Credit Acceptance Announces Extension Of $500.0 Million Asset-Backed Financing

Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we have extended by three years 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 August 15, 2022 to August 15, 2025. The amendment has also increased the interest rate under the Financing from 3.13% to 5.15% and decreased the servicing fee from 6.0% to 4.0% of collections on the underlying consumer loans.