cacc_8k040513.htm

 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported):  April 5, 2013



CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)



Michigan
 
000-20202
 
38-1999511
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
         
  25505 West Twelve Mile Road
     
48034-8339
Southfield, Michigan
       
  (Address of principal executive offices)
     
(Zip Code)


Registrant’s telephone number, including area code:   248-353-2700



 
Not Applicable
 
Former name or former address, if changed since last report


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 
 
 

 
 

Item 1.01  Entry into a Material Definitive Agreement.

The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.

Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a  Registrant.

On April 5, 2013, Credit Acceptance Corporation (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) executed the First Amendment to Loan and Security Agreement (“Warehouse Amendment”) dated as of April 5, 2013 among the Company, CAC Warehouse Funding LLC IV, Bank of Montreal, BMO Capital Markets Corp., and Wells Fargo Bank, National Association.  The Warehouse Amendment extends the date on which our $75.0 million revolving secured warehouse facility will cease to revolve from February 19, 2014 to April 5, 2016.  The interest rate on borrowings under the facility has been decreased from LIBOR plus 275 basis points to LIBOR plus 225 basis points.  There were no other material changes to the terms of the facility.

As of April 5, 2013 we had $37.6 million outstanding under the facility.  The terms and conditions of this transaction are set forth in the agreements attached hereto as Exhibit 4.84 through 4.85 to this Form 8-K and incorporated herein by reference.
 
Item 8.01  Other Events.

On April 5, 2013, we issued a press release announcing the execution of the Warehouse Amendment.  The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits.
 
(d) Exhibits.
 
 
 
4.84
First Amendment to Loan and Security Agreement dated as of April 5, 2013 among the Company, CAC Warehouse Funding LLC IV, Bank of Montreal, BMO Capital Markets Corp., and Wells Fargo Bank, National Association.
 
 
4.85
Amended and Restated Sale and Contribution Agreement dated as of April 5, 2013 between the Company and CAC Warehouse Funding LLC IV.
 
99.1                 Press Release dated April 5, 2013.
 



 
 
 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
CREDIT ACCEPTANCE CORPORATION
 
       
Date: April 5, 2013
By:
/s/ Douglas W. Busk
 
   
Douglas W. Busk
 
   
Senior Vice President and Treasurer
 
       

 



 
 

 

EXHIBIT INDEX
         
Exhibit No.
 
Description
4.84
     
First Amendment to Loan and Security Agreement dated as of April 5, 2013 among the Company, CAC Warehouse Funding LLC IV, Bank of Montreal, BMO Capital Markets Corp., and Wells Fargo Bank, National Association.
         
4.85
     
Amended and Restated Sale and Contribution Agreement dated as of April 5, 2013 between the Company and CAC Warehouse Funding LLC IV.
         
99.1
     
Press Release dated April 5, 2013.