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From 1 January 2022, the maximum amount of pre-estimated liquidated damages (PELD) that a motor vehicle dealer may charge is five per cent.
Dealers should not be asking for this amount as a default position.
The cancellation cost has to be a genuine and reasonable assessment of likely losses as a result of the deal not proceeding.
A consumer is entitled to receive their full deposit back and should not be charged any pre-estimated liquidated damages if:
Need to know more about PELD and contracts? Go to our page Vehicle sales contracts.