Here are the 10 states (technically nine states and DC) that had the highest repossession rates in 2021, according to Experian’s numbers.
- 10. Virginia
- 9. District of Columbia
- 8. Georgia
- 7. Oklahoma
- 6. Texas
- 5. Florida
- 4. North Carolina
- 3. New Mexico
- 2. Arizona
- 1. Nevada
Annual repossession rates at 65% compared to yearly new car sales — so for every 2.4 cars sold, 1 existing vehicle on the road will be repossessed each year. In Chicago alone each night there were 10,000 repossession calls for tow trucks for 2020 with repossessions totaling 2.4 million repos.
A repossession is hard to fight once it happens, but the law does regulate how the lender can go about it and resell your car. In Florida, failure to pay within 30 days allows the lender to repossess your car under a process that’s spelled out in Chapter 537.012 of Florida‘s laws on title loans.
