Credit Acceptance extends credit facility maturity, reduces rate

Credit Acceptance Corporation (NASDAQ: CACC) extended the maturity of its revolving secured line of credit facility with a commercial bank syndicate from June 22, 2028 to June 22, 2029, according to a company statement.

The Southfield, Michigan-based company also reduced the interest rate on borrowings under the facility from the Secured Overnight Financing Rate plus 197.5 basis points to SOFR plus 175 basis points.

As of June 9, 2026, Credit Acceptance had $270.5 million outstanding under the facility. The company stated there were no other material changes to the terms of the facility.

Credit Acceptance provides automotive financing solutions through a network of automobile dealers, focusing on consumers who may not qualify for traditional financing options.

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