{"schema_version":"secwatch.filing_event.v1","accession":"0000885550-25-000131","form_type":"8-K","ticker":"CACC","cik":"0000885550","company_name":"CREDIT ACCEPTANCE CORP","filed_at":"2025-11-19T23:59:59+00:00","discovered_at":"2026-05-14T18:02:42.479123+00:00","generated_at":"2026-05-16T18:39:14.471281+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"CACC completes $500M asset-backed financing, its 60th term securitization","bullets":["Issued $500M in three classes of ABS notes: A ($284.6M, 4.50%), B ($104.6M, 4.87%), C ($110.8M, 5.38%).","Expected average annualized cost of ~5.1% including upfront fees; revolver for 24 months, then amortizes.","Proceeds used to repay higher-cost debt and for general corporate purposes.","Company maintains ~$2.0B in unused borrowing capacity and unrestricted cash after closing.","Treasurer Jay Brinkley noted this is the lowest-cost ABS transaction since late 2021."],"urls":{"canonical":"https://secwatch.observer/filing/0000885550-25-000131","json":"https://secwatch.observer/filing/0000885550-25-000131.json","markdown":"https://secwatch.observer/filing/0000885550-25-000131.md","text":"https://secwatch.observer/filing/0000885550-25-000131.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/885550/000088555025000131/0000885550-25-000131-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/885550/000088555025000131/cacc-20251113.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T18:39:14.471281+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":"09c5d2a759b41437fda915eca13bba3e5b7fcecc","claim":"CREDIT ACCEPTANCE CORP incurred debt of $500,000,000 with Credit Acceptance Auto Loan Trust 2025-2 at expected average annualized cost of approximately 5.1% maturing revolve for 24 months after which it will amortize based upon the cash flows on the conveyed loans.","evidence_excerpt":"On November 13, 2025, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $500.0 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/885550/000088555025000131/0000885550-25-000131-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Principal","value":"$500,000,000"},{"label":"Counterparty","value":"Credit Acceptance Auto Loan Trust 2025-2"},{"label":"Rate","value":"expected average annualized cost of approximately 5.1%"},{"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"}