§ 6222. Contents.
An installment sale contract shall contain the following:
(1) The full name and address of all the parties to the contract.
(2) The date that the buyer signed the contract.
(3) A description of the motor vehicle sold, which shall be sufficient for accurate identification.
(4) The notice under section 6223 (relating to notice).
(5) The following items in writing and in a clear and conspicuous manner, with each component of each subparagraph listed separately:
(i) The purchase price of the motor vehicle, which shall include the following:
(A) Taxes.
(B) Charges for delivery.
(C) Charges for servicing, repairing or improving the motor vehicle.
(D) Charges for a service contract, which:
(I) shall appear as separate items after the following or substantially similar words, which shall be boldface, underlined, adjacent to the purchase price and in type print size not smaller than that used for all item categories: "including optional service contracts and/or extended warranties in the amount of"; or
(II) may be separately included as "other charges" under subparagraph (v).
(E) Charges for accessories and installation.
(F) Other charges normally included in the delivered purchase price of a motor vehicle.
(ii) The down payment made by the buyer at the time of or prior to execution of the contract, which shall separately indicate the extent to which it is made in cash or represented by either or both of the following:
(A) The agreed-upon value of a trade-in motor vehicle, along with a description of the trade-in sufficient for accurate identification.
(B) Other goods.
(iii) The unpaid purchase price balance, which is the difference between the following:
(A) The purchase price under subparagraph (i).
(B) The down payment under subparagraph (ii).
(iv) Insurance charges, the payment for which the seller agrees to extend credit to the buyer, which shall set forth the term of insurance, a concise description of the coverage and the amount of the premium.
(v) Other charges necessary or incidental to the sale or financing of a motor vehicle:
(A) which the seller contracts to retain, receive or pay on behalf of the buyer; or
(B) for which the seller agrees to extend credit to the buyer as authorized by this chapter, including charges for a debt cancellation agreement and debt suspension agreement.
(vi) The principal amount financed, which is the sum of the following:
(A) The unpaid purchase price balance under subparagraph (iii).
(B) The insurance charges under subparagraph (iv).
(C) The other charges under subparagraph (v).
(D) Amounts representing payment of a prior credit or lease balance to discharge a security interest, lien or lease interest on a motor vehicle or other property traded or returned.
(vii) The finance charge, which is the consideration in excess of the purchase price under subparagraph (i), excluding insurance charges under subparagraph (iv) and other charges under subparagraph (v), and which the buyer agrees to pay to the seller for the privilege of purchasing the motor vehicle under the installment sale contract.
(viii) The time balance, which represents the total obligation of the buyer and which is the sum of the following:
(A) The principal amount financed under subparagraph (vi).
(B) The finance charge under subparagraph (vii).
(ix) The payment schedule, which shall state the number, amount and timing of the payments required to liquidate the time balance.
(6) A description that reasonably identifies collateral security in which a security interest is provided to secure the buyer's obligation pursuant to 13 Pa.C.S. § 9108 (relating to sufficiency of description), including the motor vehicle and other collateral.
(7) A summary notice of the buyer's principal legal rights regarding prepayment of the contract, rebate of finance charge and reinstatement of the contract in the event of repossession and notice of the right to receive the statement of account under section 6230(a) (relating to statement of account to buyer).
(8) Specific provisions regarding the following:
(i) The holder's right to accelerate the maturity of the contract upon default or other breach of contract.
(ii) The buyer's liability respecting nonpayment.
(iii) The dollar or percentage amount of late charges that may be imposed due to a late payment, other than a deferral or extension charge.
(iv) Repossession and sale of the motor vehicle, in case of default or other breach of contract.
(9) The following statement:
If you encounter a problem, you may have additional rights under the Unfair Trade Practices and Consumer Protection Law, which is enforced by the Pennsylvania Office of Attorney General, Bureau of Consumer Protection.
Cross References. Section 6222 is referred to in sections 6224, 6226, 6233, 6243 of this title.
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