Florida Statute 520.08 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 520
RETAIL INSTALLMENT SALES

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F.S. 520.08

520.08 Finance charge limitation.—

(1) Notwithstanding the provisions of any other law, the finance charge, exclusive of insurance, shall not exceed the following rates:

(a) Class 1. Any new motor vehicle designated by the manufacturer by a year model not earlier than the year in which the sale is made—$10 per $100 per year.

(b) Class 2. Any new motor vehicle not in Class 1 and any used motor vehicle designated by the manufacturer by a year model of the same or not more than 2 years prior to the year in which the sale is made—$11 per $100 per year.

(c) Class 3. Any used motor vehicle not in Class 2 and designated by the manufacturer by a year model not more than 4 years prior to the year in which the sale is made—$15 per $100 per year.

(d) Class 4. Any used motor vehicle not in Class 2 or Class 3 and designated by the manufacturer by a year model more than 4 years prior to the year in which the sale is made—$17 per $100 per year.

(2) Such finance charge shall be computed on the amount financed as determined under s. 520.07(2) on contracts payable in successive monthly payments substantially equal in amount. Such finance charge may be computed on the basis of a full month for any fractional-month period in excess of 10 days. A minimum finance charge of $25 may be charged on any retail installment transaction.

(3) When a retail installment contract provides for unequal or irregular installment payments, the finance charge may be at a rate which will provide the same yield as is permitted on monthly payment contracts under subsections (1) and (2) having due regard for the schedule of payment.

(4) Any holder may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees, and lien claimants of the seller. Unless the buyer has notice of the assignment of her or his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.

(5) The provisions of subsection (1) shall not apply to any retail installment contract for the purchase of a mobile home, titled as a motor vehicle, when such contract is entered into pursuant to a commitment to guarantee issued by the United States Department of Veterans Affairs or pursuant to a commitment to insure issued by the Federal Housing Administration.

(6) As amended by chapter 79-592, Laws of Florida, chapter 79-274, Laws of Florida, which amended paragraph (1)(a):

(a) Shall apply only to loans, advances of credit, or lines of credit made on or subsequent to July 1, 1979, and to loans, advances of credit, or lines of credit made prior to that date if the lender has the legal right to require full payment or to adjust or modify the interest rate, by renewal, assumption, reaffirmation, contract, or otherwise; and

(b) Shall not be construed as diminishing the force and effect of any laws applying to loans, advances of credit, or lines of credit, other than to those mentioned in paragraph (a) of this subsection, completed prior to July 1, 1979.

History.—s. 7, ch. 57-799; s. 7, ch. 59-456; s. 3, ch. 69-370; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 1, ch. 78-312; ss. 5, 15, ch. 79-274; s. 1, ch. 79-592; s. 21, ch. 80-256; s. 2, ch. 81-318; ss. 5, 35, 36, ch. 90-103; s. 4, ch. 91-429; s. 29, ch. 93-268; s. 688, ch. 97-103.

F.S. 520.08 on Google Scholar

F.S. 520.08 on Casetext

Amendments to 520.08

Arrestable Offenses / Crimes under Fla. Stat. 520.08

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 520.08.

Annotations, Discussions, Cases:

Cases Citing Statute 520.08

Total Results: 6

MAROONE CHEVROLET, LLC d/b/a MAROONE CHEVROLET v. GERMAN ALVARADO

Court: Fla. Dist. Ct. App. | Date Filed: 2022-07-06T00:53:00-07:00

Snippet: Section 520.08 Claims As to Count 3, Alvarado claimed a violation of sections 520.07 and 520.08 based…limit provided by section 520.08(1)(b) or the 15% limit provided by section 520.08(1)(c). The use of the …Vehicle Retail Sales Finance Act section 520.08 on the First Truck and violation of section… FDUTPA on both trucks, a violation of sections 520.08 and 520.07 on the First and Second Truck, respectively…$6,768.76; (2) willfully violated section 520.08 by charging above the finance charge

ADRIANNE NOLDEN v. SUMMIT FINANCIAL CORP.

Court: Fla. Dist. Ct. App. | Date Filed: 2018-04-25T00:53:00-07:00

Snippet: Rate Contained in the Usury Statute Section 520.08 identifies four classes of vehicles and sets forth…shall not exceed . . . $17 per $100 per year.” § 520.08(1)(d), Fla. Stat. (2009). In lieu of a “finance… exceed the finance charge permitted by section 520.08 on the unpaid balance. § 520.085, Fla. Stat. (2009…less than the $17.00 per year allowed by section 520.08(1)(d): $8163.71 ÷ $11,883.01…were not in excess of those authorized by section 520.08. Id. (citing Scarritt Motors, 48 So. 2d at 168)

Nolden v. Summit Fin. Corp.

Court: Fla. Dist. Ct. App. | Date Filed: 2018-04-25T00:00:00-07:00

Citation: 244 So. 3d 322

Snippet: Interest Rate Contained in the Usury Statute Section 520.08 identifies four classes of vehicles and sets forth…shall not exceed ... $17 per $100 per year." § 520.08(1)(d), Fla. Stat. (2009). In lieu of a "finance… exceed the finance charge permitted by section 520.08 on the unpaid balance. § 520.085, Fla. Stat. (2009…were not in excess of those authorized by section 520.08. Id. (citing Scarritt Motors , 48 So.2d at 168 …less than the $17.00 per year allowed by section 520.08(1)(d) : $8163.71 ÷ $11,883.01 = $16.48/year 4.17

Reserve Ins. Co. v. Gulf Florida Terminal Co.

Court: Fla. | Date Filed: 1980-07-24T00:53:00-07:00

Citation: 386 So. 2d 550

Snippet: 516.031 (consumer financing not to exceed $2,500); § 520.08 (motor vehicle sales finance); § 520.34 (retail

Taylor v. First National Bank of Miami

Court: Fla. Dist. Ct. App. | Date Filed: 1972-12-12T00:00:00-08:00

Citation: 270 So. 2d 379, 1972 Fla. App. LEXIS 5738

Snippet: constitute an abuse of discretion. Affirmed. . § 520.08 Fla.Stat., F.S.A. provides: “(1) Notwithstanding

In Re Estate of Biederman

Court: Fla. Dist. Ct. App. | Date Filed: 1964-02-13T23:53:00-08:00

Citation: 161 So. 2d 538

Snippet: .R. 487. [10] Hofferd v. Coyle, 1937, 212 Ind. 520, 8 N.E.2d 827. [11] In re Holden's Estate, supra