Roughly a year ago I provided a simple framework to evaluate the performance of sub-prime auto-lender/collector Credit Acceptance's (CACC) loan book. Namely, in its quarterly disclosure, CACC provides detailed information about cash collections on loans by vintage year (stretching back 10 years from date of filing; all data is gleaned from the company's SEC filings). With this data it is simply a number crunching matter to determine IRRs on cash in/out on CACC's loan book. Modeling IRRs for collections in the future using previous experience (historic collection curves) is a slightly more