Financing ·
Credit Acceptance Corporation completed a $600.0 million asset-backed non-recourse secured financing on August 20, 2026
CACCCredit Acceptance Corp
Credit Acceptance Corporation completed a $600.0 million asset-backed non-recourse secured financing on August 20, 2026. The company conveyed consumer loans valued at approximately $750.2 million to Credit Acceptance Funding LLC 2026-2, which transferred them to a trust issuing three note classes: Class A ($319.88 million), Class B ($117.3 million), and Class C ($162.82 million). The financing carries an expected average annualized cost of approximately 5.5% and will revolve for 24 months before amortizing based on loan cash flows. Proceeds are designated to repay higher-cost indebtedness and fund general corporate purposes, while the company retains a 4.0% servicing fee. This transaction represents the largest ABS deal in the company's history and achieved credit spreads at their lowest level since late 2021. Credit Acceptance Corporation operates in the automotive finance industry, providing subprime auto loan financing to consumers through a network of automobile dealers.