- Credit Acceptance (NASDAQ:CACC) completes a $351.7M asset-backed non-recourse secured financing.
- As part of the transaction, Credit Acceptance contributed loans with a value of ~$439.6M to a wholly owned special-purpose entity that will transfer the loans to a trust.
- The trust will issue three classes of notes: $237.5M of class A notes with average life of 2.61 years, price of 99.98459%, and interest rate of 2.38%; $67.9M of class B notes with average life of 3.51 years, price of 99.98063%, and interest rate of 2.86%; and $46.3M of class C notes with average life of 3.81 years, price of 99.97727%, and interest rate of 3.06%.