Southfield, Michigan, June 20, 2024 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:CACC) (the "Company", "Credit Acceptance", "we", "our", or "us") announced today the completion of a $550.0 million asset-backed non-recourse secured financing (the "Financing"). Pursuant to this transaction, we conveyed loans having a value of approximately $687.7 million to a wholly-owned special purpose entity which will transfer the loans to a trust, which will issue three classes of notes:
Note Class | Amount | Average Life | Price | Interest Rate | |||||||||||
A | $ | 272,440,000 | 2.50 years | 99.99846 | % |