CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance closes $294M asset-backed non-recourse financing; 3 tranches

CREDIT ACCEPTANCE CORP

Conveyed $375.1M in consumer loans; notes: Class A $158M at 6.13%, B $67.5M at 6.71%, C $68.4M at 7.30%.
Expected average annualized cost ~7.0% including fees; revolving for 24 months then amortizing.
Proceeds to repay existing debt and for general corporate purposes; non-recourse to Credit Acceptance.
Servicing fee of 4.0% of cash flows; remaining 96% (net dealer holdback) pays principal, interest, costs.
Dealer relationships preserved; dealer holdback rights unaffected.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CREDIT ACCEPTANCE CORP incurred senior notes of $294.0 million with Computershare Trust Company, N.A. at 6.13% / 6.71% / 7.30% maturing revolve for 24 months, after which it will amortize.

Instrument: senior notes
Principal: $294.0 million
Counterparty: Computershare Trust Company, N.A.
Rate: 6.13% / 6.71% / 7.30%
Maturity: revolve for 24 months, after which it will amortize
Event: incurrence

Exact text from the filing

On December 21, 2023, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $294.0 million asset-backed non-recourse secured financing (the "Financing").

View on SEC.gov

114 debt financings filed in the last 30 days. Browse all debt financings →

CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-23-000143

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.