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Come for Last Week Tonight‘s harrowing look at the world of predatory auto loans, stay for Keegan-Michael Key’s side-splitting cameo as a greasy car salesman.
This week John Oliver sets his sights on those troubling, zero-down sales guys who brag to local markets about approving anyone for a loan. He details how market pressures are making these dudes more aggressive, and that high-interest lenders are actively seeking people who have filed for bankruptcy.
In one particular stomach-churning anecdote, a 2003 Kia Optima was sold to more than four people who each subsequently defaulted on their subprime loan. It’s a vicious cycle choking thousands of Americans.
As Oliver notes, it’s like the subprime mortgage lending crisis of 2008, but with cars!
Ramon Ramirez is the news director, and formerly the Dot's entertainment editor and evening editor. His work has appeared in the Washington Post, Grantland, Washington City Paper, Austin American-Statesman, and Austin Monitor.