Bloomberg Businessweek

E-Z Auto Loans Are A Tough Business

• Skeptics think a subprime star could be vulnerable

• “The whole genius of this company is the risk-sharing program”

When Don Foss was inducted into his industry’s hall of fame in 2015, he was adamant he wasn’t retiring. Addressing a Las Vegas audience of used-car dealers lauding him for creating the subprime auto-loan business, he said, “I’m just getting started.” In January, however, the 72-year-old billionaire stepped down as chairman of Credit Acceptance Corp., the company he started in 1972 that extends auto loans to customers with rock-bottom credit—or none

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