---
schema_version: "secwatch.filing_event.v1"
accession: "0001023128-22-000161"
form_type: "8-K"
ticker: "LAD"
cik: "0001023128"
company_name: "LITHIA MOTORS INC"
filed_at: "2022-11-04T23:59:59+00:00"
generated_at: "2026-06-22T06:27:58.573775+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Lithia Motors subsidiary enters $500M revolving credit facility with Mizuho for auto loan financing

## Summary
- DFC Business Services, LLC (Lithia subsidiary) may borrow up to $500M under revolving Loan Agreement dated Nov 1, 2022.
- Lender commitments terminate in October 2025, unless extended or terminated earlier per the agreement.
- Borrowings accrue interest at a rate per annum based on the Alternate Base Rate as defined in the agreement.
- Proceeds will finance the purchase of motor vehicle retail installment contracts (auto loans).
- Loan includes financial covenants (hedge maintenance, adequate capital) and negative covenants (indebtedness limits, asset disposals).

## SEC filing metadata
- accession: 0001023128-22-000161
- form_type: 8-K
- ticker: LAD
- cik: 0001023128
- company_name: LITHIA MOTORS INC
- filed_at: 2022-11-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1023128/000102312822000161/0001023128-22-000161-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1023128/000102312822000161/lad-20221101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001023128-22-000161
- JSON: https://secwatch.observer/filing/0001023128-22-000161.json
- Plain text: https://secwatch.observer/filing/0001023128-22-000161.txt

## Key facts
- Debt Financings
  LITHIA MOTORS INC incurred revolving credit of $500.0 million with Mizuho Bank, Ltd. maturing October 2025.
  - Instrument: revolving credit
  - Principal: $500.0 million
  - Counterparty: Mizuho Bank, Ltd.
  - Maturity: October 2025
  - Event: incurrence
  source text: the Borrower may incur up to an aggregate principal amount of $500.0 million in revolving loan borrowings (the “Credit Facility”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023128/000102312822000161/0001023128-22-000161-index.htm
- Material Agreements
  LITHIA MOTORS INC entered into Loan Agreement with Mizuho Bank, Ltd. valued at $500.0 million (effective 2022-11-01).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Mizuho Bank, Ltd.
  - Value: $500.0 million
  - Effective: 2022-11-01
  source text: Entry Into a Material Definitive Agreement Auto Loan Warehouse Facility On November 1, 2022, DFC Business Services, LLC (the “Borrower”), a wholly owned subsidiary of Lithia Motors, Inc., entered into a Loan Agreement with Driveway Finance Corporation (“DFC”), as servicer and collateral custodian, the lenders from time to time party thereto, the agents from time to time party thereto, and Mizuho Bank, Ltd.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1023128/000102312822000161/0001023128-22-000161-index.htm

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