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#2234257 - 04/05/20 02:05 AM Indirect Auto Loan Grace Period
Half Pint Offline
Joined: Sep 2012
Posts: 76
Is there a Federal or State law that stipulates the grace period for an indirect auto loan? The grace period for other loans is 15 days. Why is the standard for indirect auto loans 10 days? If it is a state law, where would I find the law for Pennsylvania?

Thank you!
Last edited by Half Pint; 04/05/20 02:06 AM.
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#2234260 - 04/05/20 12:23 PM Re: Indirect Auto Loan Grace Period Half Pint
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 82,469
Galveston, TX
Title 12

§ 6245. Late charges.

(a) General rule.--A late charge may be collected on the following:

(1) An installment payment that is not paid on or before the due date of the payment.

(2) A contract subject to this chapter, regardless of the classification of vehicle under section 6243 (relating to finance charges) or the method by which the finance charge is computed.

(b) Rate and computation.--

(1) Under a contract for the sale of a motor vehicle other than a heavy commercial motor vehicle, a late charge may not, for any payment not made within ten days of its scheduled due date, exceed the rate of 2% on the amount of the payment in arrears.
The opinions expressed here should not be construed to be those of my employer:

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