With Trump Sidelining CFPB, Warren Launches Probe into the Auto Lending Industry as Car Repossessions Skyrocket

With Trump Sidelining CFPB, Warren Launches Probe into the Auto Lending Industry as Car Repossessions Skyrocket

Auto repossessions at a level not seen since the 2008 financial crisis

"The rates of delinquencies and repossessions in the auto market is a blaring alarm that American consumers are hurting financially."

Letter to AFSA | Letter to Ally | Letter to Americas Car-Mart | Letter to ARA | Letter to Byrider | Letter to Capital One | Letter to CarHop | Letter to Chase Auto | Letter to Drive Time| Letter to GM Financial | Letter to NIADA | Letter to Toyota

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, launched a probe into the auto lending and repossession industries to seek information on harmful anti-consumer practices as auto repossessions skyrocket to levels not seen since the 2008 financial crisis. Ranking Member Warren sent letters to the major players in the industries, seeking data about errors in repossession practices. Warren is launching the probe as Donald Trump's attacks sideline the Consumer Financial Protection Bureau (CFPB), which has historically conducted oversight and taken action to protect Americans from illegal autorepossessions.

The Senator sent the letters to: the American Recovery Association; major auto lenders including Chase Auto, Capital One, Toyota Financial Services, GM Financial, Ally Financial; the National Independent Auto Auto Dealers Association; major Buy Here Pay Here auto servicers including CarHop, DriveTime, Byrider, America's Car Mart; and the American Financial Services Association.

"Car repossession is a devastating disruption to someone's life-and it is inexcusable when that repossession is in error," wrote Senator Warren.

The Ranking Member continued: "While the Consumer Financial Protection Bureau (CFPB) has historically engaged in oversight of illegal auto repossessions, the Trump Administration has kneecapped the agency's ability to protect consumers from auto repossession errors. To understand the impact of these actions by the Administration, I write to request information on (the company's) practices to avoid errors and information on errors from the last four years."

The Senator asked the recipients to provide the information on repossessions, including on the following topics:

• What steps the company takes to ensure that its agents only tow the correct vehicles;
• What steps the company takes to identify and address wrongful repossessions;
• What practices and policies are in place for when a consumer and a company disagree about the legality of a repossession; and
• Data and trends on the prevalence of repossessions-including wrongful repossessions-in the company or industry.

The Senator requested written responses to these questions no later than February 16, 2026.

###

• Print
• Email
• Tweet