Credit Acceptance extends $100M ABS financing revolving period to Feb 2026

CREDIT ACCEPTANCE CORP

Term ABS 2021-1 revolving period extended from Dec 16, 2024 to Feb 17, 2026.
No other material changes to the $100 million non-recourse secured financing.
Amendment entered with Fifth Third Bank, National Association as lender.
Original financing dated January 29, 2021; extension provides additional liquidity runway.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CREDIT ACCEPTANCE CORP amended Fifth Amendment to the Loan and Security Agreement with Fifth Third Bank, National Association valued at $100.0 million (effective 2024-02-16).

Action: amendment
Agreement: credit facility
Counterparty: Fifth Third Bank, National Association
Value: $100.0 million
Effective: 2024-02-16

Exact text from the filing

On February 16, 2024, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) and Credit Acceptance Funding LLC 2021-1 entered into the Fifth Amendment to the Loan and Security Agreement (the “Amendment”) with Fifth Third Bank, National Association, extending the $100.0 million asset-backed non-recourse secured financing that we entered into on January 29, 2021 and to which we refer as Term ABS 2021-1.

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Source: SEC EDGAR

accession 0000885550-24-000035

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