"Last Week Tonight with John Oliver reportedly slammed auto lenders by calling them "predators." What could be the reason behind the host's rant?
The award-winning tv show has a take about the shady lenders who take advantage of the people who missed an early payment. The video of the last episode has been posted on YouTube, with more than 3 million views as of writing.
According to BGR, these car dealerships tend to "prey" on the users. Here are some excerpts from the last episode of "Last Week Tonight with John Oliver." "Theoretically, it is a good thing that car dealers lend money to people who can't get financing elsewhere," Oliver explains.
"But in practice, these dealerships contract people with few options into paying vastly more than the car is worth. It's just one of the many ways in which when you are poor, everything can be more expensive. The average interest rate on a 'buy here pay here" lot is 19% with some paying up to 29%. And that interest is on top of lock-ups and add-ons that can inflate of the car."
The host further explained that that dealership can easily repossess your car if you were not able to pay in time. Worse, the car companies did not care about the time, the location and who is in the car.
In one incident, a news from Florida revealed that a nine-month-old baby was still in the car when the dealership took back the vehicle. Fortunately, the baby was taken back to her parents.
The sarcasm of the video received mixed opinions from the YouTube subscribe. But most of them agreed with what Oliver said. On the other hand, the remaining stated otherwise.
We are still waiting for the car companies to address the issue about the auto lenders. Meanwhile, watch the episode of "Last Week Tonight with John Oliver" below: