Brow Beat

John Oliver and Keegan-Michael Key Made a Fake Car Commercial to Explain Subprime Auto Loans

John Oliver continues his fight to expose unethical financial practices, from the multibillion-dollar payday loan industry to the sleazy tactics of medical debt buyers. His latest target? Subprime auto loans, and if that phrase has you dozing off like you’re watching The Imitation Game, it’s time to wake up. As Slate has explained in the past, subprime loans (which you might remember as being key to the toppling of the housing market during the recession) are back, only this time they’re a threat to the auto industry.

With his usual knack for making very unsexy topics more palatable, Oliver lays out exactly why this is a terrible practice: Shockingly high interest rates can lead some people to pay 10 times what a car is actually worth, and if they default on their loans, repo men might not even check the backseat before towing their vehicle—which in one case led to an unintentional kidnapping. “ ‘Don’t take a baby’ is a good general rule for everyone,” said Oliver. “Whether you are repossessing a car, choosing a prom date, or making a selection in the NFL draft.”

To make his point crystal clear, Oliver donned his finest cowboy hat for a rollicking car commercial parody. “Is your credit so bad that giving you a high-interest loan will basically trap you under a mountain of debt from which there is no reasonable hope of escape?” Crazy Johnny doesn’t care, and neither does his cousin, Crazy Jimmy (Keegan-Michael Key) or his accountant, Crazy Walter (Bob Balaban). You might contribute to a repeat of the 2008 mortgage crisis, but hey, at least the car comes with a baby already inside.