A. The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or installments, defer payment or payments, renew or restate the unpaid time balance of such contract, the amount of the installments and the time schedule therefor and may collect for such extension, deferment, renewal or restatement a refinance charge computed at the discretion of the holder as provided in subsection B of this section.

B. If the unpaid time balance of the contract is extended, deferred, renewed or restated, the holder may compute the refinance charge on such amount by adding to the unpaid balance the cost for insurance and other benefits incidental to the refinancing plus any accrued delinquency and collection charges, and deducting any refund which may be due the buyer by prepayment pursuant to section 44-291, for unearned finance charges specified by the contract and by reclassifying the motor vehicle by its then year model, for the term of the refinancing agreement, but otherwise subject to the provisions of this article governing computation of the original finance charge. The provisions of this article governing the minimum finance charge under the refund schedule shall apply in calculating refinance charges on the contract renewed under this method of computation.