governed by the laws of the State of Michigan.

                     [SIGNATURES FOLLOW ON SUCCEEDING PAGES]

<PAGE>   4

                                                               EXHIBIT 4(c)(7)

     WITNESS the due execution hereof as of the day and year first above
written.

COMERICA BANK, as Agent                     CREDIT ACCEPTANCE CORPORATION

By: /S/ SCOTTIE S. KNIGHT                   By: /S/ BRETT A. ROBERTS
   ------------------------                    -----------------------
    Name: Scottie S. Knight                     Name: Brett A. Roberts
    Its:  Vice President                        Its:  Co-President
One Detroit Center
500 Woodward Avenue
Detroit, Michigan 48226
Attention: Michael P. Stapleton

COMERICA BANK - CANADA                      CREDIT ACCEPTANCE CORPORATION
                                            UK LIMITED

By: /S/ SCOTTIE S. KNIGHT                   By: /S/ BRETT A. ROBERTS
   ------------------------                    -----------------------
    Name: Scottie S. Knight                     Name: Brett A. Roberts
    Its:  Vice President                        Its:  Co-President

                                            CAC OF CANADA LIMITED

                                            By: /S/ BRETT A. ROBERTS
                                               -----------------------
                                                Name: Brett A. Roberts
                                                Its:  Co-President

                                            CREDIT ACCEPTANCE CORPORATION
                                            IRELAND LIMITED

                                            By: /S/ BRETT A. ROBERTS
                                               -----------------------
                                                Name: Brett A. Roberts
                                                Its:  Co-President

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                                                               EXHIBIT 4(c)(7)

BANKS:                             COMERICA BANK

                                   By: /S/ SCOTTIE S. KNIGHT
                                      ------------------------
                                       Name: Scottie S. Knight
                                       Its:  Vice President

                                   LASALLE BANK NATIONAL ASSOCIATION

                                   By: /S/ LISA MUN
                                      --------------------------------
                                       Name: Lisa Mun
                                       Its:  Assistant Vice President

                                   HARRIS TRUST AND SAVINGS BANK

                                   By: /S/ MICHAEL CAMELI
                                      ---------------------
                                       Name: Michael Cameli
                                       Its:  Vice President

                                   NATIONAL CITY BANK OF MINNEAPOLIS

                                   By: /S/ STEVEN R. BERGLUND
                                      -------------------------------
                                       Name: Steven R Berglund
                                       Its:  Assistant Vice President

                                   BANK OF AMERICA, N.A.

                                   By: /S/ ELIZABETH KURLECZ
                                      ------------------------
                                       Name: Elizabeth Kurlecz
                                       Its:  Managing Director

                                   THE BANK OF NOVA SCOTIA

                                   By: /S/ J. ERIC BERGREN
                                      ---------------------------
                                       Name: J. Eric Bergren
                                       Its:  Relationship Manager

                                                              Signature Page For
                                                            CAC Second Amendment<PAGE>   1
                                                               EXHIBIT 4(e)(6)

                   FIFTH AMENDMENT TO NOTE PURCHASE AGREEMENT
                                       RE:
                          CREDIT ACCEPTANCE CORPORATION
       SECOND AMENDED AND RESTATED 9.27% SENIOR NOTES DUE OCTOBER 1, 2001

                                                      Dated as of April 27, 2000
                                                Effective as of December 1, 1999

To the Noteholders listed on Annex I hereto

Ladies and Gentlemen:

     Credit Acceptance Corporation, a Michigan corporation (together with its
successors and assigns, the "Company"), hereby agrees with you as follows:

SECTION 1.     INTRODUCTORY MATTERS.

     1.1       DESCRIPTION OF OUTSTANDING NOTES. The Company currently has
outstanding its Second Amended and Restated 9.27% Senior Notes due October 1,
2001 (collectively, the "Notes") which it issued pursuant to the separate Note
Purchase Agreements, each dated as of March 25, 1997 (collectively, as amended
by the First Amendment to Note Purchase Agreement, dated as of December 12,
1997, the Second Amendment to Note Purchase Agreement, dated as of July 1, 1998,
the Third Amendment to Note Purchase Agreement, dated as of April 13, 1999, and
the Fourth Amendment, dated as of December 1, 1999, the "Agreement"), entered
into by the Company with each of the original holders of the Notes listed on
Annex 1 thereto, respectively. Terms used herein but not otherwise defined
herein shall have the meanings assigned thereto in the Agreement, as amended
hereby.

     1.2       PURPOSE OF AMENDMENT. The Company and you desire to amend the
Agreement as set forth in Section 2 hereof.

SECTION 2.     AMENDMENT TO THE AGREEMENT.

