XML 48 R33.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Schedule of Principal Debt Outstanding | Debt consists of the following:
(In millions) |  | As of December 31, 2015
|  | Principal Outstanding |  | Unamortized Discount |  | Carrying Amount
Revolving secured line of credit |  | $ | 57.7 |  |  | $ | — |  |  | $ | 57.7 |
Secured financing (1) |  | 1,478.6 |  |  | — |  |  | 1,478.6 |
Senior notes |  | 550.0 |  |  | (1.7 | ) |  | 548.3 |
Total debt |  | $ | 2,086.3 |  |  | $ | (1.7 | ) |  | $ | 2,084.6 |
(In millions) |  | As of December 31, 2014
|  | Principal Outstanding |  | Unamortized Discount |  | Carrying Amount
Revolving secured line of credit |  | $ | 119.5 |  |  | $ | — |  |  | $ | 119.5 |
Secured financing (1) |  | 1,333.0 |  |  | — |  |  | 1,333.0 |
Senior notes |  | 300.0 |  |  | — |  |  | 300.0 |
Total debt |  | $ | 1,752.5 |  |  | $ | — |  |  | $ | 1,752.5 |
Schedule Of General Information Of Financing Transaction | General information for each of our financing transactions in place as of December 31, 2015 is as follows:
(Dollars in millions) |  |  |  |  |  |  |  |
Financings |  | Wholly-owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate as of December 31, 2015
Revolving Secured Line of Credit |  | n/a |  | 06/22/18 |  |  |  | $ | 310.0 |  |  | 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 |  | (2) |  | $ | 400.0 |  |  | Commercial paper rate or LIBOR plus 200 basis points (3)
Warehouse Facility IV (1) |  | CAC Warehouse Funding LLC IV |  | 04/30/18 |  | (2) |  | $ | 75.0 |  |  | LIBOR plus 200 basis points (3)
Warehouse Facility V (1) |  | CAC Warehouse Funding LLC V |  | 09/10/17 |  | (4) |  | $ | 100.0 |  |  | LIBOR plus 160 basis points (3)
Warehouse Facility VI (1) |  | CAC Warehouse Funding LLC VI |  | 09/30/18 |  | (2) |  | $ | 75.0 |  |  | LIBOR plus 200 basis points
Term ABS 2013-1 (1) |  | Credit Acceptance Funding LLC 2013-1 |  | 04/15/15 |  | (2) |  | $ | 140.3 |  |  | Fixed rate
Term ABS 2013-2 (1) |  | Credit Acceptance Funding LLC 2013-2 |  | 10/15/15 |  | (2) |  | $ | 197.8 |  |  | Fixed rate
Term ABS 2014-1 (1) |  | Credit Acceptance Funding LLC 2014-1 |  | 04/15/16 |  | (2) |  | $ | 299.0 |  |  | Fixed rate
Term ABS 2014-2 (1) |  | Credit Acceptance Funding LLC 2014-2 |  | 09/15/16 |  | (2) |  | $ | 349.0 |  |  | Fixed rate
Term ABS 2015-1 (1) |  | Credit Acceptance Funding LLC 2015-1 |  | 01/16/17 |  | (2) |  | $ | 300.6 |  |  | Fixed rate
Term ABS 2015-2 (1) |  | Credit Acceptance Funding LLC 2015-2 |  | 08/15/17 |  | (2) |  | $ | 300.2 |  |  | Fixed rate
2021 Senior Notes |  | n/a |  | 02/15/21 |  |  |  | $ | 300.0 |  |  | Fixed rate
2023 Senior Notes |  | n/a |  | 03/15/23 |  |  |  | $ | 250.0 |  |  | Fixed rate
(1) | Financing made available only to a specified subsidiary of the Company.
(2) | Represents the revolving maturity date. The outstanding balance will amortize after the maturity date based on the cash flows of the pledged assets.
(3) | Interest rate cap agreements are in place to limit the exposure to increasing interest rates.
