CREDIT ACCEPTANCE CORPORATION (NASDAQ:CACC) Files An 8-K Other Events
Item 8.01 Other Events.
On March 4, 2019, Credit Acceptance Corporation (the “Company”) issued a press release announcing that the Company plans to offer $400 million of senior notes due 2026 to qualified institutional buyers to Rule 144A under the Securities Act of 1933, as amended. The press release is attached as Exhibit99.1 to this Current Report on Form8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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Press release dated March 4, 2019. |
CREDIT ACCEPTANCE CORP Exhibit
EX-99.1 2 cacc_8k20190304pr.htm EXHIBIT 99.1 Exhibit Silver Triangle Building25505 West Twelve Mile RoadSouthfield,…
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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).
