Credit Acceptance extends $1B funding to 2028
Credit Acceptance extends key $500 million funding facilities to 2028 while modestly adjusting interest rates and maintaining $180 million drawn on its warehouse line.
Rhea-AI Filing Summary
Credit Acceptance Corporation (CACC) disclosed amendments to two major funding arrangements that extend their revolving periods to 2028 and adjust interest rates. The company and Credit Acceptance Funding LLC 2019-2 entered into an amendment with Wells Fargo Bank to extend the revolving period of the $500.0 million asset-backed non-recourse secured financing referred to as Term ABS 2019-2, moving the date it will cease to revolve from September 15, 2026 to September 15, 2028, and increasing its interest rate from 5.43% to 5.83%.
Separately, Credit Acceptance and CAC Warehouse Funding LLC II amended their Seventh Amended and Restated Loan and Security Agreement, extending the scheduled amortization date of Warehouse Facility II from September 20, 2027 to September 15, 2028 and reducing pricing on borrowings from SOFR plus 185 basis points to SOFR plus 175 basis points. As of September 15, 2026, the company had $180.0 million outstanding under Warehouse Facility II.
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8-K Event Classification
4 items: 1.01, 2.03, 8.01, 9.01
4 items
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, or exhibit attachments filed with this report.
Key Figures
Term ABS 2019-2 facility size: $500.0 million
Term ABS 2019-2 interest rate after amendment: 5.83%
Warehouse Facility II spread after amendment: SOFR + 175 basis points
+3 more
6 metrics
Term ABS 2019-2 facility size
$500.0 million
Asset-backed non-recourse secured financing referred to as Term ABS 2019-2
Term ABS 2019-2 interest rate after amendment
5.83%
Increased from 5.43% in the September 15, 2026 amendment
Warehouse Facility II spread after amendment
SOFR + 175 basis points
Reduced from SOFR + 185 basis points in Amendment No. 4
Warehouse Facility II outstanding
$180.0 million
Amount outstanding as of September 15, 2026
Term ABS 2019-2 revolving end date
September 15, 2028
Extended from September 15, 2026
Warehouse Facility II scheduled amortization date
September 15, 2028
Extended from September 20, 2027
Key Terms
asset-backed non-recourse secured financing, revolving secured warehouse facility, Secured Overnight Financing Rate, scheduled amortization date, +1 more
5 terms
asset-backed non-recourse secured financing financial
"the $500.0 million asset-backed non-recourse secured financing that we entered into"
revolving secured warehouse facility financial
"our $500.0 million revolving secured warehouse facility (the “Facility”)"
Secured Overnight Financing Rate financial
"the Secured Overnight Financing Rate (“SOFR”) plus 185 basis points"
A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.
scheduled amortization date financial
"extended the scheduled amortization date of the facility under the Loan"
backup servicer financial
"act as collateral agent, backup servicer, or indenture trustee"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What financing facilities did CACC extend in this 8-K filing?
Credit Acceptance extended its $500.0 million revolving secured warehouse facility (Warehouse Facility II) and its $500.0 million asset-backed non-recourse secured financing (Term ABS 2019-2), with both facilities now scheduled to cease revolving or amortize on September 15, 2028.
How did interest rates change on Credit Acceptance’s Warehouse Facility II (CACC)?
For Warehouse Facility II, the interest rate on borrowings was reduced from SOFR plus 185 basis points to SOFR plus 175 basis points, with no other material changes to the facility’s terms disclosed.
What is the new interest rate on CACC’s Term ABS 2019-2 financing?
Under the amendment to Term ABS 2019-2, the interest rate increased from 5.43% to 5.83%, while the date the financing will cease to revolve was extended from September 15, 2026 to September 15, 2028.
How much was outstanding under CACC’s warehouse facility as of September 15, 2026?
As of September 15, 2026, Credit Acceptance had $180.0 million outstanding under its revolving secured warehouse facility referred to as Warehouse Facility II.
Who are the main counterparties to Credit Acceptance’s amended facilities in this filing?
The main counterparties are Wells Fargo Bank, National Association and Computershare Trust Company, N.A.. Wells Fargo is a lender and agent on various asset-backed and warehouse financings, while Computershare acts in roles such as collateral agent, backup servicer, indenture trustee, and transfer agent.
What is the size of the Term ABS 2019-2 facility for CACC?
The Term ABS 2019-2 facility is a $500.0 million asset-backed non-recourse secured financing that Credit Acceptance originally entered into on August 28, 2019 and has now extended so it will cease to revolve on September 15, 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 15, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
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 15, 2026, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) and Credit Acceptance Funding LLC 2019-2 entered into Amendment No. 4 to the Loan and Security Agreement and Amendment No. 1 to Sale and Contribution Agreement (the “Amendment”) with Wells Fargo Bank, National Association, extending the $500.0 million asset-backed non-recourse secured financing that we entered into on August 28, 2019 and to which we refer as Term ABS 2019-2. Under the Amendment, the date on which Term ABS 2019-2 will cease to revolve has been extended from September 15, 2026 to September 15, 2028. The Amendment also increased the interest rate applicable to Term ABS 2019-2 from 5.43% to 5.83%. There were no other material changes to the terms of Term ABS 2019-2 in connection with the Amendment.
