XML 35 R28.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2014
Debt Instrument [Line Items] |
Schedule of General Information of Financing Transaction | General information for each of our financing transactions in place as of September 30, 2014 is as follows:
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
Financings |  | Wholly-owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate as of September 30, 2014
Revolving Secured Line of Credit |  | n/a |  | 06/23/2017 |  |  |  | $ | 235.0 |  |  | At our option, either LIBOR plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (1) |  | CAC Warehouse Funding Corp. II |  | 07/18/2017 |  | (3) |  | $ | 325.0 |  |  | Commercial paper rate or LIBOR plus 200 basis points (4)
Warehouse Facility IV (1) |  | CAC Warehouse Funding LLC IV |  | 04/05/2016 |  | (3) |  | $ | 75.0 |  |  | LIBOR plus 200 basis points (4)
Warehouse Facility V (1)(2) |  | CAC Warehouse Funding LLC V |  | 09/10/2017 |  | (5) |  | $ | 75.0 |  |  | LIBOR plus 160 basis points (4)
Term ABS 2012-1 (1) |  | Credit Acceptance Funding LLC 2012-1 |  | 03/17/2014 |  | (3) |  | $ | 201.3 |  |  | Fixed rate
Term ABS 2012-2 (1) |  | Credit Acceptance Funding LLC 2012-2 |  | 09/15/2014 |  | (3) |  | $ | 252.0 |  |  | Fixed rate
Term ABS 2013-1 (1) |  | Credit Acceptance Funding LLC 2013-1 |  | 04/15/2015 |  | (3) |  | $ | 140.3 |  |  | Fixed rate
Term ABS 2013-2 (1) |  | Credit Acceptance Funding LLC 2013-2 |  | 10/15/2015 |  | (3) |  | $ | 197.8 |  |  | Fixed rate
Term ABS 2014-1 (1) |  | Credit Acceptance Funding LLC 2014-1 |  | 04/15/2016 |  | (3) |  | $ | 299.0 |  |  | Fixed rate
Term ABS 2014-2 (1) |  | Credit Acceptance Funding LLC 2014-2 |  | 09/15/2016 |  | (3) |  | $ | 349.0 |  |  | Fixed rate
2021 Senior Notes |  | n/a |  | 02/15/2021 |  |  |  | $ | 300.0 |  |  | Fixed rate
(1) | Financing made available only to a specified subsidiary of the Company.
(2) | In connection with the renewal of this warehouse facility in the third quarter of 2014, we formed a new wholly owned subsidiary, CAC Warehouse Funding LLC V, which replaced CAC Warehouse Funding III, LLC.
(3) | Represents the revolving maturity date. The outstanding balance will amortize after the maturity date based on the cash flows of the pledged assets.
(4) | Interest rate cap agreements are in place to limit the exposure to increasing interest rates.
(5) | Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on September 10, 2019 will be due.
Schedule of Additional Information Related to Debt Instruments | Additional information related to the amounts outstanding on each facility is as follows:
(In millions) | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Revolving Secured Line of Credit |  |  |  |  |  |  |
Maximum outstanding balance | $ | 163.5 |  |  | $ | 179.0 |  |  | $ | 204.7 |  |  | $ | 195.1 |
Average outstanding balance | 101.2 |  |  | 70.5 |  |  | 102.2 |  |  | 94.4 |
Warehouse Facility II |  |  |  |  |  |  |
Maximum outstanding balance | $ | 290.2 |  |  | $ | 169.1 |  |  | $ | 290.2 |  |  | $ | 169.1 |
Average outstanding balance | 152.9 |  |  | 136.0 |  |  | 89.6 |  |  | 91.5 |
Warehouse Facility IV |  |  |  |  |  |  |
Maximum outstanding balance | $ | 26.7 |  |  | $ | — |  |  | $ | 26.7 |  |  | $ | 39.6 |
Average outstanding balance | 24.5 |  |  | — |  |  | 21.7 |  |  | 15.7 |
Warehouse Facility V (1) |  |  |  |  |  |  |
Maximum outstanding balance | $ | 58.8 |  |  | $ | 46.9 |  |  | $ | 75.0 |  |  | $ | 60.0 |
Average outstanding balance | 2.5 |  |  | 42.0 |  |  | 7.4 |  |  | 27.5 |
Summary of Debt |
(Dollars in millions) | As of
| September 30, 2014 |  | December 31, 2013
Revolving Secured Line of Credit |  |  |
Balance outstanding | $ | 8.8 |  |  | $ | 102.8 |
Amount available for borrowing (1) | 226.2 |  |  | 132.2 |
Interest rate | 2.03 | % |  | 2.04 | %
Warehouse Facility II |  |  |
Balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 325.0 |  |  | 325.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 2.9 |  |  | 1.2 |