(4) | 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,
| 2015 |  | 2014
Revolving Secured Line of Credit |  |  |
Maximum outstanding principal balance | $ | 206.3 |  |  | $ | 204.7 |
Average outstanding principal balance | 39.1 |  |  | 103.6 |
Warehouse Facility II |  |  |
Maximum outstanding principal balance | $ | 200.8 |  |  | $ | 290.2 |
Average outstanding principal balance | 7.9 |  |  | 70.3 |
Warehouse Facility IV |  |  |
Maximum outstanding principal balance | $ | 35.0 |  |  | $ | 26.7 |
Average outstanding principal balance | 9.2 |  |  | 22.0 |
Warehouse Facility V |  |  |
Maximum outstanding principal balance | $ | 99.2 |  |  | $ | 75.0 |
Average outstanding principal balance | 12.2 |  |  | 9.2 |
Warehouse Facility VI |  |  |
Maximum outstanding principal balance | $ | 15.0 |  |  | $ | — |
Average outstanding principal balance | 1.5 |  |  | — |
Summary Of Debt |
(Dollars in millions) | As of December 31,
| 2015 |  | 2014
Revolving Secured Line of Credit |  |  |
Principal balance outstanding | $ | 57.7 |  |  | $ | 119.5 |
Amount available for borrowing (1) | 252.3 |  |  | 115.5 |
Interest rate | 2.30 | % |  | 2.16 | %
Warehouse Facility II |  |  |
Principal balance outstanding | $ | — |  |  | $ | 81.3 |
Amount available for borrowing (1) | 400.0 |  |  | 243.7 |
Loans pledged as collateral | — |  |  | 104.1 |
Restricted cash and cash equivalents pledged as collateral | 1.2 |  |  | 2.0 |
Interest rate | 2.24 | % |  | 2.16 | %
Warehouse Facility IV |  |  |
Principal balance outstanding | $ | 12.0 |  |  | $ | 19.9 |
Amount available for borrowing (1) | 63.0 |  |  | 55.1 |
Loans pledged as collateral | 24.5 |  |  | 44.9 |
Restricted cash and cash equivalents pledged as collateral | 0.9 |  |  | 1.4 |
Interest rate | 2.42 | % |  | 2.17 | %
Warehouse Facility V |  |  |
Principal balance outstanding | $ | — |  |  | $ | 17.9 |
Amount available for borrowing (1) | 100.0 |  |  | 57.1 |
Loans pledged as collateral | — |  |  | 34.9 |
Restricted cash and cash equivalents pledged as collateral | 1.0 |  |  | 1.2 |
Interest rate | 1.84 | % |  | 1.77 | %
Warehouse Facility VI |  |  |
Principal balance outstanding | $ | 14.7 |  |  | $ | — |
Amount available for borrowing (1) | 60.3 |  |  | — |
Loans pledged as collateral | 20.7 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 0.9 |  |  | — |
Interest rate | 2.24 | % |  | — | %
Term ABS 2012-1 |  |  |
Principal balance outstanding | $ | — |  |  | $ | 43.8 |
Loans pledged as collateral | — |  |  | 145.1 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 19.3 |
Interest rate | — | % |  | 3.04 | %
Term ABS 2012-2 |  |  |
Principal balance outstanding | $ | — |  |  | $ | 184.0 |
Loans pledged as collateral | — |  |  | 278.6 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 27.8 |
Interest rate | — | % |  | 1.67 | %
Term ABS 2013-1 |  |  |
Principal balance outstanding | $ | 39.6 |  |  | $ | 140.3 |
Loans pledged as collateral | 144.5 |  |  | 186.7 |
Restricted cash and cash equivalents pledged as collateral | 14.6 |  |  | 16.7 |
Interest rate | 1.56 | % |  | 1.31 | %
Term ABS 2013-2 |  |  |
Principal balance outstanding | $ | 163.5 |  |  | $ | 197.8 |
Loans pledged as collateral | 234.7 |  |  | 248.9 |
Restricted cash and cash equivalents pledged as collateral | 21.4 |  |  | 21.2 |
Interest rate | 1.71 | % |  | 1.67 | %
Term ABS 2014-1 |  |  |
Principal balance outstanding | $ | 299.0 |  |  | $ | 299.0 |
Loans pledged as collateral | 366.4 |  |  | 426.2 |
Restricted cash and cash equivalents pledged as collateral | 31.9 |  |  | 31.6 |