The above description of the Amendment does not purport to be complete and is qualified in its entirety by the Amendment, a copy of which is attached as Exhibit 4.154 to this Form 8-K and incorporated herein by reference.
On September 15, 2026, Credit Acceptance and CAC Warehouse Funding LLC II entered into Amendment No. 4 to the Seventh Amended and Restated Loan and Security Agreement and Amendment No. 1 to the Fifth Amended and Restated Sale and Contribution Agreement (“Amendment No. 4”) with Wells Fargo Bank, National Association and Computershare Trust Company, N.A., amending the Seventh Amended and Restated Loan and Security Agreement dated as of April 30, 2021, as previously amended (the “Loan and Security Agreement”). Amendment No. 4 extended the scheduled amortization date of the facility under the Loan and Security Agreement (“Warehouse Facility II”) from September 20, 2027 to September 15, 2028. In addition, the interest rate on borrowings under Warehouse Facility II has decreased from the Secured Overnight Financing Rate (“SOFR”) plus 185 basis points to SOFR plus 175 basis points. There were no other material changes to the terms of Warehouse Facility II in connection with Amendment No. 4.
As of September 15, 2026, we had $180.0 million outstanding under Warehouse Facility II.
The above description of Amendment No. 4 does not purport to be complete and is qualified in its entirety by Amendment No. 4, a copy of which is attached as Exhibit 4.155 to this Form 8-K and incorporated herein by reference.
Wells Fargo 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. Wells Fargo Bank, National Association and/or its affiliates have served and may in the future serve as lenders, agents, or initial purchasers, or in other capacities under certain of our revolving secured warehouse facilities other than Warehouse Facility II (in addition to Warehouse Facility II) and are parties to certain of our asset-backed financing transactions other than Term ABS 2019‑2 (in addition to Term ABS 2019-2). Computershare Trust Company, N.A. and/or its affiliates act as collateral agent, backup servicer, or indenture trustee, or in other trustee capacities under certain of our revolving secured warehouse facilities (in addition to Warehouse Facility II) and asset‑backed financing transactions, and Computershare Trust Company, N.A. is the transfer agent for the Company’s common stock.
Item 8.01 Other Events.
On September 15, 2026, we issued a press release regarding the Amendment and Amendment No. 4. 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 | ||||
4.154 | Amendment No. 4 to the Loan and Security Agreement and Amendment No. 1 to the Sale and Contribution Agreement, dated as of September 15, 2026, among the Company, Credit Acceptance Funding LLC 2019-2, and Wells Fargo Bank, National Association. | ||||
4.155 | Amendment No. 4 to the Seventh Amended and Restated Loan And Security Agreement and Amendment No. 1 to the Fifth Amended and Restated Sale And Contribution Agreement, dated as of September 15, 2026, among CAC Warehouse Funding LLC II, the Company, Wells Fargo Bank, National Association, and Computershare Trust Company, N.A. | ||||
99.1 | Press release dated September 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: September 21, 2026 | By: | /s/ Joseph Billante III | |||||||||
| Joseph Billante III | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
CREDIT ACCEPTANCE ANNOUNCES
EXTENSION OF REVOLVING SECURED WAREHOUSE FACILITY AND
EXTENSION OF $500.0 MILLION ASSET-BACKED FINANCING
Southfield, Michigan – September 15, 2026 – Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we extended the date on which our $500.0 million revolving secured warehouse facility (the “Facility”) will cease to revolve from September 20, 2027 to September 15, 2028. The interest rate on borrowings under the Facility has been decreased from the Secured Overnight Financing Rate (“SOFR”) plus 185 basis points to SOFR plus 175 basis points.
There were no other material changes to the Facility. As of September 15, 2026, we had $180.0 million outstanding under the Facility.
Additionally, we announced today that we have extended the $500.0 million asset-backed non-recourse secured financing that we entered into on August 28, 2019 (the “Financing”) and to which we refer as Term ABS 2019-2. Under the amendment effecting the extension, the date on which the Financing will cease to revolve has been extended from September 15, 2026 to September 15, 2028. The amendment also increased the interest rate under the Financing from 5.43% to 5.83%.
There were no other material changes to the terms of the Financing.
Description of Credit Acceptance Corporation
We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase vehicles, or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.
Investor Relations: Jay Brinkley
Senior Vice President & Treasurer
(248) 353-2700 Ext. 6739
IR@creditacceptance.com