Credit Acceptance Announces Extension of Revolving Secured Warehouse Facility and Extension of $500.0 Million Asset-Backed Financing

Credit Acceptance extends two $500 million revolving financings to 2028, with a margin cut on its warehouse facility and a rate increase on Term ABS 2019-2.

Rhea-AI Summary

Credit Acceptance (CACC) extended the revolving period of its $500.0 million revolving secured warehouse facility from September 20, 2027 to September 15, 2028 and lowered its pricing. The interest rate on this Facility was reduced from SOFR + 185 bps to SOFR + 175 bps, with no other material changes, and $180.0 million was outstanding under the Facility as of September 15, 2026.

The company also extended its separate $500.0 million asset-backed non-recourse secured financing (Term ABS 2019-2), moving the cease-to-revolve date from September 15, 2026 to September 15, 2028. Under the amendment, the interest rate on this Financing increased from 5.43% to 5.83%, with no other material term changes.

Positive

• $500.0M revolving warehouse facility revolving period extended to September 15, 2028
• Interest on warehouse Facility reduced from SOFR + 185 bps to SOFR + 175 bps
• $500.0M Term ABS 2019-2 revolving period extended from 2026 to 2028

Negative

• Interest rate on Term ABS 2019-2 increased from 5.43% to 5.83%

Market Context

On Aug 20, 2026, CACC rose 2.59% after announcing a separate $600.0 million asset-backed financing, ...

Analysis

On Aug 20, 2026, CACC rose 2.59% after announcing a separate $600.0 million asset-backed financing, providing a recent financing-market reference for today’s extensions. The current announcement combined longer revolving periods with opposing rate changes.

Key Figures

Revolving facility size: $500.0 million Facility revolving date: September 15, 2028 Facility interest rate: SOFR plus 175 basis points +4 more

Revolving facility size

$500.0 million

Revolving secured warehouse facility

Facility revolving date

September 15, 2028

Extended from September 20, 2027

Facility interest rate

SOFR plus 175 basis points

Reduced from SOFR plus 185 basis points

Facility outstanding balance

$180.0 million

As of September 15, 2026

Asset-backed financing size

$500.0 million

Term ABS 2019-2

Financing revolving date

September 15, 2028

Extended from September 15, 2026

Financing interest rate

5.83%

Increased from 5.43%

Historical Context

1 past event · Latest: Aug 20

1 event

1. Aug 20

   asset-backed financing

   24h Move

   +2.6%

   Completed $600.0 million non-recourse financing and planned higher-cost debt repayment

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

sofr, basis points, asset-backed financing, non-recourse, +1 more

5 terms

sofr financial

"The interest rate on borrowings under the Facility has been decreased from the Secured Overnight"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

basis points financial

"SOFR plus 185 basis points to SOFR plus 175 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

asset-backed financing financial

"the $500.0 million asset-backed non-recourse secured financing"

Asset-backed financing is when a borrower raises money by using a specific pool of assets—such as loans, invoices, leases, or receivables—as collateral, so lenders are repaid from the cash those assets generate. Think of it like taking out a loan against a bundle of income-producing items rather than a single paycheck; investors care because the quality and predictability of those underlying assets determine how safe the payments are, how much interest the borrower pays, and how the company’s liquidity and credit profile look to the market.

non-recourse financial

"asset-backed non-recourse secured financing"

A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.

warehouse facility financial

"revolving secured warehouse facility"

A warehouse facility is a large building where companies store, sort and ship products before they reach customers, often including loading docks, shelving and inventory systems. For investors, it matters because how well a warehouse is located and run affects delivery speed, storage costs and how much cash is tied up in inventory — similar to a combination of a vault and a distribution hub that helps determine sales, margins and growth potential.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Southfield, Michigan, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we extended the date on which our $500.0 million revolving secured warehouse facility (the “Facility”) will cease to revolve from September 20, 2027 to September 15, 2028. The interest rate on borrowings under the Facility has been decreased from the Secured Overnight Financing Rate (“SOFR”) plus 185 basis points to SOFR plus 175 basis points.

There were no other material changes to the Facility. As of September 15, 2026, we had $180.0 million outstanding under the Facility.

Additionally, we announced today that we have extended the $500.0 million asset-backed non-recourse secured financing that we entered into on August 28, 2019 (the “Financing”) and to which we refer as Term ABS 2019-2. Under the amendment effecting the extension, the date on which the Financing will cease to revolve has been extended from September 15, 2026 to September 15, 2028. The amendment also increased the interest rate under the Financing from 5.43% to 5.83%.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much was outstanding under Credit Acceptance's revolving secured warehouse facility at the time of the extension?

As of September 15, 2026, Credit Acceptance had $180.0 million outstanding under its $500.0 million revolving secured warehouse facility.

Were there any other material changes to the warehouse Facility or Term ABS 2019-2 beyond the new dates and interest rate adjustments?

The company states that there were no other material changes to the terms of either the $500.0 million revolving secured warehouse facility or the $500.0 million Term ABS 2019-2 financing beyond the updated revolving end dates and the specified interest rate changes.