Credit Acceptance Announces Extension Of Revolving Secured Warehouse Facility

Southfield, Michigan, April 5, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:CACC) (referred to as the "Company", "Credit Acceptance","we", "our", or "us") announced today we extended the date on whichour $75.0 million revolving secured warehouse facility will ceaseto revolve from February 19, 2014 to April 5, 2016.  Theinterest rate on borrowings under the facility has been decreasedfrom LIBOR plus 275 basis points to LIBOR plus 225 basispoints.  There were no other material changes to the terms ofthe facility.

As of April 5, 2013, we had $37.6 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

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX