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v2.4.1.9

Debt (Tables) | 12 Months Ended
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Dec. 31, 2014
Debt Instrument [Line Items] |
Schedule Of General Information Of Financing Transaction | General information for each of our financing transactions in place as of December 31, 2014 is as follows:
(Dollars in millions) |  |  |  |  |  |  |  |
Financings |  | Wholly-owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate as of December 31, 2014
Revolving Secured Line of Credit |  | n/a |  | 06/23/17 |  |  |  | $ | 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 |  | 07/18/17 |  | (3) |  | $ | 325.0 |  |  | Commercial paper rate or LIBOR plus 200 basis points (4)
Warehouse Facility IV (1) |  | CAC Warehouse Funding LLC IV |  | 04/05/16 |  | (3) |  | $ | 75.0 |  |  | LIBOR plus 200 basis points (4)
Warehouse Facility V (1)(2) |  | CAC Warehouse Funding LLC V |  | 09/10/17 |  | (5) |  | $ | 75.0 |  |  | LIBOR plus 160 basis points (4)
Term ABS 2012-1 (1) |  | Credit Acceptance Funding LLC 2012-1 |  | 03/17/14 |  | (3) |  | $ | 201.3 |  |  | Fixed rate
Term ABS 2012-2 (1) |  | Credit Acceptance Funding LLC 2012-2 |  | 09/15/14 |  | (3) |  | $ | 252.0 |  |  | Fixed rate
Term ABS 2013-1 (1) |  | Credit Acceptance Funding LLC 2013-1 |  | 04/15/15 |  | (3) |  | $ | 140.3 |  |  | Fixed rate
Term ABS 2013-2 (1) |  | Credit Acceptance Funding LLC 2013-2 |  | 10/15/15 |  | (3) |  | $ | 197.8 |  |  | Fixed rate
Term ABS 2014-1 (1) |  | Credit Acceptance Funding LLC 2014-1 |  | 04/15/16 |  | (3) |  | $ | 299.0 |  |  | Fixed rate
Term ABS 2014-2 (1) |  | Credit Acceptance Funding LLC 2014-2 |  | 09/15/16 |  | (3) |  | $ | 349.0 |  |  | Fixed rate
2021 Senior Notes |  | n/a |  | 02/15/21 |  |  |  | $ | 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 Years Ended December 31,
| 2014 |  | 2013
Revolving Secured Line of Credit |  |  |
Maximum outstanding balance | $ | 204.7 |  |  | $ | 195.1 |
Average outstanding balance | 103.6 |  |  | 97.9 |
Warehouse Facility II |  |  |
Maximum outstanding balance | $ | 290.2 |  |  | $ | 169.1 |
Average outstanding balance | 70.3 |  |  | 81.8 |
Warehouse Facility IV |  |  |
Maximum outstanding balance | $ | 26.7 |  |  | $ | 39.6 |
Average outstanding balance | 22.0 |  |  | 11.8 |
Warehouse Facility V (1) |  |  |
Maximum outstanding balance | $ | 75.0 |  |  | $ | 60.0 |
Average outstanding balance | 9.2 |  |  | 23.3 |
(1) | 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.
Summary Of Debt |
(Dollars in millions) | As of December 31,
| 2014 |  | 2013
Revolving Secured Line of Credit |  |  |
Balance outstanding | $ | 119.5 |  |  | $ | 102.8 |
Amount available for borrowing (1) | 115.5 |  |  | 132.2 |
Interest rate | 2.16 | % |  | 2.04 | %
Warehouse Facility II |  |  |
Balance outstanding | $ | 81.3 |  |  | $ | — |
Amount available for borrowing (1) | 243.7 |  |  | 325.0 |
Loans pledged as collateral | 104.1 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 2.0 |  |  | 1.2 |
Interest rate | 2.16 | % |  | 2.17 | %
Warehouse Facility IV |  |  |
Balance outstanding | $ | 19.9 |  |  | $ | — |
Amount available for borrowing (1) | 55.1 |  |  | 75.0 |
Loans pledged as collateral | 44.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.4 |  |  | 0.2 |
Interest rate | 2.17 | % |  | 2.17 | %
Warehouse Facility V (2) |  |  |
Balance outstanding | $ | 17.9 |  |  | $ | — |
Amount available for borrowing (1) | 57.1 |  |  | 75.0 |
Loans pledged as collateral | 34.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.2 |  |  | 0.3 |
Interest rate | 1.77 | % |  | 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 | $ | 43.8 |  |  | $ | 201.3 |
Loans pledged as collateral | 145.1 |  |  | 240.4 |
Restricted cash and cash equivalents pledged as collateral | 19.3 |  |  | 23.5 |
Interest rate | 3.04 | % |  | 2.38 | %
Term ABS 2012-2 |  |  |
Balance outstanding | $ | 184.0 |  |  | $ | 252.0 |
Loans pledged as collateral | 278.6 |  |  | 303.8 |
Restricted cash and cash equivalents pledged as collateral | 27.8 |  |  | 27.7 |
Interest rate | 1.67 | % |  | 1.63 | %
Term ABS 2013-1 |  |  |
Balance outstanding | $ | 140.3 |  |  | $ | 140.3 |
Loans pledged as collateral | 186.7 |  |  | 184.3 |
Restricted cash and cash equivalents pledged as collateral | 16.7 |  |  | 15.3 |
Interest rate | 1.31 | % |  | 1.31 | %
Term ABS 2013-2 |  |  |
Balance outstanding | $ | 197.8 |  |  | $ | 197.8 |
Loans pledged as collateral | 248.9 |  |  | 250.5 |
Restricted cash and cash equivalents pledged as collateral | 21.2 |  |  | 18.7 |
Interest rate | 1.67 | % |  | 1.67 | %
Term ABS 2014-1 |  |  |
Balance outstanding | $ | 299.0 |  |  | $ | — |
Loans pledged as collateral | 426.2 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 31.6 |  |  | — |
Interest rate | 1.72 | % |  | — |
Term ABS 2014-2 |  |  |
Balance outstanding | $ | 349.0 |  |  | $ | — |
Loans pledged as collateral | 440.7 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 36.2 |  |  | — |
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.
Scheduled Principal Maturities Of Debt | The scheduled principal maturities of our debt as of December 31, 2014 are as follows:
(In millions) |  |  |  |  |  |  |  |  |  |
Year |  | Revolving Secured Line of Credit Facility |  | Warehouse Facilities |  | Term ABS Financings (1) |  | Senior Notes |  | Total
2015 |  | $ | — |  |  | $ | — |  |  | $ | 354.3 |  |  | $ | — |  |  | $ | 354.3 |
2016 |  | — |  |  | 14.9 |  |  | 498.2 |  |  | — |  |  | 513.1 |
2017 |  | 119.5 |  |  | 44.8 |  |  | 361.4 |  |  | — |  |  | 525.7 |
2018 |  | — |  |  | 59.4 |  |  | — |  |  | — |  |  | 59.4 |
Thereafter |  | — |  |  | — |  |  | — |  |  | 300.0 |  |  | 300.0 |
Total |  | $ | 119.5 |  |  | $ | 119.1 |  |  | $ | 1,213.9 |  |  | $ | 300.0 |  |  | $ | 1,752.5 |
(1) | The principal maturities of the Term ABS transactions are estimated based on forecasted collections.
Term ABS Financings [Member] |
Debt Instrument [Line Items] |
Summary Of Debt | 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

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