CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance closes $400M asset-backed financing with 5.6% average cost

CREDIT ACCEPTANCE CORP

$400M in notes issued (Class A $223.1M at 5.02%, B $65.8M at 5.30%, C $111.1M at 5.71%) backed by $500.2M consumer loans.
Expected average annualized cost ~5.6% including upfront fees; revolving for 24 months then amortizing.
Proceeds used to repay outstanding indebtedness and for general corporate purposes.
Financing is non-recourse to Credit Acceptance except for customary repurchase/indemnification obligations.
Credit Acceptance receives 4% of loan cash flows as servicing fee; 96% (less dealer holdback) pays notes and costs.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CREDIT ACCEPTANCE CORP incurred senior notes of $400.0 million at expected average annualized cost of approximately 5.6% including upfront fees an maturing revolve for 24 months after which it will amortize based upon the cash flows on the conveyed loans.

Instrument: senior notes
Principal: $400.0 million
Rate: expected average annualized cost of approximately 5.6% including upfront fees an
Maturity: revolve for 24 months after which it will amortize based upon the cash flows on the conveyed loans
Event: incurrence

Exact text from the filing

On March 27, 2025, Credit Acceptance Corporation (the "Company", "Credit Acceptance", "we", "our", or "us") entered into a $400.0 million asset-backed non-recourse secured financing (the "Financing").

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Source: SEC EDGAR

accession 0000885550-25-000035

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