UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): SEPTEMBER 20, 2006
CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number 000-20202
MICHIGAN 38-1999511
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
25505 W. TWELVE MILE ROAD, SUITE 3000 48034-8339
SOUTHFIELD, MICHIGAN (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: 248-353-2700
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
- Written Communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
- Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
- Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
- Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
(a) On September 20, 2006, Credit Acceptance Corporation (the "Company")
completed a $50.0 million credit facility (the "Credit Facility") dated as
of September 20, 2006, among the Company, Credit Acceptance Residual
Funding LLC ("Residual Funding"), a wholly-owned subsidiary of the
Company, and Variable Funding Capital Company LLC, a multi-seller
commercial paper conduit administered by Wachovia Securities. The maturity
of the Credit Facility is September 19, 2007. This facility will allow
Residual Funding to finance its purchase of trust certificates from
special purpose entities (the "Term SPEs") that purchased loans to
dealer-partners under the Company's term securitization transactions. In
connection with any such purchase of a trust certificate, the Company's
right to repurchase the related dealer loans in a "clean-up call" will be
assigned to Residual Funding, and the net proceeds from the purchase will
be distributed by the relevant Term SPE to the Company. The Credit
Facility is attached as Exhibit 4(f)(77) to this Form 8-K and incorporated
herein by reference. On September 21, 2006, the Company issued a press
release announcing the completion of the Credit Facility. The press
release is attached as Exhibit 99.1 to this Form 8-K and incorporated
herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
4(f)(77) Certificate Funding Agreement, dated September 20, 2006,
between the Company, Credit Acceptance Residual Funding LLC,
Wachovia Bank, National Association, Variable Funding Capital
Company LLC, and Wachovia Capital Markets, LLC, and agreements
related thereto.
99.1 Press Release dated September 21, 2006
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CREDIT ACCEPTANCE CORPORATION
(Registrant)
By: /s/ Douglas W. Busk
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Douglas W. Busk
Treasurer
September 22, 2006
EXHIBITS INDEX
EXHIBIT NO. DOCUMENT DESCRIPTION
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4(f)(77) Certificate Funding Agreement, dated September 20, 2006,
between the Company, Credit Acceptance Residual Funding LLC,
Wachovia Bank, National Association, Variable Funding Capital
Company LLC, and Wachovia Capital Markets, LLC, and agreements
related thereto.
99.1 Press Release dated September 21, 2006