XML 48 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Debt (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)
 
As of December 31, 2016
 
 
Principal Outstanding
 
Unamortized Debt Issuance Costs
 
Unamortized Discount
 
Carrying
Amount
Revolving secured line of credit (1)
 
$
—

 
$
—

 
$
—

 
$
—

Secured financing (2)
 
2,072.1

 
(9.7
)
 
—

 
$
2,062.4

Senior notes
 
550.0

 
(7.1
)
 
(1.6
)
 
$
541.3

Total debt
 
$
2,622.1

 
$
(16.8
)
 
$
(1.6
)
 
$
2,603.7

 
 
 
 
 
 
 
 
 
(In millions)
 
As of December 31, 2015
 
 
Principal Outstanding
 
Unamortized Debt Issuance Costs
 
Unamortized Discount
 
Carrying
Amount
Revolving secured line of credit (1)
 
$
57.7

 
$
—

 
$
—

 
$
57.7

Secured financing (2) (3)
 
1,478.6

 
(8.5
)
 
—

 
$
1,470.1

Senior notes (3)
 
550.0

 
(8.3
)
 
(1.7
)
 
$
540.0

Total debt
 
$
2,086.3

 
$
(16.8
)
 
$
(1.7
)
 
$
2,067.8
Schedule Of General Information Of Financing Transaction
General information for each of our financing transactions in place as of December 31, 2016 is as follows:
 (Dollars in millions)
 
 
 
 
 
 
 
 
Financings
 
Wholly-owned Subsidiary
 
Maturity Date
 
Financing Amount
 
Interest Rate as of December 31, 2016
Revolving Secured
Line of Credit
 
n/a
 
06/22/19
 
 
 
$
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
 
06/23/19
 
(2)
 
$
400.0

 
LIBOR plus 225 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
 
08/18/19
 
(4)
 
$
100.0

 
LIBOR plus 225 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 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
Term ABS 2016-1 (1)
 
Credit Acceptance Funding LLC 2016-1
 
02/15/18
 
(2)
 
$
385.0

 
LIBOR plus 195 basis points (3)
Term ABS 2016-2 (1)
 
Credit Acceptance Funding LLC 2016-2
 
05/15/18
 
(2)
 
$
350.2

 
Fixed rate
Term ABS 2016-3 (1)
 
Credit Acceptance Funding LLC 2016-3
 
10/15/18
 
(2)
 
$
350.0

 
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 revolving 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 August 18, 2021 will be due on that date.
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,
 
2016
 
2015
Revolving Secured Line of Credit
 
 
 
Maximum outstanding principal balance
$
186.4

 
$
206.3

Average outstanding principal balance
30.8

 
39.1

Warehouse Facility II
 
 
 
Maximum outstanding principal balance
$
200.1

 
$
200.8

Average outstanding principal balance
3.8

 
7.9

Warehouse Facility IV
 
 
 
Maximum outstanding principal balance
$
12.0

 
$
35.0

Average outstanding principal balance
12.0

 
9.2

Warehouse Facility V
 
 
 
Maximum outstanding principal balance
$
100.0

 
$
99.2

Average outstanding principal balance
1.6

 
12.2

Warehouse Facility VI
 
 
 
Maximum outstanding principal balance
$
49.9

 
$
15.0

Average outstanding principal balance
3.3

 
1.5
Summary Of Debt
(Dollars in millions)
As of December 31,
 
2016
 
2015
Revolving Secured Line of Credit
 
 
 
Principal balance outstanding
$
—

 
$
57.7

Amount available for borrowing (1)
310.0

 
252.3

Interest rate
—
%
 
2.30
%
Warehouse Facility II
 
 
 
Principal balance outstanding
$
—

 
$
—

Amount available for borrowing  (1)
400.0

 
400.0

Loans pledged as collateral
—

 
—

Restricted cash and cash equivalents pledged as collateral
1.5

 
1.2

Interest rate
—
%
 
—
%
Warehouse Facility IV
 
 
 
Principal balance outstanding
$
12.0

 
$
12.0

Amount available for borrowing (1)
63.0

 
63.0

Loans pledged as collateral
23.0

 
24.5

Restricted cash and cash equivalents pledged as collateral
0.9

 
0.9

Interest rate
2.77
%
 
2.42
%
Warehouse Facility V
 
 
 
Principal balance outstanding
$
—

 
$
—

Amount available for borrowing (1)
100.0

 
100.0

Loans pledged as collateral
—

 
—

Restricted cash and cash equivalents pledged as collateral
1.0

 
1.0

Interest rate
—
%
 
—
%
Warehouse Facility VI
 
 
 
