Attached files
| file | filename |
|---|---|
| 8-K - 8-K DATED APRIL 5, 2013 - CREDIT ACCEPTANCE CORP | cacc_8k040513.htm |
| EX-4.84 - FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT DATED APRIL 5, 2013 - CREDIT ACCEPTANCE CORP | cacc_8k040513lsa.htm |
| EX-4.85 - AMENDED AND RESTATED SALE AND CONTRIBUTION AGREEMENT DATED APRIL 5, 2013 - CREDIT ACCEPTANCE CORP | cacc_8k040513sca.htm |
Exhibit 99.1
Silver Triangle Building
25505 West Twelve Mile Road
Southfield, MI 48034-8339
(248) 353-2700
creditacceptance.com
NEWS RELEASE
FOR IMMEDIATE RELEASE
Date: April 5, 2013
Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
NASDAQ Symbol: CACC
CREDIT ACCEPTANCE ANNOUNCES
EXTENSION OF REVOLVING SECURED WAREHOUSE FACILITY
Southfield, Michigan – April 5, 2013 – Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today we extended the date on which our $75.0 million revolving secured warehouse facility will cease to revolve from February 19, 2014 to April 5, 2016. The interest rate on borrowings under the facility has been decreased from LIBOR plus 275 basis points to LIBOR plus 225 basis points. There were no other material changes to the terms of the facility.
As of April 5, 2013, we had $37.6 million outstanding under the facility.
Description of Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers financing programs that enable them to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our product, but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase a vehicle or they purchase an unreliable one. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide a significant number of our consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC. For more information, visit creditacceptance.com.