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Debt (Tables) | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Schedule of Principal Debt Outstanding | Debt consists of the following:
(In millions) |  | As of September 30, 2017
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  | Unamortized Discount |  | Carrying Amount
Revolving secured line of credit (1) |  | $ | 130.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 130.5 |
Secured financing (2) |  | 2,339.7 |  |  | (11.8 | ) |  | — |  |  | 2,327.9 |
Senior notes |  | 550.0 |  |  | (6.2 | ) |  | (1.4 | ) |  | 542.4 |
Total debt |  | $ | 3,020.2 |  |  | $ | (18.0 | ) |  | $ | (1.4 | ) |  | $ | 3,000.8 |
(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 |
(1) | Excludes deferred debt issuance costs of $3.1 million and $2.4 million as of September 30, 2017 and December 31, 2016, respectively, which are included in other assets.
(2) | Warehouse facilities and Term ABS.
Schedule of General Information of Financing Transaction |
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
Financings |  | Wholly-owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate as of September 30, 2017
Revolving Secured Line of Credit |  | n/a |  | 06/22/2020 |  |  | $ | 345.0 |  | (1) |  | At our option, either LIBOR plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (2) |  | CAC Warehouse Funding Corp. II |  | 06/23/2019 | (4) |  | $ | 400.0 |  |  |  | LIBOR plus 225 basis points (3)
Warehouse Facility IV (2) |  | CAC Warehouse Funding LLC IV |  | 04/30/2020 | (4) |  | $ | 100.0 |  |  |  | LIBOR plus 225 basis points (3)
Warehouse Facility V (2) |  | CAC Warehouse Funding LLC V |  | 08/18/2019 | (5) |  | $ | 100.0 |  |  |  | LIBOR plus 225 basis points (3)
Warehouse Facility VI (2) |  | CAC Warehouse Funding LLC VI |  | 09/30/2020 | (4) |  | $ | 75.0 |  |  |  | LIBOR plus 200 basis points
Term ABS 2014-2 (2) |  | Credit Acceptance Funding LLC 2014-2 |  | 09/15/2016 | (4) |  | $ | 349.0 |  |  |  | Fixed rate
Term ABS 2015-1 (2) |  | Credit Acceptance Funding LLC 2015-1 |  | 01/16/2017 | (4) |  | $ | 300.6 |  |  |  | Fixed rate
Term ABS 2015-2 (2) |  | Credit Acceptance Funding LLC 2015-2 |  | 08/15/2017 | (4) |  | $ | 300.2 |  |  |  | Fixed rate
Term ABS 2016-1 (2) |  | Credit Acceptance Funding LLC 2016-1 |  | 02/15/2018 | (4) |  | $ | 385.0 |  |  |  | LIBOR plus 195 basis points (3)
Term ABS 2016-2 (2) |  | Credit Acceptance Funding LLC 2016-2 |  | 05/15/2018 | (4) |  | $ | 350.2 |  |  |  | Fixed rate
Term ABS 2016-3 (2) |  | Credit Acceptance Funding LLC 2016-3 |  | 10/15/2018 | (4) |  | $ | 350.0 |  |  |  | Fixed rate
Term ABS 2017-1 (2) |  | Credit Acceptance Funding LLC 2017-1 |  | 02/15/2019 | (4) |  | $ | 350.0 |  |  |  | Fixed rate
Term ABS 2017-2 (2) |  | Credit Acceptance Funding LLC 2017-2 |  | 06/17/2019 | (4) |  | $ | 450.0 |  |  |  | Fixed rate
2021 Senior Notes |  | n/a |  | 02/15/2021 |  |  | $ | 300.0 |  |  |  | Fixed rate
2023 Senior Notes |  | n/a |  | 03/15/2023 |  |  | $ | 250.0 |  |  |  | Fixed rate
(1) | Under the terms of the revolving secured line of credit facility as of September 30, 2017, the amount of the facility would decrease to $300.0 million on June 22, 2019.
(2) | Financing made available only to a specified subsidiary of the Company.
(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 based on the cash flows of the pledged assets.
