John Oliver explains the future automotive industry financial crash
You’ve seen the cheesy auto lending commercials – even if you don’t have credit or money, we can still finance a super cheap car for you!
Unsurprisingly, many of those are scams. By targeting people who face bad credit, loaning money, tacking up interest rates and repossessing and reselling used cars, auto lenders are as corrupt as ever.
“The news that used car dealers are predatory is clearly not new,” John Oliver explained on Last Week Tonight. “But it seems these days market pressures are forcing them to be more aggressive and take more risks.” Because of that, the auto lending industry is in danger of a financial crisis.
In addition to a slew of harrowing facts, Oliver highlighted some personal stories from those affected by the auto lending industry – including one car that was repossessed with a baby in the backseat.
The light at the end of the corrupt tunnel is Oliver, Keegan-Michael Key and Bob Balaban playing delightfully crazy used car lot employees.
