<SEC-DOCUMENT>0000885550-18-000067.txt : 20181219
<SEC-HEADER>0000885550-18-000067.hdr.sgml : 20181219
<ACCEPTANCE-DATETIME>20181219160827
ACCESSION NUMBER:		0000885550-18-000067
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181217
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181219
DATE AS OF CHANGE:		20181219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT ACCEPTANCE CORP
		CENTRAL INDEX KEY:			0000885550
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				381999511
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20202
		FILM NUMBER:		181243559

	BUSINESS ADDRESS:	
		STREET 1:		25505 WEST TWELVE MILE ROAD
		CITY:			SOUTHFIELD
		STATE:			MI
		ZIP:			48034-8334
		BUSINESS PHONE:		2483532700

	MAIL ADDRESS:	
		STREET 1:		25505 WEST TWELVE MILE ROAD
		CITY:			SOUTHFIELD
		STATE:			MI
		ZIP:			48034-8334

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT ACCEPTANCE CORPORATION
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cacc_8k20181217creditsuisse.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sFC18E7C869F33FAD3AFEC1B7C7DD1B72"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, DC 20549</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:24pt;"><font style="font-family:inherit;font-size:24pt;">FORM 8-K</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported):&#160;&#160;December 17, 2018</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:24pt;"><font style="font-family:inherit;font-size:24pt;text-decoration:underline;">CREDIT ACCEPTANCE CORPORATION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:31%;"></td><td style="width:6%;"></td><td style="width:20%;"></td><td style="width:6%;"></td><td style="width:37%;"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Michigan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">000-20202</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38-1999511</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(State or other jurisdiction of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(I.R.S. Employer Identification No.)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;25505 West Twelve Mile Road</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Southfield, Michigan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48034-8339</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;&#160;(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(Zip Code)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant&#8217;s telephone number, including area code:&#160;&#160;&#160;248-353-2700</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:23%;"></td><td style="width:53%;"></td><td style="width:24%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not Applicable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company   [  ]</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ]</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font></div></div><hr style="page-break-after:always"><div><a name="s4060CA24B0B731BA7DA6C1B7C8049D21"></a></div><div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font></div></div><div><br></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.01  Entry into a Material Definitive Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 17, 2018, Credit Acceptance Corporation (referred to as the &#8220;Company&#8221;, &#8220;Credit Acceptance&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, or &#8220;us&#8221;) executed the First Amendment to Loan and Security Agreement (the &#8220;Warehouse Amendment&#8221;), dated as of December 17, 2018, among the Company, CAC Warehouse Funding LLC VII, Credit Suisse AG, New York Branch and Wells Fargo Bank, National Association. The Warehouse Amendment has extended the date on which the facility will cease to revolve from December 1, 2019 to December 17, 2020.  The maturity of the facility was also extended from December 1, 2021 to December 17, 2022. Prior to the extension, borrowings under the facility had an interest rate equal to the Commercial Paper rate plus 190 basis points to class A lenders and the Commercial Paper rate plus 220 basis points to class B lenders. Following the extension, there is only one class of notes, which will bear interest at a rate equal to the Commercial Paper rate plus 200 basis points. There were no other material changes to the terms of the facility.</font></div><div style="line-height:120%;text-align:justify;padding-left:61px;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December 17, 2018, we did not have a balance outstanding under the facility. The terms and conditions of this transaction are set forth in the agreements attached hereto as Exhibit 4.102 to this Form 8-K and incorporated herein by reference.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 8.01  Other Events.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 17, 2018, we issued a press release announcing the execution of the Warehouse Amendment.  The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01  Financial Statements and Exhibits. </font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d) Exhibits. </font></div><div style="line-height:120%;text-align:justify;padding-left:144px;text-indent:48px;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="cacc_8k20181217lsa.htm"><font style="font-family:inherit;font-size:10pt;">4.102</font></a><font style="font-family:inherit;font-size:10pt;">First Amendment to Loan and Security Agreement, dated as of December 17, 2018 among the Company, CAC Warehouse Funding LLC VII, Credit Suisse AG, New York Branch and Wells Fargo Bank, National Association.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:144px;text-indent:48px;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="cacc_8k20181217pr.htm"><font style="font-family:inherit;font-size:10pt;">99.1</font></a><font style="font-family:inherit;font-size:10pt;">Press Release dated December 17, 2018.</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;padding-left:144px;text-indent:-72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160; </font></div></div><hr style="page-break-after:always"><div><a name="sA8FAD5737DA6A749AF75C1B7C8244488"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:49%;"></td><td style="width:4%;"></td><td style="width:35%;"></td><td style="width:12%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CREDIT ACCEPTANCE CORPORATION</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date: December 19, 2018</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/&#160;Douglas W. 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<TYPE>EX-4.102
<SEQUENCE>2
