Credit Acceptance Extends $500 Million Warehouse Facility to 2027, $500 Million Term ABS Financing to 2028

MT Newswires Live

Sep 16

Credit Acceptance (CACC) has extended the revolving period on its $500 million secured warehouse facility to Sept. 15, 2028, from Sept. 20, 2027, the company said late Tuesday.

The company also reduced the facility's borrowing rate to the Secured Overnight Financing Rate plus 175 basis points from SOFR plus 185 basis points.

Credit Acceptance also extended its $500 million Term ABS 2019-2 financing through Sept. 15, 2028, from Sept. 15, 2026, while increasing the interest rate to 5.83% from 5.43%.

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