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Credit Acceptance Extends $310MM Credit Facility

June 16, 2016, 07:15 AM
Filed Under: Consumer Finance

Credit Acceptance Corporation announced that it has extended the maturity of its $310.0 million revolving secured line of credit facility with a commercial bank syndicate from June 22, 2018 to June 22, 2019.

There were no other material changes to the terms of the facility. The credit facility continues to be secured by a lien on most of our assets. As of June 15, 2016, the company did not have a balance outstanding under the facility.

Since 1972, Credit Acceptance has offered automobile dealers financing programs that enable them to sell vehicles to consumers, regardless of their credit history. The company's financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing.

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