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 […]
Section 6252 – Who may repossess
§ 6252. Who may repossess. (a) With legal process.–Repossession of a motor vehicle when effected by legal process shall be made only by a duly constituted public official. (b) Without legal process.–Repossession of a motor vehicle when effected otherwise than by legal process under subsection (a) shall be made only by the following: (1) The […]
Section 6253 – Legal proceedings
§ 6253. Legal proceedings. (a) When to commence action.–If repossession and sale of a motor vehicle subject to an installment sale contract or its collateral security is effected by legal process, the holder may commence legal proceedings immediately upon the buyer’s default or breach of the contract. (b) Rights and duties of buyer.–In a proceeding […]
Section 6254 – Notice of repossession
§ 6254. Notice of repossession. (a) General rule.–If repossession of a motor vehicle subject to an installment sale contract is effected other than by legal process, the holder shall immediately furnish the buyer with a written notice of repossession. (b) Delivery.–The notice of repossession shall be delivered in person or sent by registered or certified […]
Section 6255 – Personal property in repossessed motor vehicle
§ 6255. Personal property in repossessed motor vehicle. A buyer may reclaim personal property left in the repossessed motor vehicle within 30 days of the mailing of the notice under section 6254 (relating to notice of repossession). If personal property is left in the motor vehicle after the 30-day time period, the holder may dispose […]
Section 6256 – Buyer’s liability for costs
§ 6256. Buyer’s liability for costs. If repossession of a motor vehicle subject to an installment sale contract is effected other than by legal process, the buyer shall be liable for costs incurred by the holder in retaking, storing and repairing the motor vehicle only if: (1) The default exceeds 15 days at the time […]
Section 6257 – Notice to police
§ 6257. Notice to police. The repossessor of a motor vehicle shall give notice within 24 hours after the repossession to: (1) the local municipal police department having jurisdiction of the area where the motor vehicle was located at the time of repossession; or (2) the Pennsylvania State Police, if no municipal police jurisdiction exists.