Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 625 - Redemption and termination of contract after repossessionA. Unless the right of redemption is waived in a nonconsumer transaction under 13 Pa.C.S. § 9624(c) (relating to waiver), if repossession of a motor vehicle which is the subject of an installment sale contract is effected within or outside the Commonwealth of Pennsylvania otherwise than by legal process, the holder shall retain such repossessed motor vehicle for a period of fifteen (15) days after mailing of notice of repossession to the buyer.B. During such fifteen (15) day period the buyer may redeem the motor vehicle and terminate the contract by payment or tender of payment to the holder of the following amounts, subject to the conditions hereinafter indicated:1. When default at the time of repossession was less than fifteen (15) days, the amount of the unpaid time balance, plus the amount of any accrued default charges authorized by this act, plus any other amount lawfully due under the contract, excluding costs of retaking, repairing and storage, less rebate of unearned finance charge.2. When default at the time of repossession exceeded fifteen (15) days, the amount of the unpaid time balance, plus the amount of any accrued default charges authorized by this act, plus costs of retaking, repairing, repossessing and storing authorized by this act, plus any other amount lawfully due under the contract, less rebate of unearned finance charge.C. If the buyer redeems the motor vehicle and terminates the contract by payment or tender as provided in subsection B, the holder shall return the motor vehicle and any other collateral in any manner consistent with 13 Pa.C.S. § 9623 (relating to right to redeem collateral). Property will be deemed to be returned in a manner in compliance with this act and 13 Pa.C.S. § 9623 by delivery to one of the following sites designated by the buyer: 1. the county in this Commonwealth or within a comparable governmental unit outside this Commonwealth where repossession occurred;2. a county in this Commonwealth where the buyer resides; or3. the county in this Commonwealth in which the vehicle was purchased under such contract.D. Upon receipt of the funds necessary to redeem the motor vehicle as provided in subsection B, the holder shall return the repossessed motor vehicle as soon as is reasonably possible, but not later than ten (10) business days from the receipt of the funds.1947, June 28, P.L. 1110, § 25. Amended 2002, Dec. 9, P.L. 1446, No. 186, § 17, effective in 90 days.