Welcome to our dedicated page for Credit Accep Mich news (Ticker: CACC), a resource for investors and traders seeking the latest updates and insights on Credit Accep Mich stock.
Credit Acceptance Corporation (Nasdaq: CACC) is a U.S. consumer finance company that focuses on automobile-related financing programs offered through a nationwide network of automobile dealers. The company’s news flow reflects its role in auto finance, its funding activities, and its public-company reporting obligations.
On this page, readers can review news items that Credit Acceptance has released through channels such as GlobeNewswire and that are referenced in its SEC filings. These include quarterly earnings announcements that discuss consolidated net income, adjusted net income, loan portfolio trends, forecasted collection rates on Consumer Loans, and changes in forecasted net cash flows from the loan portfolio. Such releases often provide detail on Consumer Loan assignment volumes, dealer enrollment and active dealer counts, and the company’s approach to forecasting and managing credit performance.
Another major category of news relates to the company’s funding and capital structure. Credit Acceptance regularly announces extensions and amendments to its revolving secured warehouse facilities and its revolving secured line of credit facility, including revised maturity dates and interest rate spreads over the Secured Overnight Financing Rate (SOFR). The company also issues press releases about asset-backed non-recourse secured financings, in which consumer loans are conveyed to special purpose entities and trusts that issue notes backed by those loans.
Corporate governance and leadership updates also appear in the company’s news. For example, Credit Acceptance has announced a CEO transition, with details on the planned retirement of its current Chief Executive Officer and the appointment of a successor, along with related board roles. The company additionally highlights workplace and culture recognitions from external organizations in its earnings and corporate communications.
Investors and observers can use this news page to follow developments in Credit Acceptance’s earnings, loan portfolio performance, funding arrangements, and leadership changes, as well as recurring descriptions of its auto dealer financing programs and their impact on consumers with varied credit histories.
Credit Acceptance Corporation (Nasdaq: CACC) announced plans to release its first quarter 2023 earnings on May 1, 2023, after market close. A live webcast is set for the same day at 5:00 p.m. Eastern Time, where financial results and insights will be discussed. Participants can access the webcast via the Investor Relations section on the company's website. They must pre-register to ask questions during the call.
Founded in 1972, Credit Acceptance specializes in financing programs that help consumers with poor credit history purchase vehicles through a network of automobile dealers. The company's services offer significant benefits, such as improving the credit scores of customers, thus enabling them to access more traditional financing sources in the future.
Credit Acceptance Corporation (Nasdaq: CACC) has secured $400 million in asset-backed non-recourse financing, contributing loans valued at approximately $500.2 million to a special purpose entity. Three classes of notes totaling $400 million will be issued with an expected annualized cost of 7.3%. The financing is designed to cover outstanding debt and support general corporate needs. Credit Acceptance will retain 4% of the cash flows for servicing expenses, while the remainder will focus on paying principal and interest on the notes. This structure preserves dealer compensation and contractual relationships.
Summary not available.
Credit Acceptance Corporation (CACC) reported a consolidated net income of $127.3 million, or $9.58 per diluted share, for Q4 2022, a 41.5% decline from $217.6 million in Q4 2021. For the fiscal year 2022, net income was $535.8 million, down 44.1% from $958.3 million in 2021. Adjusted net income for Q4 2022 was $156.1 million, significantly lower than $212.6 million in 2021. The company experienced a 403.1% increase in provisions for credit losses, impacting profitability. However, Consumer Loan assignment volume grew by 25.6% in Q4 2022 compared to the prior year.
Credit Acceptance Corporation (Nasdaq: CACC) announced it will release its fourth quarter and full year 2022 earnings on January 31, 2023, after market close. A webcast is scheduled for the same day at 5:00 p.m. Eastern Time to discuss the results. Interested participants can join the conference call via pre-registration to ask questions. Credit Acceptance has provided financing programs for automobile dealers since 1972, helping consumers with diverse credit histories secure vehicle financing and improve their credit scores through reporting to credit agencies.
Credit Acceptance Corporation (Nasdaq: CACC) announced an increase in its Warehouse Facility V from $125 million to $200 million and extended the revolving period to December 29, 2025. The maturity date was also extended to December 27, 2027. The interest rate on borrowings increased to SOFR plus 245 basis points, while the servicing fee decreased from 6.0% to 4.0%. Additionally, the company extended a $100 million asset-backed financing, adjusting its revolving period to December 16, 2024, with the interest rate increasing to SOFR plus 220 basis points.
On December 15, 2022, Credit Acceptance Corporation (Nasdaq: CACC) completed a $200 million asset-backed non-recourse secured financing. This financing involved contributing approximately $250.1 million of loans to a special purpose entity, secured by an institutional lender under a loan and security agreement. The financing will bear interest at SOFR plus 2.35% and will revolve for 36 months before amortization based on cash flows from the loans. The proceeds will be used for repaying debt and general corporate purposes, while ensuring dealer contractual relationships remain intact.
Credit Acceptance Corporation (CACC) has been recognized as the #14 midsize organization on Computerworld's Best Places to Work in IT for 2023. This accolade is based on a survey evaluating benefits, career development, and retention. The company has made significant investments in its technology, enhancing dealer and consumer experiences, and adapting to a hybrid work model. This marks the 11th workplace award for Credit Acceptance in 2022, showcasing its commitment to fostering a positive work environment.
Summary not available.
Credit Acceptance Corporation (Nasdaq: CACC) announced the successful completion of a $389.9 million asset-backed non-recourse secured financing, involving loans valued at approximately $500.1 million. The financing will be used to repay existing debt and serve general corporate purposes, with an expected annualized cost of around 8.5%. The structure ensures that dealer relationships remain intact and preserves their rights to future payments. Importantly, the notes issued will not be registered under the Securities Act of 1933, impacting their availability to investors.
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