secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0000885550-24-000037
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000037/0000885550-24-000037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000037/cacc-20240227.htm
  HTML page:      https://secwatch.observer/filing/0000885550-24-000037

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