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v3.22.2.2

Debt | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Principal Debt Outstanding | Debt consists of the following:
(In millions) |  | As of September 30, 2022
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  |  |  | Carrying Amount
Revolving secured line of credit (1) |  | $ | 188.9 |  |  | $ | — |  |  |  |  | $ | 188.9 |
Secured financing (2) |  | 3,649.4 |  |  | (15.3) |  |  |  |  | 3,634.1 |
Senior notes |  | 800.0 |  |  | (6.1) |  |  |  |  | 793.9 |
Mortgage note |  | 9.0 |  |  | — |  |  |  |  | 9.0 |
Total debt |  | $ | 4,647.3 |  |  | $ | (21.4) |  |  |  |  | $ | 4,625.9 |
(In millions) |  | As of December 31, 2021
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  |  |  | Carrying Amount
Revolving secured line of credit (1) |  | $ | 2.6 |  |  | $ | — |  |  |  |  | $ | 2.6 |
Secured financing (2) |  | 3,830.4 |  |  | (18.9) |  |  |  |  | 3,811.5 |
Senior notes |  | 800.0 |  |  | (7.5) |  |  |  |  | 792.5 |
Mortgage note |  | 9.7 |  |  | — |  |  |  |  | 9.7 |
Total debt |  | $ | 4,642.7 |  |  | $ | (26.4) |  |  |  |  | $ | 4,616.3 |
(1)Excludes deferred debt issuance cost s of $4.3 million and $3.6 million as of September 30, 2022 and December 31, 2021, 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 September 30, 2022 is as follows:
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
Financings |  | Wholly Owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate Basis as of September 30, 2022
Revolving Secured Line of Credit |  | n/a |  | 06/22/2025 |  |  | $ | 410.0 |  | (1) |  | At our option, either the Bloomberg Short-Term Bank Yield Index rate (BSBY) plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (2) |  | CAC Warehouse Funding LLC II |  | 04/30/2024 | (3) |  | 400.0 |  |  |  | LIBOR plus 175 basis points (4)
Warehouse Facility IV (2) |  | CAC Warehouse Funding LLC IV |  | 05/20/2025 | (3) |  | 300.0 |  |  |  | The Secured Overnight Financing Rate (SOFR) plus 221.4 basis points (4)
Warehouse Facility V (2) |  | CAC Warehouse Funding LLC V |  | 12/18/2023 | (5) |  | 125.0 |  |  |  | SOFR plus 235 basis points (4)
Warehouse Facility VI (2) |  | CAC Warehouse Funding LLC VI |  | 09/30/2024 | (3) |  | 75.0 |  |  |  | BSBY plus 200 basis points
Warehouse Facility VIII (2) |  | CAC Warehouse Funding LLC VIII |  | 09/01/2024 | (3) |  | 200.0 |  |  |  | SOFR plus 201.4 basis points (4)
Term ABS 2019-2 (2) |  | Credit Acceptance Funding LLC 2019-2 |  | 08/15/2025 | (6) |  | 500.0 |  |  |  | Fixed rate
Term ABS 2019-3 (2) |  | Credit Acceptance Funding LLC 2019-3 |  | 11/15/2021 | (3) |  | 351.7 |  |  |  | Fixed rate
Term ABS 2020-1 (2) |  | Credit Acceptance Funding LLC 2020-1 |  | 02/15/2022 | (3) |  | 500.0 |  |  |  | Fixed rate
Term ABS 2020-2 (2) |  | Credit Acceptance Funding LLC 2020-2 |  | 07/15/2022 | (3) |  | 481.8 |  |  |  | Fixed rate
Term ABS 2020-3 (2) |  | Credit Acceptance Funding LLC 2020-3 |  | 10/17/2022 | (3) |  | 600.0 |  |  |  | Fixed rate
Term ABS 2021-1 (2) |  | Credit Acceptance Funding LLC 2021-1 |  | 02/15/2023 | (6) |  | 100.0 |  |  |  | SOFR plus 208.5 basis points (4)
Term ABS 2021-2 (2) |  | Credit Acceptance Funding LLC 2021-2 |  | 02/15/2023 | (3) |  | 500.0 |  |  |  | Fixed rate
Term ABS 2021-3 (2) |  | Credit Acceptance Funding LLC 2021-3 |  | 05/15/2023 | (3) |  | 450.0 |  |  |  | Fixed rate
Term ABS 2021-4 (2) |  | Credit Acceptance Funding LLC 2021-4 |  | 10/16/2023 | (3) |  | 250.1 |  |  |  | Fixed rate
