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

Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-08-30T23:59:59+00:00
Accession:  0000885550-23-000099
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance closes $400M asset-backed secured financing, notes 6.39%-7.62%
--------------------------------------------------------------------------------

- Conveyed $500.1M consumer loans to trust; issued three note classes totaling $400M.
- Class A ($209.4M, 2.44yr avg life, 6.39%), B ($90.6M, 3.06yr, 7.09%), C ($100.0M, 3.47yr, 7.62%).
- Expected average annualized cost ~7.3% including fees; 24-month revolving period then amortization.
- Proceeds used to repay outstanding debt and for general corporate purposes.
- Financing is non-recourse to Credit Acceptance, preserving dealer holdback rights.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000099/0000885550-23-000099-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000099/cacc-20230824.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000099

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