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Credit Acceptance (NASDAQ: CACC) extends $200M warehouse and cuts loan spread

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Credit Acceptance Corporation amended its Loan and Security Agreement for a revolving secured warehouse facility. The Fourth Amendment extends the date on which the $200.0 million warehouse facility will cease to revolve from September 21, 2026 to September 19, 2028, giving the company a longer period to draw and recycle this funding source. The interest rate on borrowings under the facility was reduced from SOFR + 225 basis points to SOFR + 185 basis points, lowering the cost of this debt. As of September 19, 2025, the company had no balance outstanding under the facility. The amendment is documented in the attached Fourth Amendment agreement, and the company also issued a press release describing the transaction.

Positive

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Negative

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Insights

Extension and cheaper pricing on a $200M warehouse facility improve financing flexibility.

Credit Acceptance Corporation extended the revolving period of its $200.0 million secured warehouse facility from September 21, 2026 to September 19, 2028. This keeps an established source of asset-backed funding available for two additional years, which can support loan originations and working capital needs when drawn.

The amendment also narrows the interest spread from SOFR plus 225 basis points to SOFR plus 185 basis points. That 40 basis point reduction directly lowers interest expense on any future borrowings under this facility, assuming similar utilization. The company reported no balance outstanding as of September 19, 2025, so the immediate P&L impact depends on how much it chooses to draw.

There were no other material changes disclosed to the facility terms, suggesting continuity in structure and counterparties. Future usage levels and any shifts in SOFR will determine the realized financing cost benefits over the extended revolving period through September 19, 2028.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):   September 19, 2025

CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
000-20202
38-1999511
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
  25505 West Twelve Mile Road
Southfield,
Michigan
48034-8339
  (Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code:   (248) 353-2700
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueCACCThe Nasdaq Stock Market


Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 1.01 Entry Into a Material Definitive Agreement.

The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 19, 2025, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into the Fourth Amendment to the Loan and Security Agreement ("Warehouse Amendment"), dated as of September 19, 2025, among the Company, CAC Warehouse Funding LLC VIII, Citizens Bank, N.A., and Computershare Trust Company, N.A. The Warehouse Amendment extends the date on which our $200.0 million revolving secured warehouse facility will cease to revolve from September 21, 2026 to September 19, 2028. The interest rate on borrowings under the facility has been decreased from the Secured Overnight Financing Rate (“SOFR”) plus 225 basis points to SOFR plus 185 basis points. There were no other material changes to the terms of the facility.

As of September 19, 2025, we did not have a balance outstanding under the facility.

The terms and conditions of this transaction are set forth in the agreement attached hereto as Exhibit 4.158 to this Form 8-K and incorporated herein by reference

Item 8.01 Other Events.

On September 19, 2025, we issued a press release regarding this transaction. The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.Description
4.158
Fourth Amendment to Loan and Security Agreement dated as of September 19, 2025 by and among the Company, CAC Warehouse Funding LLC VIII, Citizens Bank, N.A., and Computershare Trust Company, N.A
99.1
Press release dated September 19, 2025.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CREDIT ACCEPTANCE CORPORATION
Date: September 24, 2025By:/s/ Jay D. Martin
Jay D. Martin
Chief Financial Officer





Source: View Original Filing on SEC EDGAR

FAQ

What did Credit Acceptance Corporation (CACC) change in its warehouse facility?

Credit Acceptance Corporation entered into a Fourth Amendment to its Loan and Security Agreement, extending the revolving period of its $200.0 million secured warehouse facility and reducing the interest spread on future borrowings.

How large is Credit Acceptance Corporation's amended warehouse facility (CACC)?

The revolving secured warehouse facility covered by the amendment has a committed size of $200.0 million.

When will CACC’s warehouse facility stop revolving after this amendment?

The amendment moves the date on which the warehouse facility will cease to revolve from September 21, 2026 to September 19, 2028, extending the revolving period by nearly two years.

How did the interest rate change on CACC’s warehouse borrowings?

The interest rate on borrowings under the facility was reduced from SOFR + 225 basis points to SOFR + 185 basis points, lowering the spread by 40 basis points.

Did Credit Acceptance Corporation have any outstanding balance on the warehouse facility?

As of September 19, 2025, Credit Acceptance Corporation reported that it did not have a balance outstanding under the warehouse facility.

Who are the counterparties to CACC’s amended Loan and Security Agreement?

The Fourth Amendment is among Credit Acceptance Corporation, CAC Warehouse Funding LLC VIII, Citizens Bank, N.A., and Computershare Trust Company, N.A..

Did CACC disclose this warehouse facility amendment in a press release?

Yes. On September 19, 2025, Credit Acceptance Corporation issued a press release regarding the warehouse facility amendment, which is included as Exhibit 99.1.