---
schema_version: "secwatch.filing_event.v1"
accession: "0000885550-23-000059"
form_type: "8-K"
ticker: "CACC"
cik: "0000885550"
company_name: "CREDIT ACCEPTANCE CORP"
filed_at: "2023-06-01T23:59:59+00:00"
generated_at: "2026-06-14T10:04:22.147600+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Credit Acceptance closes $400M asset-backed non-recourse secured financing

## Summary
- Contributed loans valued at ~$500.1M to special purpose entity Funding 2023-2.
- Issued three note classes: $210.6M A (5.92%, 2.44yr avg life), $86.1M B (6.61%, 3.06yr), $103.3M C (7.15%, 3.47yr).
- Expected average annualized cost of ~6.8% including initial purchasers' fees.
- Financing revolves for 24 months then amortizes from loan cash flows.
- Proceeds to repay outstanding indebtedness and for general corporate purposes.

## SEC filing metadata
- accession: 0000885550-23-000059
- form_type: 8-K
- ticker: CACC
- cik: 0000885550
- company_name: CREDIT ACCEPTANCE CORP
- filed_at: 2023-06-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- 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/885550/000088555023000059/0000885550-23-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885550/000088555023000059/cacc-20230525.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885550-23-000059
- JSON: https://secwatch.observer/filing/0000885550-23-000059.json
- Plain text: https://secwatch.observer/filing/0000885550-23-000059.txt

## Key facts
- Debt Financings
  CREDIT ACCEPTANCE CORP incurred debt of $400.0 million at 6.8% maturing 24 months.
  - Principal: $400.0 million
  - Rate: 6.8%
  - Maturity: 24 months
  - Event: incurrence
  source text: On May 25, 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/885550/000088555023000059/0000885550-23-000059-index.htm

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