Credit Acceptance resizes revolver to $410 million, extends maturity

By Wendy Van Sickle

Columbus, Ohio, June 22 – Credit Acceptance Corp. announced it extended the maturity date of its revolving secured credit facility to June 22, 2025 from June 22, 2024, according to a press release on Wednesday.

Additionally, prior to the amendment, the amount was scheduled to decrease to $400 million from $435 million on June 22, but the amendment added $10 million to the facility, such that the total amount is now $410 million. The facility size is still set to decrease by a further $25 million on June 22, 2023.

Additionally, the amendment removed the covenant that required Credit Acceptance to maintain consolidated net income of not less than $1 for the two most recently ended fiscal quarters.

As of June 22, the company had $192.5 million outstanding under the credit facility.

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

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