SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

REITZEL RUFUS H JR

(Last)

(First)

(Middle)

28405 VAN DYKE AVENUE

(Street)

WARREN

48093

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ASSET ACCEPTANCE CAPITAL CORP [ AACC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/17/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $0.01 par value per share	05/17/2006		S		11,385	D⁽¹⁾	$18.4751	2,353,952	D
Common Stock, $0.01 par value per share	05/18/2006		S		15,795	D⁽¹⁾	$18.3642	2,338,157	D
Common Stock, $0.01 par value per share	05/17/2006		S		7,590	D⁽¹⁾	$18.4751	1,730,254	I	By Heather Reitzel Revocable Trust⁽²⁾⁽³⁾⁽⁴⁾
Common Stock, $0.01 par value per share	05/18/2006		S		10,530	D⁽¹⁾	$18.3642	1,719,724	I	By Heather Reitzel Revocable Trust⁽²⁾⁽³⁾⁽⁴⁾
Common Stock, $0.01 par value per share	05/17/2006		S		1,265	D⁽¹⁾	$18.4751	167,623	I	By Heather Reitzel Irrevocable Trust⁽²⁾⁽⁵⁾
Common Stock, $0.01 par value per share	05/18/2006		S		1,755	D⁽¹⁾	$18.3642	165,868	I	By Heather Reitzel Irrevocable Trust⁽²⁾⁽⁵⁾
Common Stock, $0.01 par value per share	05/17/2006		S		1,265	D⁽¹⁾	$18.4751	167,623	I	By Lisa R. Bradley Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/18/2006		S		1,755	D⁽¹⁾	$18.3642	165,868	I	By Lisa R. Bradley Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/17/2006		S		1,265	D⁽¹⁾	$18.4751	167,623	I	By James H. Reitzel Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/18/2006		S		1,755	D⁽¹⁾	$18.3642	165,868	I	By James H. Reitzel Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/17/2006		S		1,265	D⁽¹⁾	$18.4751	167,623	I	By Stacey Reitzel James Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/18/2006		S		1,755	D⁽¹⁾	$18.3642	165,868	I	By Stacey Reitzel James Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/17/2006		S		1,265	D⁽¹⁾	$18.4751	167,623	I	By Traecy Merle Reitzel Trust⁽²⁾⁽⁶⁾
Common Stock, $0.01 par value per share	05/18/2006		S		1,755	D⁽¹⁾	$18.3642	165,868	I	By Traecy Merle Reitzel Trust⁽²⁾⁽⁶⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sale of stock has been made pursuant to a previously agreed to 10b5-1 sales plan.

2. Mr. Reitzel disclaims beneficial ownership of these shares and the filing of this report is not an admission that Mr. Reitzel is the beneficial owner of these securities for the purposes of Section 16 or for any other purpose.

3. Mr. Reitzel's spouse is the sole trustee.

4. The trust is for the benefit of Mr. Reitzel's spouse.

5. Mr. Reitzel and his spouse are co-trustees.

6. The trust is for the benefit of Mr. Reitzel's adult child and Mr. Reitzel is co-trustee with his spouse.

Remarks:

See attached footnote page.

	Mark A. Redman, under power of attorney for Rufus H. Reitzel, Jr.	05/19/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.