---
schema_version: "secwatch.filing_event.v1"
accession: "0000885550-23-000122"
form_type: "8-K"
ticker: "CACC"
cik: "0000885550"
company_name: "CREDIT ACCEPTANCE CORP"
filed_at: "2023-12-04T23:59:59+00:00"
generated_at: "2026-06-07T19:06:02.343177+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Credit Acceptance closes $200M asset-backed non-recourse financing

## Summary
- Conveyed loans worth ~$252M to SPE; three note classes: A ($100.8M at 6.98%), B ($45.1M at 7.81%), C ($54.1M at 8.24%).
- Expected average annualized cost ~8.6% including fees; revolving for 24 months then amortizing from loan cash flows.
- Proceeds used to repay outstanding indebtedness and for general corporate purposes; Company retains 4% servicing fee.
- Financing structured to preserve dealer holdback rights and not affect dealer contractual relationships.

## SEC filing metadata
- accession: 0000885550-23-000122
- form_type: 8-K
- ticker: CACC
- cik: 0000885550
- company_name: CREDIT ACCEPTANCE CORP
- filed_at: 2023-12-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885550/000088555023000122/0000885550-23-000122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885550/000088555023000122/cacc-20231130.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885550-23-000122
- JSON: https://secwatch.observer/filing/0000885550-23-000122.json
- Plain text: https://secwatch.observer/filing/0000885550-23-000122.txt

## Key facts
- Debt Financings
  CREDIT ACCEPTANCE CORP incurred senior notes of $200.0 million with institutional lender at expected average annualized cost of approximately 8.6% maturing revolve for 24 months after which it will amortize.
  - Instrument: senior notes
  - Principal: $200.0 million
  - Counterparty: institutional lender
  - Rate: expected average annualized cost of approximately 8.6%
  - Maturity: revolve for 24 months after which it will amortize
  - Event: incurrence
  source text: On November 30, 2023, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $200.0 million asset-backed non-recourse secured financing (the “Financing”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/885550/000088555023000122/0000885550-23-000122-index.htm

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