<FILENAME>cacc_8k20181217lsa.htm
<DESCRIPTION>EXHIBIT 4.102
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<div><a name="s69FAC4EF0533A6AFD5C8C1D7E4138599"></a></div><div><div style="line-height:140%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST AMENDMENT TO </font></div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LOAN AND SECURITY AGREEMENT</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Amendment&#8221;</font><font style="font-family:inherit;font-size:12pt;">), dated as of December 17, 2018, to the Loan and Security Agreement, dated as of December&#160;1, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Loan Agreement&#8221;</font><font style="font-family:inherit;font-size:12pt;">), among CAC WAREHOUSE FUNDING LLC VII, a Delaware limited liability company (the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Borrower&#8221;</font><font style="font-family:inherit;font-size:12pt;">), CREDIT ACCEPTANCE CORPORATION, a Michigan corporation (</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Credit Acceptance&#8221;</font><font style="font-family:inherit;font-size:12pt;">, the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Originator&#8221;</font><font style="font-family:inherit;font-size:12pt;">, the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Servicer&#8221;</font><font style="font-family:inherit;font-size:12pt;">, or the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Custodian&#8221;</font><font style="font-family:inherit;font-size:12pt;">), the persons from time to time party thereto as LENDERS, the persons from time to time party thereto as MANAGING AGENTS, CREDIT SUISSE AG, NEW YORK BRANCH, as deal agent (in such capacity, together with its successors and assigns, the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Deal Agent&#8221;</font><font style="font-family:inherit;font-size:12pt;">), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the collateral agent (in such capacity, the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Collateral Agent&#8221;</font><font style="font-family:inherit;font-size:12pt;">) and acknowledged by WELLS FARGO BANK, NATIONAL ASSOCIATION, as the backup servicer (in such capacity, the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Backup Servicer&#8221;</font><font style="font-family:inherit;font-size:12pt;">).  Unless defined elsewhere herein, capitalized terms used in this Amendment shall have the meanings assigned to such terms in the Loan Agreement.</font></div><div style="line-height:140%;padding-top:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">RECITALS</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Borrower, the Servicer, the Custodian, the Lenders, the Managing Agents, the Deal Agent, the Collateral Agent, and the Backup Servicer are parties to the Loan Agreement; and</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Borrower and the Servicer have requested that the Deal Agent, the Managing Agents and the Lenders amend the Loan Agreement as specified herein and, subject to the terms and conditions hereof, the Deal Agent, the Managing Agents and the Lenders are willing to amend the Loan Agreement as specified herein.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW THEREFORE, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows: </font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendments to Definitions Appearing in Section 1.1 of the Loan Agreement.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;The following new definitions are hereby inserted in appropriate alphabetical order:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Beneficial Ownership Certificate&#8221;</font><font style="font-family:inherit;font-size:12pt;">: A certificate regarding beneficial ownership as required by the Beneficial Ownership Regulation, in substantially the form prescribed in the Beneficial Ownership Regulation.</font></div><div><br></div><div><div style="line-height:140%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Beneficial Ownership Regulation&#8221;</font><font style="font-family:inherit;font-size:12pt;">: 31 C.F.R. &#167; 1010.230.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">First Amendment Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;: December 17, 2018.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;The definition of &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Class A Net Advance Rate</font><font style="font-family:inherit;font-size:12pt;">&#8221; is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Class A Net Advance Rate&#8221;</font><font style="font-family:inherit;font-size:12pt;">: 80%; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, that if, on any Payment Date, the Three Month Weighted Average Customer Node for such Payment Date is higher than 2.6 and the Three Month Weighted Average Original Term to Maturity for such Payment Date is less than 50 months, then the &#8220;Class A Net Advance Rate&#8221; shall be reduced to 70% and shall continue to be 70% until such time (if any) as the Three Month Weighted Average Customer Node for any Payment Date is equal to or lower than 2.6 or the Three Month Weighted Average Original Term to Maturity for the same Payment Date is equal to or greater than 50 months, at which time the &#8220;Class A Net Advance Rate&#8221; shall increase to 80% (until such time, if any, as the &#8220;Class A Net Advance Rate&#8221; is again reduced in accordance with the terms of this definition).</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)&#160;&#160;&#160;&#160;The definition of &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Commitment Termination Date</font><font style="font-family:inherit;font-size:12pt;">&#8221; is hereby amended by deleting the date &#8220;December 1, 2019&#8221; appearing therein and replacing it with &#8220;December 17, 2020&#8221;.