{"schema_version":"secwatch.filing_event.v1","accession":"0000885550-25-000035","form_type":"8-K","ticker":"CACC","cik":"0000885550","company_name":"CREDIT ACCEPTANCE CORP","filed_at":"2025-04-02T23:59:59+00:00","discovered_at":"2026-05-14T18:02:51.608867+00:00","generated_at":"2026-05-24T00:13:14.475335+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Credit Acceptance closes $400M asset-backed financing with 5.6% average cost","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0000885550-25-000035","json":"https://secwatch.observer/filing/0000885550-25-000035.json","markdown":"https://secwatch.observer/filing/0000885550-25-000035.md","text":"https://secwatch.observer/filing/0000885550-25-000035.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/885550/000088555025000035/0000885550-25-000035-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/885550/000088555025000035/cacc-20250327.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T00:13:14.475335+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"2f6c9f35d35f3f82cad4d341ccedfea07603692a","claim":"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.","evidence_excerpt":"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\").","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/885550/000088555025000035/0000885550-25-000035-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$400.0 million"},{"label":"Rate","value":"expected average annualized cost of approximately 5.6% including upfront fees an"},{"label":"Maturity","value":"revolve for 24 months after which it will amortize based upon the cash flows on the conveyed loans"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}