secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2026-05-11T20:01:42+00:00
Accession:  0000885550-26-000098
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555026000098/0000885550-26-000098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555026000098/cacc-20260505.htm
  HTML page:      https://secwatch.observer/filing/0000885550-26-000098

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