     Pursuant to Section 10.5 of the Agreement, the Company hereby agrees with
you that the Agreement shall be amended by this Fifth Amendment to Note Purchase
Agreement (this "Fifth Amendment") in the following respect:

     2.1       SECTION 6.1(B). Clause (i) of Section 6.1(b) is hereby amended in
its entirety as follows:

                    (i) two hundred percent (200%) of Consolidated Tangible Net
               Worth at such time, provided that for purposes of this test,
               Consolidated Senior Funded Debt shall be calculated by including
               all

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                                                                 EXHIBIT 4(e)(6)

               Debt incurred by a Special Purpose Subsidiary, whether or not
               included therein under GAAP, or

     2.2       SECTION 6.1(C). Section 6.1(c) is hereby amended in its entirety
as follows:
                    (C) SUBORDINATED FUNDED DEBT. The Company will not at any
               time permit Consolidated Subordinated Funded Debt to exceed one
               hundred fifty percent (150%) of Consolidated Tangible Net Worth
               at such time, provided that for purposes of this test,
               Consolidated Subordinated Funded Debt shall be calculated by
               including all Debt incurred by a Special Purpose Subsidiary,
               whether or not included therein under GAAP.

     2.3       SECTION 9.1. The definition of Consolidated Tangible Net Worth in
Section 9.1 is hereby amended and restated in its entirety as set forth below.

     CONSOLIDATED TANGIBLE NET WORTH -- means, at any time, the result of

               (a)  the shareholders' equity of the Company and its
                    Subsidiaries, minus

               (b)  the retained earnings of the Unrestricted Subsidiaries,
                    minus

               (c)  all Intangible Assets of the Company and the Subsidiaries,
                    minus

               (d)  without duplication, any excess servicing asset resulting
                    from the Transfer, pursuant to a Permitted Securitization,
                    of Advances, Leased Vehicles, Installment Contracts (whether
                    assigned outright or related to Advances) or Leases (whether
                    assigned outright or related to Leased Vehicles),

in each case as would be reflected on a consolidated balance sheet of such
Persons at such time. As used in this definition, "Consolidated Net Worth"
means, at any time, the amount of "consolidated total assets" less the amount of
"consolidated total liabilities", as each would be reflected on a consolidated
balance sheet of the Company and its Subsidiaries at such time, prepared in
accordance with GAAP.

SECTION 3.     MISCELLANEOUS

     3.1       COUNTERPARTS. This Fifth Amendment may be executed in any number
of counterparts, each executed counterpart constituting an original, but all
together only one Fifth Amendment.

                                       2

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                                                                 EXHIBIT 4(e)(6)

     3.2       HEADINGS. The headings of the sections of this Fifth Amendment
are for purposes of convenience only and shall not be construed to affect the
meaning or construction of any of the provisions hereof.

     3.3       GOVERNING LAW. This Fifth Amendment shall be governed by and
construed in accordance with the internal laws of the State of New York.

     3.4       EFFECT OF AMENDMENT. Except as expressly provided herein (a) no
other terms and provisions of the Agreement shall be modified or changed by this
Fifth Amendment and (b) the terms and provisions of the Agreement, as amended by
this Fifth Amendment, shall continue in full force and effect. The Company
hereby acknowledges and reaffirms all of its obligations and duties under the
Agreement, as modified by this Fifth Amendment, and the Notes.

     3.5       REFERENCES TO THE AGREEMENT. Any and all notices, requests,
certificates and other instruments executed and delivered concurrently with or
after the execution of the Fifth Amendment may refer to the Agreement without
making specific reference to this Fifth Amendment but nevertheless all such
references shall be deemed to include, to the extent applicable, this Fifth
Amendment unless the context shall otherwise require.

     3.6       COMPLIANCE. The Company certifies that immediately before and
after giving effect to this Fifth Amendment, no Default or Event of Default
exists or would exist after giving effect hereto; provided that the Company is
not in compliance with the covenant contained in Section 6.3 before giving
effect to this Fifth Amendment.

     3.7       EFFECTIVENESS OF AMENDMENTS. The amendments to the Agreement
contemplated by Section 2 hereof shall (in accordance with Section 10.5(a) of
the Agreement) become effective (retroactive to December 1, 1999), if at all, at
such time as the Company and the Required Holders of the Notes shall have
indicated their written consent to such amendments by executing and delivering
the applicable counterparts of this Fifth Amendment. It is understood that any
holder of Notes may withhold its consent for any reason, including, without
limitation, any failure of the Company to satisfy all of the following
conditions:

               (a) This Fifth Amendment shall have been executed and delivered
     by the Company and each of the Required Holders of the Notes.

