Consumer Line

November 2019

OMVIC Message

 

In This Issue

  • Returning Your Black Friday Deal

  • Protect Yourself from Odometer Fraud

  • Negative Equity

  • Brand Awareness


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CONSUMER PROTECTION

Returning Your Black Friday Deal

How did Black Friday — the day of mega-amazing colossal unbelievable can’t-be-beat blow-out sales signifying the unofficial start of the Christmas shopping season — get its name? Some would say Black Friday marks the point many retailers turn a profit for the year, going from being “in the red” to being “in the black.” The more cynical among us might argue it’s consumerism run amok and a black mark on our society. Though the origins of the name may be debatable, the lure of Black Friday is undeniable.

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Black Friday

Protect Yourself from Odometer Fraud

"We have seen a huge uptick in the number of vehicles with rolled-back odometers sold by curbsiders. For just a few hundred dollars, a curbsider can roll back the odometer of a vehicle and increase its value by thousands of dollars.” States OMVIC’s Director of Communications, Terry O’Keefe.

Read more

Odometer

Brand Awareness

As consumers, we pay attention to brands. Brands tell us the quality and reputation of a product. The same can be said of Ontario’s mandatory branding program for vehicles. Knowing what each brand means: Irreparable, Salvaged, Rebuilt and None will help to make an informed decision when it’s time to purchase a used vehicle and will also help to determine whether this is indeed a car you’d like to buy.

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OMVIC Sheriff Star

Negative Equity

There are some things which should last forever, like love, or a diamond ring, but a car payment is not one of them. Yet forever is how long it might feel if you take out an extended-term loan (e.g. 96 months), without educating yourself on the perils of negative equity—owing more for a car than it is worth. To avoid the pitfalls of an extended-term loan, consumers need to educate themselves and be honest about their needs and car-buying habits.

Read more

Extended-Term Loan

OMVIC Contact

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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