Wallethub.com is reporting the delinquency rate on automobile loans
is up in the 4th quarter of 2023, as compared to the 3rd
quarter of 2023. This applies to all 50 states. In Florida, where I
practice, the state ranks 31st, with the delinquency
rising from 7.88% in Q3 to 12.36% in Q4. Mississippi had the highest
Q4 delinquency rate at 23.49%, with Iowa having the lowest at 8.77%,
while the largest Q3 to Q4 increase goes to the state of Washington,
where they saw a 12.89% increase. For more specific information on
each state, see Wallethub.com's website.
Specific to Florida,
generally, if your vehicle is repossessed because you are behind on
payments, ownership of the vehicle passes to the lien holder, and
while bankruptcy may be able to help you regarding the debt owed to
the lien holder, it will probably not allow you get your vehicle
returned to you. In many other jurisdictions, there may be avenues
through the filing of a Chapter 13 bankruptcy that will allow you to
get your vehicle back.
There may still be
avenues available in Florida to getting your vehicle back through
negotiations with the creditor. If you find yourself in this
predicament, or are behind on vehicle payments, I highly suggest
being proactive and seek the advise of a competent bankruptcy
attorney in your area.