Credit Acceptance Corporation Renews $135,000,000 Revolving Credit Agreement for Two Years.Business Editors SOUTHFIELD Southfield, city (1990 pop. 75,728), Oakland co., SE Mich., a suburb of Detroit, on the Rouge River; laid out 1817, inc. as a city 1958. There are electronics research, meat-processing, and printing facilities, and manufactures include plastic, metal, rubber, and , Mich.--(BUSINESS WIRE)--June 9, 2003 Credit Acceptance Corporation (Nasdaq:CACC CACC Center for Animal Care and Control CACC Canadian Association for Community Care CACC Central Alabama Community College CACC Chilterns Association of Camera Clubs (United Kingdom) )-- Credit Acceptance announced today that it has renewed its $135 million credit agreement with a group of commercial banks. The facility term has been increased from one to two years. Certain fees and financial covenants have been adjusted to reflect the increase in term. Borrowings under the facility will continue to bear interest at the bank's prime rate or 1.4% over the Eurocurrency Eurocurrency Currency deposited by national governments or corporations in banks outside their home market. This applies to any currency and to banks in any country. For example, South Korean won deposited at a bank in South Africa, is considered Eurocurrency. rate at the Company's option. The agreement expires on June 9, 2005, and continues to be secured by a lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. on most of the Company's assets. The Company has $73 million currently outstanding under the agreement. Credit Acceptance is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company specializing in products and services for a network of automobile dealer-partners. Credit Acceptance provides participating dealer-partners with financing sources for consumers with limited access to credit by offering "guaranteed credit approval." The Company delivers credit approvals through the internet. Other services include marketing, sales training and a wholesale purchasing cooperative purchasing cooperative, n a group of dental professionals pooling their financial resources to purchase large quantities of supplies and equipment for the purpose of obtaining a discount. . Through its financing program, Credit Acceptance helps consumers change their lives by providing an opportunity to strengthen and reestablish their credit standing by making timely monthly payments. Credit Acceptance is publicly traded on NASDAQ under the symbol CACC. For more information, visit www.creditacceptance.com. |
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