Credit Acceptance Corporation, a publicly traded company on the Nasdaq Stock Market under the symbol CACC, announced an amendment to its $75.0 million revolving secured warehouse facility. The company has extended the facility's revolving period from September 30, 2026, to September 30, 2028. Additionally, the interest rate on borrowings has been reduced from the Secured Overnight Financing Rate $(SOFR)$ plus 210 basis points to SOFR plus 185 basis points. The servicing fee has also been lowered from 6.0% to 4.0% of collections on the underlying consumer loans. No other material changes were made to the terms of the facility. This move is expected to enhance Credit Acceptance's ability to provide innovative financing solutions through its nationwide network of automobile dealers.
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