Credit Acceptance Corp. completes $120 million revolving credit agreement

Business Wire, Jan 13, 1995

SOUTHFIELD, Mich.--(BUSINESS WIRE)--Jan. 13, 1995--Credit Acceptance Corp. announced today that it has completed a $120 million credit agreement with several commercial banks.

Borrowings under the agreement will bear interest at the banks' prime rate or 1.25 percent over the Eurocurrency rate. The company expects to borrow under the credit agreement from time to time to assist in funding the continued growth of the company.

Credit Acceptance Corp. is a specialized financial services company providing funding, receivables management, collection, sales training and related services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.

CONTACT: Credit Acceptance Corp., Southfield

Richard E. Beckman, 810/353-2700, ext. 422

Brett A. Roberts, 810/353-2700, ext. 423