The U.S. Senate Committee on Banking, Housing and Urban Affairs’ ranking member, Senator Elizabeth Warren, launched a probe into the auto lending and repossession industries by sending information requests to major market participants, focusing on alleged harmful anti-consumer practices and errors in repossession. The letters seek information on companies’ controls to ensure only the correct vehicles are towed, how wrongful repossessions are identified and addressed, policies for disputes over the legality of a repossession, and data and trends on repossessions including wrongful repossessions, as well as information on errors over the past four years. Recipients include the American Recovery Association, the American Financial Services Association, the National Independent Auto Dealers Association, major auto lenders such as Chase Auto, Capital One, Toyota Financial Services, GM Financial and Ally Financial, and buy-here-pay-here servicers including CarHop, DriveTime, Byrider and America’s Car-Mart. Written responses are requested by February 16, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-02-05
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member launches probe into auto lending and repossession errors
Senator Elizabeth Warren, ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, initiated an investigation into the auto lending and repossession sectors, targeting alleged anti-consumer practices and repossession errors. Information requests were sent to key industry players, with responses due by February 16, 2026.