Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 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) Deficiency.--If the buyer does not redeem the repossessed motor vehicle within the 15-day notice of redemption period, the installment seller or holder may not bring an action or proceeding against the buyer for a deficiency under section 6261 (relating to deficiency judgment), unless there has been a public or private sale of the repossessed motor vehicle and collateral security.(c)Motor vehicle title.--At the sale of a repossessed motor vehicle to a purchaser, the installment seller or holder shall provide to the purchaser the title to the vehicle and all necessary documents to effect the transfer of the motor vehicle.Added by P.L. 1081 2013 No. 98, § 4, eff. 11/27/2014.