Have you ever wondered how those buy-here, pay-here car dealerships with in-house financing are able to and why they are willing to finance just about anybody? The truth is unless you’ve REALLY jacked your credit up (and I’m talking about multiple repossessions, house foreclosures, and bankruptcies) you can probably get a car. Some buy here, pay here places don’t even verify your income or check to see if you can actually afford your payment. Seems like a bad idea, right? Well it is, and John Oliver breaks it down for you in the video you’re about to watch.

The video is rather long and pretty funny too, so it’s well worth the 18 minutes it will take of your time. In the video he even talks about a 2003 Kia Optima that was sold nearly ten times over a three-year period, being repossessed within a few months of each time it sold. What’s even more crazy about the whole thing is subprime lenders typically charge upward of two, three, or even four times the blue book value of the car at interest rates that are absolutely out of this world.

And, even if that is enough to make your blood boil, there’s a lot more in the video that you’ll want to hear – especially if you’re someone who’s considering going to a buy-here, pay-here place to get your next ride. There’s no shame in it, but be vigilant and make sure you know exactly what you’re getting into. Make sure you can make the payment no matter what and be prepared to pay way more than the car is worth. Sometimes it’s a matter of necessity, and that’s OK, but make sure you’re well informed before you sign your name on the dotted line! Click play, and enjoy the video!

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