secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-06-01T23:59:59+00:00
Accession:  0000885550-23-000059
Event type: debt
Sentiment:  neutral
Materiality: 0.65
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 secured financing
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000059/0000885550-23-000059-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000059/cacc-20230525.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000059

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