Auto Lending: Last Week Tonight with John Oliver (HBO)

LastWeekTonightCited 5× on HN, 2017–2021

YouTube

commentary · general · 2017–2021 on HN

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.

Cited for subprime auto loan statistics and as a reference for predatory car financing, rather than as a recommendation.

5 comments from Hacker News

@walrus012021-03 · in “Lenders are turning to coercive loan apps that shut down smartphones”

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

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@lonelappde2020-03 · in “Eat for $1.50 per Day – Layoffs, Coronavirus Quarantine, Food Shortages”

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.

Critical View on HN

@papln2019-06 · in “The student loan crisis is really an underemployment catastrophe”

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.

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@fjsolwmv2018-05 · in “How technology has redefined the job of the repo man”

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.

Critical View on HN

@uep2017-03 · in “U.S. Subprime Auto Loan Losses Reach Highest Level Since the Financial Crisis”

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.

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