---
schema_version: "secwatch.filing_event.v1"
accession: "0000885550-23-000029"
form_type: "8-K"
ticker: "CACC"
cik: "0000885550"
company_name: "CREDIT ACCEPTANCE CORP"
filed_at: "2023-03-22T23:59:59+00:00"
generated_at: "2026-06-17T21:53:20.206691+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Credit Acceptance closes $400M asset-backed non-recourse financing with $500.2M loan pool

## Summary
- Three classes of notes: A ($209.3M, 6.48%), B ($86.4M, 7.02%), C ($104.3M, 7.71%).
- Expected annualized cost of ~7.3% including initial purchasers' fees and other costs.
- Financing revolves for 24 months, then amortizes from contributed loan cash flows.
- Proceeds used to repay outstanding debt and for general corporate purposes.
- Notes are non-recourse to Credit Acceptance, secured by all trust assets.

## SEC filing metadata
- accession: 0000885550-23-000029
- form_type: 8-K
- ticker: CACC
- cik: 0000885550
- company_name: CREDIT ACCEPTANCE CORP
- filed_at: 2023-03-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885550/000088555023000029/0000885550-23-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885550/000088555023000029/cacc-20230316.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885550-23-000029
- JSON: https://secwatch.observer/filing/0000885550-23-000029.json
- Plain text: https://secwatch.observer/filing/0000885550-23-000029.txt

## Key facts
- Debt Financings
  CREDIT ACCEPTANCE CORP incurred senior notes of $400.0 million at expected annualized cost of approximately 7.3% maturing revolve for 24 months after which it will amortize.
  - Instrument: senior notes
  - Principal: $400.0 million
  - Rate: expected annualized cost of approximately 7.3%
  - Maturity: revolve for 24 months after which it will amortize
  - Event: incurrence
  source text: On March 16, 2023, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $400.0 million asset-backed non-recourse secured financing (the "Financing").
  evidence_url: https://www.sec.gov/Archives/edgar/data/885550/000088555023000029/0000885550-23-000029-index.htm

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