Southfield, Michigan, June 11, 2015 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") announced today that we have increased the amount of our revolving secured line of credit facility with a commercial bank syndicate from $235.0 million to $310.0 million. We have also extended the maturity of the facility from June 23, 2017 to June 22, 2018. There were no other material changes to the terms of the facility.
We also announced today that we have increased the amount of one of our revolving secured warehouse facilities from $75.0 million to $100.0 million. There were no other material changes to the terms of the facility.
As of June 11, 2015, we had $42.0 million outstanding under our revolving secured line of credit facility and $20.2 million on our revolving secured warehouse 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.
CONTACT: Investor Relations: Douglas W. Busk Senior Vice President and Treasurer (248) 353-2700 Ext. 4432 IR@creditacceptance.com Source:Credit Acceptance Corporation