How a Subprime Auto Lender Consumed Detroit With Debt and Turned Its Courthouse Into a Collections Agency


When Don Foss started his career as a car salesman, he recognized early on that most of his prospective customers had shaky credit, leaving them with few options for financing to buy a vehicle. So in 1972, he started subprime auto lending company Credit Acceptance Corporation to fill that void. He knew lending money to buyers with low credit posed an inherent risk, and he knew the business couldn’t solely be focused on closing sales. It had to excel at collecting loan payments too.