Credit Acceptance Announces Extension of Revolving Secured Line of Credit Facility
22 Junho 2023 - 5:02PM
Credit Acceptance Corporation
(Nasdaq: CACC) (referred to as the
“Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced
today that we have extended the maturity of our revolving secured
line of credit facility with a commercial bank syndicate from June
22, 2025 to June 22, 2026. Prior to this amendment, the amount of
the facility was set to decrease by $25.0 million on June 22, 2023,
however this amendment increased the amount of the facility by $5.0
million resulting in a net decrease of $20.0 million, from $410.0
million to $390.0 million.
As of June 22, 2023, we had $89.8 million
outstanding under the line of credit facility.
There were no other material changes to the
terms of the facility.
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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