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 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 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 […]