Credit Acceptance Corporation filed an 8-K on September 21, 2026, disclosing amendments to two asset-backed financing facilities, both executed on September 15, 2026, with Wells Fargo Bank, National Association serving as a counterparty on each.

Key Highlights

  • Term ABS 2019-2 revolve date extended: The $500.0 million asset-backed non-recourse secured financing will now cease to revolve on September 15, 2028, moved from September 15, 2026.
  • Term ABS 2019-2 rate increase: The applicable interest rate rose from 5.43% to 5.83% under the amendment.
  • Warehouse Facility II amortization date extended: The scheduled amortization date shifted from September 20, 2027 to September 15, 2028.
  • Warehouse Facility II rate decrease: Borrowing rate dropped from SOFR plus 185 basis points to SOFR plus 175 basis points.
  • Warehouse Facility II outstanding balance: As of September 15, 2026, $180.0 million was outstanding under Warehouse Facility II.
  • Signed by CFO: Joseph Billante III, Chief Financial Officer, signed the filing on behalf of the registrant.

Credit Acceptance Amends Terms of Term ABS 2019-2 and Warehouse Facility II

According to the filing, Credit Acceptance Corporation (NASDAQ:CACC) and Credit Acceptance Funding LLC 2019-2 entered into Amendment No. 4 to the Loan and Security Agreement and Amendment No. 1 to the Sale and Contribution Agreement with Wells Fargo Bank, National Association on September 15, 2026. The amendment extends the revolving period of Term ABS 2019-2, originally entered into on August 28, 2019, by two years to September 15, 2028. The filing noted the interest rate on that facility increased from 5.43% to 5.83%, and that "there were no other material changes to the terms of Term ABS 2019-2 in connection with the Amendment."

On the same date, the company disclosed that Credit Acceptance and CAC Warehouse Funding LLC II entered into Amendment No. 4 to the Seventh Amended and Restated Loan and Security Agreement and Amendment No. 1 to the Fifth Amended and Restated Sale and Contribution Agreement with Wells Fargo Bank, National Association and Computershare Trust Company, N.A. This amendment extended the scheduled amortization date of Warehouse Facility II from September 20, 2027 to September 15, 2028, and reduced the interest rate on borrowings from SOFR plus 185 basis points to SOFR plus 175 basis points. The filing confirmed that as of September 15, 2026, $180.0 million was outstanding under Warehouse Facility II, and stated that "there were no other material changes to the terms of Warehouse Facility II in connection with Amendment No. 4."

The filing also noted that Wells Fargo Bank, National Association and its affiliates have previously performed and may in the future perform financial advisory, commercial banking, investment banking, and other services for Credit Acceptance and its affiliates in the ordinary course of business. Computershare Trust Company, N.A. acts in trustee and collateral agent capacities under certain other company facilities and is also the transfer agent for the company's common stock, according to the filing. A press release regarding both amendments was issued on September 15, 2026, and attached as Exhibit 99.1.

What Was Disclosed

Credit Acceptance Corporation disclosed two financing facility amendments executed September 15, 2026: an extension and rate increase for its $500.0 million Term ABS 2019-2 facility, and an extension with a rate decrease for Warehouse Facility II, which carried $180.0 million outstanding as of that date.