Credit Acceptance extends revolving warehouse facility to 2019

By Angela McDaniels

Tacoma, Wash., Sept. 18 – Credit Acceptance Corp. extended the date on which its $75 million revolving secured warehouse facility will cease to revolve to Sept. 10, 2017 from Sept. 10, 2015, according to an 8-K filing with the Securities and Exchange Commission.

The maturity of the facility was extended to Sept. 10, 2019 from Sept. 10, 2017.

The company also formed a new wholly owned subsidiary, CAC Warehouse Funding LLC V, to replace CAC Warehouse Funding III, LLC as the borrower under the facility.

The company said there were no other material changes to the terms of the facility.

The amendment was made Monday. At that time, the company did not have a balance outstanding under the facility.

Southfield, Mich.-based Credit Acceptance provides consumer auto loans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.