               (b) The execution, delivery and effectiveness of an agreement,
     signed by the Company and the requisite holders of the Company's Second
     Amended and Restated 10.37% Senior Notes due November 1, 2001 issued under
     Note Purchase Agreements dated as of October 1, 1994, containing an
     amendment to such Note Purchase Agreements identical in substance to the
     amendment set forth in Section 2 hereof.

               (c) The execution, delivery and effectiveness of an agreement,
     signed by the Company and the requisite holders of the Company's Second
     Amended and Restated 9.49%

                                       3

<PAGE>   4

                                                                 EXHIBIT 4(e)(6)

     Senior Notes due July 1, 2001 issued under Note Purchase Agreements dated
     as of August 1, 1996, containing an amendment to such Note Purchase
     Agreements identical in substance to the amendment set forth in Section 2
     hereof.

               (d) The Company shall have paid the statement for reasonable fees
     and disbursements of Bingham Dana LLP, your special counsel, presented to
     the Company on or prior to the effective date of this Fifth Amendment.

     3.8       AMENDMENT TO CREDIT AGREEMENT. The Company represents that the
Second Amendment to the Credit Agreement, as in effect on the date of the
effectiveness of this Fifth Amendment, is in the form attached as Attachment 1
hereto.

     3.9       FULL DISCLOSURE. The Company warrants and represents to you that,
as of the effective date hereof, none of the written statements, documents or
other written materials furnished by, or on behalf of, the Company to you in
connection with the negotiation, execution and delivery of this Fifth Amendment
contain any untrue statement of a material fact or omit a material fact
necessary to make the statements contained therein or herein not misleading in
light of the circumstances in which they were made. There is no fact of which
any of the Company's executive officers has actual knowledge which the Company
has not disclosed to you which materially affects adversely or, so far as the
Company can now reasonably foresee, will materially affect adversely the
business, prospects, profits, Properties or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, or the ability of the
Company to perform its obligations set forth in the Agreement (after giving
effect to this Fifth Amendment) and the Notes.

         [Remainder of page intentionally blank.  Next page is signature page.]

                                       4

<PAGE>   5

                                                                 EXHIBIT 4(e)(6)

     If this Fifth Amendment is satisfactory to you, please sign the form of
acceptance on the enclosed counterpart of this letter and return the same to the
Company, whereupon this Fifth Amendment shall become binding between us in
accordance with its terms.

                                Very truly yours,

                                CREDIT ACCEPTANCE CORPORATION

                                By /S/ BRETT A. ROBERTS
                                   -----------------------
                                   Name:  Brett A. Roberts
                                   Title: Co-President

   [Signature Page to Fifth Amendment to Note Purchase Agreement in respect of
    9.27% Senior Notes Due October 1, 2001 of Credit Acceptance Corporation]

                                       5
<PAGE>   6

                                                                 EXHIBIT 4(e)(6)

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

                                   By: /S/ K. LANGE
                                      -----------------------------
                                           Name:  Kathy Lange
                                           Title: Portfolio Manager

                                   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: Portfolio Manager

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

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

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

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

   [Signature Page to Fifth Amendment to Note Purchase Agreement in respect of
    9.27% Senior Notes Due October 1, 2001 of Credit Acceptance Corporation]

                                       6
<PAGE>   7

                                                                 EXHIBIT 4(e)(6)

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

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

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

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

                                   ASSET ALLOCATION & MANAGEMENT COMPANY AS
                                   AGENT FOR WORLD INSURANCE COMPANY

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

                                   ASSET ALLOCATION & MANAGEMENT COMPANY AS
                                   AGENT FOR UNITED TEACHERS ASSOCIATES
                                   INSURANCE COMPANY

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

   [Signature Page to Fifth Amendment to Note Purchase Agreement in respect of
    9.27% Senior Notes Due October 1, 2001 of Credit Acceptance Corporation]

                                       7

<PAGE>   8

                                                                 EXHIBIT 4(e)(6)

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

                                   By: /S/ K. LANGE
                                      -------------------------
                                       Name:  Kathy Lange
                                       Title: Portfolio Manager

   [Signature Page to Fifth Amendment to Note Purchase Agreement in respect of
    9.27% Senior Notes Due October 1, 2001 of Credit Acceptance Corporation]

                                       8

<PAGE>   9

                                                                 EXHIBIT 4(e)(6)

                                     ANNEX I
                 SECOND AMENDED AND RESTATED 9.27% SENIOR NOTES
                               DUE OCTOBER 1, 2001

American Pioneer Life Insurance Company of New York
American Progressive Life and Health Insurance Company of New York
Federated Rural Electric Insurance Corp.
Tower Life Insurance Company
Physicians Life Insurance Company Vista 500
World Insurance Company
United Teachers Associates Insurance Company
Mutual Protective Insurance Company
Medico Life Insurance Company

                                       9

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