XML 63 R31.htm IDEA: XBRL DOCUMENT
v3.20.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Principal Debt Outstanding | Debt consists of the following:
(In millions) |  | As of March 31, 2020
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  | Unamortized Discount |  | Carrying Amount
Revolving secured line of credit (1) |  | $ | 79.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 79.9 |
Secured financing (2) |  | 3,974.4 |  |  | (16.8 | ) |  | — |  |  | 3,957.6 |
Senior notes |  | 800.0 |  |  | (10.8 | ) |  | — |  |  | 789.2 |
Mortgage note |  | 11.1 |  |  | — |  |  | — |  |  | 11.1 |
Total debt |  | $ | 4,865.4 |  |  | $ | (27.6 | ) |  | $ | — |  |  | $ | 4,837.8 |
(In millions) |  | As of December 31, 2019
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  | Unamortized Discount |  | Carrying Amount
Revolving secured line of credit (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured financing (2) |  | 3,355.6 |  |  | (15.9 | ) |  | — |  |  | 3,339.7 |
Senior notes |  | 1,201.8 |  |  | (13.2 | ) |  | (0.8 | ) |  | 1,187.8 |
Mortgage note |  | 11.3 |  |  | — |  |  | — |  |  | 11.3 |
Total debt |  | $ | 4,568.7 |  |  | $ | (29.1 | ) |  | $ | (0.8 | ) |  | $ | 4,538.8 |
(1) | Excludes deferred debt issuance costs of $2.8 million and $3.2 million as of March 31, 2020 and December 31, 2019, respectively, which are included in other assets.
(2) | Warehouse facilities and Term ABS.
Schedule of General Information of Financing Transaction | General information for each of our financing transactions in place as of March 31, 2020 is as follows:
(Dollars in millions) |  |  |  |  |  |  |  |  |
Financings |  | Wholly-owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate as of March 31, 2020
Revolving Secured Line of Credit |  | n/a |  | 06/22/2022 |  |  | $ | 340.0 |  |  | At our option, either LIBOR plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (1) |  | CAC Warehouse Funding Corp. II |  | 07/12/2022 | (2) |  | 400.0 |  |  | LIBOR plus 175 basis points (3)
Warehouse Facility IV (1) |  | CAC Warehouse Funding LLC IV |  | 07/26/2022 | (2) |  | 300.0 |  |  | LIBOR plus 200 basis points (3)
Warehouse Facility V (1) |  | CAC Warehouse Funding LLC V |  | 08/17/2021 | (4) |  | 100.0 |  |  | LIBOR plus 190 basis points (3)
Warehouse Facility VI (1) |  | CAC Warehouse Funding LLC VI |  | 09/30/2022 | (2) |  | 75.0 |  |  | LIBOR plus 200 basis points
Warehouse Facility VII (1) |  | CAC Warehouse Funding LLC VII |  | 12/16/2021 | (5) |  | 150.0 |  |  | Commercial paper rate plus 200 basis points (3)
Warehouse Facility VIII (1) |  | CAC Warehouse Funding LLC VIII |  | 07/26/2022 | (2) |  | 200.0 |  |  | LIBOR plus 190 basis points (3)
Term ABS 2017-1 (1) |  | Credit Acceptance Funding LLC 2017-1 |  | 02/15/2019 | (2) |  | 350.0 |  |  | Fixed rate
Term ABS 2017-2 (1) |  | Credit Acceptance Funding LLC 2017-2 |  | 06/17/2019 | (2) |  | 450.0 |  |  | Fixed rate
Term ABS 2017-3 (1) |  | Credit Acceptance Funding LLC 2017-3 |  | 10/15/2019 | (2) |  | 350.0 |  |  | Fixed rate
Term ABS 2018-1 (1) |  | Credit Acceptance Funding LLC 2018-1 |  | 02/17/2020 | (2) |  | 500.0 |  |  | Fixed rate
Term ABS 2018-2 (1) |  | Credit Acceptance Funding LLC 2018-2 |  | 05/15/2020 | (2) |  | 450.0 |  |  | Fixed rate
Term ABS 2018-3 (1) |  | Credit Acceptance Funding LLC 2018-3 |  | 08/17/2020 | (2) |  | 398.3 |  |  | Fixed rate
Term ABS 2019-1 (1) |  | Credit Acceptance Funding LLC 2019-1 |  | 02/15/2021 | (2) |  | 402.5 |  |  | Fixed rate
Term ABS 2019-2 (1) |  | Credit Acceptance Funding LLC 2019-2 |  | 08/15/2022 | (6) |  | 500.0 |  |  | Fixed rate
Term ABS 2019-3 (1) |  | Credit Acceptance Funding LLC 2019-3 |  | 11/15/2021 | (2) |  | 351.7 |  |  | Fixed rate
Term ABS 2020-1 (1) |  | Credit Acceptance Funding LLC 2020-1 |  | 02/15/2022 | (2) |  | 500.0 |  |  | Fixed rate
2024 Senior Notes |  | n/a |  | 12/31/2024 |  |  | 400.0 |  |  | Fixed rate
2026 Senior Notes |  | n/a |  | 03/15/2026 |  |  | 400.0 |  |  | Fixed rate
Mortgage Note (1) |  | Chapter 4 Properties, LLC |  | 08/06/2023 |  |  | 12.0 |  |  | LIBOR plus 150 basis points
(1) | Financing made available only to a specified subsidiary of the Company.
