Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt consists of the following:


(In millions)	As of December 31, 2022
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured line of credit (1)	$	30.9	$	—	$	—	$	30.9
Secured financing (2)	3,776.7		(16.9)		(3.4)		3,756.4
Senior notes	800.0		(5.5)		—		794.5
Mortgage note	8.9		—		—		8.9
Total debt	$	4,616.5	$	(22.4)	$	(3.4)	$	4,590.7

(In millions)	As of December 31, 2021
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured line of credit (1)	$	2.6	$	—	$	—	$	2.6
Secured financing (2)	3,830.4		(18.9)		—		3,811.5
Senior notes	800.0		(7.5)		—		792.5
Mortgage note	9.7		—		—		9.7
Total debt	$	4,642.7	$	(26.4)	$	—	$	4,616.3

(1)Excludes deferred debt issuance costs of $3.9 million and $3.6 million as of December 31, 2022 and December 31, 2021, 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 December 31, 2022 is as follows:


(Dollars in millions)
Financings	Wholly Owned Subsidiary	Maturity Date		Financing Amount			Interest Rate Basis as of December 31, 2022
Revolving Secured Line of Credit	n/a	06/22/25		$	410.0	(1)	At our option, either the Bloomberg Short-Term Bank Yield Index rate (BSBY) plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (2)	CAC Warehouse Funding LLC II	04/30/24	(3)	$	400.0		LIBOR plus 175 basis points (4)
Warehouse Facility IV (2)	CAC Warehouse Funding LLC IV	05/20/25	(3)	$	300.0		The Secured Overnight Financing Rate (SOFR) plus 221.4 basis points (4)
Warehouse Facility V (2)	CAC Warehouse Funding LLC V	12/29/25	(5)	$	200.0		SOFR plus 245 basis points (4)
Warehouse Facility VI (2)	CAC Warehouse Funding LLC VI	09/30/24	(3)	$	75.0		BSBY plus 200 basis points
Warehouse Facility VIII (2)	CAC Warehouse Funding LLC VIII	09/01/24	(3)	$	200.0		SOFR plus 201.4 basis points (4)
Term ABS 2019-2 (2)	Credit Acceptance Funding LLC 2019-2	08/15/25	(6)	$	500.0		Fixed rate
Term ABS 2019-3 (2)	Credit Acceptance Funding LLC 2019-3	11/15/21	(3)	$	351.7		Fixed rate
Term ABS 2020-1 (2)	Credit Acceptance Funding LLC 2020-1	02/15/22	(3)	$	500.0		Fixed rate
Term ABS 2020-2 (2)	Credit Acceptance Funding LLC 2020-2	07/15/22	(3)	$	481.8		Fixed rate
Term ABS 2020-3 (2)	Credit Acceptance Funding LLC 2020-3	10/17/22	(3)	$	600.0		Fixed rate
Term ABS 2021-1 (2)	Credit Acceptance Funding LLC 2021-1	12/16/24	(6)	$	100.0		SOFR plus 220 basis points (4)
Term ABS 2021-2 (2)	Credit Acceptance Funding LLC 2021-2	02/15/23	(3)	$	500.0		Fixed rate
Term ABS 2021-3 (2)	Credit Acceptance Funding LLC 2021-3	05/15/23	(3)	$	450.0		Fixed rate
Term ABS 2021-4 (2)	Credit Acceptance Funding LLC 2021-4	10/16/23	(3)	$	250.1		Fixed rate
Term ABS 2022-1 (2)	Credit Acceptance Funding LLC 2022-1	06/17/24	(3)	$	350.0		Fixed rate
Term ABS 2022-2 (2)	Credit Acceptance Funding LLC 2022-2	12/15/25	(6)	$	200.0		SOFR plus 235 basis points (4)
Term ABS 2022-3 (2)	Credit Acceptance Funding LLC 2022-3	10/15/24	(3)	$	389.9		Fixed rate
2024 Senior Notes	n/a	12/31/24		$	400.0		Fixed rate
2026 Senior Notes	n/a	03/15/26		$	400.0		Fixed rate
Mortgage Note (2)	Chapter 4 Properties, LLC	08/06/28		$	9.0		BSBY plus 150 basis points

(1)The amount of the facility will decrease by $25.0 million on June 22, 2023.

(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 27, 2027 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 Years Ended December 31,
	2022		2021
Revolving Secured Line of Credit
Maximum outstanding principal balance	$	379.7	$	229.0
Average outstanding principal balance	133.4		29.1
Warehouse Facility II
Maximum outstanding principal balance	$	201.0	$	201.0
Average outstanding principal balance	83.0		18.8
Warehouse Facility IV
Maximum outstanding principal balance	$	43.8	$	—
Average outstanding principal balance	4.3		—
Warehouse Facility V
Maximum outstanding principal balance	$	—	$	—
Average outstanding principal balance	—		—
Warehouse Facility VI
Maximum outstanding principal balance	$	50.0	$	—
Average outstanding principal balance	23.1		—
Warehouse Facility VIII
Maximum outstanding principal balance	$	48.2	$	—
Average outstanding principal balance	4.7		—

Summary Of Debt


(Dollars in millions)	As of December 31,
	2022			2021
Revolving Secured Line of Credit
Principal balance outstanding	$	30.9		$	2.6
Amount available for borrowing (1)	379.1			432.4
Interest rate	6.25		%	1.98		%
Warehouse Facility II
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	400.0			400.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
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 collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility V
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	200.0			125.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			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 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 2019-1
Principal balance outstanding	$	—		$	124.6
Loans pledged as collateral	—			292.4
Restricted cash and cash equivalents pledged as collateral	—			31.8
Interest rate	—		%	3.86		%
Term ABS 2019-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	627.5			582.1
Restricted cash and cash equivalents pledged as collateral	51.0			50.7
Interest rate	5.15		%	3.13		%
Term ABS 2019-3
Principal balance outstanding	$	64.4		$	323.9
Loans pledged as collateral	200.9			382.9
Restricted cash and cash equivalents pledged as collateral	24.5			36.5
Interest rate	3.00		%	2.58		%
(1) Availability may be limited by the amount of assets pledged as collateral.


