John Oliver Tries to Sell You a Predatory Car Loan
On Sunday’s Last Week Tonight, John Oliver took on subprime auto loans. This practice is used by dealers and lenders to lure customers with poor credit into loans with high interest rates. The practice has become increasingly predatory as lenders have aggressively targeted people who have declared bankruptcy. Some have said that these bad loans have become so popular that there may be disastrous consequences similar to the 2008 mortgage-related financial crisis.
To illuminate the deceptive practices of subprime auto lenders, John made a live commercial for a fictional sketchy car dealership. To help him, Keegan-Michael Key donned a cowboy hat and gave people the hard sell on a bad deal. Bob Balaban joined the commercial to say, “If you set aside the human misery this loan has the potential to cause as part of an overcollateralized security, this can be sold as a high-yield investment.”
Last Week Tonight airs Sundays at 11 p.m. on HBO.
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