CREDIT ACCEPTANCE CORPORATION (NASDAQ:CACC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
incorporated by reference into this Item 1.01.
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
the Company, Credit Acceptance, we, our, or us) executed the
Third Amendment to Sixth Amended and Restated Credit Agreement
and Extension Agreement (Third Amendment and Extension Agreement)
dated as of June 28, 2017, among the Company, the other banks
which are parties thereto from time to time (collectively, the
Banks), and Comerica Bank as Administrative Agent and Collateral
Agent for the Banks. The Third Amendment and Extension Agreement
extended the maturity of our revolving secured line of credit
facility with a commercial bank syndicate from June 22, 2019 to
June 22, 2020. We have also increased the amount of the facility
from $310.0 million to $345.0 million until June 22, 2019, when
the amount of the facility will decrease to $300.0 million. There
were no other material changes to the terms of the facility.
the facility.
execution of the Third Amendment and Extension Agreement. The
press release is attached as Exhibit 99.1 to this Form 8-K and
incorporated herein by reference.
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4.80
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Third Amendment to Sixth Amended and Restated Credit
Agreement and Extension Agreement dated as of June 28, 2017 among the Company, the Banks which are parties thereto from time to time, and Comerica Bank as Administrative Agent and Collateral Agent for the Banks. |
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99.1
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Press Release dated June 28, 2017
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CREDIT ACCEPTANCE CORP ExhibitEX-4.80 2 cacc_8k20170628arca.htm EXHIBIT 4.80 Exhibit THIRD AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT AND EXTENSION AGREEMENTThis Third Amendment to Sixth Amended and Restated Credit Agreement and Extension Agreement (this “Third Amendment and Extension Agreement”) is made as of June 28,…To view the full exhibit click here About CREDIT ACCEPTANCE CORPORATION (NASDAQ:CACC)
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers, and from sales to customers responding to advertisements for it products. The Company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, it advances money to dealer (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program, the Company buys the consumer loans from the dealer (Purchased Loan) and keeps all amounts collected from the consumer. Its target market is independent and franchised automobile dealers in the United States. It provides dealers the ability to offer vehicle service contracts to consumers through its relationships with third-party providers (TPPs).