Credit Acceptance Announces Extension of Revolving Secured Line of Credit Facility
17 Juin 2024 - 10:02PM
Credit Acceptance Corporation (Nasdaq: CACC)
(referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or
“us”) announced today that we have extended the maturity of our
revolving secured line of credit facility with a commercial bank
syndicate from June 22, 2026 to June 22, 2027. The interest rate on
borrowings under the facility has changed from the Bloomberg
Short-Term Bank Yield Index rate plus 187.5 basis points to the
Secured Overnight Financing Rate plus 197.5 basis points.
As of June 17, 2024, we had $66.8 million
outstanding under the facility.
There were no other material changes to the
terms of the facility.
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
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