This is a summary of the text:
The text is a transcript of a segment from the show Last Week Tonight with John Oliver, where he talks about the subprime auto loan industry and how it exploits people with poor credit. He compares it to the subprime mortgage crisis and shows how some lenders use deceptive practices, high interest rates, and predatory repossession tactics to trap borrowers in debt. He also shows how these loans are bundled and sold as investments on Wall Street, creating a potential risk for the economy. He uses humor, sarcasm, and exaggeration to make his points and ends with a parody of a car dealership ad that highlights the absurdity of the situation.
Here are some key facts extracted from the text:
1. Nearly a quarter of all car loans are of the high-risk subprime variety, which have high interest rates and can trap borrowers in debt.
2. Buy here pay here dealers can sell cars at inflated prices, repossess them if payments are late, and resell them multiple times to different customers.
3. Subprime auto loans are being bundled and sold as investments on Wall Street, similar to what happened with subprime mortgages before the financial crisis.
4. Some subprime auto loans are given to people with no credit scores or negative equity, and some lenders use devices that can shut off the car if payments are missed.
5. The LA Times tracked the sales of a 2003 Kia Optima that changed hands eight times in three years, each time at a price double or triple its blue book value.