Business Services Industry
Credit Acceptance Corp. completes $70,000,000 financing arrangement
Business Wire, August 29, 1996
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Aug. 29, 1996--Credit Acceptance Corp. (NASDAQ:CACC) announced today that it has completed the sale of its $70,000,000, 7.99 percent Senior Notes due July 1, 2001 to various insurance companies. The Notes are unsecured and require semi-annual interest payments commencing on Jan. 1, 1997, and annual payments of principal commencing on July 1, 1997. Proceeds of the sale will be used to repay indebtedness under the company's bank revolving credit agreement.
Credit Acceptance Corp. 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.
CONTACT: Credit Acceptance Corp., Southfield
Richard E. Beckman, 810/353-2700, ext. 422
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