Interest rate | 2.15 | % |  | 2.17 | %
Warehouse Facility IV |  |  |
Balance outstanding | $ | 25.0 |  |  | $ | — |
Amount available for borrowing (1) | 50.0 |  |  | 75.0 |
Loans pledged as collateral | 44.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.4 |  |  | 0.2 |
Interest rate | 2.15 | % |  | 2.17 | %
Warehouse Facility V (2) |  |  |
Balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 75.0 |  |  | 75.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.3 |  |  | 0.3 |
Interest rate | 1.75 | % |  | 1.77 | %
Term ABS 2011-1 |  |  |
Balance outstanding | $ | — |  |  | $ | 144.2 |
Loans pledged as collateral | — |  |  | 215.3 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 23.2 |
Interest rate | — | % |  | 3.01 | %
Term ABS 2012-1 |  |  |
Balance outstanding | $ | 88.2 |  |  | $ | 201.3 |
Loans pledged as collateral | 169.7 |  |  | 240.4 |
Restricted cash and cash equivalents pledged as collateral | 22.8 |  |  | 23.5 |
Interest rate | 2.61 | % |  | 2.38 | %
Term ABS 2012-2 |  |  |
Balance outstanding | $ | 252.0 |  |  | $ | 252.0 |
Loans pledged as collateral | 304.3 |  |  | 303.8 |
Restricted cash and cash equivalents pledged as collateral | 32.0 |  |  | 27.7 |
Interest rate | 1.63 | % |  | 1.63 | %
Term ABS 2013-1 |  |  |
Balance outstanding | $ | 140.3 |  |  | $ | 140.3 |
Loans pledged as collateral | 183.7 |  |  | 184.3 |
Restricted cash and cash equivalents pledged as collateral | 17.6 |  |  | 15.3 |
Interest rate | 1.31 | % |  | 1.31 | %
Term ABS 2013-2 |  |  |
Balance outstanding | $ | 197.8 |  |  | $ | 197.8 |
Loans pledged as collateral | 244.3 |  |  | 250.5 |
Restricted cash and cash equivalents pledged as collateral | 21.6 |  |  | 18.7 |
Interest rate | 1.67 | % |  | 1.67 | %
Term ABS 2014-1 |  |  |
Balance outstanding | $ | 299.0 |  |  | $ | — |
Loans pledged as collateral | 440.5 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 34.3 |  |  | — |
Interest rate | 1.72 | % |  | — | %
Term ABS 2014-2 |  |  |
Balance outstanding | $ | 349.0 |  |  | $ | — |
Loans pledged as collateral | 444.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 70.0 |  |  | — |
Interest rate | 2.05 | % |  | — | %
2017 Senior Notes |  |  |
Balance outstanding (3) | $ | — |  |  | $ | 350.2 |
Interest rate | — | % |  | 9.125 | %
2021 Senior Notes |  |  |
Balance outstanding | $ | 300.0 |  |  | $ | — |
Interest rate | 6.125 | % |  | — | %
(1) | Availability may be limited by the amount of assets pledged as collateral.
(2) | In connection with the renewal of this warehouse facility in the third quarter of 2014, we formed a new wholly owned subsidiary, CAC Warehouse Funding LLC V, which replaced CAC Warehouse Funding III, LLC.
(3) | As of December 31, 2013, the outstanding balance presented for the 2017 Senior Notes includes a net unamortized debt premium of $0.2 million.
Term ABS Financings [Member] |
Debt Instrument [Line Items] |
Schedule of General Information of Financing Transaction | The table below sets forth certain additional details regarding the outstanding Term ABS Financings:
(Dollars in millions) |  |  |  |  |  |
Term ABS Financings |  | Close Date |  | Net Book Value of Loans Contributed at Closing |  | 24-month Revolving Period
Term ABS 2012-1 |  | March 29, 2012 |  | $ | 251.7 |  |  | Through March 17, 2014
Term ABS 2012-2 |  | September 20, 2012 |  | $ | 315.1 |  |  | Through September 15, 2014
Term ABS 2013-1 |  | April 25, 2013 |  | $ | 187.8 |  |  | Through April 15, 2015
Term ABS 2013-2 |  | October 31, 2013 |  | $ | 250.1 |  |  | Through October 15, 2015
Term ABS 2014-1 |  | April 16, 2014 |  | $ | 374.7 |  |  | Through April 15, 2016
Term ABS 2014-2 |  | September 25, 2014 |  | $ | 437.6 |  |  | Through September 15, 2016

X
- Definition Schedule Of Additional Information Related To Debt Instruments [Table Text Block] + References No definition available. + Details
Name: | cacc_ScheduleOfAdditionalInformationRelatedToDebtInstrumentsTableTextBlock
Namespace Prefix: | cacc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration