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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |  |
Schedule of Principal Debt Outstanding | Debt consists of the following:
(In millions) |  | As of September 30, 2025
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  | Unamortized Discount |  | Carrying Amount
Revolving secured lines of credit (1) |  | $ | 148.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 148.7 |
Secured financing (2) |  | 5,155.5 |  |  | (22.0) |  |  | (0.4) |  |  | 5,133.1 |
Senior notes |  | 1,100.0 |  |  | (12.8) |  |  | — |  |  | 1,087.2 |
Total debt |  | $ | 6,404.2 |  |  | $ | (34.8) |  |  | $ | (0.4) |  |  | $ | 6,369.0 |
(In millions) |  | As of December 31, 2024
|  | Principal Outstanding |  | Unamortized Debt Issuance Costs |  | Unamortized Discount |  | Carrying Amount
Revolving secured lines of credit (1) |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Secured financing (2) |  | 5,391.8 |  |  | (29.0) |  |  | (1.3) |  |  | 5,361.5 |
Senior notes |  | 1,000.0 |  |  | (8.7) |  |  | — |  |  | 991.3 |
Total debt |  | $ | 6,391.9 |  |  | $ | (37.7) |  |  | $ | (1.3) |  |  | $ | 6,352.9 |
(1)Excludes deferred debt issuance costs of $4.9 million and $4.4 million as of September 30, 2025 and December 31, 2024, 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, 2025 is as follows:
(Dollars in millions) |  |  |  |  |  |  |  |  |
Financings |  | Wholly Owned Subsidiary |  | Maturity Date |  | Financing Amount |  | Interest Rate Basis as of September 30, 2025
Revolving Secured Line of Credit Facility |  | n/a |  | 06/22/2028 |  |  | $ | 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 Facility |  | n/a |  | — | (1) |  | 20.0 |  |  | SOFR plus 197.5 basis points
Warehouse Facility II (2) |  | CAC Warehouse Funding LLC II |  | 09/20/2027 | (3) |  | 500.0 |  |  | SOFR plus 185.0 basis points
Warehouse Facility IV (2) |  | CAC Warehouse Funding LLC IV |  | 07/30/2028 | (3) |  | 300.0 |  |  | SOFR plus 205.0 basis points
Warehouse Facility V (2) |  | CAC Warehouse Funding LLC V |  | 12/29/2027 | (4) |  | 250.0 |  |  | SOFR plus 185.0 basis points
Warehouse Facility VI (2) |  | CAC Warehouse Funding LLC VI |  | 09/30/2028 | (3) |  | 75.0 |  |  | SOFR plus 185.0 basis points
Warehouse Facility VIII (2) |  | CAC Warehouse Funding LLC VIII |  | 09/19/2028 | (3) |  | 200.0 |  |  | SOFR plus 185.0 basis points
Term ABS 2019-2 (2) |  | Credit Acceptance Funding LLC 2019-2 |  | 09/15/2026 | (5) |  | 500.0 |  |  | Fixed rate
Term ABS 2021-1 (2) |  | Credit Acceptance Funding LLC 2021-1 |  | 02/17/2026 | (5) |  | 100.0 |  |  | SOFR plus 220.0 basis points
Term ABS 2022-1 (2) |  | Credit Acceptance Funding LLC 2022-1 |  | 06/17/2024 | (3) |  | 350.0 |  |  | Fixed rate
Term ABS 2022-2 (2) |  | Credit Acceptance Funding LLC 2022-2 |  | 06/15/2027 | (5) |  | 300.0 |  |  | SOFR plus 246.4 basis points
Term ABS 2022-3 (2) |  | Credit Acceptance Funding LLC 2022-3 |  | 10/15/2024 | (3) |  | 389.9 |  |  | Fixed rate
Term ABS 2023-1 (2) |  | Credit Acceptance Funding LLC 2023-1 |  | 03/17/2025 | (3) |  | 400.0 |  |  | Fixed rate
Term ABS 2023-2 (2) |  | Credit Acceptance Funding LLC 2023-2 |  | 05/15/2025 | (3) |  | 400.0 |  |  | Fixed rate
Term ABS 2023-3 (2) |  | Credit Acceptance Funding LLC 2023-3 |  | 08/15/2025 | (3) |  | 400.0 |  |  | Fixed rate
Term ABS 2023-A (2) |  | Credit Acceptance Funding LLC 2023-A |  | 12/15/2025 | (5) |  | 200.0 |  |  | Fixed rate
Term ABS 2023-5 (2) |  | Credit Acceptance Funding LLC 2023-5 |  | 12/15/2025 | (3) |  | 294.0 |  |  | Fixed rate
Term ABS 2024-A (2) |  | Credit Acceptance Funding LLC 2024-A |  | 02/15/2027 | (5) |  | 200.0 |  |  | Fixed rate
Term ABS 2024-1 (2) |  | Credit Acceptance Funding LLC 2024-1 |  | 03/16/2026 | (3) |  | 500.0 |  |  | Fixed rate
