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Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of September 30, 2023
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$102.1 $— $— $102.1 
Secured financing (2)4,057.9 (21.0)(2.7)4,034.2 
Senior notes800.0 (4.0)— 796.0 
Mortgage note8.5 — — 8.5 
Total debt$4,968.5 $(25.0)$(2.7)$4,940.8 
(In millions)As of December 31, 2022
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$30.9 $— $— $30.9 
Secured financing (2)3,776.7 (16.9)(3.4)3,756.4 
Senior notes800.0 (5.5)— 794.5 
Mortgage note8.9 — — 8.9 
Total debt$4,616.5 $(22.4)$(3.4)$4,590.7 

(1)Excludes deferred debt issuance costs of $4.6 million and $3.9 million as of September 30, 2023 and December 31, 2022, respectively, which are included in other assets.
(2)Warehouse facilities and Term ABS financings.
Schedule of General Information of Financing Transaction
General information for each of our financing transactions in place as of September 30, 2023 is as follows:
(Dollars in millions)     
FinancingsWholly Owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
September 30, 2023
Revolving Secured Line of Credit Facilityn/a06/22/2026 $390.0 
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
RTP Facilityn/a—(1)$20.0 
BSBY plus 187.5 basis points
Warehouse Facility II (2)CAC Warehouse Funding LLC II04/30/2026(3)400.0 
The Secured Overnight Financing Rate (SOFR) plus 230 basis points (4)
Warehouse Facility IV (2)CAC Warehouse Funding LLC IV05/20/2025(3)300.0 
SOFR plus 221.4 basis points (4)
Warehouse Facility V (2)CAC Warehouse Funding LLC V12/29/2025(5)200.0 
SOFR plus 245 basis points (4)
Warehouse Facility VI (2)CAC Warehouse Funding LLC VI09/30/2026(3)75.0 
BSBY plus 200 basis points
Warehouse Facility VIII (2)CAC Warehouse Funding LLC VIII09/21/2026(3)200.0 
SOFR plus 225.0 basis points (4)
Term ABS 2019-2 (2)Credit Acceptance Funding LLC 2019-208/15/2025(6)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 2021-112/16/2024(6)100.0 
SOFR plus 220 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
Term ABS 2021-4 (2)Credit Acceptance Funding LLC 2021-410/16/2023(3)250.1 Fixed rate
Term ABS 2022-1 (2)Credit Acceptance Funding LLC 2022-106/17/2024(3)350.0 Fixed rate
Term ABS 2022-2 (2)Credit Acceptance Funding LLC 2022-212/15/2025(6)200.0 
SOFR plus 235 basis points (4)
Term ABS 2022-3 (2)Credit Acceptance Funding LLC 2022-310/15/2024(3)389.9 Fixed rate
Term ABS 2023-1 (2)Credit Acceptance Funding LLC 2023-103/17/2025(3)400.0 Fixed rate
Term ABS 2023-2 (2)Credit Acceptance Funding LLC 2023-25/15/2025(3)$400.0 Fixed rate
Term ABS 2023-3 (2)Credit Acceptance Funding LLC 2023-38/15/2025(3)$400.0 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, LLC08/06/20289.0 
BSBY plus 150 basis points
(1)Borrowings are subject to repayment on demand.
