Credit Acceptance Announces Completion of $600.0 Million Asset-Backed Financing

Southfield, Michigan, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:CACC) (the "Company", "Credit Acceptance", "we", "our", or "us") announced today the completion of a $600.0 million asset-backed non-recourse secured financing (the "Financing"). Pursuant to this transaction, we conveyed loans having a value of approximately $750.2 million to a wholly owned special purpose entity which will transfer the loans to a trust, which will issue three classes of notes:

Note Class

 

Amount

 

Average Life

 

Price

 

 

Interest Rate

 

 

A

 

$

316,464,000

 

 

2.45 years

 

 

99.98629

%