Vroom, Inc. Enters Material Definitive Agreement

TL;DR

Vroom signed a big deal on 4/30, could affect finances.

AI Summary

On April 30, 2024, Vroom, Inc. entered into a Material Definitive Agreement related to a direct financial obligation. The company, previously known as AutoAmerica, Inc., is headquartered in Houston, Texas.

Why It Matters

This filing indicates Vroom, Inc. has entered into a significant agreement that could impact its financial obligations and operational future.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or strategic shifts that carry inherent risks.

Key Numbers

• 001-39315 — SEC File Number (Identifies Vroom, Inc.'s filing with the SEC.)
• 90-1112566 — IRS Employer Identification No. (Vroom, Inc.'s tax identification number.)

Key Players & Entities

• Vroom, Inc. (company) — Registrant
• AutoAmerica, Inc. (company) — Former company name
• April 30, 2024 (date) — Date of earliest event reported
• 3600 W Sam Houston Pkwy S, Floor 4 Houston, Texas 77042 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value per share VRM The Nasdaq
• $380,056,589 — rpose subsidiary of UACC, approximately $380,056,589 of subprime motor vehicle retail instal
• $315,821,000 — f the Depositor, (iii) the Trust issued $315,821,000 of asset-backed notes with the followin
• $139,311,000 — ipal Amount Interest Rate Class A $139,311,000 6.17% Class B $ 45,030,000 6.57

Filing Documents

• vrm-20240430.htm (8-K) — 53KB
• 0000950170-24-053606.txt ( ) — 167KB
• vrm-20240430.xsd (EX-101.SCH) — 25KB
• vrm-20240430_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. The information contained in Item 2.03 of this report is hereby incorporated by reference into this Item 1.01. Vroom, Inc. (the "Company") disclaims any implication that the agreements related to the transactions described in this report are other than agreements entered into the ordinary course of its business. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On April 30, 2024, United Auto Credit Corporation (" UACC "), a wholly owned subsidiary of the registrant, Vroom Inc. (" Vroom "), entered into a series of agreements (the " ABS Transaction "). The ABS Transaction created, among other things, long-term obligations that are material to UACC. Pursuant to the ABS Transaction: (i) UACC sold to United Auto Credit Financing LLC (the " Depositor ":), a wholly owned special purpose subsidiary of UACC, approximately $380,056,589 of subprime motor vehicle retail installment sales contracts (the " Receivables "), (ii) the Depositor subsequently sold the Receivables to United Auto Credit Securitization Trust 2024-1 (the " Trust "), a wholly owned special purpose subsidiary of the Depositor, (iii) the Trust issued $315,821,000 of asset-backed notes with the following characteristics (collectively, the " Notes "): Notes Initial Principal Amount Interest Rate Class A $139,311,000 6.17% Class B $ 45,030,000 6.57% Class C $ 37,050,000 7.06% Class D $ 54,910,000 8.30% Class E $ 39,520,000 10.45% and (iv) as security for the Notes, the Trust pledged the Receivables to Computershare Trust Company, N.A., as indenture trustee for benefit of the noteholders (the " Indenture Trustee "). The Trust is obligated to pay principal of and interest on the Notes on a monthly basis. Interest is payable at the fixed rates above on the outstanding principal balance of each of the Notes. Principal is payable by fixed amou

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