Golden Age... for repos? Elizabeth Warren launches probe into booming car repossessions
New York — The car repo business is booming as Americans fall behind on increasingly expensive car payments.
Cars are being repossessed at the highest rate since the Great Recession of 2008 and 2009. The repo tactics have drawn the attention of Massachusetts Sen. Elizabeth Warren, who launched a probe into the auto lending industry on Wednesday, a Senate Banking Committee spokesperson told CNN.
The investigation is focused on illegal and mistaken repossessions, when cars are seized even if borrowers are current on their bills or have reached agreements with lenders.
Warren, a Democrat, sent letters to a dozen major industry players including Chase Auto, GM Financial, Toyota Financial Services and Ally Financial on Wednesday as part of the probe. She sought information on repo activity, error rates and practices.
https://www.cnn.com/2026/02/05/business/car-prices-repossession-elizabeth-warren
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