John Oliver has tackled numerous hot-button issues on “Last Week Tonight”, but last night’s edition of his HBO comedy show saw him address a huge problem about which many people may not have even been aware: sub-prime auto lending.
“Theoretically, it is a good thing that car dealers lend money to people who can’t get financing elsewhere, but in practice, these dealerships can trap people with few options into paying vastly more than a car is worth,” Oliver remarked. “It’s just one of many ways in which when you are poor everything can be more expensive.”
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To illustrate the severity of the problem, Oliver was joined by “Keanu” star Keegan-Michael Key to portray the most honest used-car salesmen ever as they extol the virtues of the financially crippling “deals” at Crazy Johnny’s Used Cars.
“Don’t do the actual math on that,” quips Oliver (a.k.a. Crazy Johnny) of paying interest rates well above 20 per cent for a used car. “Try and think of it at home like this: Act now, and this car will affect every financial decision you make for the best part of the next decade. And that is a Crazy Johnny promise!” Watch:
