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OMVIC Blog: Car Buying Tips

In love with a car? Make sure certain conditions apply!

Apr 27

Written by:
Friday, April 27, 2018  RssIcon

Happy Woman With Car

Two friends at a café:

Scott: Why do you look so happy?

Dee: I’ve met someone perfect—kind, thoughtful and romantic.

Scott: You say that after every date!

Dee: But this one’s different! He’s seen me wearing my mouth guard and he doesn’t care that I can’t cook. I have finally found unconditional love!

Ah, the elusive unconditional love; while it may be what so many of us long for, it is not the type of love you should pursue when you buy a vehicle. To put it bluntly: steer clear of falling in unconditional love with a car. In fact, when buying a car, conditions can be your best friend.

Conditions

Conditions set out in clear terms what the seller and buyer are obligated to do before a transaction can be completed. If a condition isn’t met, the deal is off and any deposit is returned. When asking for a condition to be included on the vehicle purchase contract, be as clear as possible. Transparency will protect both you and the dealer in the long run.

What Conditions Should Be Requested?

While the conditions stipulated should be based on what is important to you, some frequently requested conditions on a bill of sale are:

  • Subject to a mechanic’s approval
  • Subject to repairs being made
  • Subject to a family member’s approval

Stipulations about getting a banks approval are also frequently asked for; however, when it comes to financing, OMVIC recommends that consumers don’t simply ask to include ‘subject to financing’ on a bill of sale.  “Consumers might think that their credit is damaged or that they won’t get a loan for seven percent,” OMVIC’s Director of Communications, Terry O’Keefe, explains. “If your condition just stipulates ‘subject to financing’ and the dealer gets it at 29%, you might be stuck.” Specific language such as ‘Subject to financing at a rate no higher than_____%’ will help ensure you get the terms you want.

Another condition to consider adding, especially for first-time car-buyers, is ‘subject to the customer finding affordable insurance.’ Very often, younger car-buyers or car-buyers who have a bruised driving record may face very expensive insurance rates, with monthly payments that are even higher than their car loan payment.

Get It in Writing

Finally, get those conditions in writing! While verbal representations are important in the Consumer Protection Act and courts do take them into account, it can be difficult to prove the conversation took place.

Once you have all your conditions met, feel free to drive off into the sunset and you’ll see that when buying a car there is no sweeter thing than conditional love.


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omvic www.omvic.ca


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