Credit Acceptance completes $450M asset-backed financing at ~5.2% cost

CREDIT ACCEPTANCE CORP

• Conveyed $562.6M of consumer loans as collateral; notes issued in three tranches: $248.75M Class A (4.65%), $91.32M Class B (4.96%), $109.93M Class C (5.28%).
• Expected average annualized cost ~5.2% including fees; financing revolves for 24 months then amortizes.
• Proceeds to repay higher-cost outstanding debt and for general corporate purposes.
• Company receives 4.0% of loan cash flows as servicing fee; 96% used for note payments and dealer holdback.
• Financing is non-recourse to Credit Acceptance except for customary rep/indemnity obligations.

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