Credit Acceptance Reports Modification to Line of Credit
SOUTHFIELD, Mich. — Credit Acceptance Corp. recently announced that it has increased the amount of its line of credit facility with a commercial bank syndicate from $75 million to $133.5 million.
In addition, officials said the maturity of the line of credit facility will extend from June 20, 2009 to June 22, 2010, provided that the company reports net income of at least $5 million for both the fourth quarter of 2007 and the first quarter of 2008.
There were no other material changes to the terms of the line of credit facility, executives said. The agreement continues to be secured by a lien on most of the company's assets.
As of Jan. 24, the Credit Acceptance indicated that it had $8.3 million outstanding under the agreement.