secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-12-04T23:59:59+00:00
Accession:  0000885550-23-000122
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000122/0000885550-23-000122-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000122/cacc-20231130.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000122

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