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Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of September 30, 2020
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured line of credit (1)$125.7 $— $— $125.7 
Secured financing (2)3,707.9 (15.1)— 3,692.8 
Senior notes800.0 (9.9)— 790.1 
Mortgage note10.7 — — 10.7 
Total debt$4,644.3 $(25.0)$— $4,619.3 
(In millions)As of December 31, 2019
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured line of credit (1)$— $— $— $— 
Secured financing (2)3,355.6 (15.9)— 3,339.7 
Senior notes1,201.8 (13.2)(0.8)1,187.8 
Mortgage note11.3 — — 11.3 
Total debt$4,568.7 $(29.1)$(0.8)$4,538.8 

(1)Excludes deferred debt issuance costs of $2.2 million and $3.2 million as of September 30, 2020 and December 31, 2019, respectively, which are included in other assets.
(2)Warehouse facilities and Term ABS.
Schedule of General Information of Financing Transaction
General information for each of our financing transactions in place as of September 30, 2020 is as follows:
(Dollars in millions)     
FinancingsWholly-owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
September 30, 2020
Revolving Secured Line of Creditn/a06/22/2022 $340.0 
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. II07/12/2022(2)400.0 
LIBOR plus 175 basis points (3)
Warehouse Facility IV (1)CAC Warehouse Funding LLC IV07/26/2022(2)300.0 
LIBOR plus 200 basis points (3)
Warehouse Facility V (1)CAC Warehouse Funding LLC V08/17/2021(4)100.0 
LIBOR plus 190 basis points (3)
Warehouse Facility VI (1)CAC Warehouse Funding LLC VI09/30/2022(2)75.0 
LIBOR plus 200 basis points
Warehouse Facility VII (1)CAC Warehouse Funding LLC VII12/16/2021(5)150.0 
Commercial paper rate plus 200 basis points (3)
Warehouse Facility VIII (1)CAC Warehouse Funding LLC VIII07/26/2022(2)200.0 
LIBOR plus 190 basis points (3)
Term ABS 2017-2 (1)Credit Acceptance Funding LLC 2017-206/17/2019(2)450.0 Fixed rate
Term ABS 2017-3 (1)Credit Acceptance Funding LLC 2017-310/15/2019(2)350.0 Fixed rate
Term ABS 2018-1 (1)Credit Acceptance Funding LLC 2018-102/17/2020(2)500.0 Fixed rate
Term ABS 2018-2 (1)Credit Acceptance Funding LLC 2018-205/15/2020(2)450.0 Fixed rate
Term ABS 2018-3 (1)Credit Acceptance Funding LLC 2018-308/17/2020(2)398.3 Fixed rate
Term ABS 2019-1 (1)Credit Acceptance Funding LLC 2019-102/15/2021(2)402.5 Fixed rate
Term ABS 2019-2 (1)Credit Acceptance Funding LLC 2019-208/15/2022(6)500.0 Fixed rate
Term ABS 2019-3 (1)Credit Acceptance Funding LLC 2019-311/15/2021(2)351.7 Fixed rate
Term ABS 2020-1 (1)Credit Acceptance Funding LLC 2020-102/15/2022(2)500.0 Fixed rate
Term ABS 2020-2 (1)Credit Acceptance Funding LLC 2020-207/15/2022(2)481.8 Fixed rate
2024 Senior Notesn/a12/31/2024400.0 Fixed rate
2026 Senior Notesn/a03/15/2026400.0 Fixed rate
Mortgage Note (1)Chapter 4 Properties, LLC08/06/202312.0 
LIBOR plus 150 basis points

(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 revolving 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 August 17, 2023 will be due on that date.
(5)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 16, 2023 will be due on that date.
(6)Represents the revolving maturity date. The Company has the option to redeem and retire the indebtedness after the revolving maturity date. If we do not elect this option, the outstanding balance will amortize based on the cash flows of the pledged assets.
