Credit Acceptance extends warehouse facility

Credit Acceptance Corp. has extended the maturity date of its $75 million revolving secured warehouse facility by two years — to Sept. 30, 2022 — according to a company release. There was no outstanding principal balance at the time of the release.

CAC has five warehouse facilities with a borrowing capacity of $976 million. Of the five, the $75 million facility is the smallest and the only one without an interest rate cap. The rate on the facility was LIBOR plus 200 basis points as of yearend 2018, according to the company’s 10-K filing with the Securities and Exchange Commission.

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This is the second warehouse facility CAC has extended this month. On July 12, the subprime lender extended its $400 million warehouse facility to July 12, 2022, from Dec. 20, 2020. As of that date, the Wells Fargo-backed facility had $201 million outstanding.

Southfield, Mich.-based CAC is set to release second-quarter earnings on July 30 at 5 p.m. ET.