On September 25th, Carl Anderson, Chief Counsel at the PA Department of Banking, issued a letter intended to clarify section 613 of the PA MVSFA. Mr Anderson's letter basically states that regardless of the number of days to first payment on a retail installment contract, the bank cannot charge more than 30 days interest. So, we can go, for example, 45 days to first payment, but only charge for 30. Not going to go over well with the finance department. Or, we can stand firm and always go exactly 30 days to first payment. This is not good for customer relations.
This has the Automotive Association and banks in a quandry as there seems to be mixed emotions as to the accuracy of this letter. I'm searching for opinions/comments with regards to this.