Auto lending may seem an attractive option for people looking to boost their cash flow. Most vulnerable people, however, are unaware that this may lead them into crushing and severe debt. John Oliver takes the issue into hand and shows exactly how auto lenders can trick customers into going for this alternative.
The buy here, pay here lending option is first brought to light in the video. In addition to the lock-ups and add-ons, there is a significantly excessive interest rate that is added to the loan being paid. Dealers can also repossess your car if you are a few days late on payment. Interviews show people who have suffered from auto lending because of their vulnerability. A few big auto lending companies are pointed out that are providing these services to people. Finally, Keegan-Michael Key and Bob Balaban take it to the stage to implement the concept of auto lending by showing exactly how loans are offered by auto lending companies.