Credit Acceptance Corp. went live Dec. 19 with real-time payments for its dealer base through a partnership with Citizens Financial Group.  

Dealers can receive payments six times per day, Monday through Saturday and on select holidays, Credit Acceptance (CAC) Chief Marketing and Product Officer Andrew Rostami told Auto Finance News, a sister publication to Bank Automation News.

“This helps support the benefit of dealers receiving payments outside of standard business hours, when we see 40% of real-time payments happening” Rostami said.  

The launch follows a summer pilot, he said, noting that more than 500 dealers have enrolled in real-time payments (RTP), which is enabled through Citizens. CAC had 9,818 active dealers at the end of the third quarter, according to the lender’s Oct. 3 earnings report.  

Active dealers are defined as “dealers who have received funding for at least one consumer loan during the period,” according to the report.  

CAC is the latest auto lender to deploy RTP with its dealer base. BECU in July launched same-day payments with Origence, and last year TD Auto Finance and U.S. Bank rolled out RTPs.  

Southfield, Mich.-based CAC had $7.5 billion in outstandings as of Sept. 30, according to its earnings report.  

Editor’s note: This article first appeared on Auto Finance News, a sister publication to Bank Automation News.