Southfield, Michigan, Dec. 28, 2012 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:CACC) (referred to as the "Company", "Credit Acceptance","we", "our", or "us") announced today that on December 27, 2012, weextended the date on which our $325.0 million revolving securedwarehouse facility will cease to revolve from June 17, 2014 toDecember 27, 2015. The interest rate on borrowings under thefacility has been decreased from the commercial paper rate plus2.75% to the commercial paper rate plus 2.0%. There were noother material changes to the terms of the facility. As of December 27, 2012, we had $81.3 millionoutstanding under the facility. Description of Credit AcceptanceCorporation Since 1972, Credit Acceptance has offeredautomobile dealers financing programs that enable them to sellvehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network ofautomobile dealers who benefit from sales of vehicles to consumerswho otherwise could not obtain financing; from repeat and referralsales generated by these same customers; and from sales tocustomers responding to advertisements for our product, but whoactually end up qualifying for traditional financing. Without our financing programs, consumers areoften unable to purchase a vehicle or they purchase an unreliableone. Further, as we report to the three national creditreporting agencies, an important ancillary benefit of our programsis that we provide a significant number of our consumers with anopportunity to improve their lives by improving their credit scoreand move on to more traditional sources of financing. CreditAcceptance is publicly traded on the NASDAQ under the symbolCACC. For more information, visit creditacceptance.com.
CONTACT: Investor Relations: Douglas W. Busk Senior Vice President and Treasurer (248) 353-2700 Ext. 4432 IR@creditacceptance.com