Credit Acceptance Announces Extension of $100.0 Million Asset-Backed Financing
Credit Acceptance (Nasdaq: CACC) announced an amendment extending its $100.0 million asset-backed non-recourse secured financing (Term ABS 2021-1).
Sentiment and the balance of points
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Rhea-AI Summary
Credit Acceptance (Nasdaq: CACC) announced an amendment extending its $100.0 million asset-backed non-recourse secured financing (Term ABS 2021-1). The financing's revolve stop date was extended from February 17, 2026 to January 18, 2028. The borrowing spread was reduced from SOFR + 220 bps to SOFR + 140 bps, with no other material term changes.
The company reiterated its business description and provided investor contact details.
Positive
- Revolving period extended to January 18, 2028
- Borrowing spread decreased by 80 basis points (220 bps to 140 bps)
- $100.0 million facility remains in place
Negative
- Facility remains secured and non-recourse
- Revolving feature now set to cease on January 18, 2028, creating future refinancing need
Key Figures
- Conference call date
- September 26, 2024
- Rescheduled Ispire Technology earnings call
- Conference call time
- 8:00am ET
- Ispire Technology earnings call time
- US dial-in number
- 877-451-6152
- Domestic access for Ispire call
- International dial-in
- +1 201-389-0879
- International access for Ispire call
- Replay start time
- 11:00am ET
- Replay availability start on September 26, 2024
- Replay end date
- October 10, 2024
- Replay availability end date
- Replay passcode
- 13748321
- Passcode required to access replay
Historical Context
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Recognition as a Best Place to Work in IT.
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Top Workplace in Michigan recognition and community impact.
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Completion of $500M non-recourse asset-backed financing.
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Q3 results with portfolio growth but weaker assignment volumes.
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Announcement of CEO retirement and appointment of successor.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Southfield, Michigan, Jan. 15, 2026 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we have extended the
There were no other material changes to the terms of the Financing.
Description of Credit Acceptance Corporation
We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq stock market under the symbol CACC. For more information, visit creditacceptance.com.
Investor Relations: Jay Brinkley Senior Vice President & Treasurer (248) 353-2700 Ext. 6739 IR@creditacceptance.com
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