SOUTHFIELD, Mich. — Credit Acceptance Corp. recently announced some changes to its credit warehouse facilities.

The company said it increased the amount of its revolving secured warehouse facility with an institutional investor from $50 million to $75 million.

In addition, the expiration of the revolving period on the facility was extended from May 23, 2010, to Aug. 31, 2011, and the maturity of the facility was extended from May 23, 2011, to Aug. 31, 2012.

The interest rate on the facility was increased from a floating rate equal to Libor plus 177.5 basis points to Libor plus 375.0 basis points, officials indicated. There were no other material changes to the terms of the facility.

The company also recently reported that it has extended the maturity date of its $325 million revolving warehouse facility from Aug. 26, 2009, to Aug. 23, 2010.

The $50 residual credit facility that matured Aug. 26, 2009, was not renewed.

"There were no amounts outstanding under this residual facility," executives noted.

"The interest rate on borrowings under the $325.0 million warehouse facility has been increased from a floating rate equal to the commercial paper rate plus 1 percent to the commercial paper rate plus 5 percent," they added.

Under the terms of the extension, the minimum levels for the three-month average Net Yield Percentage to avoid early amortization or termination of the facility were reduced from 6 percent and 5 percent, respectively, to 2 percent and 1 percent, respectively.

The Net Yield Percentage for any month is equal to the product of (i) 12, and (ii) 20 percent of collections less the amount of interest and fees due on the facility, divided by the average borrowing base during the month.

In addition, the agreement was modified to provide that in the event that the facility is not renewed and the borrower is in compliance with the terms and conditions of the agreement, the facility will amortize for 12 months, officials explained.

During this time, the outstanding debt will be paid down through the collections on the contributed assets, according to Credit Acceptance. At the end of the 12-month period, the balance of the facility will be due and payable. There were no other material changes to the terms of the facility.