(Dollars in millions)	As of December 31,
	2022			2021
Term ABS 2020-1
Principal balance outstanding	$	144.6		$	500.0
Loans pledged as collateral	362.5			591.6
Restricted cash and cash equivalents pledged as collateral	38.8			51.9
Interest rate	2.51		%	2.18		%
Term ABS 2020-2
Principal balance outstanding	$	307.0		$	481.8
Loans pledged as collateral	452.0			579.5
Restricted cash and cash equivalents pledged as collateral	43.9			50.1
Interest rate	1.81		%	1.65		%
Term ABS 2020-3
Principal balance outstanding	$	520.7		$	600.0
Loans pledged as collateral	655.1			688.1
Restricted cash and cash equivalents pledged as collateral	53.9			58.4
Interest rate	1.47		%	1.44		%
Term ABS 2021-1
Principal balance outstanding	$	100.0		$	100.0
Loans pledged as collateral	115.0			143.7
Restricted cash and cash equivalents pledged as collateral	8.5			10.2
Interest rate	6.52		%	2.10		%
Term ABS 2021-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	572.9			618.7
Restricted cash and cash equivalents pledged as collateral	44.5			49.2
Interest rate	1.12		%	1.12		%
Term ABS 2021-3
Principal balance outstanding	$	450.0		$	450.0
Loans pledged as collateral	519.9			619.8
Restricted cash and cash equivalents pledged as collateral	38.8			46.5
Interest rate	1.14		%	1.14		%
Term ABS 2021-4
Principal balance outstanding	$	250.1		$	250.1
Loans pledged as collateral	278.5			281.2
Restricted cash and cash equivalents pledged as collateral	21.8			22.1
Interest rate	1.44		%	1.44		%
Term ABS 2022-1
Balance outstanding	$	350.0		$	—
Loans pledged as collateral	434.7			—
Restricted cash and cash equivalents pledged as collateral	27.7			—
Interest rate	5.03		%	—		%
Term ABS 2022-2
Balance outstanding	$	200.0		$	—
Loans pledged as collateral	229.3			—
Restricted cash and cash equivalents pledged as collateral	25.6			—
Interest rate	6.65		%	—		%
Term ABS 2022-3
Balance outstanding	$	389.9		$	—


(Dollars in millions)	As of December 31,
	2022			2021
Loans pledged as collateral	429.2			—
Restricted cash and cash equivalents pledged as collateral	27.6			—
Interest rate	7.68		%	—		%
2024 Senior Notes
Principal balance outstanding	$	400.0		$	400.0
Interest rate	5.125		%	5.125		%
2026 Senior Notes
Principal balance outstanding	$	400.0		$	400.0
Interest rate	6.625		%	6.625		%
Mortgage Note
Principal balance outstanding	$	8.9		$	9.7
Interest rate	5.46		%	1.60		%
(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

Revolving Period

Term ABS 2019-2

August 28, 2019

625.1

Through August 15, 2025

Term ABS 2019-3

November 21, 2019

439.6

Through November 15, 2021

Term ABS 2020-1

February 20, 2020

625.1

Through February 15, 2022

Term ABS 2020-2

July 23, 2020

602.3

Through July 15, 2022

Term ABS 2020-3

October 22, 2020

750.1

Through October 17, 2022

Term ABS 2021-1

January 29, 2021

125.1

Through December 16, 2024

Term ABS 2021-2

February 18, 2021

625.1

Through February 15, 2023

Term ABS 2021-3

May 20, 2021

562.6

Through May 15, 2023

Term ABS 2021-4

October 28, 2021

312.6

Through October 16, 2023

Term ABS 2022-1

June 16, 2022

437.6

Through June 17, 2024

Term ABS 2022-2

December 15, 2022

250.1

Through December 15, 2025

Term ABS 2022-3

November 3, 2022

500.1

Through October 15, 2024

Scheduled Principal Maturities Of Debt

The scheduled principal maturities of our debt as of December 31, 2022 are as follows:


(In millions)
Year	Revolving Secured Line of Credit Facility		Warehouse Facilities		Term ABS Financings (1)		Senior Notes		Mortgage Note		Total
2023	$	—	$	—	$	1,507.4	$	—	$	0.5	$	1,507.9
2024	—		—		878.2		400.0		0.6		1,278.8
2025	30.9		—		1,142.4		—		0.6		1,173.9
2026	—		—		248.7		400.0		0.7		649.4
2027	—		—		—		—		0.7		0.7
Thereafter	—		—		—		—		5.8		5.8
Total	$	30.9	$	—	$	3,776.7	$	800.0	$	8.9	$	4,616.5

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details