Section 6236 – Enforcement
§ 6236. Enforcement. (a) When obligation unenforceable.–An obligation of the buyer of a motor vehicle under an installment sale contract that was consummated in this Commonwealth is not enforceable in this Commonwealth if: (1) the installment seller was not licensed under this chapter when the seller entered into the contract; or (2) the holder was […]
Section 6260 – Sale of motor vehicle after repossession
§ 6260. Sale of motor vehicle after repossession. (a) Forfeiture.–If the repossessed motor vehicle subject to an installment sale contract is not redeemed by the buyer either by termination or reinstatement of the contract within the 15-day notice of redemption period, the buyer shall forfeit all claim to the motor vehicle and collateral security. (b) […]
Section 6241 – Insurance
§ 6241. Insurance. (a) General rule.– (1) The insurance purchased under this section shall be: (i) Limited to insurance against risk of damage, destruction or theft of the motor vehicle. (ii) Written for the dual protection of the buyer and installment seller or holder to the extent of their respective interests in the motor vehicle. […]
Section 6261 – Deficiency judgment
§ 6261. Deficiency judgment. (a) General rule.–If the proceeds of a resale under section 6260 (relating to sale of motor vehicle after repossession) are not sufficient to defray the expenses regarding the repossessed motor vehicle, including the costs under section 6256 (relating to buyer’s liability for costs), the net balance due on the installment sale […]
Section 6242 – Other costs included in amount financed
§ 6242. Other costs included in amount financed. (a) Costs payable by buyer.–An installment seller of a motor vehicle under an installment sale contract may require the buyer to pay the following other costs incurred in the sale of a motor vehicle under the contract: (1) Fees payable to the Commonwealth for filing a lien […]
Section 6243 – Finance charges
§ 6243. Finance charges. (a) General rule.–An installment seller licensed under this chapter may charge, contract for, receive or collect a finance charge under this chapter on an installment sale contract covering the retail sale of a motor vehicle in this Commonwealth. (b) Method of computation.– (1) An installment seller may compute a finance charge […]
Section 6244 – Refinance charges
§ 6244. Refinance charges. (a) General rule.– (1) A holder of an installment sale contract may: (i) extend the scheduled due date or defer the scheduled payment of all or part of an unpaid installment payment; (ii) renew the unpaid time balance of the contract; or (iii) contract for, receive and collect a refinance charge […]
Section 6245 – Late charges
§ 6245. Late charges. (a) General rule.–A late charge may be collected on the following: (1) An installment payment that is not paid on or before the due date of the payment. (2) A contract subject to this chapter, regardless of the classification of vehicle under section 6243 (relating to finance charges) or the method […]
Section 6246 – Refund for prepayment of contract
§ 6246. Refund for prepayment of contract. (a) Right to prepay unpaid time balance.–Notwithstanding the provisions of an installment sale contract, a buyer may prepay at any time all or part of the unpaid time balance under the contract. (b) Rebate generally.–If the entire time balance is liquidated prior to maturity by prepayment, refinancing or […]
Section 6251 – Repossession authorized
§ 6251. Repossession authorized. (a) When repossession may occur.–An installment seller or a holder, who has lawfully acquired a motor vehicle installment sale contract, may retake possession of the motor vehicle if the buyer: (1) is in default in the payment of an amount due under the contract; or (2) has committed another breach of […]