---
schema_version: "secwatch.filing_event.v1"
accession: "0000885550-23-000002"
form_type: "8-K"
ticker: "CACC"
cik: "0000885550"
company_name: "CREDIT ACCEPTANCE CORP"
filed_at: "2023-01-03T23:59:59+00:00"
generated_at: "2026-06-20T21:11:29.925443+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Credit Acceptance expands warehouse facility to $200M, extends maturity to 2027; extends Term ABS 2021-1

## Summary
- Warehouse Facility V increased from $125M to $200M; maturity extended to Dec 2027.
- Revolving period extended to Dec 2025; interest rate increased to SOFR+245bps; servicing fee cut to 4%.
- Term ABS 2021-1 revolving period extended to Dec 2024; rate to SOFR+220bps; servicing fee to 4%.
- No balance outstanding on warehouse facility as of Dec 27, 2022.
- Fifth Third Bank is lender and agent for both facilities.

## SEC filing metadata
- accession: 0000885550-23-000002
- form_type: 8-K
- ticker: CACC
- cik: 0000885550
- company_name: CREDIT ACCEPTANCE CORP
- filed_at: 2023-01-03T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885550/000088555023000002/0000885550-23-000002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885550/000088555023000002/cacc-20221227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885550-23-000002
- JSON: https://secwatch.observer/filing/0000885550-23-000002.json
- Plain text: https://secwatch.observer/filing/0000885550-23-000002.txt

## Key facts
- Debt Financings
  CREDIT ACCEPTANCE CORP amended term loan of $100.0 million with Fifth Third Bank, National Association at SOFR plus 220 basis points.
  - Instrument: term loan
  - Principal: $100.0 million
  - Counterparty: Fifth Third Bank, National Association
  - Rate: SOFR plus 220 basis points
  - Event: amendment
  source text: the Company and Credit Acceptance Funding LLC 2021-1 entered into the Third Amendment to the Loan and Security Agreement (the "Amendment") with Fifth Third Bank, National Association, extending the $100.0 million asset-backed non-recourse secured financing that we entered into on January 29, 2021 and to which we refer as Term ABS 2021-1. Under the Amendment, the date on which Term ABS 2021-1 will cease to revolve has been extended from February 15, 2023 to December 16, 2024. The Amendment also increased the interest rate applicable to Term ABS 2021-1 from SOFR plus 208.5 basis points to SOFR plus 220 basis points
  evidence_url: https://www.sec.gov/Archives/edgar/data/885550/000088555023000002/0000885550-23-000002-index.htm
- Debt Financings
  CREDIT ACCEPTANCE CORP amended revolving credit of $200.0 million with Fifth Third Bank, National Association at SOFR plus 245 basis points maturing December 27, 2027.
  - Instrument: revolving credit
  - Principal: $200.0 million
  - Counterparty: Fifth Third Bank, National Association
  - Rate: SOFR plus 245 basis points
  - Maturity: December 27, 2027
  - Event: amendment
  source text: The Warehouse Amendment increases the amount of Warehouse Facility V, one of our revolving secured warehouse facilities, from $125.0 million to $200.0 million and extends the date on which the facility will cease to revolve from December 18, 2023 to December 29, 2025. The maturity of the facility was also extended from December 16, 2025 to December 27, 2027. The interest rate on borrowings under the facility has increased from Secured Overnight Financing Rate ("SOFR") plus 235 basis points to SOFR plus 245 basis points
  evidence_url: https://www.sec.gov/Archives/edgar/data/885550/000088555023000002/0000885550-23-000002-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.