August 14, 2022, marks the day the billionaire subprime auto lender, Donald Foss, passed away at 78 years of age due to cancer complications surrounded by those he held dear. The industry mogul left his family (his wife and three children) and the evidence of his incredible work ethic behind, boasting an estimated net worth of $1.7 billion at the time of his death.
Foss is remembered chiefly for his Credit Acceptance Corp enterprise, which he founded in 1972, becoming the first company to offer loan programs that allow customers with poor or no credit scores to purchase a vehicle from a dealership.
The Self-Made Subprime Auto Lender Billionaire’s First Career Footsteps
He may have been a self-made billionaire, but he learned his skills of the car-buying trade from his father, who owned a Detroit-based used-car dealership.
It appears the auto bug was too tempting to ignore for Foss, as he began selling vehicles from his driveway before Credit Acceptance Corp came into existence.
In fact, Foss even opened his own lot — following in his beloved father’s footsteps — in Detroit in 1967.
The Creation of Credit Acceptance Corp
When 1972 rolled around, Donald Foss (affectionately known as Don) launched Credit Acceptance but didn’t take it public until the calendar flipped to 1992.
In 2011, he founded another business called CARite, further establishing himself as a true titan in the industry and adding to his already extortionate net worth.
He remained the Chief Executive Officer of the Credit Acceptance Corp for a whopping three decades until he stepped down as the director and retired in 2017.
But His Work Harder and Smarter Ethos Didn’t Keep Him Retired for Long
The same year as he “retired” (2017), Donald A. Foss became the co-founder (alongside Michael Raymond) and primary beneficiary of FOD Capital, a family office investment fund based in Key West, Florida.
He held both positions until his unfortunate passing on August 14, 2022.
Remembering Don’s Hard-Working Quick-Witted Legacy
Those who knew the self-made legend in real life say Don was incredibly quick-witted, had unbeatable business acumen, and exhibited the highest level of tenacity and perseverance possible.
Not only that, but he was revered — and continues to be idolized — by thousands across the globe for his numerous incredible impacts on national, regional, and local communities.
Donald Foss developed countless philanthropies, scholarships, and other supportive programs throughout his lifetime, adding to the already profound respect he’d garnered throughout his career.
Don Leaves Behind a Simply Unbeatable Footprint
The worshipped entrepreneur will continue making an impact on communities, thanks to his lifetime of accomplishments and hard work.
Many would agree that he was indeed an American entrepreneurial icon with a life story that undeniably brought the Great American Dream to light.
Those who encountered this bright and discerning man were enriched in indescribable ways. Even though he will be missed terribly by business moguls and close friends alike, his legacy will be revered for decades to come.