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)&#160;&#160;&#160;&#160;The definition of &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Hedge Counterparty</font><font style="font-family:inherit;font-size:12pt;">&#8221; is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Hedge Counterparty&#8221;</font><font style="font-family:inherit;font-size:12pt;">: Any entity that enters into a Hedging Agreement that (i) consents to the assignment of the Borrower&#8217;s rights under the Hedging Agreement to the Collateral Agent pursuant to Section 2.2(a), (ii) at the time such entity enters into the Hedging Agreement, is satisfactory in all respects to the Deal Agent and (iii) at the time such entity enters into the Hedging Agreement, unless otherwise agreed to by the Deal Agent or unless the Hedge Counterparty is the Deal Agent or an Affiliate thereof, has a long-term unsecured debt rating of not less than &#8220;A&#8221; by S&amp;P and not less than &#8220;A2&#8221; by Moody&#8217;s (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Long-term Rating Requirement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and a short-term unsecured debt rating of not less than &#8220;A-1&#8221; by S&amp;P and not less than &#8220;P-1&#8221; by Moody&#8217;s (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Short-term Rating Requirement</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendment to Article I of the Loan Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The following Section 1.5 is hereby inserted at the end of Article I of the Loan Agreement:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 1.5.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Reclassification and Combination of Class A Revolving Loans and Class B Revolving Loans</font><font style="font-family:inherit;font-size:12pt;">.  Effective as of the First Amendment Effective Date (until such time (if </font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-2-</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">any) as the parties hereto otherwise agree in writing following the First Amendment Effective Date), the parties hereto hereby agree as follows (notwithstanding anything to the contrary contained in this Agreement):</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i)&#160;&#160;&#160;&#160;all outstanding Class B Revolving Loans made (or maintained) by the Class B Lenders in the Credit Suisse Class B Lender Group are hereby reclassified as, and combined with and into, the outstanding Class A Loans made (or maintained) by the Class A Lenders in the Credit Suisse Class A Lender Group, such that after giving effect thereto, the outstanding Class A Loans made (or maintained) by the Class A Lenders in the Credit Suisse Class A Lender Group shall be, as of the First Amendment Effective Date, $0.00;</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)&#160;&#160;&#160;&#160;the Commitment of the Committed Lender in the Credit Suisse Class A Lender Group is hereby increased to $150,000,000, the Commitment of the Committed Lender in the Credit Suisse Class B Lender Group is hereby reduced to zero and the Net Advance Rate is reduced to 0%;</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii)&#160;&#160;&#160;&#160;the Borrower has no further right to request Class B Loans, and no Class B Lender has any obligation to make or maintain Class B Loans;</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iv)&#160;&#160;&#160;&#160;all unpaid Class B Unused Fees, unpaid Class B Program Fees and all unpaid Interest accrued prior to the First Amendment Effective Date, in each case payable to Credit Suisse, as a Class B Managing Agent, shall be distributed to Credit Suisse, as a Class A Managing Agent, on the first Payment Date following the month in which the First Amendment Effective Date occurs;</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(v)&#160;&#160;&#160;&#160;except as otherwise contemplated in any of clauses (i)-(iv) above, all provisions of this Agreement and the other Transaction Documents, to the extent (but only to the extent) those provisions relate to or apply to the &#8220;Class B Borrowing Base,&#8221; &#8220;Class B Commitments,&#8221; &#8220;Class B Lenders,&#8221; &#8220;Class B Lender Groups,&#8221; &#8220;Class B Managing Agents,&#8221; &#8220;Class B Program Fees,&#8221; &#8220;Class B Revolving Loans,&#8221; &#8220;Class B Unused Fees&#8221; or &#8220;Interest&#8221; with respect to Class B Revolving Loans (or are otherwise used or applied to, or with respect to, Class B Loans or Class B Lenders), shall be disregarded; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, that all indemnities hereunder or under any other Transaction Document with respect to any action taken (or any failure to act) or the occurrence of any event, in each case prior to the First Amendment Effective Date, shall continue to apply in accordance with their terms.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendment to Section 3.2 of the Loan Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subsection (m) of Section 3.2 of the Loan Agreement is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(m)&#160;&#160;&#160;&#160;[reserved]</font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-3-</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendments to Section 5.2 of the Loan Agreement.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;The first sentence of Section 5.2(c) of the Loan Agreement is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Borrower will not sell, pledge, assign or transfer (including by dividing into more than one limited liability company) to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than the Lien described in Section 4.2(a)(iii)) on any Loan, Contract, Related Security or any other Collateral, whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower will not sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;Subsection (d) of Section 5.2 of the Loan Agreement is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)  </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Mergers, Acquisitions, Sales, etc</font><font style="font-family:inherit;font-size:12pt;">.  The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer (including by dividing into more than one limited liability company), convey or lease all or any substantial part of its assets, or sell or assign with or without recourse any Loan, Contract, Related Security or other Collateral or any interest therein (other than pursuant to and in accordance with the Transaction Documents).</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)&#160;&#160;&#160;&#160;Subsection (n)(iii) of Section 5.2 of the Loan Agreement is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii) merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer (including by dividing into more than one limited liability company) or otherwise dispose of all or substantially all of its assets or change its legal structure, without in each case first obtaining the consent of the Deal Agent (acting at the direction, or with the consent, of the Required Lenders);</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendment to Section 5.3 of the Loan Agreement</font><font style="font-family:inherit;font-size:12pt;">.  