Credit Acceptance Announces Increase and Extension of Asset-Backed Financing
June 21 2024 - 4:35PM
Credit Acceptance Corporation (Nasdaq: CACC)
(referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or
“us”) announced today that we have increased the amount of the
asset-backed non-recourse secured financing that we entered into on
December 15, 2022 (the “Financing”) and to which we refer as Term
ABS 2022-2 from $200.0 million to $300.0 million. Under the
amendment effecting the increase and extension, the date on which
the Financing will cease to revolve has been extended from December
15, 2025 to June 15, 2027.
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: Douglas W. Busk
Chief Treasury Officer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
Credit Acceptance (NASDAQ:CACC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Credit Acceptance (NASDAQ:CACC)
Historical Stock Chart
From Aug 2023 to Aug 2024