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): April 24, 2012
| Commission File Number |
Registrant, State of Incorporation; Address; Telephone Number |
I.R.S. Employer | ||||||
| 001-14759 | DRIVETIME AUTOMOTIVE GROUP, INC. (A Delaware Corporation) 4020 East Indian School Road, Phoenix, Arizona 85018 (602) 852-6600 |
86-0721358 | ||||||
| 333-169730 | DT ACCEPTANCE CORPORATION (An Arizona Corporation) 4020 East Indian School Road, Phoenix, Arizona 85018 (602) 852-6600 |
82-0587346 | ||||||
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 (see General Instruction A.2.):
| ¨ | 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. |
On April 24, 2012, DriveTime Automotive Group, Inc. (“DTAG”) and DT Acceptance Corporation (“DTAC”), through a subsidiary of DTAG, DT-WF SPE I, LLC, a Delaware limited liability company (“DT-WF”), entered into the Master Loan Agreement by and among DT-WF, as Borrower and Wells Fargo Bank, N.A., as lender (the “Loan Agreement”). The Loan Agreement is a credit facility that is secured by certain real estate property owned by DT-WF. The Loan Agreement currently allows for maximum borrowings of $25.0 million and terminates on October 24, 2020.
The foregoing description of the Loan Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the Loan Agreement, which will be filed as an exhibit to DTAG’s and DTAC’s next Quarterly Report on Form 10-Q and is incorporated herein by reference.
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.
| Date: April 26, 2012 | DRIVETIME AUTOMOTIVE GROUP, INC. | |||||
| By: | /s/ Mark G. Sauder | |||||
| Mark G. Sauder | ||||||
| Chief Financial Officer | ||||||
| Date: April 26, 2012 | DT ACCEPTANCE CORPORATION | |||||
| By: | /s/ Mark G. Sauder | |||||
| Mark G. Sauder | ||||||
| Chief Financial Officer | ||||||