secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2024-04-03T23:59:59+00:00
Accession:  0000885550-24-000049
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 $500M asset-backed non-recourse financing
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- $500M notes issued in 3 classes: A ($298M, 5.68%, 2.35yr), B ($64M, 6.03%, 2.82yr), C ($137M, 6.71%, 3.12yr).
- Consumer loans valued at ~$625.2M conveyed to a special purpose trust as collateral.
- Expected average annualized cost ~6.4% incl. fees; 24-month revolving period then amortization.
- Proceeds used to repay outstanding indebtedness and for general corporate purposes.
- Financing is non-recourse to Credit Acceptance; company earns 4% servicing fee, dealers' holdback preserved.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000049/0000885550-24-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000049/cacc-20240328.htm
  HTML page:      https://secwatch.observer/filing/0000885550-24-000049

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