-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EAsj64JZcqi2qARAOjor1QKKM89IObqxmPnE86XaWGKweaEnNDfHjjsBquhj1C1O VjwPYHV+3ml98B98nOsjPg== 0000950124-03-001987.txt : 20030610 0000950124-03-001987.hdr.sgml : 20030610 20030610141031 ACCESSION NUMBER: 0000950124-03-001987 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030609 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT ACCEPTANCE CORPORATION CENTRAL INDEX KEY: 0000885550 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 381999511 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20202 FILM NUMBER: 03738825 BUSINESS ADDRESS: STREET 1: 25505 W TWELVE MILE RD STREET 2: STE 3000 CITY: SOUTHFIELD STATE: MI ZIP: 48034-8334 BUSINESS PHONE: 8103532700 MAIL ADDRESS: STREET 1: 25505 WEST TWELVE MILE ROAD STREET 2: SUITE 3000 CITY: SOUTHFIELD STATE: MI ZIP: 48034-8334 8-K 1 k77664e8vk.txt CURRENT REPORT DATED JUNE 9, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): JUNE 9, 2003 CREDIT ACCEPTANCE CORPORATION (Exact Name of Registrant as Specified in its Charter) Commission File Number 000-20202 MICHIGAN 38-1999511 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 25505 W. TWELVE MILE ROAD, SUITE 3000 48034-8339 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (248) 353-2700 ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE. On June 9, 2003, Credit Acceptance Corporation (the "Company"), issued a press release announcing the renewal of its $135 million credit agreement with a group of commercial banks for two years. The press release, dated June 9, 2003, is attached as Exhibit 99.1 to this Form 8-K. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press Release dated June 9, 2003 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CREDIT ACCEPTANCE CORPORATION (Registrant) By: /s/ Douglas W. Busk -------------------- Douglas W. Busk Chief Financial Officer and Treasurer June 10, 2003 INDEX OF EXHIBITS EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Press Release dated June 9, 2003. EX-99.1 3 k77664exv99w1.txt PRESS RELEASE DATED JUNE 9, 2003 99.1 [CREDIT ACCEPTANCE LOGO] SILVER TRIANGLE BUILDING 25505 WEST TWELVE MILE ROAD, SUITE 3000 SOUTHFIELD, MI 48034-8339 (248) 353-2700 WWW.CREDITACCEPTANCE.COM NEWS RELEASE FOR IMMEDIATE RELEASE DATE: JUNE 9, 2003 CONTACTS: DOUGLAS W. BUSK CHIEF FINANCIAL OFFICER (248) 353-2700 EXT. 432 IR@CREDITACCEPTANCE.COM NASDAQ SYMBOL: CACC CREDIT ACCEPTANCE CORPORATION RENEWS $135,000,000 REVOLVING CREDIT AGREEMENT FOR TWO YEARS SOUTHFIELD, MICHIGAN -- JUNE 9, 2003 -- CREDIT ACCEPTANCE CORPORATION (NASDAQ: CACC) Credit Acceptance announced today that it has renewed its $135 million credit agreement with a group of commercial banks. The facility term has been increased from one to two years. Certain fees and financial covenants have been adjusted to reflect the increase in term. Borrowings under the facility will continue to bear interest at the bank's prime rate or 1.4% over the Eurocurrency rate at the Company's option. The agreement expires on June 9, 2005, and continues to be secured by a lien on most of the Company's assets. The Company has $73 million currently outstanding under the agreement. Credit Acceptance is a financial services company specializing in products and services for a network of automobile dealer-partners. Credit Acceptance provides participating dealer-partners with financing sources for consumers with limited access to credit by offering "guaranteed credit approval". The Company delivers credit approvals through the internet. Other services include marketing, sales training and a wholesale purchasing cooperative. Through its financing program, Credit Acceptance helps consumers change their lives by providing an opportunity to strengthen and reestablish their credit standing by making timely monthly payments. Credit Acceptance is publicly traded on NASDAQ under the symbol CACC. For more information, visit www.creditacceptance.com. -----END PRIVACY-ENHANCED MESSAGE-----