UPDATE 1-Asset Acceptance posts Q3 loss

* Q3 loss/shr $0.05 vs. EPS $0.10 last yr

* Total revenue falls 18 pct

* Cash collections falls 14 pct

* Q3 loss from operations $423,930

Nov 2 (Reuters) - Distressed debt buyer Asset Acceptance Capital Corp (AACC.O: Quote, Profile, Research) posted a third-quarter loss, hurt by higher impairment charges and lower cash collections.

"Our cash collections during the quarter, particularly on older vintage portfolios, were unfavorably impacted by the ongoing macro-economic landscape that continues to hinder consumers' ability to repay their obligations," Chief Executive Rion Needs said.

Net loss for the quarter was $1.6 million, or 5 cents a share, compared with an income of $3 million, or 10 cents a share, a year earlier.

Total revenue declined 18 percent to $47.7 million.

Analysts expected the company to earn 8 cents a share, before special items, on revenue of $50.6 million, according to Thomson Reuters I/B/E/S.