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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of March 31, 2024
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$169.5 $— $— $169.5 
Secured financing (2)4,474.5 (28.2)(2.2)4,444.1 
Senior notes1,000.0 (10.4)— 989.6 
Mortgage note8.3 — — 8.3 
Total debt$5,652.3 $(38.6)$(2.2)$5,611.5 
(In millions)As of December 31, 2023
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$79.2 $— $— $79.2 
Secured financing (2)4,019.0 (25.6)(2.5)3,990.9 
Senior notes1,000.0 (11.0)— 989.0 
Mortgage note8.4 — — 8.4 
Total debt$5,106.6 $(36.6)$(2.5)$5,067.5 

(1)Excludes deferred debt issuance costs of $3.8 million and $4.2 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 is as follows:
(Dollars in millions)     
FinancingsWholly Owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
March 31, 2024
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
Warehouse Facility IV (2)CAC Warehouse Funding LLC IV12/29/2026(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 2021-1 (2)Credit Acceptance Funding LLC 2021-102/17/2026(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
Term ABS 2023-A (2)Credit Acceptance Funding LLC 2023-A12/15/2025(6)200.0 Fixed rate
Term ABS 2023-5 (2)Credit Acceptance Funding LLC 2023-512/15/2025(3)294.0 Fixed rate
Term ABS 2024-A (2)Credit Acceptance Funding LLC 2024-A02/15/2027(6)200.0 Fixed rate
Term ABS 2024-1 (2)Credit Acceptance Funding LLC 2024-103/16/2026(3)500.0 Fixed rate
2026 Senior Notesn/a03/15/2026400.0 Fixed rate
2028 Senior Notesn/a12/15/2028600.0 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 
March 31,
 20242023
Revolving Secured Lines of Credit  
Maximum outstanding principal balance$328.0 $306.8 
Average outstanding principal balance166.8 123.0 
Warehouse Facility II  
Maximum outstanding principal balance201.0 201.0 
Average outstanding principal balance128.1 19.0 
Warehouse Facility IV  
Maximum outstanding principal balance— — 
Average outstanding principal balance— — 
Warehouse Facility V
Maximum outstanding principal balance— — 
Average outstanding principal balance— — 
Warehouse Facility VI
Maximum outstanding principal balance60.0 — 
Average outstanding principal balance29.7 — 
Warehouse Facility VIII
Maximum outstanding principal balance100.0 — 
Average outstanding principal balance30.8 — 
Summary of Debt
(Dollars in millions)As of
 March 31, 2024December 31, 2023
Revolving Secured Lines of Credit  
Principal balance outstanding$169.5 $79.2 
Amount available for borrowing (1)240.5 330.8 
Interest rate7.22 %7.33 %
Warehouse Facility II  
Principal balance outstanding$— $— 
Amount available for borrowing (1)400.0 400.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral2.0 1.0 
Interest rate— %— %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.5 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
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$60.0 $— 
Amount available for borrowing (1)15.0 75.0 
Loans pledged as collateral76.5 — 
Restricted cash and cash equivalents pledged as collateral2.2 — 
Interest rate7.37 %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 0.8 
Interest rate— %— %
Term ABS 2019-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral547.4 597.3 
Restricted cash and cash equivalents pledged as collateral49.1 47.6 
Interest rate5.15 %5.15 %
Term ABS 2020-3
Principal balance outstanding$— $110.3 
Loans pledged as collateral— 418.4 
Restricted cash and cash equivalents pledged as collateral— 42.3 
Interest rate— %2.06 %
(Dollars in millions)As of
March 31, 2024December 31, 2023
Term ABS 2021-1
Principal balance outstanding$100.0 $100.0 
Loans pledged as collateral114.1 112.8 
Restricted cash and cash equivalents pledged as collateral10.1 8.8 
Interest rate7.53 %7.56 %
Term ABS 2021-2
Principal balance outstanding$109.3 $188.2 
Loans pledged as collateral370.5 415.5 
Restricted cash and cash equivalents pledged as collateral39.2 37.3 
Interest rate1.58 %1.38 %
Term ABS 2021-3
Principal balance outstanding$193.2 $265.0 
Loans pledged as collateral351.6 396.3 
Restricted cash and cash equivalents pledged as collateral35.2 33.8 
Interest rate1.33 %1.24 %
Term ABS 2021-4
Principal balance outstanding$178.1 $221.6 
Loans pledged as collateral235.4 255.2 
Restricted cash and cash equivalents pledged as collateral21.9 21.0 
Interest rate1.51 %1.46 %
Term ABS 2022-1
Principal balance outstanding$350.0 $350.0 
Loans pledged as collateral376.7 378.2 
Restricted cash and cash equivalents pledged as collateral30.2 27.4 
Interest rate5.03 %5.03 %
Term ABS 2022-2
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral209.7 212.1 
Restricted cash and cash equivalents pledged as collateral16.5 14.7 
Interest rate7.66 %7.66 %
Term ABS 2022-3
Principal balance outstanding$389.9 $389.9 
Loans pledged as collateral421.0 418.9 
Restricted cash and cash equivalents pledged as collateral32.1 28.9 
Interest rate7.68 %7.68 %
Term ABS 2023-1
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral583.3 611.6 
Restricted cash and cash equivalents pledged as collateral40.9 38.5 
Interest rate6.92 %6.92 %
Term ABS 2023-2
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral684.4 701.7 
Restricted cash and cash equivalents pledged as collateral46.1 42.0 
Interest rate6.39 %6.39 %
(Dollars in millions)As of
March 31, 2024December 31, 2023
Term ABS 2023-3
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral648.4 643.8 
Restricted cash and cash equivalents pledged as collateral45.0 40.3 
Interest rate6.86 %6.86 %
Term ABS 2023-A
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral301.4 273.4 
Restricted cash and cash equivalents pledged as collateral20.0 17.2 
Interest rate7.51 %7.51 %
Term ABS 2023-5
Principal balance outstanding$294.0 $294.0 
Loans pledged as collateral477.1 433.9 
Restricted cash and cash equivalents pledged as collateral37.3 52.2 
Interest rate6.54 %6.54 %
Term ABS 2024-A
Principal balance outstanding$200.0 $— 
Loans pledged as collateral285.4 — 
Restricted cash and cash equivalents pledged as collateral19.9 — 
Interest rate7.45 %— %
Term ABS 2024-1
Principal balance outstanding$500.0 $— 
Loans pledged as collateral655.8 — 
Restricted cash and cash equivalents pledged as collateral105.5 — 
Interest rate6.01 %— %
2026 Senior Notes
Principal balance outstanding$400.0 $400.0 
Interest rate6.625 %6.625 %
2028 Senior Notes
Principal balance outstanding$600.0 $600.0 
Interest rate9.250 %9.250 %
Mortgage Note
Principal balance outstanding$8.3 $8.4 
Interest rate6.87 %6.88 %
(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 2021-1January 29, 2021125.1 Through February 17, 2026
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
Term ABS 2023-ANovember 30, 2023252.0 Through December 15, 2025
Term ABS 2023-5December 21, 2023375.1 Through December 15, 2025
Term ABS 2024-AFebruary 27, 2024250.1 Through February 15, 2027
Term ABS 2024-1March 28, 2024625.2 Through March 16, 2026