Term ABS 2024-2 (2) |  | Credit Acceptance Funding LLC 2024-2 |  | 06/15/2026 | (3) |  | 550.0 |  |  | Fixed rate
Term ABS 2024-3 (2) |  | Credit Acceptance Funding LLC 2024-3 |  | 09/15/2026 | (3) |  | 600.0 |  |  | Fixed rate
Term ABS 2024-B (2) |  | Credit Acceptance Funding LLC 2024-B |  | 12/15/2027 | (5) |  | 300.0 |  |  | Fixed rate
Term ABS 2025-1 (2) |  | Credit Acceptance Funding LLC 2025-1 |  | 03/15/2027 | (3) |  | 400.0 |  |  | Fixed rate
2028 Senior Notes |  | n/a |  | 12/15/2028 |  |  | 600.0 |  |  | Fixed rate
2030 Senior Notes |  | n/a |  | 03/15/2030 |  |  | 500.0 |  |  | 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)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2029 will be due on that date. (5)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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revolving Secured Lines of Credit |  |  |  |  |  |  |
Maximum outstanding principal balance | $ | 199.3 |  |  | $ | 300.1 |  |  | $ | 199.3 |  |  | $ | 342.0 |
Average outstanding principal balance | 58.9 |  |  | 125.6 |  |  | 20.8 |  |  | 168.0 |
Warehouse Facility II |  |  |  |  |  |  |
Maximum outstanding principal balance | — |  |  | 201.0 |  |  | 251.0 |  |  | 251.0 |
Average outstanding principal balance | — |  |  | 102.8 |  |  | 1.8 |  |  | 124.2 |
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 balance | — |  |  | 75.0 |  |  | — |  |  | 75.0 |
Average outstanding principal balance | — |  |  | 61.1 |  |  | — |  |  | 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, 2025 |  | December 31, 2024
Revolving Secured Lines of Credit |  |  |
Principal balance outstanding | $ | 148.7 |  |  | $ | 0.1 |
Amount available for borrowing (1) | 261.3 |  |  | 409.9 |
Interest rate | 6.14 | % |  | 6.37 | %
Warehouse Facility II |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 500.0 |  |  | 500.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 2.5 |
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 collateral | — |  |  | — |
Interest rate | — | % |  | — | %
Warehouse Facility V |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
Amount available for borrowing (1) | 250.0 |  |  | 250.0 |
Loans pledged as collateral | — |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 1.0 |  |  | 1.0 |
Interest rate | — | % |  | — | %
Warehouse Facility VI |  |  |
Principal balance outstanding | $ | — |  |  | $ | — |
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 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 2019-2 |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | 500.0 |
Loans pledged as collateral | 530.0 |  |  | 529.0 |
Restricted cash and cash equivalents pledged as collateral | 43.1 |  |  | 41.7 |
Interest rate | 5.43 | % |  | 5.43 | %
Term ABS 2021-1 |  |  |
Principal balance outstanding | $ | 100.0 |  |  | $ | 100.0 |
Loans pledged as collateral | 108.1 |  |  | 112.0 |
Restricted cash and cash equivalents pledged as collateral | 9.0 |  |  | 8.7 |
Interest rate | 6.35 | % |  | 6.60 | %
(Dollars in millions) | As of
| September 30, 2025 |  | December 31, 2024
Term ABS 2021-4 |  |  |
Principal balance outstanding | $ | — |  |  | $ | 63.6 |
Loans pledged as collateral | — |  |  | 167.0 |
Restricted cash and cash equivalents pledged as collateral | — |  |  | 16.4 |
Interest rate | — | % |  | 1.89 | %
Term ABS 2022-1 |  |  |
Principal balance outstanding | $ | 86.5 |  |  | $ | 236.6 |
Loans pledged as collateral | 213.4 |  |  | 310.0 |
Restricted cash and cash equivalents pledged as collateral | 21.7 |  |  | 24.9 |
Interest rate | 5.92 | % |  | 5.24 | %
Term ABS 2022-2 |  |  |
Principal balance outstanding | $ | 300.0 |  |  | $ | 300.0 |
Loans pledged as collateral | 325.4 |  |  | 406.0 |
Restricted cash and cash equivalents pledged as collateral | 24.5 |  |  | 25.2 |