Principal balance outstanding
$
—

 
$
14.7

Amount available for borrowing (1)
75.0

 
60.3

Loans pledged as collateral
—

 
20.7

Restricted cash and cash equivalents pledged as collateral
0.1

 
0.9

Interest rate
—
%
 
2.24
%
Term ABS 2013-1
 
 
 
Principal balance outstanding
$
—

 
$
39.6

Loans pledged as collateral
—

 
144.5

Restricted cash and cash equivalents pledged as collateral
—

 
14.6

Interest rate
—
%
 
1.56
%
Term ABS 2013-2
 
 
 
Principal balance outstanding
$
—

 
$
163.5

Loans pledged as collateral
—

 
234.7

Restricted cash and cash equivalents pledged as collateral
—

 
21.4

Interest rate
—
%
 
1.71
%
Term ABS 2014-1
 
 
 
Principal balance outstanding
$
106.5

 
$
299.0

Loans pledged as collateral
307.2

 
366.4

Restricted cash and cash equivalents pledged as collateral
28.3

 
31.9

Interest rate
2.02
%
 
1.72
%
Term ABS 2014-2
 
 
 
Principal balance outstanding
$
267.6

 
$
349.0

Loans pledged as collateral
413.9

 
430.5

Restricted cash and cash equivalents pledged as collateral
34.9

 
37.7

Interest rate
2.10
%
 
2.05
%
Term ABS 2015-1
 
 
 
Principal balance outstanding
$
300.6

 
$
300.6

Loans pledged as collateral
374.5

 
372.4

Restricted cash and cash equivalents pledged as collateral
29.6

 
29.3

Interest rate
2.26
%
 
2.26
%
Term ABS 2015-2
 
 
 
Principal balance outstanding
$
300.2

 
$
300.2

Loans pledged as collateral
372.6

 
390.4

Restricted cash and cash equivalents pledged as collateral
28.1

 
27.7

Interest rate
2.63
%
 
2.63
%
Term ABS 2016-1
 
 
 
Principal balance outstanding
$
385.0

 
$
—

Loans pledged as collateral
474.0

 
—

Restricted cash and cash equivalents pledged as collateral
34.8

 
—

Interest rate
2.65
%
 
—
%
Term ABS 2016-2
 
 
 
Principal balance outstanding
$
350.2

 
$
—

Loans pledged as collateral
490.7

 
—

Restricted cash and cash equivalents pledged as collateral
34.4

 
—

Interest rate
2.83
%
 
—
%
Term ABS 2016-3
 
 
 
Principal balance outstanding
$
350.0

 
$
—

Loans pledged as collateral
489.6

 
—

Restricted cash and cash equivalents pledged as collateral
30.6

 
—

Interest rate
2.53
%
 
—
%
2021 Senior Notes
 
 
 
Principal balance outstanding
$
300.0

 
$
300.0

Interest rate
6.125
%
 
6.125
%
2023 Senior Notes
 
 
 
Principal balance outstanding
$
250.0

 
$
250.0

Interest rate
7.375
%
 
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 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
Term ABS 2016-1
 
February 26, 2016
 
481.4

 
Through February 15, 2018
Term ABS 2016-2
 
May 12, 2016
 
437.8

 
Through May 15, 2018
Term ABS 2016-3
 
October 27, 2016
 
437.8

 
Through October 15, 2018
Scheduled Principal Maturities Of Debt
The scheduled principal maturities of our debt as of December 31, 2016 are as follows:
(In millions)
 
 
 
 
 
 
 
 
 
 
Year
 
Revolving Secured Line of Credit Facility
 
Warehouse Facilities
 
Term ABS
Financings (1)
 
Senior Notes
 
Total
2017
 
$
—

 
$
—

 
$
749.6

 
$
—

 
$
749.6

2018
 
—

 
8.0

 
808.7

 
—

 
816.7

2019
 
—

 
4.0

 
501.8

 
—

 
505.8

2020
 
—

 
—

 
—

 
—

 
—

2021
 
—

 
—

 
—

 
300.0

 
300.0

Thereafter
 
—

 
—

 
—

 
250.0

 
250.0

Total
 
$
—

 
$
12.0

 
$
2,060.1

 
$
550.0

 
$
2,622.1

 
(1)
The principal maturities of the Term ABS transactions are estimated based on forecasted collections.