Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Instrument [Line Items]

Schedule of General Information of Financing Transaction

General information for each of our financing transactions in place as of June 30, 2015 is as follows:

(Dollars in millions)
Financings	Wholly-owned Subsidiary	Maturity Date		Financing Amount		Interest Rate as of    June 30, 2015
Revolving Secured Line of Credit	n/a	06/22/2018		$	310.0	At our option, either LIBOR plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (1)	CAC Warehouse Funding Corp. II	07/18/2017	(3)	$	400.0	Commercial paper rate or LIBOR plus 200 basis points (2)
Warehouse Facility IV (1)	CAC Warehouse Funding LLC IV	04/30/2018	(3)	$	75.0	LIBOR plus 200 basis points (2)
Warehouse Facility V (1)	CAC Warehouse Funding LLC V	09/10/2017	(4)	$	100.0	LIBOR plus 160 basis points (2)
Term ABS 2012-2 (1)	Credit Acceptance Funding LLC 2012-2	09/15/2014	(3)	$	252.0	Fixed rate
Term ABS 2013-1 (1)	Credit Acceptance Funding LLC 2013-1	04/15/2015	(3)	$	140.3	Fixed rate
Term ABS 2013-2 (1)	Credit Acceptance Funding LLC 2013-2	10/15/2015	(3)	$	197.8	Fixed rate
Term ABS 2014-1 (1)	Credit Acceptance Funding LLC 2014-1	04/15/2016	(3)	$	299.0	Fixed rate
Term ABS 2014-2 (1)	Credit Acceptance Funding LLC 2014-2	09/15/2016	(3)	$	349.0	Fixed rate
Term ABS 2015-1 (1)	Credit Acceptance Funding LLC 2015-1	01/16/2017	(3)	$	300.6	Fixed rate
2021 Senior Notes	n/a	02/15/2021		$	300.0	Fixed rate
2023 Senior Notes	n/a	03/15/2023		$	250.0	Fixed rate

(1) Financing made available only to a specified subsidiary of the Company.

(2) Interest rate cap agreements are in place to limit the exposure to increasing interest rates.

(3) Represents the revolving maturity date.  The outstanding balance will amortize after the maturity date based on the cash flows of the pledged assets.

(4) Represents the revolving maturity date.  The outstanding balance will amortize after the revolving maturity date and any amounts remaining on September 10, 2019 will be due.

Schedule of Additional Information Related to Debt Instruments

Additional information related to the amounts outstanding on each facility is as follows:

(In millions)	For the Three Months Ended   June 30,				For the Six Months Ended   June 30,
	2015		2014		2015		2014
Revolving Secured Line of Credit
Maximum outstanding balance	$	51.2	$	201.5	$	206.3	$	204.7
Average outstanding balance	6.9		124.6		57.1		102.7
Warehouse Facility II
Maximum outstanding balance	$	—	$	162.6	$	190.0	$	162.6
Average outstanding balance	—		56.5		13.8		57.5
Warehouse Facility IV
Maximum outstanding balance	$	12.0	$	26.5	$	35.0	$	26.6
Average outstanding balance	6.2		24.5		6.3		20.2
Warehouse Facility V (1)
Maximum outstanding balance	$	29.0	$	69.1	$	75.0	$	75.0
Average outstanding balance	24.3		11.4		19.8		9.9

Summary of Debt

(Dollars in millions)	As of
	June 30, 2015			December 31, 2014
Revolving Secured Line of Credit
Balance outstanding	$	24.8		$	119.5
Amount available for borrowing (1)	285.2			115.5
Interest rate	2.06		%	2.16		%
Warehouse Facility II
Balance outstanding	$	—		$	81.3
Amount available for borrowing  (1)	400.0			243.7
Loans pledged as collateral	—			104.1
Restricted cash and cash equivalents pledged as collateral	1.0			2.0
Interest rate	2.19		%	2.16		%
Warehouse Facility IV
Balance outstanding	$	12.0		$	19.9
Amount available for borrowing (1)	63.0			55.1
Loans pledged as collateral	19.7			44.9
Restricted cash and cash equivalents pledged as collateral	0.8			1.4
Interest rate	2.19		%	2.17		%
Warehouse Facility V
Balance outstanding	$	15.9		$	17.9
Amount available for borrowing (1)	84.1			57.1
Loans pledged as collateral	91.5			34.9
Restricted cash and cash equivalents pledged as collateral	1.2			1.2
Interest rate	1.78		%	1.77		%
Term ABS 2012-1
Balance outstanding	$	—		$	43.8
Loans pledged as collateral	—			145.1
Restricted cash and cash equivalents pledged as collateral	—			19.3
Interest rate	—		%	3.04		%

Term ABS 2012-2
Balance outstanding	$	57.9		$	184.0
Loans pledged as collateral	218.6			278.6
Restricted cash and cash equivalents pledged as collateral	27.4			27.8
Interest rate	2.01		%	1.67		%
Term ABS 2013-1
Balance outstanding	$	112.8		$	140.3
Loans pledged as collateral	176.2			186.7
Restricted cash and cash equivalents pledged as collateral	17.7			16.7
Interest rate	1.33		%	1.31		%
Term ABS 2013-2
Balance outstanding	$	197.8		$	197.8
Loans pledged as collateral	244.2			248.9
Restricted cash and cash equivalents pledged as collateral	24.1			21.2
Interest rate	1.67		%	1.67		%
Term ABS 2014-1
Balance outstanding	$	299.0		$	299.0
Loans pledged as collateral	368.0			426.2
Restricted cash and cash equivalents pledged as collateral	33.7			31.6
Interest rate	1.72		%	1.72		%
Term ABS 2014-2
Balance outstanding	$	349.0		$	349.0
Loans pledged as collateral	429.1			440.7
Restricted cash and cash equivalents pledged as collateral	40.5			36.2
Interest rate	2.05		%	2.05		%
Term ABS 2015-1
Balance outstanding	$	300.6		$	—
Loans pledged as collateral	370.7			—
Restricted cash and cash equivalents pledged as collateral	30.7			—
Interest rate	2.26		%	—		%
2021 Senior Notes
Balance outstanding	$	300.0		$	300.0
Interest rate	6.125		%	6.125		%
2023 Senior Notes
Balance outstanding (2)	$	248.2		$	—
Interest rate	7.375		%	—		%

(1) Availability may be limited by the amount of assets pledged as collateral.

(2) As of June 30, 2015 the outstanding balance presented for the 2023 Senior Notes includes an unamortized debt discount of $1.8 million.

Term ABS Financings [Member]

Debt Instrument [Line Items]

Schedule of General Information of Financing Transaction

The table below sets forth certain additional details regarding the outstanding Term ABS Financings:

(Dollars in millions)
Term ABS Financings	Close Date	Net Book Value of Loans Contributed at Closing		24-month Revolving Period
Term ABS 2012-2	September 20, 2012	$	315.1	Through September 15, 2014
Term ABS 2013-1	April 25, 2013	$	187.8	Through April 15, 2015
Term ABS 2013-2	October 31, 2013	$	250.1	Through October 15, 2015
Term ABS 2014-1	April 16, 2014	$	374.7	Through April 15, 2016
Term ABS 2014-2	September 25, 2014	$	437.6	Through September 15, 2016
Term ABS 2015-1	January 29, 2015	$	375.9	Through January 16, 2017