As discussed here, in February 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) launched the auto finance data pilot and issued nine market monitoring orders to three banks, three finance companies, and three captive lenders. This initiative aimed to gather comprehensive data on auto lending portfolios. Yesterday, the CFPB issued a Repossession in Auto Finance report using the dataset to show that repossession assignments increased for certain consumers post-2020, but many consumers avoided repossession in parts of 2021 and 2022. The data also indicates that repossession forwarders were increasingly involved in repossession activity, potentially resulting in increased repossession costs passed on to consumers.
