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) provides specialized financing programs enabling automobile dealers to sell vehicles to consumers across the credit spectrum. This news hub offers investors and analysts centralized access to official corporate communications and market-moving developments.
Track CACC's financial trajectory through quarterly earnings releases, SEC filings, and strategic partnership announcements. Our curated feed includes updates on loan portfolio performance, regulatory compliance matters, and innovations in auto lending practices.
Key content categories include earnings call transcripts, dealer network expansions, and credit program enhancements. Users will find detailed coverage of capital market activities and consumer financing trends impacting CACC's operations.
Bookmark this page for streamlined monitoring of CACC's corporate milestones and industry analysis. Combine our news archive with Stock Titan's financial tools for comprehensive investment decision-making.
Credit Acceptance (Nasdaq: CACC) has been recognized as a Most Loved Workplace® for 2024 by the Best Practice Institute (BPI) in multiple categories. This accolade highlights the company's commitment to fostering a supportive and inclusive culture that enhances employee well-being, psychological safety, retention, and performance. CEO Ken Booth emphasized the importance of listening to team members to identify opportunities and better serve their dealers. Credit Acceptance was honored in categories such as Career Advancement, LGBTQ+, Parents and Caregivers, Volunteering, Women, Young Professionals, Wellness, and Veterans. Additionally, Ken Booth was named a Most Loved CEO. BPI's research, surveying over 175 companies and 3,000 executives, shows that employee sentiment significantly boosts productivity and retention. Credit Acceptance's innovative financing solutions enable automobile dealers to sell vehicles to consumers, including those with poor credit histories, thereby enhancing their chances of improving their credit scores.
Credit Acceptance (Nasdaq: CACC) announced the increase and extension of its asset-backed non-recourse secured financing, originally entered into on December 15, 2022. The financing, known as Term ABS 2022-2, has been increased from $200 million to $300 million. Additionally, the revolving period for the financing has been extended from December 15, 2025, to June 15, 2027. The company, which provides financing solutions through a national network of automobile dealers, aims to help consumers with poor credit histories purchase vehicles. This program also allows consumers to enhance their credit scores by reporting to the three national credit agencies.
Credit Acceptance (Nasdaq: CACC) has been named one of U.S. News' Best Companies to Work For, along with recognition in the Financial Services sector and the Midwest region. This places Credit Acceptance in the top 25% of companies in each category. CEO Ken Booth attributes these honors to the company's strong work environment, which empowers employees and aligns with its mission to make car ownership more accessible. This marks the company's tenth time in the 100 Best Companies to Work For list. Credit Acceptance has also received the Top Workplaces USA Award for the fourth consecutive year and was listed among People Magazine’s Companies that Care.
Credit Acceptance (Nasdaq: CACC) has completed a $550 million asset-backed non-recourse secured financing. The company conveyed approximately $687.7 million in loans to a special purpose entity, which transferred the loans to a trust. The trust will issue three classes of notes with different amounts, average lives, and interest rates: Class A ($272.44 million, 2.5 years, 5.95%), Class B ($110.29 million, 3.16 years, 6.11%), and Class C ($167.27 million, 3.67 years, 6.70%).
The financing has an expected average annualized cost of 6.5% and will revolve for 24 months before amortizing based on cash flows from the conveyed loans. Proceeds will be used to repay existing debt and for general corporate purposes. Credit Acceptance will receive 4% of the cash flows to cover servicing expenses, while the remaining 96%, after dealer holdback payments, will cover principal, interest, and ongoing financing costs. The financing preserves dealers' contractual rights and holdback payments.
Credit Acceptance (Nasdaq: CACC) has extended the maturity date of its revolving secured line of credit facility from June 22, 2026, to June 22, 2027. The interest rate on borrowings has been adjusted from the Bloomberg Short-Term Bank Yield Index rate plus 187.5 basis points to the Secured Overnight Financing Rate plus 197.5 basis points. As of June 17, 2024, the company had $66.8 million outstanding under this facility. No other material changes were made to the terms of the facility. Credit Acceptance provides innovative financing solutions to automobile dealers, enabling vehicle sales to consumers regardless of their credit history.
Credit Acceptance announced its Q1 2024 results with consolidated net income of $64.3 million, or $5.08 per diluted share, down from $99.5 million in Q1 2023. Adjusted net income was $117.4 million. The company saw growth in loan volume but faced challenges with decreasing forecasted collection rates.
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