---
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"
generated_at: "2026-06-05T07:42:36.299689+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Credit Acceptance closes $200M asset-backed financing at ~7.8% avg cost

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885550-24-000037
- JSON: https://secwatch.observer/filing/0000885550-24-000037.json
- Plain text: https://secwatch.observer/filing/0000885550-24-000037.txt

## Key facts
- Debt Financings
  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.
  - Principal: $200.0 million
  - Rate: expected average annualized cost of approximately 7.8%
  - Maturity: revolve for 36 months after which it will amortize based upon the cash flows on the conveyed loans
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/885550/000088555024000037/0000885550-24-000037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.