13.9M views · Aug 15, 2016 · 17:56 · 0 HN recommenders · 5 mentions · discussed 2017–2021
John Oliver's Last Week Tonight segment on auto lending, showing how lenders steer vulnerable buyers into subprime loans and crushing debt. It uses comedy sketches to explain the practices.
Why Hacker News points people here: Cited for subprime auto loan statistics and as a reference for predatory car financing, rather than as a recommendation.
“According to the video, there was a 31.45% default rate in 2015.”HN comment, 2017
“According to the video, there was a 31.45% default rate in 2015.”
Segment on subprime lending, with default rate figure.
John Oliver had a segment on subprime lending back in August: this video According to the video, there was a 31.45% default rate in 2015.
“John Oliver covered in depth at”
Covers the topic in depth.
This is true (John Oliver covered in depth at this video ), but has nothing to do with the $35K 6+-year loans on new cars.
“GPS-enabled, LTE-connected ignition system connected tracking device in a car”
This is basically the cellphone version of a GPS-enabled, LTE-connected ignition system connected tracking device in a car purchased from an American "buy here, pay here" used car lot. this video link
“It's nothing compared to the despicable ways "car dealerships" (really finance scams) steal from poor people.”
It's nothing compared to the despicable ways "car dealerships" (really finance scams) steal from poor people. this video Or how the National Association of Mortgage Financers or whatever it's called defaulted in their mortgage. Or how companies declare bankruptcy. Default is a part of finance. Good faith bankruptcy is not ethically challenged. Both parties to a contract are responsible for counterparty risk.
“They are more often buying junk used cars with predatory financing contracts”
And they aren't buying new cars. They are more often buying junk used cars with predatory financing contracts ( this video ) Parent poster was just spreading Fox "News" propaganda.