(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 Three Months Ended 
September 30,		For the Nine Months Ended 
September 30,
 2023202220232022
Revolving Secured Lines of Credit    
Maximum outstanding principal balance$302.2 $356.3 $355.5 $379.7 
Average outstanding principal balance171.1 169.1 152.4 152.8 
Warehouse Facility II    
Maximum outstanding principal balance201.0 100.0 201.0 201.0 
Average outstanding principal balance86.2 71.7 55.2 83.1 
Warehouse Facility IV    
Maximum outstanding principal balance— — — 43.8 
Average outstanding principal balance— — — 5.7 
Warehouse Facility V
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Warehouse Facility VI
Maximum outstanding principal balance— 50.0 — 50.0 
Average outstanding principal balance— 50.0 — 17.2 
Warehouse Facility VIII
Maximum outstanding principal balance— — — 48.2 
Average outstanding principal balance— — — 6.3 
Summary of Debt
(Dollars in millions)As of
 September 30, 2023December 31, 2022
Revolving Secured Lines of Credit  
Principal balance outstanding$102.1 $30.9 
Amount available for borrowing (1)307.9 379.1 
Interest rate7.26 %6.25 %
Warehouse Facility II  
Principal balance outstanding$201.0 $— 
Amount available for borrowing (1)199.0 400.0 
Loans pledged as collateral244.9 — 
Restricted cash and cash equivalents pledged as collateral9.7 1.0 
Interest rate7.60 %— %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$— $— 
Amount available for borrowing (1)75.0 75.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
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 2019-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral554.8 627.5 
Restricted cash and cash equivalents pledged as collateral45.7 51.0 
Interest rate5.15 %5.15 %
Term ABS 2019-3
Principal balance outstanding$— $64.4 
Loans pledged as collateral— 200.9 
Restricted cash and cash equivalents pledged as collateral— 24.5 
Interest rate— %3.00 %
Term ABS 2020-1
Principal balance outstanding$— $144.6 
Loans pledged as collateral— 362.5 
Restricted cash and cash equivalents pledged as collateral— 38.8 
Interest rate— %2.51 %
Term ABS 2020-2
Principal balance outstanding$62.9 $307.0 
Loans pledged as collateral289.1 452.0 
Restricted cash and cash equivalents pledged as collateral34.2 43.9 
Interest rate2.70 %1.81 %
Term ABS 2020-3
Principal balance outstanding$196.1 $520.7 
Loans pledged as collateral467.1 655.1 
Restricted cash and cash equivalents pledged as collateral45.4 53.9 
Interest rate1.86 %1.47 %
Term ABS 2021-1
Principal balance outstanding$100.0 $100.0 
Loans pledged as collateral112.7 115.0 
Restricted cash and cash equivalents pledged as collateral8.9 8.5 
Interest rate7.53 %6.52 %
Term ABS 2021-2
Principal balance outstanding$269.0 $500.0 
Loans pledged as collateral460.3 572.9 
Restricted cash and cash equivalents pledged as collateral39.7 44.5 
Interest rate1.25 %1.12 %
Term ABS 2021-3
Principal balance outstanding$338.9 $450.0 
Loans pledged as collateral438.0 519.9 
Restricted cash and cash equivalents pledged as collateral36.4 38.8 
Interest rate1.19 %1.14 %
Term ABS 2021-4
Principal balance outstanding$250.1 $250.1 
Loans pledged as collateral267.9 278.5 
Restricted cash and cash equivalents pledged as collateral22.0 21.8 
Interest rate1.44 %1.44 %
Term ABS 2022-1
Principal balance outstanding$350.0 $350.0 
Loans pledged as collateral379.1 434.7 
Restricted cash and cash equivalents pledged as collateral26.6 27.7 
Interest rate5.03 %5.03 %
Term ABS 2022-2
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral214.4 229.3 
Restricted cash and cash equivalents pledged as collateral15.0 25.6 
Interest rate7.76 %6.65 %
Term ABS 2022-3
Principal balance outstanding$389.9 $389.9 
Loans pledged as collateral423.9 429.2 
Restricted cash and cash equivalents pledged as collateral29.3 27.6 
Interest rate7.68 %7.68 %
Term ABS 2023-1
Principal balance outstanding$400.0 $— 
Loans pledged as collateral629.9 — 
Restricted cash and cash equivalents pledged as collateral39.4 — 
Interest rate6.92 %— %
Term ABS 2023-2
Principal balance outstanding$400.0 $— 
Loans pledged as collateral694.6 — 
Restricted cash and cash equivalents pledged as collateral41.9 — 
Interest rate6.39 %— %
Term ABS 2023-3
Principal balance outstanding$400.0 $— 
Loans pledged as collateral604.8 — 
Restricted cash and cash equivalents pledged as collateral37.2 — 
Interest rate6.86 %— %
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$8.5 $8.9 
Interest rate6.87 %5.46 %
(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 FinancingsClosing DateNet Book Value of Loans
Conveyed at Closing		Revolving Period
Term ABS 2019-2August 28, 2019$625.1 Through August 15, 2025
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 December 16, 2024
Term ABS 2021-2February 18, 2021625.1 Through February 15, 2023
Term ABS 2021-3May 20, 2021562.6 Through May 15, 2023
Term ABS 2021-4October 28, 2021312.6 Through October 16, 2023
Term ABS 2022-1June 16, 2022437.6 Through June 17, 2024
Term ABS 2022-2December 15, 2022250.1 Through December 15, 2025
Term ABS 2022-3November 3, 2022500.1 Through October 15, 2024
Term ABS 2023-1March 16, 2023500.2 Through March 17, 2025
Term ABS 2023-2May 25, 2023500.1 Through May 15, 2025
Term ABS 2023-3August 24, 2023500.1 Through August 15, 2025