Sen. Warren Investigates Surge in Auto Repossessions; 2024 Volumes Up to 1.73M

U.S. Sen. Elizabeth Warren (D-Mass.) launched an investigation into the auto lending and repossession industry, focusing on illegal and mistaken repossessions, following a 33% rise to 1.73 million vehicle seizures in 2024, the most since 2009. She sent letters to major lenders including Ally Financial, Chase Auto, GM Financial and Toyota Financial Services, requesting data on error rates and practices by February 16. The probe follows the CFPB’s 2022 $1.7 billion Wells Fargo fine for illegal repossession and comes as affordability declines—average new car prices hit $50,000 in 2024, used cars均价 reached $26,043 in December 2024, and APRs for used vehicles stood at 10.5% in December 2024—drive higher delinquency and repossession activity, including a 6.74% subprime delinquency rate in December 2024.