CREDIT ACCEPTANCE CORPORATION (NASDAQ:CACC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On July 18, 2017, Credit Acceptance Corporation (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) executed the First Amendment to Loan and Security Agreement (“Warehouse Amendment”) dated as of July 18, 2017 among the Company, CAC Warehouse Funding LLC VI and Flagstar Bank, FSB. The Warehouse Amendment extended the date on which the facility will cease to revolve from September 30, 2018 to September 30, 2020. There were no other material changes to the terms of the facility.
As of July 18, 2017, we did not have a balance outstanding under the facility.
Item 8.01 Other Events.
On July 18, 2017, we issued a press release announcing the execution of the Warehouse Amendment. The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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4.87 |
First Amendment to Loan and Security Agreement dated as of July 18, 2017 among the Company, CAC Warehouse Funding LLC VI and Flagstar Bank, FSB. |
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99.1 |
Press Release dated July 18, 2017 |
CREDIT ACCEPTANCE CORP ExhibitEX-4.87 2 cacc_8k20170718lsa.htm EXHIBIT 4.87 Exhibit FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENTThis FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT,…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).
