(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||
(Address of principal executive offices) | (Zip Code) |
Not Applicable | ||
(Former name or former address, if changed since last report.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Exhibit No. | Description | |
Amendment No. 4 to the Sixth Amended and Restated Loan and Security Agreement dated as of June 25, 2020 among the Company, CAC Warehouse Funding Corporation II and Wells Fargo Bank, National Association. | ||
Fourth Amendment to Loan and Security Agreement, dated as of June 26, 2020 among the Company, CAC Warehouse Funding LLC VII, and Credit Suisse AG, New York Branch. | ||
Sixth Amendment to Sixth Amended and Restated Credit Agreement dated as of June 30, 2020 among the Company, Comerica Bank and the other banks signatory thereto and Comerica Bank, as administrative agent for the banks. | ||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
CREDIT ACCEPTANCE CORPORATION | |||
Date: July 1, 2020 | By: | /s/ Douglas W. Busk | |
Douglas W. Busk | |||
Senior Vice President and Treasurer |
THE BORROWER: | CAC WAREHOUSE FUNDING CORPORATION II |
By: /s/ Douglas W. Busk | |
Name: Douglas W. Busk | |
Title: Treasurer | |
THE SERVICER AND CUSTODIAN: | CREDIT ACCEPTANCE CORPORATION |
By: /s/ Douglas W. Busk | |
Name: Douglas W. Busk | |
Title: Senior Vice President and Treasurer | |
THE COLLATERAL AGENT AND BACKUP SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent and Backup Servicer |
By: /s/ Kristen L. Puttin | |
Name: Kristen L. Puttin | |
Title: Vice President | |
THE DEAL AGENT AND SOLE LENDER: | WELLS FARGO BANK, NATIONAL ASSOCIATION, as Deal Agent and Lender |
By: /s/ James B. Brinkley II | |
Name: James B. Brinkley II | |
Title: Managing Director | |
1. | Amendments to the Loan Agreement. |
A. | The Company, Agent and the banks party thereto entered into that certain Sixth Amended and Restated Credit Acceptance Corporation Credit Agreement, dated as of June 23, 2014 (as amended by that certain First Amendment to Sixth Amended and Restated Credit Agreement, dated as of June 11, 2015, that certain Second Amendment to Sixth Amended and Restated Credit Agreement, dated as of June 15, 2016, that certain Third Amendment to Sixth Amended and Restated Credit Agreement and Extension Agreement, dated as of June 28, 2017, that certain Fourth Amendment to Sixth Amended and Restated Credit Agreement dated as of June 27, 2018, and that certain Fifth Amendment to Sixth Amended and Restated Credit Agreement dated as of June 24, 2019, and as further amended, amended and restated or otherwise modified from time to time, the “Credit Agreement”) under which the banks party thereto renewed and extended (or committed to extend) credit to the Company, as set forth therein. |
B. | The Company has requested that Agent and the Banks agree to the additional amendments to the Credit Agreement contained herein and Agent and the undersigned Banks (which constitute Majority Banks (as defined in the Credit Agreement)) are willing to do so, but only on the terms and conditions set forth in this Sixth Amendment. |
(a) | receipt by the Agent of .pdf copies of counterpart originals of: |
(i) | this Sixth Amendment, duly executed and delivered by the Company and the Banks; and |
(b) | Company shall have paid to Agent and the applicable Banks all interest, fees and other amounts, if any, due and owing to the Agent and such Banks as of the Sixth Amendment Effective Date. |
Cover |
Jun. 25, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 25, 2020 |
Entity Registrant Name | CREDIT ACCEPTANCE CORP |
Entity Central Index Key | 0000885550 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | MI |
Entity File Number | 000-20202 |
Entity Tax Identification Number | 38-1999511 |
Entity Address, Address Line One | 25505 West Twelve Mile Road |
Entity Address, City or Town | Southfield, |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 48034-8339 |
City Area Code | 248 |
Local Phone Number | 353-2700 |
Title of 12(b) Security | Common Stock, $.01 par value |
Trading Symbol | CACC |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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