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Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of March 31, 2021
Principal OutstandingUnamortized Debt Issuance CostsCarrying
Amount
Revolving secured line of credit (1)$— $— $— 
Secured financing (2)3,936.1 (21.5)3,914.6 
Senior notes800.0 (8.9)791.1 
Mortgage note10.3 — 10.3 
Total debt$4,746.4 $(30.4)$4,716.0 
(In millions)As of December 31, 2020
Principal OutstandingUnamortized Debt Issuance CostsCarrying
Amount
Revolving secured line of credit (1)$95.9 $— $95.9 
Secured financing (2)3,728.7 (17.1)3,711.6 
Senior notes800.0 (9.4)790.6 
Mortgage note10.5 — 10.5 
Total debt$4,635.1 $(26.5)$4,608.6 

(1)Excludes deferred debt issuance costs of $2.9 million and $3.2 million as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 is as follows:
(Dollars in millions)     
FinancingsWholly-owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
March 31, 2021
Revolving Secured Line of Creditn/a06/22/2023 $340.0 (1)
At our option, either LIBOR plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (2)CAC Warehouse Funding Corp. II04/30/2024(3)400.0 
LIBOR plus 175 basis points (4)
Warehouse Facility IV (2)CAC Warehouse Funding LLC IV11/17/2023(3)300.0 
LIBOR plus 210 basis points (4)
Warehouse Facility V (2)CAC Warehouse Funding LLC V12/18/2023(5)125.0 
LIBOR plus 225 basis points (4)
Warehouse Facility VI (2)CAC Warehouse Funding LLC VI09/30/2022(3)75.0 
LIBOR plus 200 basis points
Warehouse Facility VII (2)CAC Warehouse Funding LLC VII12/16/2021(6)150.0 
Commercial paper rate plus 200 basis points (4)
Warehouse Facility VIII (2)CAC Warehouse Funding LLC VIII07/26/2022(3)200.0 
LIBOR plus 190 basis points (4)
Term ABS 2018-1 (2)Credit Acceptance Funding LLC 2018-102/17/2020(3)500.0 Fixed rate
Term ABS 2018-2 (2)Credit Acceptance Funding LLC 2018-205/15/2020(3)450.0 Fixed rate
Term ABS 2018-3 (2)Credit Acceptance Funding LLC 2018-308/17/2020(3)398.3 Fixed rate
Term ABS 2019-1 (2)Credit Acceptance Funding LLC 2019-102/15/2021(3)402.5 Fixed rate
Term ABS 2019-2 (2)Credit Acceptance Funding LLC 2019-208/15/2022(7)500.0 Fixed rate
Term ABS 2019-3 (2)Credit Acceptance Funding LLC 2019-311/15/2021(3)351.7 Fixed rate
Term ABS 2020-1 (2)Credit Acceptance Funding LLC 2020-102/15/2022(3)500.0 Fixed rate
Term ABS 2020-2 (2)Credit Acceptance Funding LLC 2020-207/15/2022(3)481.8 Fixed rate
Term ABS 2020-3 (2)Credit Acceptance Funding LLC 2020-310/17/2022(3)600.0 Fixed rate
Term ABS 2021-1 (2)Credit Acceptance Funding LLC 2021-102/15/2023(3)100.0 LIBOR plus 198.5 basis points (4)
Term ABS 2021-2 (2)Credit Acceptance Funding LLC 2021-202/15/2023(3)500.0 Fixed rate
2024 Senior Notesn/a12/31/2024400.0 Fixed rate
2026 Senior Notesn/a03/15/2026400.0 Fixed rate
Mortgage Note (2)Chapter 4 Properties, LLC08/06/202312.0 
LIBOR plus 150 basis points

(1)The amount of the facility will decrease to $305.0 million on June 22, 2022.
(2)Financing made available only to a specified subsidiary of the Company.
(3)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.
(4)Interest rate cap agreements are in place to limit the exposure to increasing interest rates.
(5)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 16, 2025 will be due on that date.
(6)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.
(7)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 
March 31,
 20212020
Revolving Secured Line of Credit  
Maximum outstanding principal balance$216.0 $268.2 
Average outstanding principal balance68.9 85.2 
Warehouse Facility II  
Maximum outstanding principal balance201.0 201.0 
Average outstanding principal balance42.8 20.4 
Warehouse Facility IV  
Maximum outstanding principal balance— — 
Average outstanding principal balance— — 
Warehouse Facility V
Maximum outstanding principal balance— 50.0 
Average outstanding principal balance— 8.2 
Warehouse Facility VI
Maximum outstanding principal balance— — 
Average outstanding principal balance— — 
Warehouse Facility VII
Maximum outstanding principal balance— 100.0 
Average outstanding principal balance— 21.7 
Warehouse Facility VIII
Maximum outstanding principal balance— 49.0 
Average outstanding principal balance— 7.6 
Summary of Debt
(Dollars in millions)As of
 March 31, 2021December 31, 2020
Revolving Secured Line of Credit  
Principal balance outstanding$— $95.9 
Amount available for borrowing (1)340.0 244.1 
Interest rate— %2.02 %
Warehouse Facility II  
Principal balance outstanding$— $75.0 
Amount available for borrowing (1)400.0 325.0 
Loans pledged as collateral— 91.8 
Restricted cash and cash equivalents pledged as collateral1.0 3.0 
Interest rate— %1.90 %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)125.0 125.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$— $— 
Amount available for borrowing (1)75.0 75.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Warehouse Facility VII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)150.0 150.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Term ABS 2017-3
Principal balance outstanding$— $70.9 
Loans pledged as collateral— 215.8 
Restricted cash and cash equivalents pledged as collateral— 23.2 
Interest rate— %3.41 %
Term ABS 2018-1
Principal balance outstanding$122.7 $196.4 
Loans pledged as collateral335.4 394.1 
Restricted cash and cash equivalents pledged as collateral46.7 36.2 
Interest rate3.70 %3.61 %
Term ABS 2018-2
Principal balance outstanding$181.3 $254.3 
Loans pledged as collateral355.8 410.0 
Restricted cash and cash equivalents pledged as collateral45.1 34.6 
Interest rate4.00 %3.85 %
Term ABS 2018-3
Principal balance outstanding$224.2 $296.1 
Loans pledged as collateral355.7 408.8 
Restricted cash and cash equivalents pledged as collateral42.1 32.9 
Interest rate3.85 %3.78 %
Term ABS 2019-1
Principal balance outstanding$374.4 $402.5 
Loans pledged as collateral451.6 482.3 
Restricted cash and cash equivalents pledged as collateral49.3 35.4 
Interest rate3.54 %3.53 %
Term ABS 2019-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral561.2 575.4 
Restricted cash and cash equivalents pledged as collateral58.1 41.2 
Interest rate3.13 %3.13 %
Term ABS 2019-3
Principal balance outstanding$351.7 $351.7 
Loans pledged as collateral408.4 420.9 
Restricted cash and cash equivalents pledged as collateral43.3 30.8 
Interest rate2.56 %2.56 %
Term ABS 2020-1
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral688.0 749.3 
Restricted cash and cash equivalents pledged as collateral64.7 48.8 
Interest rate2.18 %2.18 %
Term ABS 2020-2
Principal balance outstanding$481.8 $481.8 
Loans pledged as collateral596.7 606.6 
Restricted cash and cash equivalents pledged as collateral56.0 41.1 
Interest rate1.65 %1.65 %
Term ABS 2020-3
Principal balance outstanding$600.0 $600.0 
Loans pledged as collateral761.9 759.1 
Restricted cash and cash equivalents pledged as collateral66.1 49.3 
Interest rate1.44 %1.44 %
Term ABS 2021-1
Principal balance outstanding$100.0 $— 
Loans pledged as collateral150.3 — 
Restricted cash and cash equivalents pledged as collateral10.0 — 
Interest rate2.09 %— %
Term ABS 2021-2
Principal balance outstanding$500.0 $— 
Loans pledged as collateral703.8 — 
Restricted cash and cash equivalents pledged as collateral52.6 — 
Interest rate1.12 %— %
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$10.3 $10.5 
Interest rate1.62 %1.65 %
(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 2018-1February 22, 2018$625.1 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
Term ABS 2020-3October 22, 2020750.1 Through October 17, 2022
Term ABS 2021-1January 29, 2021125.1 Through February 15, 2023
Term ABS 2021-2February 18, 2021625.1 Through February 15, 2023