Southfield, Michigan, May 19, 2015 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:
CACC) (referred to as the "Company", "Credit Acceptance",
"we", "our", or "us") announced today that we have increased the
amount of one of our revolving secured warehouse facilities from
$325.0 million to $400.0 million. There were no other material
changes to the terms of the facility.
As of May 19, 2015, we did not have a balance outstanding under
the facility.
Description of Credit Acceptance
Corporation
Since 1972, Credit Acceptance has offered
automobile dealers financing programs that enable them to sell
vehicles to consumers, regardless of their credit history.
Our financing programs are offered through a nationwide network of
automobile dealers who benefit from sales of vehicles to consumers
who otherwise could not obtain financing; from repeat and referral
sales generated by these same customers; and from sales to
customers responding to advertisements for our product, but who
actually end up qualifying for traditional financing.
Without our financing programs, consumers are
often unable to purchase a vehicle or they purchase an unreliable
one. Further, as we report to the three national credit
reporting agencies, an important ancillary benefit of our programs
is that we provide a significant number of our consumers with an
opportunity to improve their lives by improving their credit score
and move on to more traditional sources of financing. Credit
Acceptance is publicly traded on the NASDAQ under the symbol
CACC. For more information, visit creditacceptance.com.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
