June 2019
CONSUMER PROTECTION
The OMVIC Academy Car-Buying Guide
We’ve all heard the saying that geniuses are made not born. Child prodigies aside, genius is not innate; it’s the result of hard work, studying and applying what you’ve learned.
The same can be said of confident car-buyers.
And how does one become confident?
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OMVIC’s Free Consumer Seminars
Although buying a car can be intimidating, learning your car-buying rights is one of the best ways to squash your fears. As part of OMVIC’s mandate to protect and educate consumers, OMVIC offers free seminars to Ontario residents looking to improve their car-buying knowledge.
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Three Options for Trading in a Vehicle
Not all relationships are built to last. You’ve had your car through good times and bad, but your needs have changed. You need more space, better reliability and the latest technology. It’s time to say goodbye to your current ride, and make room for a new(er) one.
There are a number of options for getting rid of your car, but we’ll focus on these three:
- Selling privately
- Trading it in
- Selling it on consignment
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Tips and Considerations for Financing a Vehicle
The majority of consumers borrow money for a vehicle purchase. Some choose to use a personal line of credit or arrange financing at their bank or credit union, but many have the dealer arrange the financing. This often makes sense—dealers have access to numerous lenders that may provide terms or rates unavailable elsewhere. But this doesn’t mean consumers shouldn’t carefully consider what is being offered and take steps to ensure they are getting the best possible finance rate and terms.
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OMVIC administers and enforces the Motor Vehicle Dealers Act (MVDA) on behalf of the Ministry of Government and Consumer Services. OMVIC maintains a fair and informed vehicle sales marketplace by regulating dealers and salespersons, regularly inspecting Ontario's 8,000 dealerships and 30,000 salespeople, maintaining a complaint line for consumers and conducting investigations and prosecutions of industry misconduct and illegal sales (curbsiding). OMVIC is also responsible for administering the Motor Vehicle Dealers Compensation Fund on behalf of its Board of Trustees.
Consumer Line is OMVIC’s consumer guide to Ontario’s motor vehicle dealer industry. It is published throughout the year, delivered free via e-mail and provides consumers with useful tips, industry news and important, up-to-date information.
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