{"schema_version":"secwatch.filing_event.v1","accession":"0000885550-24-000037","form_type":"8-K","ticker":"CACC","cik":"0000885550","company_name":"CREDIT ACCEPTANCE CORP","filed_at":"2024-02-29T23:59:59+00:00","discovered_at":"2026-05-14T18:03:27.143065+00:00","generated_at":"2026-06-05T07:42:36.299689+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Credit Acceptance closes $200M asset-backed financing at ~7.8% avg cost","bullets":["Three tranches: $106M class A at 6.95%, $43.9M class B at 7.68%, $50M class C at 8.30%.","Conveyed loans with $250M value; financing expected avg annualized cost ~7.8% incl. fees.","Revolves for 36 months, then amortizes from loan cash flows; proceeds used to repay debt and for general corporate purposes.","Company retains 4% of cash flows for servicing; remaining 96% pays principal, interest, and costs.","Financing is non-recourse and structured to preserve dealer holdback rights."],"urls":{"canonical":"https://secwatch.observer/filing/0000885550-24-000037","json":"https://secwatch.observer/filing/0000885550-24-000037.json","markdown":"https://secwatch.observer/filing/0000885550-24-000037.md","text":"https://secwatch.observer/filing/0000885550-24-000037.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/885550/000088555024000037/0000885550-24-000037-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/885550/000088555024000037/cacc-20240227.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T07:42:36.299689+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"87ffb654a453c29dfc6b5c619b50e049c7ddfa10","claim":"CREDIT ACCEPTANCE CORP incurred debt of $200.0 million at expected average annualized cost of approximately 7.8% maturing revolve for 36 months after which it will amortize based upon the cash flows on the conveyed loans.","evidence_excerpt":"On February 27, 2024, 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_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/885550/000088555024000037/0000885550-24-000037-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Principal","value":"$200.0 million"},{"label":"Rate","value":"expected average annualized cost of approximately 7.8%"},{"label":"Maturity","value":"revolve for 36 months after which it will amortize based upon the cash flows on the conveyed loans"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}