secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2025-04-02T23:59:59+00:00
Accession:  0000885550-25-000035
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 $400M asset-backed financing with 5.6% average cost
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555025000035/0000885550-25-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555025000035/cacc-20250327.htm
  HTML page:      https://secwatch.observer/filing/0000885550-25-000035

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