Interest rate | 1.72 | % |  | 1.72 | %
Term ABS 2014-2 |  |  |
Principal balance outstanding | $ | 349.0 |  |  | $ | 349.0 |
Loans pledged as collateral | 430.5 |  |  | 440.7 |
Restricted cash and cash equivalents pledged as collateral | 37.7 |  |  | 36.2 |
Interest rate | 2.05 | % |  | 2.05 | %
Term ABS 2015-1 |  |  |
Principal balance outstanding | $ | 300.6 |  |  | $ | — |
Loans pledged as collateral | 372.4 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 29.3 |  |  | — |
Interest rate | 2.26 | % |  | — | %
Term ABS 2015-2 |  |  |
Principal balance outstanding | $ | 300.2 |  |  | $ | — |
Loans pledged as collateral | 390.4 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 27.7 |  |  | — |
Interest rate | 2.63 | % |  | — | %
2021 Senior Notes |  |  |
Principal balance outstanding | $ | 300.0 |  |  | $ | 300.0 |
Interest rate | 6.125 | % |  | 6.125 | %
2023 Senior Notes |  |  |
Principal balance outstanding | $ | 250.0 |  |  | $ | — |
Interest rate | 7.375 | % |  | — | %
(1) | Availability may be limited by the amount of assets pledged as collateral.
Summary of Term ABS 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 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
Term ABS 2015-1 |  | January 29, 2015 |  | 375.9 |  |  | Through January 16, 2017
Term ABS 2015-2 |  | August 20, 2015 |  | 375.5 |  |  | Through August 15, 2017
Scheduled Principal Maturities Of Debt | The scheduled principal maturities of our debt as of December 31, 2015 are as follows:
(In millions) |  |  |  |  |  |  |  |  |  |
Year |  | Revolving Secured Line of Credit Facility |  | Warehouse Facilities |  | Term ABS Financings (1) |  | Senior Notes |  | Total
2016 |  | $ | — |  |  | $ | — |  |  | $ | 489.7 |  |  | $ | — |  |  | $ | 489.7 |
2017 |  | — |  |  | — |  |  | 737.0 |  |  | — |  |  | 737.0 |
2018 |  | 57.7 |  |  | 11.7 |  |  | 225.2 |  |  | — |  |  | 294.6 |
2019 |  | — |  |  | 15.0 |  |  | — |  |  | — |  |  | 15.0 |
Thereafter |  | — |  |  | — |  |  | — |  |  | 550.0 |  |  | 550.0 |
Total |  | $ | 57.7 |  |  | $ | 26.7 |  |  | $ | 1,451.9 |  |  | $ | 550.0 |  |  | $ | 2,086.3 |
(1) | The principal maturities of the Term ABS transactions are estimated based on forecasted collections.

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
- Definition ScheduleOfAssetBackedDebtInstrumentsTextBlock [Table Text Block] + References No definition available. + Details
Name: | cacc_ScheduleOfAssetBackedDebtInstrumentsTextBlockTableTextBlock
Namespace Prefix: | cacc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Principal Debt Outstanding [Table Text Block] + References No definition available. + Details
Name: | cacc_ScheduleofPrincipalDebtOutstandingTableTextBlock
Namespace Prefix: | cacc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
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 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 2: 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 3: 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 Reference 4: 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 5: 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=34725769&loc=d3e28878-108400 Reference 6: 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 7: 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 8: 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 9: 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 10: 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 + 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

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration