Credit Acceptance extended the maturity of its $350 million revolving secured line of credit facility with a commercial bank syndicate from June 22, 2020 to June 22, 2021. The facility will also downsize to $315 million on June 22, 2019.
According to a related 8-K filing, Comerica Bank served as administrative agent and collateral agent for the syndicate.
There were no other material changes to the terms of the facility.
As of June 27, 2018, there was no outstanding balance under the facility.
Since 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history.