(2) | Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.
(3) | Interest rate cap agreements are in place to limit the exposure to increasing interest rates.
(4) | Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on August 17, 2023 will be due on that date.
(5) | Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 16, 2023 will be due on that date.
(6) | Represents the revolving maturity date. The Company has the option to redeem and retire the indebtedness after the revolving maturity date. If we do not elect this option, the outstanding balance will amortize based on the cash flows of the pledged assets.
Schedule of Additional Information Related to Debt Instruments | Additional information related to the amounts outstanding on each facility is as follows:
(In millions) | For the Three Months Ended March 31,
| 2020 |  | 2019
Revolving Secured Line of Credit |  |  |
Maximum outstanding principal balance | $ | 268.2 |  |  | $ | 276.4 |
Average outstanding principal balance | 85.2 |  |  | 88.4 |
Warehouse Facility II |  |  |
Maximum outstanding principal balance | 201.0 |  |  | 201.0 |
Average outstanding principal balance | 20.4 |  |  | 93.0 |
Warehouse Facility IV |  |  |
Maximum outstanding principal balance | — |  |  | 100.0 |
Average outstanding principal balance | — |  |  | 4.4 |
Warehouse Facility V |  |  |
Maximum outstanding principal balance | 50.0 |  |  | — |
Average outstanding principal balance | 8.2 |  |  | — |
Warehouse Facility VI |  |  |
Maximum outstanding principal balance | — |  |  | 101.5 |
Average outstanding principal balance | — |  |  | 2.3 |
Warehouse Facility VII |  |  |
Maximum outstanding principal balance | 100.0 |  |  | — |
Average outstanding principal balance | 21.7 |  |  | — |
Warehouse Facility VIII |  |  |
Maximum outstanding principal balance | 49.0 |  |  | — |
Average outstanding principal balance | 7.6 |  |  | — |
Summary of Debt |
(Dollars in millions) | As of
| March 31, 2020 |  | December 31, 2019
Revolving Secured Line of Credit |  |  |
Principal balance outstanding | $ | 79.9 |  |  | $ | — |
Amount available for borrowing (1) | 260.1 |  |  | 340.0 |
Interest rate | 2.87 | % |  | — | %
Warehouse Facility II |  |  |
Principal balance outstanding | $ | 201.0 |  |  | $ | — |
Amount available for borrowing (1) | 199.0 |  |  | 400.0 |
Loans pledged as collateral | 248.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 4.8 |  |  | 1.0 |
Interest rate | 3.33 | % |  | — | %
Warehouse Facility IV |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 300.0 |  |  | 300.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.0 |  |  | 1.0 |
Interest rate | — | % |  | — | %
Warehouse Facility V |  |  |
Principal balance outstanding | $ | 50.0 |  |  | $ | — |
Amount available for borrowing (1) | 50.0 |  |  | 100.0 |
Loans pledged as collateral | 63.2 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 2.3 |  |  | 1.0 |
Interest rate | 3.48 | % |  | — | %
Warehouse Facility VI |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 75.0 |  |  | 75.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | — |  |  | — |
Interest rate | — | % |  | — | %
Warehouse Facility VII |  |  |
Principal balance outstanding | $ | 100.0 |  |  | $ | — |
Amount available for borrowing (1) | 50.0 |  |  | 150.0 |
Loans pledged as collateral | 123.8 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 3.4 |  |  | 1.0 |
Interest rate | 3.64 | % |  | — | %
Warehouse Facility VIII |  |  |
Principal balance outstanding | $ | 49.0 |  |  | $ | — |
Amount available for borrowing (1) | 151.0 |  |  | 200.0 |
Loans pledged as collateral | 64.0 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 2.2 |  |  | — |
Interest rate | 2.82 | % |  | — | %
Term ABS 2016-3 |  |  |
Principal balance outstanding | $ | — |  |  | $ | 51.8 |
Loans pledged as collateral | — |  |  | 219.5 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 23.5 |
Interest rate | — | % |  | 3.60 | %
Term ABS 2017-1 |  |  |
Principal balance outstanding | $ | 66.8 |  |  | $ | 120.9 |
Loans pledged as collateral | 248.5 |  |  | 292.8 |
Restricted cash and cash equivalents pledged as collateral | 27.4 |  |  | 26.1 |
Interest rate | 3.36 | % |  | 3.19 | %
Term ABS 2017-2 |  |  |
Principal balance outstanding | $ | 202.9 |  |  | $ | 277.2 |
Loans pledged as collateral | 357.3 |  |  | 426.7 |
