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Credit Acceptance Announces Completion of $300.0 Million Asset-Backed Financing

Dec 20, 2024•over 1 year ago

Contract Type

contract

SouthfieldFinancial ServicesFinanceLending

Description

Credit Acceptance Corporation has completed a $300.0 million asset-backed non-recourse secured financing, wherein loans worth approximately $375.1 million were conveyed to a special purpose entity to be pledged to institutional lenders under a loan and security agreement. The company will issue three classes of notes and receive 4.0% of the cash flows related to the underlying consumer loans to cover servicing expenses.

Company Information

Company

Credit Acceptance Corporation

Location

Southfield, Michigan, United States

About

Credit Acceptance Corp. (CACC) is a publicly traded finance company that provides automobile loans. The company focuses on offering auto loans to individuals with limited access to traditional financing options.

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