Interest rate | 6.58 | % |  | 7.29 | %
Term ABS 2022-3 |  |  |
Principal balance outstanding | $ | 175.2 |  |  | $ | 347.6 |
Loans pledged as collateral | 272.1 |  |  | 395.2 |
Restricted cash and cash equivalents pledged as collateral | 25.8 |  |  | 29.1 |
Interest rate | 8.70 | % |  | 7.82 | %
Term ABS 2023-1 |  |  |
Principal balance outstanding | $ | 266.6 |  |  | $ | 400.0 |
Loans pledged as collateral | 331.4 |  |  | 453.0 |
Restricted cash and cash equivalents pledged as collateral | 29.7 |  |  | 33.1 |
Interest rate | 7.14 | % |  | 6.92 | %
Term ABS 2023-2 |  |  |
Principal balance outstanding | $ | 306.2 |  |  | $ | 400.0 |
Loans pledged as collateral | 380.4 |  |  | 533.3 |
Restricted cash and cash equivalents pledged as collateral | 32.7 |  |  | 36.8 |
Interest rate | 6.53 | % |  | 6.39 | %
Term ABS 2023-3 |  |  |
Principal balance outstanding | $ | 377.0 |  |  | $ | 400.0 |
Loans pledged as collateral | 413.3 |  |  | 524.9 |
Restricted cash and cash equivalents pledged as collateral | 33.5 |  |  | 36.5 |
Interest rate | 6.88 | % |  | 6.86 | %
Term ABS 2023-A |  |  |
Principal balance outstanding | $ | 200.0 |  |  | $ | 200.0 |
Loans pledged as collateral | 216.9 |  |  | 252.0 |
Restricted cash and cash equivalents pledged as collateral | 16.9 |  |  | 17.7 |
Interest rate | 7.51 | % |  | 7.51 | %
Term ABS 2023-5 |  |  |
Principal balance outstanding | $ | 294.0 |  |  | $ | 294.0 |
Loans pledged as collateral | 326.6 |  |  | 398.7 |
Restricted cash and cash equivalents pledged as collateral | 30.5 |  |  | 32.9 |
Interest rate | 6.54 | % |  | 6.54 | %
(Dollars in millions) | As of
| September 30, 2025 |  | December 31, 2024
Term ABS 2024-A |  |  |
Principal balance outstanding | $ | 200.0 |  |  | $ | 200.0 |
Loans pledged as collateral | 211.7 |  |  | 248.4 |
Restricted cash and cash equivalents pledged as collateral | 16.7 |  |  | 18.1 |
Interest rate | 7.45 | % |  | 7.45 | %
Term ABS 2024-1 |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | 500.0 |
Loans pledged as collateral | 582.2 |  |  | 553.3 |
Restricted cash and cash equivalents pledged as collateral | 46.8 |  |  | 45.0 |
Interest rate | 6.01 | % |  | 6.01 | %
Term ABS 2024-2 |  |  |
Principal balance outstanding | $ | 550.0 |  |  | $ | 550.0 |
Loans pledged as collateral | 607.5 |  |  | 646.8 |
Restricted cash and cash equivalents pledged as collateral | 44.5 |  |  | 42.0 |
Interest rate | 6.21 | % |  | 6.21 | %
Term ABS 2024-3 |  |  |
Principal balance outstanding | $ | 600.0 |  |  | $ | 600.0 |
Loans pledged as collateral | 665.9 |  |  | 700.9 |
Restricted cash and cash equivalents pledged as collateral | 49.9 |  |  | 51.5 |
Interest rate | 4.91 | % |  | 4.91 | %
Term ABS 2024-B |  |  |
Principal balance outstanding | $ | 300.0 |  |  | $ | 300.0 |
Loans pledged as collateral | 341.7 |  |  | 425.8 |
Restricted cash and cash equivalents pledged as collateral | 23.5 |  |  | 37.9 |
Interest rate | 6.13 | % |  | 6.13 | %
Term ABS 2025-1 |  |  |
Principal balance outstanding | $ | 400.0 |  |  | $ | — |
Loans pledged as collateral | 470.9 |  |  | — |
Restricted cash and cash equivalents pledged as collateral | 32.8 |  |  | — |
Interest rate | 5.26 | % |  | — | %
2026 Senior Notes |  |  |
Principal balance outstanding | $ | — |  |  | $ | 400.0 |
Interest rate | — | % |  | 6.625 | %
2028 Senior Notes |  |  |
Principal balance outstanding | $ | 600.0 |  |  | $ | 600.0 |
Interest rate | 9.250 | % |  | 9.250 | %
2030 Senior Notes |  |  |
Principal balance outstanding | $ | 500.0 |  |  | $ | — |
Interest rate | 6.625 | % |  | — | %
(1)Availability may be limited by the amount of assets pledged as collateral. |
[1] | Financing made available only to a specified subsidiary of the Company.

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