secwatch.observer — SEC 8-K summary
======================================

Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2022-11-09T23:59:59+00:00
Accession:  0000885550-22-000088
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance completes $389.9M asset-backed securitization; notes 6.57%-9.00%
--------------------------------------------------------------------------------

- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555022000088/0000885550-22-000088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555022000088/cacc-20221103.htm
  HTML page:      https://secwatch.observer/filing/0000885550-22-000088

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer