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Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of September 30, 2021
Principal OutstandingUnamortized Debt Issuance CostsCarrying
Amount
Revolving secured line of credit (1)$72.2 $— $72.2 
Secured financing (2)3,752.7 (19.7)3,733.0 
Senior notes800.0 (8.0)792.0 
Mortgage note9.9 — 9.9 
Total debt$4,634.8 $(27.7)$4,607.1 
(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 $2.3 million and $3.2 million as of September 30, 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 September 30, 2021 is as follows:
(Dollars in millions)     
FinancingsWholly-owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
September 30, 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 LLC 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 VIII09/01/2024(3)200.0 
LIBOR plus 190 basis points (4)
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
Term ABS 2021-3 (2)Credit Acceptance Funding LLC 2021-305/15/2023(3)450.0 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 by $35.0 million on June 22, 2022. For additional information, see Note 16.
(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 
September 30,		For the Nine Months Ended 
September 30,
 2021202020212020
Revolving Secured Line of Credit    
Maximum outstanding principal balance$72.2 $287.7 $216.0 $296.6 
Average outstanding principal balance1.5 124.9 26.9 119.7 
Warehouse Facility II    
Maximum outstanding principal balance— 201.0 201.0 201.0 
Average outstanding principal balance— 161.5 15.6 127.8 
Warehouse Facility IV    
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Warehouse Facility V
Maximum outstanding principal balance— 75.0 — 75.0 
Average outstanding principal balance— 17.9 — 25.5 
Warehouse Facility VI
Maximum outstanding principal balance— 50.0 — 50.0 
Average outstanding principal balance— 50.0 — 20.3 
Warehouse Facility VII
Maximum outstanding principal balance— 125.0 — 125.0 
Average outstanding principal balance— 102.5 — 75.0 
Warehouse Facility VIII
Maximum outstanding principal balance— 149.0 — 149.0 
Average outstanding principal balance— 35.6 — 37.7 
Summary of Debt
(Dollars in millions)As of
 September 30, 2021December 31, 2020
Revolving Secured Line of Credit  
Principal balance outstanding$72.2 $95.9 
Amount available for borrowing (1)267.8 244.1 
Interest rate2.53 %2.02 %
Warehouse Facility II  
Principal balance outstanding$— $75.0 
Amount available for borrowing (1)400.0 325.0 
Loans pledged as collateral— 91.8 
Restricted cash and cash equivalents pledged as collateral1.0 3.0 
Interest rate— %1.90 %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)125.0 125.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$— $— 
Amount available for borrowing (1)75.0 75.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Warehouse Facility VII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)150.0 150.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Term ABS 2017-3
Principal balance outstanding$— $70.9 
Loans pledged as collateral— 215.8 
Restricted cash and cash equivalents pledged as collateral— 23.2 
Interest rate— %3.41 %
Term ABS 2018-1
Principal balance outstanding$— $196.4 
Loans pledged as collateral— 394.1 
Restricted cash and cash equivalents pledged as collateral— 36.2 
Interest rate— %3.61 %
Term ABS 2018-2
Principal balance outstanding$— $254.3 
Loans pledged as collateral— 410.0 
Restricted cash and cash equivalents pledged as collateral— 34.6 
Interest rate— %3.85 %
Term ABS 2018-3
Principal balance outstanding$72.9 $296.1 
Loans pledged as collateral262.9 408.8 
Restricted cash and cash equivalents pledged as collateral30.5 32.9 
Interest rate4.04 %3.78 %
Term ABS 2019-1
Principal balance outstanding$196.3 $402.5 
Loans pledged as collateral340.8 482.3 
Restricted cash and cash equivalents pledged as collateral35.4 35.4 
Interest rate3.73 %3.53 %
Term ABS 2019-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral586.4 575.4 
Restricted cash and cash equivalents pledged as collateral51.8 41.2 
Interest rate3.13 %3.13 %
Term ABS 2019-3
Principal balance outstanding$351.7 $351.7 
Loans pledged as collateral407.9 420.9 
Restricted cash and cash equivalents pledged as collateral37.9 30.8 
Interest rate2.56 %2.56 %
Term ABS 2020-1
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral605.8 749.3 
Restricted cash and cash equivalents pledged as collateral53.1 48.8 
Interest rate2.18 %2.18 %
Term ABS 2020-2
Principal balance outstanding$481.8 $481.8 
Loans pledged as collateral581.1 606.6 
Restricted cash and cash equivalents pledged as collateral49.6 41.1 
Interest rate1.65 %1.65 %
Term ABS 2020-3
Principal balance outstanding$600.0 $600.0 
Loans pledged as collateral709.5 759.1 
Restricted cash and cash equivalents pledged as collateral58.7 49.3 
Interest rate1.44 %1.44 %
Term ABS 2021-1
Principal balance outstanding$100.0 $— 
Loans pledged as collateral151.7 — 
Restricted cash and cash equivalents pledged as collateral10.7 — 
Interest rate2.07 %— %
Term ABS 2021-2
Principal balance outstanding$500.0 $— 
Loans pledged as collateral667.8 — 
Restricted cash and cash equivalents pledged as collateral51.8 — 
Interest rate1.12 %— %
Term ABS 2021-3
Principal balance outstanding$450.0 $— 
Loans pledged as collateral642.3 — 
Restricted cash and cash equivalents pledged as collateral45.4 — 
Interest rate1.14 %— %
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$9.9 $10.5 
Interest rate1.59 %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 2018-3August 23, 2018$500.1 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
Term ABS 2021-3May 20, 2021562.6 Through May 15, 2023