Credit Acceptance Corp. Files 8-K for Material Agreement

TL;DR

CAC just signed a big deal, creating a new financial obligation. Details TBD.

AI Summary

On February 28, 2025, Credit Acceptance Corp. entered into a material definitive agreement, creating a direct financial obligation. The company, incorporated in Michigan with its principal executive offices at 25505 West Twelve Mile Road, Southfield, Michigan, filed a Form 8-K to report this event. Specific details of the agreement and the financial obligation were not disclosed in the provided text.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Credit Acceptance Corp., which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet them.

Key Players & Entities

• Credit Acceptance Corp. (company) — Registrant
• February 28, 2025 (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

From the Filing

0000885550-25-000023.txt : 20250228 0000885550-25-000023.hdr.sgml : 20250228 20250228160259 ACCESSION NUMBER: 0000885550-25-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20250228 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20250228 DATE AS OF CHANGE: 20250228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT ACCEPTANCE CORP CENTRAL INDEX KEY: 0000885550 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] ORGANIZATION NAME: 02 Finance IRS NUMBER: 381999511 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20202 FILM NUMBER: 25689901 BUSINESS ADDRESS: STREET 1: 25505 WEST TWELVE MILE ROAD CITY: SOUTHFIELD STATE: MI ZIP: 48034-8334 BUSINESS PHONE: 2483532700 MAIL ADDRESS: STREET 1: 25505 WEST TWELVE MILE ROAD CITY: SOUTHFIELD STATE: MI ZIP: 48034-8334 FORMER COMPANY: FORMER CONFORMED NAME: CREDIT ACCEPTANCE CORPORATION DATE OF NAME CHANGE: 19930328 8-K 1 cacc-20250228.htm 8-K cacc-20250228 0000885550 false 0000885550 2025-02-28 2025-02-28 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported):   February 28, 2025 CREDIT ACCEPTANCE CORP ORATION (Exact name of registrant as specified in its charter) Michigan 000-20202 38-1999511 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)    25505 West Twelve Mile Road Southfield, Michigan 48034-8339   (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code:   ( 248 ) 353-2700 Not Applicable (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $.01 par value CACC The Nasdaq Stock Market Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Item 1.01 Entry into a Material Definitive Agreement. On February 28, 2025, Credit Acceptance Corporation (referred to as the “Company,” “we,” “our,” or “us”) issued $500.0 million aggregate principal amount of 6.625% Senior Notes due 2030 (the “notes”). The notes were issued pursuant to an indenture, dated as of February 28, 2025 (the “Indenture”), among the Company, the Company’s subsidiaries Buyers Vehicle Protection Plan, Inc. and Vehicle Remarketing Services, Inc. (c