The second sentence of Section 5.3 of the Loan Agreement is hereby deleted and replaced with the following:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">With respect to any Hedge Counterparty which is not the Deal Agent or an Affiliate thereof, in the event that Moody&#8217;s or S&amp;P reduces such Hedge Counterparty&#8217;s long term unsecured debt rating below the Long-term Rating Requirement, or reduces such Hedge Counterparty&#8217;s short term unsecured debt rating below the Short-term Rating Requirement specified in the related Hedging Agreement, the Borrower shall effect the replacement of such Hedge </font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-4-</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Counterparty with a counterparty meeting the definition of &#8220;Hedge Counterparty&#8221; not later than 30 calendar days following such rating reduction unless otherwise consented to in writing by the Deal Agent.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendment to Section 13.2 of the Loan Agreement</font><font style="font-family:inherit;font-size:12pt;">.  The last sentence of Section 13.2 of the Loan Agreement is hereby deleted. </font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">7.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Amendment to Schedule VI of the Loan Agreement</font><font style="font-family:inherit;font-size:12pt;">.  Schedule VI to the Loan Agreement is hereby deleted and replaced with Schedule VI attached hereto. </font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8.</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#160;&#160;&#160;&#160;Conditions Precedent to Effectiveness.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The effectiveness of this Amendment (the </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#8220;Effective Date&#8221;</font><font style="font-family:inherit;font-size:12pt;">) is subject to the conditions precedent that the Deal Agent and each Managing Agent shall have received: </font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;counterparts of (i) this Amendment and (ii) the Amended and Restated Fee Letter, in each case duly executed by each of the respective parties thereto;</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;a copy of the Beneficial Ownership Certificate duly executed by the Borrower, in form and substance reasonably satisfactory to the Deal Agent and each of the Managing Agents; and</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)&#160;&#160;&#160;&#160;payment of all fees and expenses required to be paid on such date pursuant to the Amended and Restated Fee Letter.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">9.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;In order to induce the Deal Agent and each of the Managing Agents to execute, deliver and perform this Amendment, each of Borrower and Servicer hereby represents and warrants that before and after giving effect to this Amendment:</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160; each of its representations and warranties set forth in Article IV of the Loan Agreement is true and correct in all material respects on and as of the date hereof (except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date); </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, that the preceding materiality standard shall not apply to those representations and warranties which themselves contain materiality standards; and</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;padding-left:48px;text-indent:120px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160; on the date hereof, no Amortization Event, Unmatured Termination Event, Termination Event, Servicer Termination Event, or Potential Servicer Termination Event has occurred and is continuing (either before or after giving effect to this Amendment).</font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-5-</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Loan Agreement in Full Force and Effect, as Amended.  </font><font style="font-family:inherit;font-size:12pt;">&#32;All the terms and conditions of the Loan Agreement shall remain in full force and effect, as amended by this Amendment. All references to the Loan Agreement in any other document or instrument shall be deemed to mean the Loan Agreement, as amended by this Amendment.  This Amendment shall not constitute a novation of the Loan Agreement, but shall constitute an amendment thereto. The parties hereto agree to be bound by the terms and obligations of the Loan Agreement, as amended by this Amendment. </font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Governing Law; Consent to Jurisdiction; Waiver of Objection to Venue.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AND EACH SECURED PARTY HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">12.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Execution in Counterparts; Severability; Integration.  </font><font style="font-family:inherit;font-size:12pt;">This Amendment may be executed in any number of counterparts (including by way of facsimile or electronic transmission) and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. The Loan Agreement, as amended by this Amendment, and any agreements or letters (including fee letters) executed in connection herewith contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.</font></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">13.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Fees and Expenses.  </font><font style="font-family:inherit;font-size:12pt;">The Borrower</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:12pt;">hereby confirms its agreement to pay on demand all reasonable, properly documented costs and expenses of the Deal Agent in connection with the preparation, execution and delivery of this Amendment and any of the other instruments, documents and agreements to be executed and/or delivered in connection herewith, including, without limitation, the reasonable fees and expenses of outside legal counsel to the Deal Agent with respect thereto.</font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-6-</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:61px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">14.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">Direction to Collateral Agent</font><font style="font-family:inherit;font-size:12pt;">.  Pursuant to Section 13.1 of the Loan Agreement, the Deal Agent hereby directs the Collateral Agent to execute this Amendment.