Credit Acceptance Announces Extension of Revolving Secured Warehouse Facility
Prior to the extension, borrowings under the facility had an interest rate equal to the Commercial Paper rate plus 190 basis points to class A lenders and the Commercial Paper rate plus 220 basis points to class B lenders. Following today’s extension, there is only one class of notes, which will bear interest at a rate equal to the Commercial Paper rate plus 200 basis points.
There were no other material changes to the terms of the facility. As of
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.
Douglas W. BuskSenior Vice President and Treasurer (248) 353-2700 Ext. 4432 IR@creditacceptance.com
Source: Credit Acceptance Corporation