Credit Acceptance closes $550M ABS financing, upsizes existing facility by $100M

CREDIT ACCEPTANCE CORP

Completed $550M non-recourse secured ABS (Term ABS 2024-2) with 3 note classes: A $272.4M (5.95%), B $110.3M (6.11%), C $167.3M (6.70%); expected cost ~6.5%.
Conveyed loans of ~$687.7M into trust; 24-month revolving period then amortizes based on loan cash flows.
Increased Term ABS 2022-2 from $200M to $300M and extended its revolving period from Dec 2025 to June 2027.
Proceeds will repay outstanding debt and fund general corporate purposes; financing is non-recourse to Credit Acceptance (limited exceptions).

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.