Credit Acceptance extends revolving warehouse facility to 2022

By Wendy Van Sickle

Columbus, Ohio, Dec. 17 – Credit Acceptance Corp. extended both the revolving period and the maturity date of its $150 million revolving secured warehouse facility and decreased the interest rate by 35 basis points, according to a press release.

Specifically, the revolving period was extended to Dec. 17, 2020 from Dec. 1, 2019, and the maturity date was extended to Dec. 17, 2022 from Dec. 1, 2021.

The interest rate was revised to the Commercial Paper rate plus 200 bps, with only one class of lenders. Previously, there were two classes of lenders, and the interest rate was the Commercial Paper rate plus 190 bps to class A lenders and the Commercial Paper rate plus 220 bps to class B lenders.

No other material changes were made to the credit facility, which was undrawn as of Monday.

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

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