---
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"
generated_at: "2026-05-24T00:13:14.475335+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Credit Acceptance closes $400M asset-backed financing with 5.6% average cost

## Summary
- $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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885550-25-000035
- JSON: https://secwatch.observer/filing/0000885550-25-000035.json
- Plain text: https://secwatch.observer/filing/0000885550-25-000035.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/885550/000088555025000035/0000885550-25-000035-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.