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Credit Acceptance Corp Completes Revolving Credit Agreement

31 July 1998

Credit Acceptance Corporation Completes $115,000,000 Revolving Credit Agreement

    SOUTHFIELD, Mich.--July 31, 1998--Credit Acceptance Corporation today announced that it has completed a $115,000,000 credit agreement with a group of commercial banks which will replace its current credit facility. Borrowings under the agreement will bear interest at the bank's prime rate or 1.4% over the Eurocurrency rate. The agreement expires on June 15, 1999 and contains a requirement that the company secure the credit agreement debt on an equal and ratable basis with the company's unsecured senior notes by November 30, 1998 with a lien on most of the company's assets. The company also announced the withdrawal of the SEC registration of its Medium Term Note program.
    Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.