</font></div><div style="line-height:140%;padding-top:18px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Signature pages follow]</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-7-</font></div></div><hr style="page-break-after:always"><div><a name="s6C74D7FE03DAC731081BC1D7E44C0885"></a></div><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;padding-top:18px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date hereof.</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CAC WAREHOUSE FUNDING LLC VII, as Borrower</font></div><div style="line-height:140%;padding-top:33px;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Douglas W. Busk</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Name: Douglas W. Busk</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Title: Treasurer</font></div><div style="line-height:140%;padding-top:40px;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CREDIT ACCEPTANCE CORPORATION, as Servicer</font></div><div style="line-height:140%;padding-top:33px;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Douglas W. Busk</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Name: Douglas W. Busk</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Title: Senior Vice President and Treasurer</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">[Signature Page to First Amendment to CAC Loan and Security Agreement]</font></div></div><hr style="page-break-after:always"><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CREDIT SUISSE AG, NEW YORK BRANCH, </font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;">as a Managing Agent</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Michael Eaton</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Michael Eaton</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Vice President</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Jeffrey Traola</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Jeffrey Traola</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Director</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">GIFS CAPITAL COMPANY, LLC, </font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">as a Conduit Lender </font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ R. Scott Chisholm</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: R. Scott Chisholm</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Authorized Signer</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Committed Lender</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Michael Eaton</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Michael Eaton</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Authorized Signatory</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Jeffrey Traola</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Jeffrey Traola</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Authorized Signatory</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">[Signature Page to First Amendment to CAC Loan and Security Agreement]</font></div></div><hr style="page-break-after:always"><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CREDIT SUISSE AG, NEW YORK BRANCH, </font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;">as Deal Agent</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Michael Eaton</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Michael Eaton</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Vice President</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Jeffrey Traola</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Jeffrey Traola</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Director</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">[Signature Page to First Amendment to CAC Loan and Security Agreement]</font></div></div><hr style="page-break-after:always"><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CREDIT SUISSE INTERNATIONAL, </font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;">as Hedge Counterparty</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Erica L. Hryniuk</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Erica L. Hryniuk</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Authorized Signatory</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Bik Kwan Chung</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Bik Kwan Chung</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Authorized Signatory</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">[Signature Page to First Amendment to CAC Loan and Security Agreement]</font></div></div><hr style="page-break-after:always"><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Kristen L. Puttin</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Kristen L. Puttin</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Vice President</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">[Signature Page to First Amendment to CAC Loan and Security Agreement]</font></div></div><hr style="page-break-after:always"><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Acknowledged:</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WELLS FARGO BANK, NATIONAL ASSOCIATION, as Backup Servicer</font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Kristen L. Puttin</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Name: Kristen L. Puttin</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Title: Vice President</font></div><div style="line-height:140%;text-align:left;padding-left:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">[Signature Page to First Amendment to CAC Loan and Security Agreement]</font></div></div><hr style="page-break-after:always"><div><a name="sA3393E3F2BD2402F514AC1D7E466F0B4"></a></div><div><div style="line-height:140%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SCHEDULE VI</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LENDER GROUP INFORMATION</font></div><div style="line-height:120%;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.85528219971056%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td style="width:7%;"></td><td style="width:9%;"></td><td style="width:9%;"></td><td style="width:10%;"></td><td style="width:10%;"></td><td style="width:13%;"></td><td style="width:30%;"></td><td style="width:12%;"></td></tr><tr><td colspan="7" style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Class A Lenders and Class A Lender Groups</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Lender Group</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Managing Agent</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Conduit Lender(s)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Conduit Lender