Credit Acceptance Modifies Credit Availabilities & Terms
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SOUTHFIELD, Mich. –
Credit Acceptance Corp. announced that week that the company increased the amount of its revolving secured line of credit facility with a commercial bank syndicate.
The company raised the line from $235.0 million to $310.0 million while also extending the maturity of the facility from June 23, 2017 to June 22, 2018.
“There were no other material changes to the terms of the facility,” officials said.
Credit Acceptance also announced this week that it increased the amount of one of its revolving secured warehouse facilities from $75.0 million to $100.0 million.
“There were no other material changes to the terms of the facility,” officials repeated.
As of June 11, Credit Acceptance indicated it had $42.0 million outstanding under its revolving secured line of credit facility and $20.2 million on its revolving secured warehouse facility.
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