04:53 PM EDT, 09/19/2024 (MT Newswires) -- Credit Acceptance ( CACC ) said late Thursday it has raised the amount of Warehouse Facility II, one of its revolving secured warehouse facilities, to $500 million from $400 million.

The company said it also extended the date on which the facility will cease to revolve to Sept. 20, 2027, from April 30, 2026.

The interest rate on loans under the facility has dropped to SOFR plus 185 basis points from SOFR plus 230 basis points, the company said.

Credit Acceptance ( CACC ) also said it has extended its $500 million asset-backed non-recourse secured financing established on Aug. 28, 2019.

The date on which the financing will cease to revolve has been extended to Sept. 15, 2026, from Aug. 15, 2025, and the interest rate has increased to 5.43% from 5.15%, the company said.