On September 15, 2026, Credit Acceptance Corporation announced amendments to two of its financing agreements with Wells Fargo Bank, National Association. The company entered into Amendment No. 4 to the Seventh Amended and Restated Loan and Security Agreement, which governs a revolving secured warehouse facility referred to as Warehouse Facility II.
Under the amendment, the scheduled date on which Warehouse Facility II will cease to revolve has been extended from September 20, 2027, to September 15, 2028. Additionally, the interest rate on borrowings under this facility was decreased from the Secured Overnight Financing Rate (SOFR) plus 185 basis points to SOFR plus 175 basis points. As of September 15, 2026, the company had $180.0 million outstanding under this facility.
Separately, Credit Acceptance and Credit Acceptance Funding LLC 2019-2 entered into Amendment No. 4 to the Loan and Security Agreement and Amendment No. 1 to the Sale and Contribution Agreement regarding a $500.0 million asset-backed non-recourse secured financing known as Term ABS 2019-2.
This amendment extended the date on which Term ABS 2019-2 will cease to revolve from September 15, 2026, to September 15, 2028. The interest rate applicable to Term ABS 2019-2 was increased from 5.43% to 5.83%. The company stated there were no other material changes to the terms of the financing.