Term ABS 2022-1 (2) |  | Credit Acceptance Funding LLC 2022-1 |  | 06/17/2024 | (3) |  | 350.0 |  |  |  | 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 (2) |  | Chapter 4 Properties, LLC |  | 08/06/2023 |  |  | 12.0 |  |  |  | LIBOR plus 150 basis points
(1)The amount of the facility will decrease by $25.0 million on June 22, 2023. (2)Financing made available only to a specified subsidiary of the Company. (3)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets. (4)Interest rate cap agreements are in place to limit the exposure to increasing interest rates. (5)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 16, 2025 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 September 30, |  | For the Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revolving Secured Line of Credit |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | 356.3 |  |  | $ | 72.2 |  |  | $ | 379.7 |  |  | $ | 216.0 |
Average outstanding principal balance | 169.1 |  |  | 1.5 |  |  | 152.8 |  |  | 26.9 |
Warehouse Facility II |  |  |  |  |  |  |
Maximum outstanding principal balance | 100.0 |  |  | — |  |  | 201.0 |  |  | 201.0 |
Average outstanding principal balance | 71.7 |  |  | — |  |  | 83.1 |  |  | 15.6 |
Warehouse Facility IV |  |  |  |  |  |  |
Maximum outstanding principal balance | — |  |  | — |  |  | 43.8 |  |  | — |
Average outstanding principal balance | — |  |  | — |  |  | 5.7 |  |  | — |
Warehouse Facility V |  |  |  |  |  |  |
Maximum outstanding principal balance | — |  |  | — |  |  | — |  |  | — |
Average outstanding principal balance | — |  |  | — |  |  | — |  |  | — |
Warehouse Facility VI |  |  |  |  |  |  |
Maximum outstanding principal balance | 50.0 |  |  | — |  |  | 50.0 |  |  | — |
Average outstanding principal balance | 50.0 |  |  | — |  |  | 17.2 |  |  | — |
Warehouse Facility VIII |  |  |  |  |  |  |
Maximum outstanding principal balance | — |  |  | — |  |  | 48.2 |  |  | — |
Average outstanding principal balance | — |  |  | — |  |  | 6.3 |  |  | — |
Summary of Debt |
(Dollars in millions) | As of
| September 30, 2022 |  | December 31, 2021
Revolving Secured Line of Credit |  |  |
Principal balance outstanding | $ | 188.9 |  |  | $ | 2.6 |
Amount available for borrowing (1) | 221.1 |  |  | 432.4 |
Interest rate | 4.99 | % |  | 1.98 | %
Warehouse Facility II |  |  |
Principal balance outstanding | $ | 100.0 |  |  | $ | — |
Amount available for borrowing (1) | 300.0 |  |  | 400.0 |
Loans pledged as collateral | 141.1 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 3.1 |  |  | 1.0 |
Interest rate | 4.31 | % |  | — | %
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 | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 125.0 |  |  | 125.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.0 |  |  | 1.0 |
Interest rate | — | % |  | — | %
Warehouse Facility VI |  |  |
Principal balance outstanding | $ | 50.0 |  |  | $ | — |
Amount available for borrowing (1) | 25.0 |  |  | 75.0 |
Loans pledged as collateral | 67.2 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.9 |  |  | — |
Interest rate | 4.56 | % |  | — | %
Warehouse Facility VIII |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 200.0 |  |  | 200.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | — |  |  | — |
Interest rate | — | % |  | — | %
Term ABS 2019-1 |  |  |
Principal balance outstanding | $ | — |  |  | $ | 124.6 |
Loans pledged as collateral | — |  |  | 292.4 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 31.8 |