(5) | 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 Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Revolving Secured Line of Credit |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | 130.5 |  |  | $ | 92.1 |  |  | $ | 276.7 |  |  | $ | 186.4 |
Average outstanding principal balance | 35.7 |  |  | 13.3 |  |  | 92.2 |  |  | 30.6 |
Warehouse Facility II |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | — |  |  | $ | — |  |  | $ | 263.4 |  |  | $ | 200.1 |
Average outstanding principal balance | — |  |  | — |  |  | 3.4 |  |  | 3.7 |
Warehouse Facility IV |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | — |  |  | $ | 12.0 |  |  | $ | 12.0 |  |  | $ | 12.0 |
Average outstanding principal balance | — |  |  | 12.0 |  |  | 7.8 |  |  | 12.0 |
Warehouse Facility V |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | — |  |  | $ | — |  |  | $ | 100.0 |  |  | $ | 100.0 |
Average outstanding principal balance | — |  |  | — |  |  | 10.4 |  |  | 1.4 |
Warehouse Facility VI |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | — |  |  | $ | — |  |  | $ | 75.0 |  |  | $ | 49.9 |
Average outstanding principal balance | — |  |  | — |  |  | 9.8 |  |  | 4.0 |
Summary of Debt |
(Dollars in millions) | As of
| September 30, 2017 |  | December 31, 2016
Revolving Secured Line of Credit |  |  |
Principal balance outstanding | $ | 130.5 |  |  | $ | — |
Amount available for borrowing (1) | 214.5 |  |  | 310.0 |
Interest rate | 3.11 | % |  | — | %
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 | 1.2 |  |  | 1.5 |
Interest rate | — | % |  | — | %
Warehouse Facility IV |  |  |
Principal balance outstanding | $ | — |  |  | $ | 12.0 |
Amount available for borrowing (1) | 100.0 |  |  | 63.0 |
Loans pledged as collateral | — |  |  | 23.0 |
Restricted cash and cash equivalents pledged as collateral | 1.1 |  |  | 0.9 |
Interest rate | — | % |  | 2.77 | %
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 | 1.1 |  |  | 1.0 |
Interest rate | — | % |  | — | %
Warehouse Facility VI |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 75.0 |  |  | 75.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 0.1 |  |  | 0.1 |
Interest rate | — | % |  | — | %
Term ABS 2014-1 |  |  |
Principal balance outstanding | $ | — |  |  | $ | 106.5 |
Loans pledged as collateral | — |  |  | 307.2 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 28.3 |
Interest rate | — | % |  | 2.02 | %
Term ABS 2014-2 |  |  |
Principal balance outstanding | $ | 46.7 |  |  | $ | 267.6 |
Loans pledged as collateral | 290.7 |  |  | 413.9 |
Restricted cash and cash equivalents pledged as collateral | 30.6 |  |  | 34.9 |
Interest rate | 2.67 | % |  | 2.10 | %
Term ABS 2015-1 |  |  |
Principal balance outstanding | $ | 129.5 |  |  | $ | 300.6 |
Loans pledged as collateral | 271.6 |  |  | 374.5 |
Restricted cash and cash equivalents pledged as collateral | 26.7 |  |  | 29.6 |
Interest rate | 2.60 | % |  | 2.26 | %
Term ABS 2015-2 |  |  |
Principal balance outstanding | $ | 278.3 |  |  | $ | 300.2 |
Loans pledged as collateral | 351.2 |  |  | 372.6 |
Restricted cash and cash equivalents pledged as collateral | 30.2 |  |  | 28.1 |
Interest rate | 2.65 | % |  | 2.63 | %
Term ABS 2016-1 |  |  |
Principal balance outstanding | $ | 385.0 |  |  | $ | 385.0 |
Loans pledged as collateral | 465.0 |  |  | 474.0 |
Restricted cash and cash equivalents pledged as collateral | 38.5 |  |  | 34.8 |
Interest rate | 3.18 | % |  | 2.65 | %
Term ABS 2016-2 |  |  |
Principal balance outstanding | $ | 350.2 |  |  | $ | 350.2 |
Loans pledged as collateral | 425.2 |  |  | 490.7 |
Restricted cash and cash equivalents pledged as collateral | 34.6 |  |  | 34.4 |
Interest rate | 2.83 | % |  | 2.83 | %
Term ABS 2016-3 |  |  |
Principal balance outstanding | $ | 350.0 |  |  | $ | 350.0 |
Loans pledged as collateral | 425.1 |  |  | 489.6 |
Restricted cash and cash equivalents pledged as collateral | 33.4 |  |  | 30.6 |
Interest rate | 2.53 | % |  | 2.53 | %
Term ABS 2017-1 |  |  |
Principal balance outstanding | $ | 350.0 |  |  | $ | — |
Loans pledged as collateral | 426.2 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 33.2 |  |  | — |
Interest rate | 2.78 | % |  | — | %
Term ABS 2017-2 |  |  |
Principal balance outstanding | $ | 450.0 |  |  | $ | — |
Loans pledged as collateral | 550.8 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 42.2 |  |  | — |
Interest rate | 2.72 | % |  | — | %
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 Financings | 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 2014-2 |  | 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
Term ABS 2017-1 |  | February 23, 2017 |  | $ | 437.8 |  |  | Through February 15, 2019
Term ABS 2017-2 |  | June 29, 2017 |  | $ | 563.2 |  |  | Through June 17, 2019

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