Car repossessions are at their highest levels since the 2008-2009 financial crisis, prompting Senator Elizabeth Warren to launch a Senate probe into the auto lending industry, CNN’s Matt Egan reports. The investigation targets illegal or mistaken repossessions and has requested data from major lenders on repo activity, error rates, and practices. Warren has sent letters to a dozen major industry players including Chase Auto (JPM), GM Financial (GM), Toyota Financial Services (TM), and Ally Financial (ALLY) on Wednesday as part of the probe, saying “Car repossession is a devastating disruption to someone’s life – and it is inexcusable when that repossession is in error.”
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