By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 25/07/2026A subprime auto-loan often contains the "teaser" and "balloon" rates at the heart of the subprime mortgage bubble: for the first year or two, your car payments are affordable, but then they shoot up to a sum that you can't possibly pay. 29/ 1212
By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 25/07/2026The lender then repos your car, zeroing out your equity, and sells it to another victim: www.youtube.com/watch?v=4U2e... But the subprime car industry adds a modern spin to the contract lending scam that has been used to profitably rob so many Black home borrowers and long-haul truckers. 30/youtube.comAuto Lending: Last Week Tonight with John Oliver (HBO)YouTube video by LastWeekTonight 1306
By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 25/07/2026Subprime lending's risk-reduction relies on repossession. A subprime car lender doesn't just get rich by charging poor borrowers more money that rich borrowers for shittier, older cars. 31/ 1233