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 
September 30,		For the Nine Months Ended 
September 30,
 2020201920202019
Revolving Secured Line of Credit    
Maximum outstanding principal balance$287.7 $193.3 $296.6 $282.9 
Average outstanding principal balance124.9 71.1 119.7 80.1 
Warehouse Facility II    
Maximum outstanding principal balance201.0 201.0 201.0 201.0 
Average outstanding principal balance161.5 126.7 127.8 102.8 
Warehouse Facility IV    
Maximum outstanding principal balance— — — 100.0 
Average outstanding principal balance— — — 1.5 
Warehouse Facility V
Maximum outstanding principal balance75.0 35.0 75.0 35.0 
Average outstanding principal balance17.9 3.4 25.5 1.2 
Warehouse Facility VI
Maximum outstanding principal balance50.0 — 50.0 — 
Average outstanding principal balance50.0 — 20.3 — 
Warehouse Facility VII
Maximum outstanding principal balance125.0 50.0 125.0 101.5 
Average outstanding principal balance102.5 23.9 75.0 9.4 
Warehouse Facility VIII
Maximum outstanding principal balance149.0 75.0 149.0 75.0 
Average outstanding principal balance35.6 12.7 37.7 12.7 
Summary of Debt
(Dollars in millions)As of
 September 30, 2020December 31, 2019
Revolving Secured Line of Credit  
Principal balance outstanding$125.7 $— 
Amount available for borrowing (1)214.3 340.0 
Interest rate2.02 %— %
Warehouse Facility II  
Principal balance outstanding$150.0 $— 
Amount available for borrowing (1)250.0 400.0 
Loans pledged as collateral183.8 — 
Restricted cash and cash equivalents pledged as collateral4.6 1.0 
Interest rate1.91 %— %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)100.0 100.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$50.0 $— 
Amount available for borrowing (1)25.0 75.0 
Loans pledged as collateral68.2 — 
Restricted cash and cash equivalents pledged as collateral2.5 — 
Interest rate2.16 %— %
Warehouse Facility VII  
Principal balance outstanding$100.0 $— 
Amount available for borrowing (1)50.0 150.0 
Loans pledged as collateral124.2 — 
Restricted cash and cash equivalents pledged as collateral3.3 1.0 
Interest rate2.39 %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Term ABS 2016-3
Principal balance outstanding$— $51.8 
Loans pledged as collateral— 219.5 
Restricted cash and cash equivalents pledged as collateral— 23.5 
Interest rate— %3.60 %
Term ABS 2017-1
Principal balance outstanding$— $120.9 
Loans pledged as collateral— 292.8 
Restricted cash and cash equivalents pledged as collateral— 26.1 
Interest rate— %3.19 %
Term ABS 2017-2
Principal balance outstanding$71.0 $277.2 
Loans pledged as collateral267.8 426.7 
Restricted cash and cash equivalents pledged as collateral30.3 35.1 
Interest rate3.24 %2.83 %
Term ABS 2017-3
Principal balance outstanding$120.2 $303.2 
Loans pledged as collateral251.3 393.0 
Restricted cash and cash equivalents pledged as collateral26.1 29.3 
Interest rate3.31 %2.91 %
Term ABS 2018-1
Principal balance outstanding$276.5 $500.0 
Loans pledged as collateral450.2 609.5 
Restricted cash and cash equivalents pledged as collateral40.8 43.8 
Interest rate3.43 %3.24 %
Term ABS 2018-2
Principal balance outstanding$332.8 $450.0 
Loans pledged as collateral463.2 550.4 
Restricted cash and cash equivalents pledged as collateral38.7 37.6 
Interest rate3.76 %3.68 %
Term ABS 2018-3
Principal balance outstanding$371.4 $398.3 
Loans pledged as collateral459.2 487.7 
Restricted cash and cash equivalents pledged as collateral36.3 32.3 
Interest rate3.73 %3.72 %
Term ABS 2019-1
Principal balance outstanding$402.5 $402.5 
Loans pledged as collateral482.4 490.2 
Restricted cash and cash equivalents pledged as collateral36.4 31.9 
Interest rate3.53 %3.53 %
Term ABS 2019-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral575.9 628.5 
Restricted cash and cash equivalents pledged as collateral42.6 38.6 
Interest rate3.13 %3.13 %
Term ABS 2019-3
Principal balance outstanding$351.7 $351.7 
Loans pledged as collateral439.1 428.6 
Restricted cash and cash equivalents pledged as collateral33.2 27.2 
Interest rate2.56 %2.56 %
Term ABS 2020-1
Principal balance outstanding$500.0 $— 
Loans pledged as collateral803.7 — 
Restricted cash and cash equivalents pledged as collateral52.1 — 
Interest rate2.18 %— %
Term ABS 2020-2
Principal balance outstanding$481.8 $— 
Loans pledged as collateral629.8 — 
Restricted cash and cash equivalents pledged as collateral42.0 — 
Interest rate1.65 %— %
2021 Senior Notes
Principal balance outstanding$— $151.8 
Interest rate— %6.125 %
2023 Senior Notes
Principal balance outstanding$— $250.0 
Interest rate— %7.375 %
2024 Senior Notes
Principal balance outstanding$400.0 $400.0 
Interest rate5.125 %5.125 %
2026 Senior Notes
Principal balance outstanding$400.0 $400.0 
Interest rate6.625 %6.625 %
Mortgage Note
Principal balance outstanding$10.7 $11.3 
Interest rate1.66 %3.21 %
(1)Availability may be limited by the amount of assets pledged as collateral.
Summary of Term ABS Financings
The table below sets forth certain additional details regarding the outstanding Term ABS financings:
(Dollars in millions)   
Term ABS FinancingsClose DateNet Book Value of Loans
Contributed at Closing		Revolving Period
Term ABS 2017-2June 29, 2017$563.2 Through June 17, 2019
Term ABS 2017-3October 26, 2017437.6 Through October 15, 2019
Term ABS 2018-1February 22, 2018625.1 Through February 17, 2020
Term ABS 2018-2May 24, 2018562.6 Through May 15, 2020
Term ABS 2018-3August 23, 2018500.1 Through August 17, 2020
Term ABS 2019-1February 21, 2019503.1 Through February 15, 2021
Term ABS 2019-2August 28, 2019625.1 Through August 15, 2022
Term ABS 2019-3November 21, 2019439.6 Through November 15, 2021
Term ABS 2020-1February 20, 2020625.1 Through February 15, 2022
Term ABS 2020-2July 23, 2020602.3 Through July 15, 2022