John Oliver Takes On Predatory Auto Loans [VIDEO]

Oliver reports that that tactic could spawn another subprime crisis. Mediaite recaps:



Predatory loans for auto sales was the focus of John Oliver‘s deep dive Sunday night on Last Week Tonight, highlighting the questionable processes by which lenders can lure prospective car owners into the fold. One of the main hallmarks of the segment was a certain type of popular used car advertisements… you know the ones: “Everyone is approved!” regardless of your crippling debt or brutal history with loans and bankruptcy.

Subprime loans target people with poor credit, with offers that dangle too-good-to-be-true deals in front of the eyes of people who simply can’t afford them. As John Oliver points out, “Theoretically is it a good thing that car dealers lend money to people who cant get financing elsewhere. But in practice, these dealerships can trap people with few options into paying vastly more than a car is worth.”