Sen. Elizabeth Warren sent letters to a dozen major auto lenders, Buy Here Pay Here chains, and the American Recovery Association on February 5 seeking data on repossession error rates and practices after 1.73 million vehicles were repossessed in 2024, the highest number since 2009, according to CNN. Warren said car repossession is "a devastating disruption to someone's life" and called mistaken seizures "inexcusable"; the American Financial Services Association responded that repossessions are "a process of last resort" in the interest of neither borrower nor lender.
Operator takeaway
The American Recovery Association was named directly in a Senate investigation for the first time. If you run repo contracts, pull your error-rate data and audit your verification procedures now. The letters requested responses by February 16; whatever those responses said is now part of a Senate record.