Credit Acceptance Announces Extension of $100.0 Million Asset-Backed Financing
16 Febbraio 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 $100.0 million
asset-backed non-recourse secured financing that we entered into on
January 29, 2021 (the “Financing”) and to which we refer as Term
ABS 2021-1. Under the amendment effecting the extension, the date
on which the Financing 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 the Financing.
Description of Credit Acceptance
Corporation
Since 1972, Credit Acceptance has offered
financing programs 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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