Restricted cash and cash equivalents pledged as collateral | 37.2 |  |  | 35.1 |
Interest rate | 2.94 | % |  | 2.83 | %
Term ABS 2017-3 |  |  |
Principal balance outstanding | $ | 238.6 |  |  | $ | 303.2 |
Loans pledged as collateral | 332.6 |  |  | 393.0 |
Restricted cash and cash equivalents pledged as collateral | 31.6 |  |  | 29.3 |
Interest rate | 2.98 | % |  | 2.91 | %
Term ABS 2018-1 |  |  |
Principal balance outstanding | $ | 463.6 |  |  | $ | 500.0 |
Loans pledged as collateral | 570.0 |  |  | 609.5 |
Restricted cash and cash equivalents pledged as collateral | 48.3 |  |  | 43.8 |
Interest rate | 3.26 | % |  | 3.24 | %
Term ABS 2018-2 |  |  |
Principal balance outstanding | $ | 450.0 |  |  | $ | 450.0 |
Loans pledged as collateral | 528.7 |  |  | 550.4 |
Restricted cash and cash equivalents pledged as collateral | 43.4 |  |  | 37.6 |
Interest rate | 3.68 | % |  | 3.68 | %
Term ABS 2018-3 |  |  |
Principal balance outstanding | $ | 398.3 |  |  | $ | 398.3 |
Loans pledged as collateral | 469.8 |  |  | 487.7 |
Restricted cash and cash equivalents pledged as collateral | 37.8 |  |  | 32.3 |
Interest rate | 3.72 | % |  | 3.72 | %
Term ABS 2019-1 |  |  |
Principal balance outstanding | $ | 402.5 |  |  | $ | 402.5 |
Loans pledged as collateral | 473.0 |  |  | 490.2 |
Restricted cash and cash equivalents pledged as collateral | 36.7 |  |  | 31.9 |
Interest rate | 3.53 | % |  | 3.53 | %
Term ABS 2019-2 |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | 500.0 |
Loans pledged as collateral | 642.0 |  |  | 628.5 |
Restricted cash and cash equivalents pledged as collateral | 45.2 |  |  | 38.6 |
Interest rate | 3.13 | % |  | 3.13 | %
Term ABS 2019-3 |  |  |
Principal balance outstanding | $ | 351.7 |  |  | $ | 351.7 |
Loans pledged as collateral | 515.4 |  |  | 428.6 |
Restricted cash and cash equivalents pledged as collateral | 36.4 |  |  | 27.2 |
Interest rate | 2.56 | % |  | 2.56 | %
Term ABS 2020-1 |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | — |
Loans pledged as collateral | 836.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 49.5 |  |  | — |
Interest rate | 2.18 | % |  | — | %
2021 Senior Notes |  |  |
Principal balance outstanding | $ | — |  |  | $ | 151.8 |
Interest rate | — | % |  | 6.125 | %
2023 Senior Notes |  |  |
Principal balance outstanding | $ | — |  |  | $ | 250.0 |
Interest rate | — | % |  | 7.375 | %
2024 Senior Notes |  |  |
Principal balance outstanding | $ | 400.0 |  |  | $ | 400.0 |
Interest rate | 5.125 | % |  | 5.125 | %
2026 Senior Notes |  |  |
Principal balance outstanding | $ | 400.0 |  |  | $ | 400.0 |
Interest rate | 6.625 | % |  | 6.625 | %
Mortgage Note |  |  |
Principal balance outstanding | $ | 11.1 |  |  | $ | 11.3 |
Interest rate | 3.08 | % |  | 3.21 | %
(1) | Availability may be limited by the amount of assets pledged as collateral.
Summary of Term ABS Financings | The table below sets forth certain additional details regarding the outstanding Term ABS financings:
(Dollars in millions) |  |  |  |  |  |
Term ABS Financings |  | Close Date |  | Net Book Value of Loans Contributed at Closing |  | Revolving Period
Term ABS 2017-1 |  | February 23, 2017 |  | $ | 437.8 |  |  | Through February 15, 2019
Term ABS 2017-2 |  | June 29, 2017 |  | 563.2 |  |  | Through June 17, 2019
Term ABS 2017-3 |  | October 26, 2017 |  | 437.6 |  |  | Through October 15, 2019
Term ABS 2018-1 |  | February 22, 2018 |  | 625.1 |  |  | Through February 17, 2020
Term ABS 2018-2 |  | May 24, 2018 |  | 562.6 |  |  | Through May 15, 2020
Term ABS 2018-3 |  | August 23, 2018 |  | 500.1 |  |  | Through August 17, 2020
Term ABS 2019-1 |  | February 21, 2019 |  | 503.1 |  |  | Through February 15, 2021
Term ABS 2019-2 |  | August 28, 2019 |  | 625.1 |  |  | Through August 15, 2022
Term ABS 2019-3 |  | November 21, 2019 |  | 439.6 |  |  | Through November 15, 2021
Term ABS 2020-1 |  | February 20, 2020 |  | 625.1 |  |  | Through February 15, 2022

X
- Definition Schedule Of Additional Information Related To Debt Instruments [Table Text Block] + References No definition available. + Details
Name: | cacc_ScheduleOfAdditionalInformationRelatedToDebtInstrumentsTableTextBlock
Namespace Prefix: | cacc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

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

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration