Credit Acceptance extends warehouse facility and asset-backed financing

Credit Acceptance Corporation (Nasdaq: CACC) announced it has extended its $500.0 million revolving secured warehouse facility, pushing the revolving cease date from September 20, 2027 to September 15, 2028. The interest rate on borrowings under the facility was reduced from the Secured Overnight Financing Rate (SOFR) plus 185 basis points to SOFR plus 175 basis points. As of September 15, 2026, the company had $180.0 million outstanding under the facility.

The Southfield, Michigan-based company also announced an extension of its $500.0 million asset-backed non-recourse secured financing, known as Term ABS 2019-2, which was originally entered into on August 28, 2019. The revolving cease date for that financing was extended from September 15, 2026 to September 15, 2028. The amendment increased the interest rate on the financing from 5.43% to 5.83%.

The company stated there were no other material changes to the terms of either arrangement.

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