secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-12-27T23:59:59+00:00
Accession:  0000885550-23-000143
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Credit Acceptance closes $294M asset-backed non-recourse financing; 3 tranches
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000143/0000885550-23-000143-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000143/cacc-20231221.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000143

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