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OMVIC Blog: Car Buying Tips

Author: OMVIC Communications Created: Friday, August 14, 2015
OMVIC Blog
By OMVIC Communications on Monday, January 30, 2017

Whether you choose to lease or purchase your next new vehicle, it’s crucial to make an informed and educated decision. Failing to do adequate research BEFORE your lease or purchase can have considerable financial implications. So if you’re considering leasing a new vehicle, ensure you understand how leasing works and decide if it’s right for you…


By OMVIC Communications on Friday, January 20, 2017

Comp Fund Shield

 

Each year, OMVIC-Registered Dealers sell or lease approximately 1.2 million vehicles. The vast majority of transactions go well. But in those rare instances that something does go wrong, Ontario consumers can turn to the Motor Vehicle Dealers Compensation Fund for help. In 2016, OMVIC’s Compensation Fund marked 30 yearsof providing protection to consumers who suffer a financial loss as a result of a transaction with an OMVIC-Registered Dealer. The Compensation Fund is one of the key protections available to consumers who purchase from an OMVIC-Registered Dealer.


By OMVIC Communications on Friday, January 13, 2017

Protect yourself buying privatelyBuying a car can be a huge financial commitment and no one wants to end up with buyer’s remorse due to unexpected repairs or realizing soon after the purchase the vehicle had undisclosed accident damage. So it’s vital consumers exercise due diligence and take extra precautions when buying a used vehicle privately including...


By OMVIC Communications on Thursday, January 5, 2017

Are you a motorcycle enthusiast? Or perhaps you’re considering a bike purchase in the near future? Do you know what your consumer rights are when buying a motor vehicle, including a motorcycle? Then stop by OMVIC’s booth at this weekend’s North American International Motorcycle SuperShow and get your questions answered! The show kicks off Friday, January 6 and runs until Sunday, January 8 at The International Centre in Mississauga. OMVIC’s booth is number 2914, located in Hall 2!


By OMVIC Communications on Wednesday, December 28, 2016

The Vehicle Sales Authority of British Columbia (VSA) has warned both consumers and dealers of an online car-buying scam that arrived just in time for the holiday season. A fake website was created, using the name and address of a legitimate and licensed car dealership in British Columbia; however, it is a website for a phantom dealership that shows a fake roster of employees and consumer testimonials.



By OMVIC Communications on Thursday, December 22, 2016
car sale

Planning to deck the driveway with a new ride during the holiday season? Thinking about taking advantage of the flurry of Boxing Day promotions? OMVIC would like to gift you with some key holiday car-buying tips...


By OMVIC Communications on Friday, December 16, 2016

Test drive Whether shopping for a vehicle privately or from an OMVIC-Registered Dealer, consumers should take steps to protect themselves; and one of the key steps is to take a thorough test drive.

In many instances, taking a short drive around the block or a quick spin in the parking lot just won’t cut it. To get the most out of a test drive, OMVIC suggests consumers follow these tips...


By OMVIC Communications on Thursday, December 8, 2016

Handing over keysOMVIC, Ontario’s vehicle sales regulator, has recently heard from a small number of consumers who encountered problems when trading-in vehicles to a dealer. These consumers traded-in vehicles that still had money owing on them — loans that were to be paid off by the dealer as part of the financing of the consumers’ new vehicles. “Unfortunately the dealers did not pay off the loans immediately,” explained Laura Halbert, OMVIC’s Director of Compliance. “This left the consumers making payments on their new cars as well as on their trade-ins.”


By OMVIC Communications on Friday, December 2, 2016

Blog 67 intro OMVIC has launched a new Car-Buying Quiz to help consumers test their car-buying smarts.

This fun an interactive tool “drives” consumers down an information highway where they are quizzed on important car-buying topics including: All-in price advertising, the warning signs that help identify curbsiders and the amount of time (or lack of) to cancel a contract.

By OMVIC Communications on Friday, November 25, 2016
Black Friday Intro Car Shopping on Black Friday? Remember, buying from an Ontario-registered dealer does provide consumer protection, but a signed contract is still FINAL! There is “No Cooling Off Period”

By OMVIC Communications on Friday, November 18, 2016

infographic introIntroducing OMVIC’s new interactive Road to Buying a Car in Ontario infographic! Whether buying from an OMVIC-Registered Dealer or a private seller, this step-by-step guide will help consumers ask the right questions during the car-buying process. Navigating from start to sold, the ‘how to roadmap’ identifies potential dangerous potholes and the detours consumers can make to ensure their next car purchase is a safe one!



By OMVIC Communications on Friday, November 11, 2016

Buying a car is one of the most expensive purchases a consumer will make in their lifetime. It is a transaction that requires thought, research and knowledge, which is why it is important that consumers educate themselves BEFORE entering into an agreement to purchase.



By OMVIC Communications on Friday, November 4, 2016
Trading car introThere are two benefits to trading-in your vehicle at the dealership; saving on taxes and on time. There are tax advantages (you'll only have to pay HST on the difference) and you save time and effort of having to sell it privately.



By OMVIC Communications on Thursday, October 27, 2016
Halloween Car As adults, little is as exciting and yet equally fearful as the Halloweens of our childhood…with perhaps one exception – buying a car. In that acquisition many of us steel ourselves with the same heightened sense of “prepare for anything” as a nine year old on Halloween. Our fight-or-flight response is awakened; because this is, for most, a large purchase; it can be scary, and no wants to get stuck with a lemon.

By OMVIC Communications on Friday, October 21, 2016
One of the key pillars of protection offered to Ontario consumers who purchase from a registered dealer is the mandatory disclosure requirement. Ontario’s Motor Vehicle Dealers Act requires OMVIC-Registered Dealers to disclose in writing a vehicle’s past use, history and condition. For example, dealers must disclose incident or collision damage repairs exceeding $3,000.

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