Credit Acceptance extends credit facility | Auto Finance News | Auto Finance News

Credit Acceptance extends credit facility

Credit Acceptance Corp. headquarters in Southfield, Michigan.  

Subprime lender Credit Acceptance Corp. has extended the maturity of a secured line of credit facility with a commercial bank syndicate to June 22, 2022, according to a company release.

The amount of the facility had been set to decrease to $315 million from $350 million this month, according to a 10-K filing with the Securities and Exchange Commission. With the maturity extension, the credit facility amount changed to $340 million.

At the time of the release, Credit Acceptance had $23.8 million outstanding under the facility.

The interest rate on the facility was CAC’s option of Libor plus 187.5 basis points or prime plus 87.5 basis points, according to the SEC filing.

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