Credit Acceptance (NASDAQ: CACC) extends $100M ABS 2021-1, cuts rate

Rhea-AI Filing Summary

Credit Acceptance Corporation entered into amendments with Fifth Third Bank to extend and reprice its Term ABS 2021-1 secured financing. The $100.0 million asset-backed, non-recourse facility will now cease to revolve on January 18, 2028 instead of February 17, 2026, giving the company a longer period to originate and fund receivables under this structure. The interest rate on borrowings has been reduced from the Secured Overnight Financing Rate (SOFR) plus 220 basis points to SOFR plus 140 basis points, lowering the facility’s funding cost. The company states there were no other material changes to the terms of Term ABS 2021-1, and it also issued a press release describing the amendments.

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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):   January 15, 2026

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 class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

CACC

The 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.

On January 15, 2026, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) and Credit Acceptance Funding LLC 2021-1 entered into the Sixth Amendment to the Loan and Security Agreement and the First Amendment to the Backup Servicing Agreement (the “Amendments”) with Fifth Third Bank, National Association, extending the $100.0 million asset-backed non-recourse secured financing that we entered into on January 29, 2021 and to which we refer as Term ABS 2021-1. Under the Amendments, the date on which Term ABS 2021-1 will cease to revolve has been extended from February 17, 2026 to January 18, 2028. The interest rate on borrowings under Term ABS 2021-1 has been decreased from the Secured Overnight Financing Rate ("SOFR") plus 220 basis points to SOFR plus 140 basis points.

There were no other material changes to the terms of Term ABS 2021-1.

Fifth Third Bank, National Association and/or its affiliates have from time to time performed and may in the future perform various financial advisory, commercial banking, investment banking, and other services for us and our affiliates in the ordinary course of business, for which they have received or will receive customary compensation. Fifth Third Bank, National Association and/or its affiliates are lenders, agents, or backup servicers under certain of our revolving secured warehouse facilities and are parties to certain of our asset-backed securities transactions other than Term ABS 2021-1.

The above description of the Amendments does not purport to be complete and is qualified in its entirety by the Amendments, a copy of which is attached as Exhibit 4.165 to this Form 8-K and incorporated herein by reference.

Item 8.01 Other Events.

On January 15, 2026, we issued a press release relating to the Amendments. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.			Description
4.165			Sixth Amendment to the Loan and Security Agreement and the First Amendment to the Backup Servicing Agreement, dated as of January 15, 2026, among the Company, Credit Acceptance Funding LLC 2021-1, Fifth Third Bank, National Association, and Systems and Services Technologies, Inc.
99.1			Press release dated January 15, 2026
104			Cover 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: January 20, 2026			By:			/s/ Jay D. Martin
						Jay D. Martin
						Chief Financial Officer

FAQ

What agreement did Credit Acceptance (CACC) amend in this 8-K?

Credit Acceptance and Credit Acceptance Funding LLC 2021-1 entered into the Sixth Amendment to the Loan and Security Agreement and the First Amendment to the Backup Servicing Agreement for the Term ABS 2021-1 asset-backed financing with Fifth Third Bank, National Association.

What is the size and nature of the Term ABS 2021-1 facility for CACC?

The facility is a $100.0 million asset-backed non-recourse secured financing originally entered into on January 29, 2021 and referred to as Term ABS 2021-1.

How did the amendments change the revolving period of Term ABS 2021-1?

The date on which Term ABS 2021-1 will cease to revolve was extended from February 17, 2026 to January 18, 2028, lengthening the revolving period by nearly two years.

How was the interest rate on Term ABS 2021-1 changed for Credit Acceptance?

The interest rate on borrowings under Term ABS 2021-1 was reduced from SOFR plus 220 basis points to SOFR plus 140 basis points, lowering the spread over SOFR by 80 basis points.

Were there other material changes to the Term ABS 2021-1 financing?

Credit Acceptance states that there were no other material changes to the terms of Term ABS 2021-1 beyond the extended revolving date and the reduced interest rate spread.

What is Fifth Third Bank’s broader relationship with Credit Acceptance?

Fifth Third Bank, National Association and its affiliates have provided and may continue to provide financial advisory, commercial banking, investment banking, and other services to Credit Acceptance and its affiliates. They are also lenders, agents, or backup servicers under certain revolving secured warehouse facilities and are parties to other asset-backed securities transactions involving the company.

Did Credit Acceptance issue a press release about these amendments?

Yes. On January 15, 2026, Credit Acceptance issued a press release relating to the amendments, which is filed as Exhibit 99.1 to this report.