CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance completes $389.9M asset-backed securitization; notes 6.57%-9.00%

CREDIT ACCEPTANCE CORP

$389.9M non-recourse secured financing; $500.1M in loans contributed to trust.
Four note classes: A $151.7M at 6.57%, B $69.8M at 7.52%, C $77.5M at 8.45%, D $90.9M at 9.00%.
Expected annualized cost ~8.5% including fees; 24-month revolving then amortize.
Proceeds used to repay outstanding debt and for general corporate purposes.
Company retains 4.0% of loan cash flows for servicing; 96% pays notes and dealer holdback.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CREDIT ACCEPTANCE CORP incurred senior notes of $389.9 million with Computershare Trust Company, N.A. at 8.5% maturing 24 months.

Instrument: senior notes
Principal: $389.9 million
Counterparty: Computershare Trust Company, N.A.
Rate: 8.5%
Maturity: 24 months
Event: incurrence

Exact text from the filing

On November 3, 2022, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $389.9 million asset-backed non-recourse secured financing (the “Financing”).

View on SEC.gov

109 debt financings filed in the last 30 days. Browse all debt financings →

CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-22-000088

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.