Credit Acceptance Corp. Files 8-K: Material Agreement & Financials

TL;DR

Credit Acceptance Corp. signed a big deal and has new financial obligations. Check the 8-K.

AI Summary

On December 5, 2024, Credit Acceptance Corp. entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The report details other events and includes financial statements and exhibits.

Why It Matters

This 8-K filing signals a significant new agreement and potential financial obligations for Credit Acceptance Corp., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and new financial obligations, which inherently carry some level of risk and require further investigation.

Key Players & Entities

• Credit Acceptance Corp. (company) — Registrant
• December 5, 2024 (date) — Date of earliest event reported
• 25505 West Twelve Mile Road (location) — Principal executive offices address
• Southfield, Michigan (location) — Principal executive offices city and state

FAQ

Key Financial Figures

• $200.0 million — ving secured warehouse facilities, from $200.0 million to $250.0 million and extends the date
• $250.0 million — ouse facilities, from $200.0 million to $250.0 million and extends the date on which the Facil

Filing Documents

• cacc-20241205.htm (8-K) — 29KB
• cacc_8k20241205lsa.htm (EX-4.165) — 1087KB
• cacc_8k20241205pr.htm (EX-99.1) — 8KB
• 0000885550-24-000142.txt ( ) — 1412KB
• cacc-20241205.xsd (EX-101.SCH) — 2KB
• cacc-20241205_lab.xml (EX-101.LAB) — 21KB
• cacc-20241205_pre.xml (EX-101.PRE) — 12KB
• cacc-20241205_htm.xml (XML) — 3KB

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement. The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On December 5, 2024, Credit Acceptance and CAC Warehouse Funding LLC V entered into the Tenth Amendment to the Loan and Security Agreement ("Warehouse Amendment") with Fifth Third Bank, National Association. The Warehouse Amendment increases the amount of Warehouse Facility V ("the Facility"), one of our revolving secured warehouse facilities, from $200.0 million to $250.0 million and extends the date on which the Facility will cease to revolve from December 29, 2025 to December 29, 2027. The maturity of the Facility was also extended from December 27, 2027 to December 27, 2029. The interest rate on borrowings under the Facility has decreased from Secured Overnight Financing Rate ("SOFR") plus 245 basis points to SOFR plus 185 basis points. There were no other material changes to the terms of the Facility. As of December 5, 2024, we did not have a balance outstanding under the Facility. The above description of the Warehouse Amendment does not purport to be complete and is qualified in its entirety by the Warehouse Amendment, a copy of which is attached as Exhibit 4.165 to this Form 8-K and incorporated herein by reference.

01 Other Events

Item 8.01 Other Events. On December 5, 2024, we issued a press release regarding the Warehouse Amendment. The press release is attached as Exhibit 99.1 to this 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 4.165 Tenth Amendment to Loan and Security Agreement, dated as of December 5, 2024, among the Company, CAC Warehouse Funding LLC V, and Fifth Third Bank, National Association. 99.1 Press release dated December 5, 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: December 10, 2024 By: /s/ Douglas W. Busk Douglas W. Busk Chief Treasury Officer