secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2024-06-26T23:59:59+00:00
Accession:  0000885550-24-000079
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 $550M ABS financing, upsizes existing facility by $100M
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000079/0000885550-24-000079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555024000079/cacc-20240620.htm
  HTML page:      https://secwatch.observer/filing/0000885550-24-000079

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