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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of September 30, 2025
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
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 notes1,100.0 (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 OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
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 notes1,000.0 (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)     
FinancingsWholly Owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
September 30, 2025
Revolving Secured Line of Credit Facilityn/a06/22/2028 $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 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 IV07/30/2028(3)300.0 
SOFR plus 205.0 basis points
Warehouse Facility V (2)CAC Warehouse Funding LLC V12/29/2027(4)250.0 
SOFR plus 185.0 basis points
Warehouse Facility VI (2)CAC Warehouse Funding LLC VI09/30/2028(3)75.0 
SOFR plus 185.0 basis points
Warehouse Facility VIII (2)CAC Warehouse Funding LLC VIII09/19/2028(3)200.0 
SOFR plus 185.0 basis points
Term ABS 2019-2 (2)Credit Acceptance Funding LLC 2019-209/15/2026(5)500.0 Fixed rate
Term ABS 2021-1 (2)Credit Acceptance Funding LLC 2021-102/17/2026(5)100.0 
SOFR plus 220.0 basis points
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(5)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(5)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(5)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
Term ABS 2024-B (2)Credit Acceptance Funding LLC 2024-B12/15/2027(5)300.0 Fixed rate
Term ABS 2025-1 (2)Credit Acceptance Funding LLC 2025-103/15/2027(3)400.0 Fixed rate
2028 Senior Notesn/a12/15/2028600.0 Fixed rate
2030 Senior Notesn/a03/15/2030500.0 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,
 2025202420252024
Revolving Secured Lines of Credit    
Maximum outstanding principal balance$199.3 $300.1 $199.3 $342.0 
Average outstanding principal balance58.9 125.6 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, 2025December 31, 2024
Revolving Secured Lines of Credit  
Principal balance outstanding$148.7 $0.1 
Amount available for borrowing (1)261.3 409.9 
Interest rate6.14 %6.37 %
Warehouse Facility II  
Principal balance outstanding$— $— 
Amount available for borrowing (1)500.0 500.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— 2.5 
Interest rate— %— %
Warehouse Facility IV  
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)250.0 250.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral1.0 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$— $— 
Amount available for borrowing (1)75.0 75.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Warehouse Facility VIII  
Principal balance outstanding$— $— 
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 collateral530.0 529.0 
Restricted cash and cash equivalents pledged as collateral43.1 41.7 
Interest rate5.43 %5.43 %
Term ABS 2021-1
Principal balance outstanding$100.0 $100.0 
Loans pledged as collateral108.1 112.0 
Restricted cash and cash equivalents pledged as collateral9.0 8.7 
Interest rate6.35 %6.60 %
(Dollars in millions)As of
September 30, 2025December 31, 2024
Term ABS 2021-4
Principal balance outstanding$— $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 collateral213.4 310.0 
Restricted cash and cash equivalents pledged as collateral21.7 24.9 
Interest rate5.92 %5.24 %
Term ABS 2022-2
Principal balance outstanding$300.0 $300.0 
Loans pledged as collateral325.4 406.0 
Restricted cash and cash equivalents pledged as collateral24.5 25.2 
Interest rate6.58 %7.29 %
Term ABS 2022-3
Principal balance outstanding$175.2 $347.6 
Loans pledged as collateral272.1 395.2 
Restricted cash and cash equivalents pledged as collateral25.8 29.1 
Interest rate8.70 %7.82 %
Term ABS 2023-1
Principal balance outstanding$266.6 $400.0 
Loans pledged as collateral331.4 453.0 
Restricted cash and cash equivalents pledged as collateral29.7 33.1 
Interest rate7.14 %6.92 %
Term ABS 2023-2
Principal balance outstanding$306.2 $400.0 
Loans pledged as collateral380.4 533.3 
Restricted cash and cash equivalents pledged as collateral32.7 36.8 
Interest rate6.53 %6.39 %
Term ABS 2023-3
Principal balance outstanding$377.0 $400.0 
Loans pledged as collateral413.3 524.9 
Restricted cash and cash equivalents pledged as collateral33.5 36.5 
Interest rate6.88 %6.86 %
Term ABS 2023-A
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral216.9 252.0 
Restricted cash and cash equivalents pledged as collateral16.9 17.7 
Interest rate7.51 %7.51 %
Term ABS 2023-5
Principal balance outstanding$294.0 $294.0 
Loans pledged as collateral326.6 398.7 
Restricted cash and cash equivalents pledged as collateral30.5 32.9 
Interest rate6.54 %6.54 %
(Dollars in millions)As of
September 30, 2025December 31, 2024
Term ABS 2024-A
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral211.7 248.4 
Restricted cash and cash equivalents pledged as collateral16.7 18.1 
Interest rate7.45 %7.45 %
Term ABS 2024-1
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral582.2 553.3 
Restricted cash and cash equivalents pledged as collateral46.8 45.0 
Interest rate6.01 %6.01 %
Term ABS 2024-2
Principal balance outstanding$550.0 $550.0 
Loans pledged as collateral607.5 646.8 
Restricted cash and cash equivalents pledged as collateral44.5 42.0 
Interest rate6.21 %6.21 %
Term ABS 2024-3
Principal balance outstanding$600.0 $600.0 
Loans pledged as collateral665.9 700.9 
Restricted cash and cash equivalents pledged as collateral49.9 51.5 
Interest rate4.91 %4.91 %
Term ABS 2024-B
Principal balance outstanding$300.0 $300.0 
Loans pledged as collateral341.7 425.8 
Restricted cash and cash equivalents pledged as collateral23.5 37.9 
Interest rate6.13 %6.13 %
Term ABS 2025-1
Principal balance outstanding$400.0 $— 
Loans pledged as collateral470.9 — 
Restricted cash and cash equivalents pledged as collateral32.8 — 
Interest rate5.26 %— %
2026 Senior Notes
Principal balance outstanding$— $400.0 
Interest rate— %6.625 %
2028 Senior Notes
Principal balance outstanding$600.0 $600.0 
Interest rate9.250 %9.250 %
2030 Senior Notes
Principal balance outstanding$500.0 $— 
Interest rate6.625 %— %
(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.