Credit Acceptance Corp. completes $71,750,000 financing agreement

Business Wire, March 31, 1997

SOUTHFIELD, Mich.--(BUSINESS WIRE)--March 31, 1997--Credit Acceptance Corp. (NASDAQ:CACC) announced today that it has completed the sale of its $71,750,000, 7.77 percent Senior Notes due Oct. 1, 2001 to various insurance companies.

The Notes are unsecured and require semi-annual interest payments commencing on Oct. 1, 1997, and annual payments of principal commencing on Oct. 1, 1998. The Notes have been assigned a rating of Baa3 by Moody's Investors Service. 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

Douglas W. Busk, 810/353-2700 ext. 432

John P. Cavanaugh, 810/353-2700 ext. 442