Lending Limit</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Committed Lender(s)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Commitment(s)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Notice Information</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Wire Information</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Credit Suisse (Class A)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Credit Suisse AG, New York Branch</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">GIFS Capital Company, LLC</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$150,000,000</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Credit Suisse AG, Cayman Islands Branch</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$150,000,000</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">chioperations@guggenheimpartners.com <br>mark.matthews@Guggenheimpartners.com <br>list.afconduitreports@credit-suisse.com <br>abcp.monitoring@credit-suisse.com <br>list.ib-opsla-ral@credit-suisse.com <br>kenneth.aiani@credit-suisse.com</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bank of New York ABA #:  021-000-018 <br>Account Name: Alpine Securitization LTD. <br>Account No.:  890-13-34871</font></div></td></tr><tr><td colspan="7" style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Class B Lenders and Class B Lender Groups</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Lender Group</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Managing Agent</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Conduit Lender(s)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Conduit Lender Lending Limit</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Committed Lender(s)</font></div><div style="font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Commitment(s)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Notice Information</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Wire Information</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Credit Suisse (Class B)</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Credit Suisse AG, New York Branch</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">GIFS Capital Company, LLC</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$0</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Credit Suisse AG, Cayman Islands Branch</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$0</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">chioperations@guggenheimpartners.com <br>mark.matthews@Guggenheimpartners.com <br>list.afconduitreports@credit-suisse.com <br>abcp.monitoring@credit-suisse.com <br>list.ib-opsla-ral@credit-suisse.com <br>kenneth.aiani@credit-suisse.com</font></div></td><td style="vertical-align:top;border-bottom:1px solid #00000a;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #00000a;border-right:1px solid #00000a;border-top:1px solid #00000a;"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bank of New York ABA #:  021-000-018 <br>Account Name: Alpine Securitization LTD. <br>Account No.:  890-13-34871</font></div></td></tr></table></div></div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><br></div><div><div style="line-height:140%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Sch. VI-1</font></div></div>	</body>
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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>cacc_8k20181217pr.htm
<DESCRIPTION>EXHIBIT 99.1
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<div><a name="s1E0FB8122FB75B754930C1BB4A979F08"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Silver Triangle Building</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">25505 West Twelve Mile Road</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Southfield, MI 48034-8339</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(248) 353-2700</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">creditacceptance.com</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">NEWS RELEASE</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">FOR IMMEDIATE RELEASE</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date: December 17, 2018</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Investor Relations: Douglas W. Busk</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Senior Vice President and Treasurer</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(248) 353-2700 Ext. 4432</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">IR@creditacceptance.com</font></div><div style="line-height:120%;text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nasdaq Symbol: CACC</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CREDIT ACCEPTANCE ANNOUNCES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXTENSION OF REVOLVING SECURED WAREHOUSE FACILITY </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Southfield, Michigan &#8211; December 17, 2018 &#8211; Credit Acceptance Corporation (Nasdaq: CACC) </font><font style="font-family:inherit;font-size:10pt;">(referred to as the &#8220;Company&#8221;, &#8220;Credit Acceptance&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, or &#8220;us&#8221;) announced today that we extended the date on which our $150.0 million revolving secured warehouse facility will cease to revolve from December 1, 2019 to December 17, 2020. The maturity of the facility was also extended from December 1, 2021 to December 17, 2022.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the extension, borrowings under the facility had an interest rate equal to the Commercial Paper rate plus 190 basis points to class A lenders and the Commercial Paper rate plus 220 basis points to class B lenders. Following today&#8217;s extension, there is only one class of notes, which will bear interest at a rate equal to the Commercial Paper rate plus 200 basis points. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There were no other material changes to the terms of the facility. As of December 17, 2018, we did not have a balance outstanding under the facility.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Description of Credit Acceptance Corporation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Since 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history.  Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones.  Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing.  Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC.  For more information, visit creditacceptance.com.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div>	</body>
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