The chapter exposes how vulnerable individuals are targeted by unethical practices in the auto lending industry, leading to unaffordable car loans and quick repossession of vehicles. It discusses cases of individuals with poor credit and low income being trapped in debt with high-interest rates and inflated prices. The dialogue calls for federal intervention to prevent predatory lending and highlights a new rule, CARS, aimed at promoting transparency and protecting consumers from deceptive practices.
Drivers are increasingly paying sticker price or more for a new car. Then there are sky-high insurance rates and mortgage-level car payments. Vox’s Marin Cogan explains how we got here.
This episode was produced by Victoria Chamberlin, edited by Matt Collette, fact-checked by Laura Bullard, engineered by David Herman, and hosted by Noel King.
Transcript at vox.com/todayexplained
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