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OMVIC Blog: Car Buying Tips

Author: OMVIC Communications Created: Friday, August 14, 2015 RssIcon
OMVIC Blog
By OMVIC Communications on Monday, November 22, 2021

Getting a vehicle loan may seem like a simple way to make buying a car more attainable. However, consumers must do their research before taking on a long-term loan to avoid negative equity and protect their personal finances.

 

By OMVIC Communications on Monday, November 22, 2021

In Ontario there is no cooling-off period when it comes to buying or leasing a car. Although consumers in the province are permitted a cooling-off period when they sign contracts for certain purchases outlined in the Consumer Protection Act - like a newly built condo or a gym membership, vehicle purchases are final upon signature. Once you sign a vehicle contract, that deal is final and legally binding, unless the dealer has failed to make certain specified disclosures.

Signing on the dotted line for a new vehicle can be intimidating, and the last thing you want to do is waste your hard-earned money on a car that doesn’t meet your needs. Consumers shouldn’t sign a purchase or lease agreement unless they’re sure all terms and conditions are correctly disclosed on the contract.

 

By OMVIC Communications on Monday, November 22, 2021

Rolling back a vehicle’s odometer to display a lower mileage than it has travelled is known as “odometer fraud”. It may be done to increase the sale price of a used car and this issue is often problematic in vehicles sold by dishonest private sellers and illegal, unlicensed vehicle dealers, referred to as curbsiders.

Identifying a vehicle with a rolled-back odometer can be difficult, however, there are steps consumers can take to help spot an odometer that has been tampered with.

 

By OMVIC Communications on Monday, November 22, 2021
The car-buying process can be stressful, but the Ontario Motor Vehicle Industry Council offers helpful resources, consumer protection and a compensation fund

 

By OMVIC Communications on Monday, November 22, 2021
Many Ontarians purchase cars from private owners, but “buyer beware”., avoiding Avoiding dealerships can sometimes lead to headaches, unexpected repair bills, unusable vehicles or worse. Private sales can present opportunities for sellers to take advantage of consumers, often by selling vehicles and misrepresenting their car’s history and condition. The Ontario Motor Vehicle Industry Council (OMVIC) can help you get the information you need before you buy privately to protect yourself.

 

By OMVIC Communications on Wednesday, October 20, 2021

For many first-time car-buyers, a used vehicle is often their first entry into the market. However, when buying used, it’s important to understand what a dealer must disclose to you on a bill of sale to protect yourself throughout the car-buying process.

The mandatory disclosure requirement is one of the key pillars of protection offered to Ontario consumers who purchase from an OMVIC-registered dealer and is enforced by OMVIC to keep consumers safe. In fact, in June 2021 OMVIC denied a Toronto man named Sai Lu’s re-entry into the motor vehicle sales profession after he ran an illegal, unlicensed side business buying salvaged cars and falsely disclosing their history. Lu leased them to unsuspecting Uber and Lyft drivers...

 

By OMVIC Communications on Wednesday, October 20, 2021

Getting a vehicle loan may seem like a simple way to make buying a car more attainable. However, consumers must do their research before taking on a long-term loan to avoid negative equity and protect their personal finances.

What is negative equity? ...

 

By OMVIC Communications on Wednesday, August 25, 2021

Toronto, ON, Aug. 24, 2021 – A new consumer rights campaign from the Ontario Motor Vehicle Industry Council (OMVIC) is targeting consumers with a focus on millennials buying their first car – a particularly vulnerable group of consumers who have lower awareness of their car-buying rights.
Under the tagline “OMVIC.CA – it’s your free ride to a new ride,” the campaign intends to fill this knowledge gap by reaching millennials on platforms they frequent, like streaming services, social media, and connected television...

 

By OMVIC Communications on Thursday, August 5, 2021

A pair of young adults were arrested in early July after trying to buy cars with a fake driver’s licence at two Niagara-area dealerships. 

Niagara Regional Police nabbed the two over the weekend of July 10, 2021, after staff at a Welland dealership recognized them from a previous police-issued alert to dealerships. The pair had filled in a car-buying application using the bogus ID. 

The dealership called police and told them the sale would not go through. However, they showed up anyway to try and pick up the car. Police were waiting at the showroom and arrested both when they arrived. The two had targeted another dealership in Niagara Falls with the same scheme... 

 

By OMVIC Communications on Thursday, July 22, 2021

Only a few clicks separates you from a new car in today’s digital economy. But before rushing to the digital checkout, be sure to familiarize yourself with the unique dynamics and potential risks of online car shopping.

In the past few years, more and more Ontarians have decided to skip showroom visits entirely, opting to buy through online dealers instead – sometimes without even seeing a car first. The reach of the internet has also allowed buyers to look for cars far outside of their hometowns. /p>

This newfound convenience and freedom can come with potential risks. Here are a few tips on how to stay safe when buying..

 

By OMVIC Communications on Tuesday, July 6, 2021

For first time car buyers, knowing what to expect from the sales experience can help smooth anxieties. Buying a car is often the second most expensive purchase Ontarians make. Buyers should understand what to expect from dealers and salespersons throughout the buying process.

Here are the top five things to expect at a dealership when you’re ready to buy.

 

By OMVIC Communications on Tuesday, June 22, 2021
With market supply shortages driving automotive prices upwards, entrepreneurs should exercise vigilance when buying a vehicle for work to avoid additional complications for their business.

Compared to other consumers, small business owners are typically more strapped for time when it comes to researching what vehicles to buy...

 

By OMVIC Communications on Tuesday, June 8, 2021

Today’s young adults are research experts when searching for the cars they want to buy, but parents may still need to help them make the right buying decisions, studies suggest.

 

By OMVIC Communications on Monday, May 31, 2021

Apart from HST and licensing fees, the price you see in a dealership car ad in Ontario is the maximum price you are expected to pay for your vehicle: not a penny more. It’s the law.

In Ontario, the advertised price of new and used vehicles sold at dealerships must include all fees and charges a dealer will collect once a sale is completed. When examining the price of a car, get a detailed breakdown of all the following fees and charges from the dealer, which should be included in the all-in price.

 

By OMVIC Communications on Thursday, May 20, 2021

If you suffer a financial loss from a motor vehicle purchase, the Motor Vehicle Dealers Compensation Fund (MVDCF) may provide relief if you meet the eligibility criteria, which includes purchasing from an Ontario Motor Vehicle Industry Council (OMVIC)-registered dealer. As the oldest fund of its kind in Ontario, it has provided much-needed financial relief to many consumers since its inception.

 

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