Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Principal Debt Outstanding

Debt consists of the following:

(In millions)	As of December 31, 2015
	Principal Outstanding		Unamortized Discount			Carrying Amount
Revolving secured line of credit	$	57.7	$	—		$	57.7
Secured financing (1)	1,478.6		—			1,478.6
Senior notes	550.0		(1.7		)	548.3
Total debt	$	2,086.3	$	(1.7	)	$	2,084.6
(In millions)	As of December 31, 2014
	Principal Outstanding		Unamortized Discount			Carrying Amount
Revolving secured line of credit	$	119.5	$	—		$	119.5
Secured financing (1)	1,333.0		—			1,333.0
Senior notes	300.0		—			300.0
Total debt	$	1,752.5	$	—		$	1,752.5

Schedule Of General Information Of Financing Transaction

General information for each of our financing transactions in place as of December 31, 2015 is as follows:

(Dollars in millions)
Financings	Wholly-owned Subsidiary	Maturity Date		Financing Amount		Interest Rate as of December 31, 2015
Revolving Secured Line of Credit	n/a	06/22/18		$	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	07/18/17	(2)	$	400.0	Commercial paper rate or LIBOR plus 200 basis points (3)
Warehouse Facility IV (1)	CAC Warehouse Funding LLC IV	04/30/18	(2)	$	75.0	LIBOR plus 200 basis points (3)
Warehouse Facility V (1)	CAC Warehouse Funding LLC V	09/10/17	(4)	$	100.0	LIBOR plus 160 basis points (3)
Warehouse Facility VI (1)	CAC Warehouse Funding LLC VI	09/30/18	(2)	$	75.0	LIBOR plus 200 basis points
Term ABS 2013-1 (1)	Credit Acceptance Funding LLC 2013-1	04/15/15	(2)	$	140.3	Fixed rate
Term ABS 2013-2 (1)	Credit Acceptance Funding LLC 2013-2	10/15/15	(2)	$	197.8	Fixed rate
Term ABS 2014-1 (1)	Credit Acceptance Funding LLC 2014-1	04/15/16	(2)	$	299.0	Fixed rate
Term ABS 2014-2 (1)	Credit Acceptance Funding LLC 2014-2	09/15/16	(2)	$	349.0	Fixed rate
Term ABS 2015-1 (1)	Credit Acceptance Funding LLC 2015-1	01/16/17	(2)	$	300.6	Fixed rate
Term ABS 2015-2 (1)	Credit Acceptance Funding LLC 2015-2	08/15/17	(2)	$	300.2	Fixed rate
2021 Senior Notes	n/a	02/15/21		$	300.0	Fixed rate
2023 Senior Notes	n/a	03/15/23		$	250.0	Fixed rate

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

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

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

(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 Years Ended December 31,
	2015		2014
Revolving Secured Line of Credit
Maximum outstanding principal balance	$	206.3	$	204.7
Average outstanding principal balance	39.1		103.6
Warehouse Facility II
Maximum outstanding principal balance	$	200.8	$	290.2
Average outstanding principal balance	7.9		70.3
Warehouse Facility IV
Maximum outstanding principal balance	$	35.0	$	26.7
Average outstanding principal balance	9.2		22.0
Warehouse Facility V
Maximum outstanding principal balance	$	99.2	$	75.0
Average outstanding principal balance	12.2		9.2
Warehouse Facility VI
Maximum outstanding principal balance	$	15.0	$	—
Average outstanding principal balance	1.5		—

Summary Of Debt

(Dollars in millions)	As of December 31,
	2015			2014
Revolving Secured Line of Credit
Principal balance outstanding	$	57.7		$	119.5
Amount available for borrowing (1)	252.3			115.5
Interest rate	2.30		%	2.16		%
Warehouse Facility II
Principal 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	1.2			2.0
Interest rate	2.24		%	2.16		%
Warehouse Facility IV
Principal balance outstanding	$	12.0		$	19.9
Amount available for borrowing (1)	63.0			55.1
Loans pledged as collateral	24.5			44.9
Restricted cash and cash equivalents pledged as collateral	0.9			1.4
Interest rate	2.42		%	2.17		%
Warehouse Facility V
Principal balance outstanding	$	—		$	17.9
Amount available for borrowing (1)	100.0			57.1
Loans pledged as collateral	—			34.9
Restricted cash and cash equivalents pledged as collateral	1.0			1.2
Interest rate	1.84		%	1.77		%
Warehouse Facility VI
Principal balance outstanding	$	14.7		$	—
Amount available for borrowing (1)	60.3			—
Loans pledged as collateral	20.7			—
Restricted cash and cash equivalents pledged as collateral	0.9			—
Interest rate	2.24		%	—		%
Term ABS 2012-1
Principal 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
Principal balance outstanding	$	—		$	184.0
Loans pledged as collateral	—			278.6
Restricted cash and cash equivalents pledged as collateral	—			27.8
Interest rate	—		%	1.67		%
Term ABS 2013-1
Principal balance outstanding	$	39.6		$	140.3
Loans pledged as collateral	144.5			186.7
Restricted cash and cash equivalents pledged as collateral	14.6			16.7
Interest rate	1.56		%	1.31		%

Term ABS 2013-2
Principal balance outstanding	$	163.5		$	197.8
Loans pledged as collateral	234.7			248.9
Restricted cash and cash equivalents pledged as collateral	21.4			21.2
Interest rate	1.71		%	1.67		%
Term ABS 2014-1
Principal balance outstanding	$	299.0		$	299.0
Loans pledged as collateral	366.4			426.2
Restricted cash and cash equivalents pledged as collateral	31.9			31.6
Interest rate	1.72		%	1.72		%
Term ABS 2014-2
Principal balance outstanding	$	349.0		$	349.0
Loans pledged as collateral	430.5			440.7
Restricted cash and cash equivalents pledged as collateral	37.7			36.2
Interest rate	2.05		%	2.05		%
Term ABS 2015-1
Principal balance outstanding	$	300.6		$	—
Loans pledged as collateral	372.4			—
Restricted cash and cash equivalents pledged as collateral	29.3			—
Interest rate	2.26		%	—		%
Term ABS 2015-2
Principal balance outstanding	$	300.2		$	—
Loans pledged as collateral	390.4			—
Restricted cash and cash equivalents pledged as collateral	27.7			—
Interest rate	2.63		%	—		%
2021 Senior Notes
Principal balance outstanding	$	300.0		$	300.0
Interest rate	6.125		%	6.125		%
2023 Senior Notes
Principal balance outstanding	$	250.0		$	—
Interest rate	7.375		%	—		%

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

Summary of Term ABS Debt

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 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
Term ABS 2015-2	August 20, 2015	375.5		Through August 15, 2017

Scheduled Principal Maturities Of Debt

The scheduled principal maturities of our debt as of December 31, 2015 are as follows:

(In millions)
Year	Revolving Secured Line of Credit Facility		Warehouse Facilities		Term ABS Financings (1)		Senior Notes		Total
2016	$	—	$	—	$	489.7	$	—	$	489.7
2017	—		—		737.0		—		737.0
2018	57.7		11.7		225.2		—		294.6
2019	—		15.0		—		—		15.0
Thereafter	—		—		—		550.0		550.0
Total	$	57.7	$	26.7	$	1,451.9	$	550.0	$	2,086.3

(1) The principal maturities of the Term ABS transactions are estimated based on forecasted collections.