What is the maximum amount of a claim from the Motor Vehicle Transaction Recovery Fund?

The maximum amount of a claim from the Motor Vehicle Transaction Recovery Fund is set at $25,000. This fund is established to protect consumers from loss due to the actions of licensed motor vehicle dealers in Virginia, particularly in cases where the dealer fails to deliver a purchased vehicle or fails to fulfill their obligations in a purchase agreement.

The specific limit of $25,000 is significant as it provides a balance between consumer protection and the sustainability of the fund. This limit allows for restitution to consumers while ensuring that resources remain available to address multiple claims that may arise from various transactions, thereby promoting confidence in the vehicle sales process.

Other amounts mentioned, while they may seem reasonable in the context of consumer claims, do not reflect the established limit set by the regulatory framework governing the Motor Vehicle Transaction Recovery Fund in Virginia. This structure ensures that there are clear parameters for claims, enabling both consumers and dealers to understand their rights and responsibilities within the marketplace.