Credit Acceptance Corp Enters Material Definitive Agreement

TL;DR

**CACC just signed a big deal, watch for details on what it means for their business!**

AI Summary

Credit Acceptance Corp (CACC) filed an 8-K on February 22, 2024, reporting an event that occurred on February 16, 2024. The filing indicates the entry into a material definitive agreement and other events, as per Item 1.01 and Item 2.02 of Form 8-K. The company, based in Southfield, Michigan, operates in personal credit institutions.

Why It Matters

This filing signals a potentially significant new commitment or change in operations for Credit Acceptance Corp, which could impact its financial performance and strategic direction.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement without disclosing its nature, creating uncertainty about its potential positive or negative impact.

Key Players & Entities

• CREDIT ACCEPTANCE CORP (company) — Registrant
• Michigan (company) — State of incorporation
• Southfield (company) — City of principal executive offices
• February 16, 2024 (date) — Date of earliest event reported
• February 22, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $100.0 million — nk, National Association, extending the $100.0 million asset-backed non-recourse secured finan

Filing Documents

• cacc-20240216.htm (8-K) — 29KB
• cacc_8k20240216lsa.htm (EX-4.132) — 968KB
• cacc_8k20240216pr.htm (EX-99.1) — 7KB
• 0000885550-24-000035.txt ( ) — 1288KB
• cacc-20240216.xsd (EX-101.SCH) — 2KB
• cacc-20240216_lab.xml (EX-101.LAB) — 23KB
• cacc-20240216_pre.xml (EX-101.PRE) — 12KB
• cacc-20240216_htm.xml (XML) — 3KB

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement. On February 16, 2024, Credit Acceptance Corporation (the "Company", "Credit Acceptance", "we", "our", or "us") and Credit Acceptance Funding LLC 2021-1 entered into the Fifth Amendment to the Loan and Security Agreement (the "Amendment") with Fifth Third Bank, National Association, extending the $100.0 million asset-backed non-recourse secured financing that we entered into on January 29, 2021 and to which we refer as Term ABS 2021-1. Under the Amendment, the date on which Term ABS 2021-1 will cease to revolve has been extended from December 16, 2024 to February 17, 2026. There were no other material changes to the terms of Term ABS 2021-1. Fifth Third Bank, National Association and/or its affiliates have from time to time performed and may in the future perform various financial advisory, commercial banking, investment banking, and other services for us and our affiliates in the ordinary course of business, for which they have received or will receive customary compensation. Fifth Third Bank, National Association and/or its affiliates are lenders, agents, or backup servicers under certain of our revolving secured warehouse facilities and are parties to certain of our asset-backed securities transactions other than Term ABS 2021-1. The above description of the Amendment does not purport to be complete and is qualified in its entirety by the Amendment, a copy of which is attached as Exhibit 4.132 to this Form 8-K and incorporated herein by reference.

01 Other Events

Item 8.01 Other Events. On February 16, 2024, we issued a press release relating to the Amendment. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No . Description 4.132 Fifth Amendment to Loan and Security Agreement, dated as of February 16, 2024, among the Company, Credit Acceptance Funding LLC 2021-1, Fifth Third Bank, National Association, and Systems and Services Technologies, Inc. 99.1 Press release dated February 16, 2024 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CREDIT ACCEPTANCE CORPORATION Date: February 22, 2024 By: /s/ Douglas W. Busk Douglas W. Busk Chief Treasury Officer