It’s the genuine Don Foss story—the sometimes remarkable, usually unsettling story of a subprime pioneer—that that is auto-lending us know the way we have right right here.

It’s the genuine Don Foss story—the sometimes remarkable, usually unsettling story of a subprime pioneer—that that is auto-lending us know the way we have right right here.

In 1967, as he ended up being 22 years of age, Foss exposed their used-car that is first lot a Detroit road dense with dealerships

During the time, automakers like General engines and Ford had been money that is loaning to users with solid credit, additionally the banking institutions wouldn’t expand loans into the town’s black colored neighborhoods after all. From the beginning, Foss, whoever daddy ended up being additionally a used-car dealer, catered to your working bad and others with less-than-stellar credit. His key would be to break also in the customer’s deposit and trade-in, then grow deep off the monthly premiums and court judgments against those users whom defaulted. Continue reading “It’s the genuine Don Foss story—the sometimes remarkable, usually unsettling story of a subprime pioneer—that that is auto-lending us know the way we have right right here.”