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Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Principal Debt Outstanding
Debt consists of the following:
(In millions)As of June 30, 2026
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$177.8 $— $— $177.8 
Secured financing (2)5,037.0 (18.0)— 5,019.0 
Senior notes1,100.0 (10.6)— 1,089.4 
Total debt$6,314.8 $(28.6)$— $6,286.2 
(In millions)As of December 31, 2025
Principal OutstandingUnamortized Debt Issuance CostsUnamortized DiscountCarrying
Amount
Revolving secured lines of credit (1)$107.3 $— $— $107.3 
Secured financing (2)5,180.6 (21.7)(0.1)5,158.8 
Senior notes1,100.0 (12.2)— 1,087.8 
Total debt$6,387.9 $(33.9)$(0.1)$6,353.9 

(1)Excludes deferred debt issuance costs of $5.5 million and $4.5 million as of June 30, 2026 and December 31, 2025, 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 June 30, 2026 is as follows:
(Dollars in millions)
FinancingsWholly Owned
Subsidiary		Maturity DateFinancing
Amount		Interest Rate Basis as of  
June 30, 2026
Revolving Secured Line of Credit Facilityn/a06/22/2029$390.0 
At our option, either the Secured Overnight Financing Rate (SOFR) plus 175.0 basis points or the prime rate plus 75.0 basis points
RTP Facilityn/a—(1)20.0 
SOFR plus 175.0 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 2021-101/18/2028(6)100.0 
SOFR plus 140.0 basis points
Term ABS 2022-2 (2)Credit Acceptance Funding LLC 2022-206/15/2027(5)300.0 
SOFR plus 246.4 basis points
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 2023-5 (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
Term ABS 2025-2 (2)Credit Acceptance Funding LLC 2025-211/15/2027(3)500.0 Fixed rate
Term ABS 2026-1 (2)Credit Acceptance Funding LLC 2026-104/17/2028(3)450.0 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.
(6)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on January 15, 2033 will be due on that date.
 [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 
June 30,		For the Six Months Ended 
June 30,
2026202520262025
Revolving Secured Lines of Credit
Maximum outstanding principal balance$330.5 $24.8 $330.5 $24.8 
Average outstanding principal balance205.5 2.0 171.1 1.4 
Warehouse Facility II
Maximum outstanding principal balance291.0 — 291.0 251.0 
Average outstanding principal balance133.9 — 102.8 2.8 
Warehouse Facility IV
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Warehouse Facility V
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Warehouse Facility VI
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Warehouse Facility VIII
Maximum outstanding principal balance— — — — 
Average outstanding principal balance— — — — 
Summary of Debt
(Dollars in millions)As of
June 30, 2026December 31, 2025
Revolving Secured Lines of Credit
Principal balance outstanding$177.8 $107.3 
Amount available for borrowing (1)232.2 302.7 
Interest rate5.39 %5.69 %
Warehouse Facility II
Principal balance outstanding$125.0 $— 
Amount available for borrowing (1)375.0 500.0 
Loans pledged as collateral326.5 — 
Restricted cash and cash equivalents pledged as collateral4.3 — 
Interest rate5.47 %— %
Warehouse Facility IV
Principal balance outstanding$— $— 
Amount available for borrowing (1)300.0 300.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— — 
Interest rate— %— %
Warehouse Facility V
Principal balance outstanding$— $— 
Amount available for borrowing (1)250.0 250.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— 1.0 
Interest rate— %— %
Warehouse Facility VI
Principal balance outstanding$— $— 
Amount available for borrowing (1)75.0 75.0 
Loans pledged as collateral— — 
Restricted cash and cash equivalents pledged as collateral— 0.1 
