Credit Acceptance Corporation announced the completion of a $250.1 million asset-backed non-recourse secured financing. Pursuant to this transaction, they contributed loans having a value of approximately $312.6 million to a wholly-owned special purpose entity which will transfer the loans to a trust. The Financing will: have an expected annualized cost of approximately 1.8% including the initial purchasers? fees and other costs; revolve for 24 months after which it will amortize based upon the cash flows on the contributed loans; and be used them to repay outstanding indebtedness and for general corporate purposes. They will receive 4.0% of the cash flows related to the underlying consumer loans to cover servicing expenses. The remaining 96.0%, less amounts due to dealers 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. The Financing is structured so as not to affect their contractual relationships with their dealers and to preserve the dealers? rights to future payments of dealer holdback.