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Credit Acceptance closes on $351.7M securitization

Nov. 21, 2019 4:23 PM ETCredit Acceptance Corporation (CACC) StockCACCBy: Liz Kiesche, SA News Editor
  • 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%.

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