UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2019
CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
|
| | | | |
| Michigan | | 000-20202 | | 38-1999511 |
| (State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | | | | |
| 25505 West Twelve Mile Road | | | | |
| Southfield, Michigan | | | | 48034-8339 |
| (Address of principal executive offices) | | | | (Zip Code) |
Registrant’s telephone number, including area code: 248-353-2700
|
| | |
| | Not Applicable | |
| (Former name or former address, if changed since last report.) |
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, $.01 par value | CACC | The Nasdaq Stock Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 1.01 Entry into a Material Definitive Agreement.
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On July 25, 2019 Credit Acceptance Corporation (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into Second Amendment to Loan and Security Agreement (“Warehouse Amendment”), dated as of July 25, 2019, among the Company, CAC Warehouse Funding Corporation VI and Flagstar Bank, FSB. The Warehouse Amendment extends the date on which our $75.0 million revolving secured warehouse facility will cease to revolve from September 30, 2020 to September 30, 2022. There were no other material changes to the terms of the facility.
As of July 25, 2019, we did not have a balance outstanding under the facility. The terms and conditions of this transaction are set forth in the agreement attached hereto as Exhibit 4.105 to this Form 8-K and incorporated herein by reference.
On July 25, 2019, we issued a press release announcing the completion of the facility. The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
| | |
| Exhibit No. | | Description |
| | Second Amendment to Loan and Security Agreement dated as of July 25, 2019 among the Company, CAC Warehouse Funding Corporation VI and Flagstar Bank, FSB. |
| | Press release dated July 25, 2019. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| | | |
| | CREDIT ACCEPTANCE CORPORATION | |
| | | | |
| Date: July 26, 2019 | By: | /s/ Douglas W. Busk | |
| | | Douglas W. Busk | |
| | | Senior Vice President and Treasurer | |
