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§ 6258. Reinstatement of contract after repossession

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: December 1, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part V. Consumer Credit (Refs & Annos)
Chapter 62. Motor Vehicle Sales Finance (Refs & Annos)
Subchapter E. Repossession
Effective: December 1, 2014
12 Pa.C.S.A. § 6258
§ 6258. Reinstatement of contract after repossession
Currentness
(a) When reinstatement may occur.--If a motor vehicle subject to an installment sale contract has been repossessed by legal process or otherwise because of default or other breach of contract, the holder may reinstate the contract and return the motor vehicle to the buyer if the buyer:
(1) pays all past-due installments; or
(2) makes mutually satisfactory arrangements with the holder regarding the following:
(i) Accrued late charges.
(ii) Costs of suit under the contract and authorized by this chapter in repossession by legal process.
(iii) The costs of retaking, repairing and storing under section 6256 (relating to buyer's liability for costs), if default at the time of repossession exceeds 15 days.
(b) Refinancing.--If an installment sale contract for a motor vehicle is reinstated after repossession, the holder may contemporaneously or subsequently enter into a contract with the buyer for refinancing the obligation as provided in this chapter.

Credits

2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6258, PA ST 12 Pa.C.S.A. § 6258
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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