Credit Acceptance Corporation has appointed Joe Billante as its Chief Financial Officer, effective July 27, 2026. Mr. Billante succeeds Jay Martin, who will retire on July 27 after 23 years of service with the company. The leadership transition marks a significant change in the financial management of the automobile financing services provider.

Credit Acceptance Corporation operates as a financial services company enabling automobile dealers to sell vehicles to consumers regardless of credit history. The company facilitates vehicle sales by providing financing solutions to a broad customer base.

Executive Transition Details

The appointment of Mr. Billante concludes the search for a successor to Mr. Martin, whose tenure spans over two decades. The effective date for the transition is July 27, 2026, ensuring continuity in the company's financial operations.

Credit Acceptance Corporation has extended the maturity of its revolving secured line of credit facility with a commercial bank syndicate to June 22, 2029. The company also reduced the interest rate on borrowings under the facility to the Secured Overnight Financing Rate (SOFR) plus 175 basis points, down from SOFR plus 197.5 basis points. As of June 9, 2026, the outstanding balance under the facility was $270.5 million.

Key Changes to Facility Terms

The amendment to the credit agreement focuses on extending the facility's timeline and lowering borrowing costs. There were no other material changes to the terms of the facility.

About Credit Acceptance Corporation

Credit Acceptance provides financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. The company's programs are offered through a nationwide network of automobile dealers, facilitating sales to consumers who might otherwise be unable to obtain financing. Additionally, the company reports to national credit reporting agencies, offering consumers a chance to improve their credit scores.