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Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of September 30, 2024
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$1.0 $— $— $1.0 
Secured financing (2)5,289.6 (30.9)(1.6)5,257.1 
Senior notes1,000.0 (9.2)— 990.8 
Mortgage note— — — — 
Total debt$6,290.6 $(40.1)$(1.6)$6,248.9 
(In millions)As of December 31, 2023
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$79.2 $— $— $79.2 
Secured financing (2)4,019.0 (25.6)(2.5)3,990.9 
Senior notes1,000.0 (11.0)— 989.0 
Mortgage note8.4 — — 8.4 
Total debt$5,106.6 $(36.6)$(2.5)$5,067.5 

(1)Excludes deferred debt issuance costs of $4.8 million and $4.2 million as of September 30, 2024 and December 31, 2023, respectively, which are included in other assets.
(2)Warehouse facilities and Term ABS financings.
Schedule of General Information of Financing Transaction
General information for each of our financing transactions in place as of September 30, 2024 is as follows:
(Dollars in millions)     
FinancingsWholly Owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
September 30, 2024
Revolving Secured Line of Credit Facilityn/a06/22/2027 $390.0 
At our option, either the Secured Overnight Financing Rate (SOFR) plus 197.5 basis points or the prime rate plus 87.5 basis points
RTP Facilityn/a—(1)20.0 
SOFR plus 197.5 basis points
Warehouse Facility II (2)CAC Warehouse Funding LLC II09/20/2027(3)500.0 
SOFR plus 185.0 basis points
Warehouse Facility IV (2)CAC Warehouse Funding LLC IV12/29/2026(3)300.0 
SOFR plus 221.4 basis points (4)
Warehouse Facility V (2)CAC Warehouse Funding LLC V12/29/2025(5)200.0 
SOFR plus 245.0 basis points (4)
Warehouse Facility VI (2)CAC Warehouse Funding LLC VI09/30/2026(3)75.0 
SOFR plus 210 basis points
Warehouse Facility VIII (2)CAC Warehouse Funding LLC VIII09/21/2026(3)200.0 
SOFR plus 225.0 basis points (4)
Term ABS 2019-2 (2)Credit Acceptance Funding LLC 2019-209/15/2026(6)500.0 Fixed rate
Term ABS 2021-1 (2)Credit Acceptance Funding LLC 2021-102/17/2026(6)100.0 
SOFR plus 220.0 basis points
Term ABS 2021-3 (2)Credit Acceptance Funding LLC 2021-305/15/2023(3)450.0 Fixed rate
Term ABS 2021-4 (2)Credit Acceptance Funding LLC 2021-410/16/2023(3)250.1 Fixed rate
Term ABS 2022-1 (2)Credit Acceptance Funding LLC 2022-106/17/2024(3)350.0 Fixed rate
Term ABS 2022-2 (2)Credit Acceptance Funding LLC 2022-206/15/2027(6)300.0 
SOFR plus 246.4 basis points
Term ABS 2022-3 (2)Credit Acceptance Funding LLC 2022-310/15/2024(3)389.9 Fixed rate
Term ABS 2023-1 (2)Credit Acceptance Funding LLC 2023-103/17/2025(3)400.0 Fixed rate
Term ABS 2023-2 (2)Credit Acceptance Funding LLC 2023-205/15/2025(3)400.0 Fixed rate
Term ABS 2023-3 (2)Credit Acceptance Funding LLC 2023-308/15/2025(3)400.0 Fixed rate
Term ABS 2023-A (2)Credit Acceptance Funding LLC 2023-A12/15/2025(6)200.0 Fixed rate
Term ABS 2023-5 (2)Credit Acceptance Funding LLC 2023-512/15/2025(3)294.0 Fixed rate
Term ABS 2024-A (2)Credit Acceptance Funding LLC 2024-A02/15/2027(6)200.0 Fixed rate
Term ABS 2024-1 (2)Credit Acceptance Funding LLC 2024-103/16/2026(3)500.0 Fixed rate
Term ABS 2024-2 (2)Credit Acceptance Funding LLC 2024-206/15/2026(3)550.0 Fixed rate
Term ABS 2024-3 (2)Credit Acceptance Funding LLC 2024-309/15/2026(3)600.0 Fixed rate
2026 Senior Notesn/a03/15/2026400.0 Fixed rate
2028 Senior Notesn/a12/15/2028600.0 Fixed rate
(1)Borrowings are subject to repayment on demand.
(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 27, 2027 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.
 [1]
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,
 2024202320242023
Revolving Secured Lines of Credit    
Maximum outstanding principal balance$300.1 $302.2 $342.0 $355.5 
Average outstanding principal balance125.6 171.1 168.0 152.4 
Warehouse Facility II    
Maximum outstanding principal balance201.0 201.0 251.0 201.0 
Average outstanding principal balance102.8 86.2 124.2 55.2 
Warehouse Facility IV    
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Warehouse Facility V
Maximum outstanding principal balance— — 100.0 — 
Average outstanding principal balance— — 7.7 — 
Warehouse Facility VI
Maximum outstanding principal balance75.0 — 75.0 — 
Average outstanding principal balance61.1 — 48.8 — 
Warehouse Facility VIII
Maximum outstanding principal balance— — 100.0 — 
Average outstanding principal balance— — 25.9 — 
Summary of Debt
(Dollars in millions)As of
 September 30, 2024December 31, 2023
Revolving Secured Lines of Credit  
Principal balance outstanding$1.0 $79.2 
Amount available for borrowing (1)409.0 330.8 
Interest rate6.71 %7.33 %
Warehouse Facility II  
Principal balance outstanding$— $— 
Amount available for borrowing (1)500.0 400.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral2.0 1.0 
Interest rate— %— %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.5 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$— $— 
Amount available for borrowing (1)75.0 75.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral0.8 — 
Interest rate— %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
Amount available for borrowing (1)200.0 200.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— 0.8 
Interest rate— %— %
Term ABS 2019-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral525.7 597.3 
Restricted cash and cash equivalents pledged as collateral43.8 47.6 
Interest rate5.43 %5.15 %
Term ABS 2020-3
Principal balance outstanding$— $110.3 
Loans pledged as collateral— 418.4 
Restricted cash and cash equivalents pledged as collateral— 42.3 
Interest rate— %2.06 %
(Dollars in millions)As of
September 30, 2024December 31, 2023
Term ABS 2021-1
Principal balance outstanding$100.0 $100.0 
Loans pledged as collateral111.8 112.8 
Restricted cash and cash equivalents pledged as collateral9.2 8.8 
Interest rate7.30 %7.56 %
Term ABS 2021-2
Principal balance outstanding$— $188.2 
Loans pledged as collateral— 415.5 
Restricted cash and cash equivalents pledged as collateral— 37.3 
Interest rate— %1.38 %
Term ABS 2021-3
Principal balance outstanding$65.1 $265.0 
Loans pledged as collateral268.0 396.3 
Restricted cash and cash equivalents pledged as collateral28.5 33.8 
Interest rate1.63 %1.24 %
Term ABS 2021-4
Principal balance outstanding$98.1 $221.6 
Loans pledged as collateral187.6 255.2 
Restricted cash and cash equivalents pledged as collateral17.6 21.0 
Interest rate1.72 %1.46 %
Term ABS 2022-1
Principal balance outstanding$292.5 $350.0 
Loans pledged as collateral342.9 378.2 
Restricted cash and cash equivalents pledged as collateral26.9 27.4 
Interest rate5.12 %5.03 %
Term ABS 2022-2
Principal balance outstanding$300.0 $200.0 
Loans pledged as collateral417.5 212.1 
Restricted cash and cash equivalents pledged as collateral25.5 14.7 
Interest rate7.29 %7.66 %
Term ABS 2022-3
Principal balance outstanding$389.9 $389.9 
Loans pledged as collateral421.2 418.9 
Restricted cash and cash equivalents pledged as collateral31.0 28.9 
Interest rate7.68 %7.68 %
Term ABS 2023-1
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral494.3 611.6 
Restricted cash and cash equivalents pledged as collateral36.2 38.5 
Interest rate6.92 %6.92 %
Term ABS 2023-2
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral582.5 701.7 
Restricted cash and cash equivalents pledged as collateral39.8 42.0 
Interest rate6.39 %6.39 %
(Dollars in millions)As of
September 30, 2024December 31, 2023
Term ABS 2023-3
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral566.7 643.8 
Restricted cash and cash equivalents pledged as collateral39.6 40.3 
Interest rate6.86 %6.86 %
Term ABS 2023-A
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral272.9 273.4 
Restricted cash and cash equivalents pledged as collateral18.9 17.2 
Interest rate7.51 %7.51 %
Term ABS 2023-5
Principal balance outstanding$294.0 $294.0 
Loans pledged as collateral430.9 433.9 
Restricted cash and cash equivalents pledged as collateral35.4 52.2 
Interest rate6.54 %6.54 %
Term ABS 2024-A
Principal balance outstanding$200.0 $— 
Loans pledged as collateral266.9 — 
Restricted cash and cash equivalents pledged as collateral19.6 — 
Interest rate7.45 %— %
Term ABS 2024-1
Principal balance outstanding$500.0 $— 
Loans pledged as collateral565.3 — 
Restricted cash and cash equivalents pledged as collateral47.4 — 
Interest rate6.01 %— %
Term ABS 2024-2
Principal balance outstanding$550.0 $— 
Loans pledged as collateral641.3 — 
Restricted cash and cash equivalents pledged as collateral45.2 — 
Interest rate6.21 %— %
Term ABS 2024-3
Principal balance outstanding$600.0 $— 
Loans pledged as collateral847.2 — 
Restricted cash and cash equivalents pledged as collateral87.0 — 
Interest rate4.91 %— %
2026 Senior Notes
Principal balance outstanding$400.0 $400.0 
Interest rate6.625 %6.625 %
2028 Senior Notes
Principal balance outstanding$600.0 $600.0 
Interest rate9.250 %9.250 %
Mortgage Note
Principal balance outstanding$— $8.4 
Interest rate— %6.88 %
(1)Availability may be limited by the amount of assets pledged as collateral.
Summary of Term ABS Financings
[1] Financing made available only to a specified subsidiary of the Company.