Interest rate | — | % |  | 3.86 | %
Term ABS 2019-2 |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | 500.0 |
Loans pledged as collateral | 572.0 |  |  | 582.1 |
Restricted cash and cash equivalents pledged as collateral | 49.9 |  |  | 50.7 |
Interest rate | 5.15 | % |  | 3.13 | %
Term ABS 2019-3 |  |  |
Principal balance outstanding | $ | 113.2 |  |  | $ | 323.9 |
Loans pledged as collateral | 233.3 |  |  | 382.9 |
Restricted cash and cash equivalents pledged as collateral | 27.0 |  |  | 36.5 |
Interest rate | 2.94 | % |  | 2.58 | %
Term ABS 2020-1 |  |  |
Principal balance outstanding | $ | 230.4 |  |  | $ | 500.0 |
Loans pledged as collateral | 416.6 |  |  | 591.6 |
Restricted cash and cash equivalents pledged as collateral | 43.4 |  |  | 51.9 |
Interest rate | 2.38 | % |  | 2.18 | %
Term ABS 2020-2 |  |  |
Principal balance outstanding | $ | 405.7 |  |  | $ | 481.8 |
Loans pledged as collateral | 515.7 |  |  | 579.5 |
Restricted cash and cash equivalents pledged as collateral | 48.3 |  |  | 50.1 |
Interest rate | 1.70 | % |  | 1.65 | %
Term ABS 2020-3 |  |  |
Principal balance outstanding | $ | 600.0 |  |  | $ | 600.0 |
Loans pledged as collateral | 699.2 |  |  | 688.1 |
Restricted cash and cash equivalents pledged as collateral | 57.8 |  |  | 58.4 |
Interest rate | 1.44 | % |  | 1.44 | %
Term ABS 2021-1 |  |  |
Principal balance outstanding | $ | 100.0 |  |  | $ | 100.0 |
Loans pledged as collateral | 116.8 |  |  | 143.7 |
Restricted cash and cash equivalents pledged as collateral | 9.1 |  |  | 10.2 |
Interest rate | 4.93 | % |  | 2.10 | %
Term ABS 2021-2 |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | 500.0 |
Loans pledged as collateral | 574.1 |  |  | 618.7 |
Restricted cash and cash equivalents pledged as collateral | 46.9 |  |  | 49.2 |
Interest rate | 1.12 | % |  | 1.12 | %
Term ABS 2021-3 |  |  |
Principal balance outstanding | $ | 450.0 |  |  | $ | 450.0 |
Loans pledged as collateral | 527.4 |  |  | 619.8 |
Restricted cash and cash equivalents pledged as collateral | 41.5 |  |  | 46.5 |
Interest rate | 1.14 | % |  | 1.14 | %
Term ABS 2021-4 |  |  |
Principal balance outstanding | $ | 250.1 |  |  | $ | 250.1 |
Loans pledged as collateral | 275.9 |  |  | 281.2 |
Restricted cash and cash equivalents pledged as collateral | 22.9 |  |  | 22.1 |
Interest rate | 1.44 | % |  | 1.44 | %
Term ABS 2022-1 |  |  |
Principal balance outstanding | $ | 350.0 |  |  | $ | — |
Loans pledged as collateral | 448.0 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 29.4 |  |  | — |
Interest rate | 5.03 | % |  | — | %
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 | $ | 9.0 |  |  | $ | 9.7 |
Interest rate | 4.06 | % |  | 1.60 | %
(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 2019-2 |  | August 28, 2019 |  | $ | 625.1 |  |  | Through August 15, 2025
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
Term ABS 2020-2 |  | July 23, 2020 |  | 602.3 |  |  | Through July 15, 2022
Term ABS 2020-3 |  | October 22, 2020 |  | 750.1 |  |  | Through October 17, 2022
Term ABS 2021-1 |  | January 29, 2021 |  | 125.1 |  |  | Through February 15, 2023
Term ABS 2021-2 |  | February 18, 2021 |  | 625.1 |  |  | Through February 15, 2023
Term ABS 2021-3 |  | May 20, 2021 |  | 562.6 |  |  | Through May 15, 2023
Term ABS 2021-4 |  | October 28, 2021 |  | 312.6 |  |  | Through October 16, 2023
Term ABS 2022-1 |  | June 16, 2022 |  | 437.6 |  |  | Through June 17, 2024

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