Credit Acceptance Announces Completion of $75.0 Million Revolving Secured Warehouse...

Fri Aug 19, 2011 4:00pm EDT

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Credit Acceptance Announces Completion of $75.0 Million Revolving Secured
Warehouse Facility

Southfield, Michigan, Aug. 19, 2011 (GLOBE NEWSWIRE) -- Credit Acceptance
Corporation (NASDAQ: CACC) (referred to as the "Company", "we", "our", or "us")
announced today the completion of a $75.0 million revolving secured warehouse
facility with an institutional investor.

Under this facility, we will contribute loans to a wholly-owned special purpose
entity ("SPE") and the SPE may borrow up to the lesser of 80% of the net book
value of the contributed loans or $75.0 million during the facility's revolving
period. The facility will cease to revolve on February 19th, 2014. If the
facility is not renewed prior to this date, and we and the SPE are in compliance
with the terms and conditions of the agreement, any amounts outstanding will be
repaid over time as the collections on the loans securing the facility are
received.We initially contributed loans having a net book value of $54.0 million
to the SPE and the SPE borrowed $41.0 million under the facility.The proceeds of
the financing will be used by us to repay outstanding indebtedness.

Borrowings under the facility will bear interest at a rate equal to LIBOR plus
275 basis points with the LIBOR rate limited to a maximum of 5.50% by an
interest rate cap agreement.

We will receive a servicing fee of 6.0% of the cash flows related to the
underlying consumer loans.The remaining 94.0%, less amounts due to
dealer-partners for payments of dealer holdback, will be used to pay principal
and interest on the notes as well as the ongoing costs of the financing. Using a
unique financing structure, our contractual relationships with our
dealer-partners remain unaffected with the dealer-partners' rights to future
payments of dealer holdback preserved.

Description of Credit Acceptance Corporation

Since 1972, Credit Acceptance has provided auto loans to consumers, regardless
of their credit history. Our product is offered through a nationwide network of
automobile dealers who benefit from sales of vehicles to consumers who otherwise
could not obtain financing; from repeat and referral sales generated by these
same customers; and from sales to customers responding to advertisements for our
product, but who actually end up qualifying for traditional financing.

Without our product, consumers are often unable to purchase a vehicle or they
purchase an unreliable one.Further, as we report to the three national credit
reporting agencies, an important ancillary benefit of our program is that we
provide a significant number of our consumers with an opportunity to improve
their lives by improving their credit score and move on to more traditional
sources of financing. Credit Acceptance is publicly traded on the NASDAQ under
the symbol CACC. For more information, visit creditacceptance.com.

CONTACT: Investor Relations: Douglas W. Busk
         Senior Vice President and Treasurer
         (248)353-2700 Ext.4432
         IR@creditacceptance.com