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 (CACC) announced that the Consumer Financial Protection Bureau (CFPB) has filed a motion to withdraw from their joint lawsuit initiated on January 4, 2023, with the New York State Attorney General (NYAG). The withdrawal would leave NYAG as the sole plaintiff, limiting the case to New York consumers only.
The original lawsuit, filed in the United States District Court for the Southern District of New York, remains pending with Credit Acceptance's motion to dismiss. The company argues that the lawsuit attempts to create new law through litigation and presents legal theories conflicting with established statutes.
Credit Acceptance maintains that such legal actions negatively impact Americans by targeting companies providing financing to customers with non-prime or non-existent credit. The company has facilitated vehicle ownership for over five million people through their dealer network.
Credit Acceptance (Nasdaq: CACC) has announced the schedule for its first quarter 2025 earnings release and webcast. The company will release its Q1 2025 earnings report on Wednesday, April 30, 2025, after market close, followed by a webcast at 5:00 p.m. Eastern Time.
To participate in the Q&A session, attendees must pre-register via telephone access through the provided link. The webcast can be accessed through the company's Investor Relations website, with a replay and transcript to be archived afterward.
Credit Acceptance provides vehicle financing solutions through a nationwide network of automobile dealers, enabling consumers with various credit histories to purchase vehicles. The company's programs benefit dealers through direct sales, repeat business, and referrals, while helping consumers improve their credit scores through reporting to national credit agencies.
Credit Acceptance (Nasdaq: CACC) has been honored with five 2025 Spring Culture Excellence Top Workplaces awards in categories including Work-Life Flexibility, Leadership, Innovation, Purpose & Values, and Compensation & Benefits. The company, which maintains a 93% employee satisfaction rate, has secured notable positions on prestigious lists, ranking #2 on the 2025 Top Workplaces USA and #34 on the 2025 Fortune 100 Best Companies to Work For®.
Chief People Officer Wendy Rummler highlighted the company's remote-first approach and mission of 'Changing Lives' as key factors in their success. The company specializes in providing vehicle financing solutions through a nationwide dealer network, helping consumers with various credit histories achieve vehicle ownership while offering them opportunities to improve their credit scores.
The Top Workplaces Awards, administered by Energage, evaluates companies across 15 Culture Drivers that indicate high performance. This recognition adds to CACC's impressive list of 2025 accolades, including Fortune's Best Workplaces for Women™, Financial Services and Insurance™, and Millennials™.
Credit Acceptance (Nasdaq: CACC) has achieved a significant milestone by ranking #34 on Fortune's 2025 100 Best Companies to Work For® list, advancing five positions from the previous year. This marks their eleventh recognition on this prestigious list.
The company's success is attributed to its award-winning culture, with 93% of team members endorsing it as a great workplace. CEO Ken Booth highlighted their commitment to key cultural practices, including remote work flexibility and the implementation of PRIDE values—Positive, Respectful, Insightful, Direct, and Earnest.
Credit Acceptance has garnered multiple workplace accolades, including:
- Best Workplace for Financial Services and Insurance™
- Best Workplace for Millennials™
- Best Workplace for Women™
- Top Workplaces USA Award
- People Magazine's Companies that Care®
The Fortune 100 Best list was compiled through analysis of over 1.3 million confidential survey responses from 8.4 million U.S. employees, with 670,000 responses from eligible companies.
Credit Acceptance (Nasdaq: CACC) has completed a $400.0 million asset-backed non-recourse secured financing transaction. The company conveyed loans valued at approximately $500.2 million to a special purpose entity, which will transfer them to a trust issuing three classes of notes.
The financing features:
- Expected average annualized cost of 5.6% including fees
- 24-month revolving period followed by amortization based on conveyed loan cash flows
- 4.0% of cash flows retained for servicing expenses
- 96.0% allocated to note payments and dealer holdback
The funds will be used to repay existing debt and for general corporate purposes. The financing structure maintains existing dealer relationships and preserves dealers' rights to future holdback payments. The notes have not been registered under the Securities Act of 1933 and cannot be offered or sold in the US without registration or exemption.
Credit Acceptance (Nasdaq: CACC) has achieved the 2025 Top Workplaces USA award for the fifth consecutive year, ranking #2 in the 1,000-2,499-employee category, improving 7 positions from previous year. The company, with over 2,400 team members, attributes its success to its PRIDE core values - Positive, Respectful, Insightful, Direct, and Earnest.
Notable highlights include a 95% remote workforce, with monthly in-office days and quarterly regional meetings maintaining team connectivity. The company received 13 workplace awards in 2024, including ranking #39 in Fortune's 100 Best Companies to Work For®. Credit Acceptance provides vehicle financing solutions through nationwide automobile dealers, helping consumers regardless of credit history while enabling credit score improvement opportunities.
Credit Acceptance (Nasdaq: CACC) has successfully closed its previously announced $500.0 million senior notes offering and completed the redemption of its 2026 senior notes. The new notes, due 2030, carry a 6.625% interest rate and were issued at 100% of principal value.
The company expects net proceeds of approximately $492.9 million after deducting initial purchasers' discount and offering expenses. A portion of these proceeds will fund the redemption of the 2026 notes and related expenses, with the remainder allocated for general corporate purposes.
The notes were exclusively offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and will not be registered under the Securities Act, limiting their sale and transfer in the United States.
Credit Acceptance (Nasdaq: CACC) has announced a conditional notice of redemption for its 6.625% senior notes due 2026. The company plans to redeem all outstanding $400.0 million aggregate principal amount of 2026 notes on February 28, 2025.
The redemption is contingent upon Credit Acceptance receiving proceeds of at least $400.0 million from a new offering of senior notes due 2030, which was announced on the same day. The redemption notice will be sent to noteholders by the trustee under the governing indenture.
Credit Acceptance (Nasdaq: CACC) has announced the pricing of $500.0 million in senior notes due 2030 at a 6.625% interest rate. This represents an increase from the previously announced $400.0 million offering. The notes will be issued at 100% of principal value, with closing expected around February 28, 2025.
The company plans to use the proceeds to redeem all of its outstanding $400.0 million 6.625% senior notes due 2026 and for general corporate purposes. Pending final allocation, the funds may be invested in short-term instruments or used to repay revolving credit facility borrowings. The notes are being offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
Credit Acceptance (Nasdaq: CACC) has announced plans to offer $400.0 million in senior notes due 2030. The company intends to use the proceeds, along with cash on hand, to redeem all of its outstanding 6.625% senior notes due 2026, which also total $400.0 million.
The new notes will be offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933. Pending the application of the net proceeds, the funds may be temporarily invested in short-term investments or used to repay borrowings under the company's revolving credit facility without reducing lenders' commitments.
FAQ
What is the current stock price of Credit Accep Mich (CACC)?
What is the market cap of Credit Accep Mich (CACC)?
