Financing ·
Credit Acceptance extends two $500M Wells Fargo facilities through September 2028
CACCCredit Acceptance Corp
Credit Acceptance Corporation amended two financing agreements with Wells Fargo Bank on September 15, 2026. The company extended the $500 million Term ABS 2019-2 asset-backed non-recourse secured financing, extending its revolving cessation date from September 15, 2026 to September 15, 2028 and increasing the interest rate from 5.43% to 5.83%. Additionally, Credit Acceptance extended its $500 million Warehouse Facility II, moving the scheduled amortization date from September 20, 2027 to September 15, 2028 while decreasing the spread on borrowings from SOFR plus 185 basis points to SOFR plus 175 basis points. As of the amendment date, $180 million was outstanding under Warehouse Facility II. Credit Acceptance Corporation operates in the automotive finance industry, providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history.