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

Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-03-22T23:59:59+00:00
Accession:  0000885550-23-000029
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 closes $400M asset-backed non-recourse financing with $500.2M loan pool
--------------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000029/0000885550-23-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000029/cacc-20230316.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000029

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