Credit Acceptance extends $500M warehouse and $500M ABS facilities to 2028

Credit Acceptance Corporation said that on September 15, 2026 it extended its $500.0 million Warehouse Facility II to a September 15, 2028 scheduled amortization date at SOFR plus 175 basis points (from SOFR plus 185), with $180.0 million outstanding, and extended its $500.0 million Term ABS 2019-2 facility to cease revolving on September 15, 2028 at a 5.83% rate (from 5.43%).

Credit Acceptance Corporation extended two $500 million funding facilities on September 15, 2026, pushing both revolving end dates into September 2028 while cutting the warehouse spread by 10 basis points and lifting the Term ABS coupon by 40 basis points.

Facility amendments

On September 15, 2026, Credit Acceptance Corporation (Nasdaq:CACC) and CAC Warehouse Funding LLC II entered into Amendment No. 4 to the Seventh Amended and Restated Loan and Security Agreement (and Amendment No. 1 to the related Fifth Amended and Restated Sale and Contribution Agreement) with Wells Fargo Bank, National Association and Computershare Trust Company, N.A. The amendment extends the scheduled amortization date of Warehouse Facility II, a $500.0 million revolving secured warehouse facility, from September 20, 2027 to September 15, 2028. The interest rate on Warehouse Facility II borrowings decreased from SOFR plus 185 basis points to SOFR plus 175 basis points. The company said there were no other material changes to Warehouse Facility II. As of September 15, 2026, $180.0 million was outstanding under the facility.

The same day, Credit Acceptance and Credit Acceptance Funding LLC 2019-2 entered into Amendment No. 4 to the Loan and Security Agreement and Amendment No. 1 to the Sale and Contribution Agreement with Wells Fargo Bank, National Association, extending Term ABS 2019-2, the company's $500.0 million asset-backed non-recourse secured financing originally entered on August 28, 2019. Under the amendment, the date on which Term ABS 2019-2 will cease to revolve moved from September 15, 2026 to September 15, 2028, and the interest rate increased from 5.43% to 5.83%. The company said there were no other material changes to Term ABS 2019-2.

Credit Acceptance reported the amendments in a Form 8-K under Items 1.01, 2.03, 8.01, and 9.01 (AccNo 0000885550-26-000195). Earliest event date is September 15, 2026; the filing was accepted September 21, 2026. Item 1.01 incorporates the Item 2.03 facility descriptions by reference. A company press release filed as Exhibit 99.1 restates the same facility terms.