Interest rate— %— %
Warehouse Facility VIII
Principal balance outstanding$— $— 
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 collateral520.4 523.8 
Restricted cash and cash equivalents pledged as collateral44.4 42.1 
Interest rate5.43 %5.43 %
Term ABS 2021-1
Principal balance outstanding$100.0 $100.0 
Loans pledged as collateral110.3 108.8 
Restricted cash and cash equivalents pledged as collateral9.2 8.8 
Interest rate5.05 %5.95 %
(Dollars in millions)As of
June 30, 2026December 31, 2025
Term ABS 2022-1
Principal balance outstanding$— $44.8 
Loans pledged as collateral— 186.3 
Restricted cash and cash equivalents pledged as collateral— 19.7 
Interest rate— %6.13 %
Term ABS 2022-2
Principal balance outstanding$300.0 $300.0 
Loans pledged as collateral342.4 325.0 
Restricted cash and cash equivalents pledged as collateral29.0 23.6 
Interest rate6.08 %6.12 %
Term ABS 2022-3
Principal balance outstanding$— $127.0 
Loans pledged as collateral— 238.8 
Restricted cash and cash equivalents pledged as collateral— 23.0 
Interest rate— %8.84 %
Term ABS 2023-1
Principal balance outstanding$100.7 $209.2 
Loans pledged as collateral221.6 293.5 
Restricted cash and cash equivalents pledged as collateral24.9 26.9 
Interest rate7.71 %7.32 %
Term ABS 2023-2
Principal balance outstanding$123.1 $242.7 
Loans pledged as collateral255.5 338.4 
Restricted cash and cash equivalents pledged as collateral27.4 28.6 
Interest rate7.06 %6.69 %
Term ABS 2023-3
Principal balance outstanding$191.5 $312.9 
Loans pledged as collateral287.5 371.3 
Restricted cash and cash equivalents pledged as collateral28.2 30.0 
Interest rate7.36 %6.99 %
Term ABS 2023-5
Principal balance outstanding$193.9 $294.0 
Loans pledged as collateral259.4 327.7 
Restricted cash and cash equivalents pledged as collateral28.2 28.9 
Interest rate6.74 %6.54 %
Term ABS 2024-A
Principal balance outstanding$200.0 $200.0 
Loans pledged as collateral208.5 211.1 
Restricted cash and cash equivalents pledged as collateral17.4 16.6 
Interest rate7.45 %7.45 %
Term ABS 2024-1
Principal balance outstanding$402.8 $500.0 
Loans pledged as collateral512.1 580.2 
Restricted cash and cash equivalents pledged as collateral42.9 44.0 
Interest rate6.09 %6.01 %
(Dollars in millions)As of
June 30, 2026December 31, 2025
Term ABS 2024-2
Principal balance outstanding$550.0 $550.0 
Loans pledged as collateral608.0 608.6 
Restricted cash and cash equivalents pledged as collateral46.2 42.9 
Interest rate6.21 %6.21 %
Term ABS 2024-3
Principal balance outstanding$600.0 $600.0 
Loans pledged as collateral651.7 668.7 
Restricted cash and cash equivalents pledged as collateral51.5 47.4 
Interest rate4.91 %4.91 %
Term ABS 2024-B
Principal balance outstanding$300.0 $300.0 
Loans pledged as collateral335.7 339.9 
Restricted cash and cash equivalents pledged as collateral25.0 22.5 
Interest rate6.13 %6.13 %
Term ABS 2025-1
Principal balance outstanding$400.0 $400.0 
Loans pledged as collateral454.2 463.5 
Restricted cash and cash equivalents pledged as collateral34.4 32.1 
Interest rate5.26 %5.26 %
Term ABS 2025-2
Principal balance outstanding$500.0 $500.0 
Loans pledged as collateral582.2 689.8 
Restricted cash and cash equivalents pledged as collateral40.5 39.0 
Interest rate4.77 %4.77 %
Term ABS 2026-1
Principal balance outstanding$450.0 $— 
Loans pledged as collateral533.9 — 
Restricted cash and cash equivalents pledged as collateral36.4 — 
Interest rate4.87 %— %
2028 Senior Notes
Principal balance outstanding$600.0 $600.0 
Interest rate9.250 %9.250 %
2030 Senior Notes
Principal balance outstanding$500.0 $500.0 
Interest rate6.625 %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.