Welcome to our dedicated page for Credit Accep Mich news (Ticker: CACC), a resource for investors and traders seeking the latest updates and insights on Credit Accep Mich stock.
Credit Acceptance Corporation (Nasdaq: CACC) is a U.S. consumer finance company that focuses on automobile-related financing programs offered through a nationwide network of automobile dealers. The company’s news flow reflects its role in auto finance, its funding activities, and its public-company reporting obligations.
On this page, readers can review news items that Credit Acceptance has released through channels such as GlobeNewswire and that are referenced in its SEC filings. These include quarterly earnings announcements that discuss consolidated net income, adjusted net income, loan portfolio trends, forecasted collection rates on Consumer Loans, and changes in forecasted net cash flows from the loan portfolio. Such releases often provide detail on Consumer Loan assignment volumes, dealer enrollment and active dealer counts, and the company’s approach to forecasting and managing credit performance.
Another major category of news relates to the company’s funding and capital structure. Credit Acceptance regularly announces extensions and amendments to its revolving secured warehouse facilities and its revolving secured line of credit facility, including revised maturity dates and interest rate spreads over the Secured Overnight Financing Rate (SOFR). The company also issues press releases about asset-backed non-recourse secured financings, in which consumer loans are conveyed to special purpose entities and trusts that issue notes backed by those loans.
Corporate governance and leadership updates also appear in the company’s news. For example, Credit Acceptance has announced a CEO transition, with details on the planned retirement of its current Chief Executive Officer and the appointment of a successor, along with related board roles. The company additionally highlights workplace and culture recognitions from external organizations in its earnings and corporate communications.
Investors and observers can use this news page to follow developments in Credit Acceptance’s earnings, loan portfolio performance, funding arrangements, and leadership changes, as well as recurring descriptions of its auto dealer financing programs and their impact on consumers with varied credit histories.
Credit Acceptance Corporation (Nasdaq: CACC) announced the completion of a $100.0 million asset-backed non-recourse secured financing. The company contributed around $125.1 million of loans to a special purpose entity which will pledge these loans to an institutional lender. The financing will bear interest at one-month LIBOR plus 200 basis points, and will be used to repay outstanding debt and for general corporate purposes. Additionally, the company extended its $300.0 million revolving secured warehouse facility's expiration from July 2022 to November 2023, with a slight increase in the interest rate.
Credit Acceptance Corporation (Nasdaq: CACC) plans to release its fourth quarter and full year 2020 earnings on February 1, 2021, after market close. A webcast discussing these results will follow at 5:00 p.m. Eastern Time on the same day, accessible via their Investor Relations website or by phone. Credit Acceptance has been providing financing options since 1972, enabling consumers with poor credit histories to purchase vehicles. The company helps improve customers' credit scores by reporting to national credit agencies, facilitating access to traditional financing sources.
Credit Acceptance Corporation (CACC) announced the extension of its revolving secured line of credit maturity from June 22, 2022, to June 22, 2023. The credit facility amounts to $340 million, reducing to $305 million post-maturity. Also, the Warehouse Facility V increased from $100 million to $125 million, with maturity extended to December 16, 2025, while the interest rate rose from LIBOR + 190 basis points to LIBOR + 225 basis points. As of December 16, 2020, there was no outstanding balance under this facility.
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Credit Acceptance Corporation (CACC) reported a consolidated net income of $242.1 million, or $13.56 per diluted share for Q3 2020, a notable increase from $165.4 million, or $8.73 per diluted share in Q3 2019. However, for the first nine months of 2020, net income dropped to $254.7 million, down from $494.2 million in 2019. The ongoing COVID-19 pandemic continues to impact demand, leading to a significant decline in loan volume, which fell 8.8% year-over-year in Q3. The company reverses a provision for credit losses of $29.8 million for Q3 2020, indicating uncertainty regarding future cash flows.
Credit Acceptance Corporation (Nasdaq: CACC) announced a successful completion of a $600 million asset-backed non-recourse secured financing. This financing involves contributing loans valued at approximately $750.1 million to a special purpose entity. The trust will issue three classes of notes, with an expected annualized cost of 1.8%. The financing will revolve for 24 months, after which it will amortize based on cash flows from the loans. The company will utilize the funds to repay outstanding debts while maintaining dealer relationships.
Credit Acceptance Corporation (CACC) announced that it will release its third quarter 2020 financial results on October 29, 2020, after market close. A webcast to discuss these results is scheduled for the same day at 5:00 p.m. ET. The company provides financing programs for automobile dealers, enabling them to sell vehicles to consumers with poor credit histories. Through these programs, consumers can improve their credit scores while accessing reliable vehicles. More details can be found on their official website.
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