The head of the Egyptian Automotive Dealers Association Osama Aboul-Magd said that the Consumer Protection Agency decided to impose an interest of 18 percent on refunding the total amount of new car reservations, for those who did not complete the payment of the full price of the commodity until 12/4/2022.
He added that the decision is to satisfy the customer, indicating that car dealers seek to satisfy their customers.
The head of the Consumer Protection Agency met with the head of the Car Dealers Association.
After a memorandum submitted by the latter with the aim of discussing the terms of the recent decisions issued by the agency to regulate the reservation and receipt of cars in Egypt.
During the meeting, Aboul-Magd, demanded to allow the sale of reserved cars to be carried out, by allowing a maximum increase of 10 percent over the official price upon delivery, while it was agreed to implement it by 5 percent, in light of the repercussions that the market is witnessing.
Aboul-Magd called for a review to the implementation of the provisions of Law No. 118 of 1975, on import and export, and the system of procedures for examination and control of imported goods.
The Ministry of Commerce and Industry had issued Resolution No. 126 of 2022, regarding the amendment of some provisions of the regulations implementing the provisions of the law.
Aboul-Magd confirmed that reconsidering the law preserves more than 60 companies operating in the Egyptian market.
This indicates that the restrictions can only be applied by official agents.
The Consumer Protection Agency had decided to oblige all suppliers to deliver goods to their custodians who had paid the full price until 12/4/2022, without placing additional burdens on them.
The Consumer Protection Agency had decided to oblige all suppliers to deliver goods to their reservees who had paid the full price until 12/4/2022, without placing additional burdens on them.
The agency also decided that all suppliers delayed in delivery shall be obligated to deliver goods to their reservees.
For those who have not yet completed paying the full price until the mentioned date, to return the total amount that was paid in addition to the highest bank interest rate established in the banking market.
That interest rate is now 18 percent annually.
This interest is calculated on the total amount that has been paid from the date of the first payment until the date of approval by the Board of Directors of the Consumer Protection Agency in its session held on 5/18/2022.