Protect yourself. Read these important car-buying tips before you sign!
Thursday, September 24, 2015
“What’s your return policy?” – It’s a common question asked when making a purchase. As consumers, we are familiar with responses like: “10 days to return or exchange, so long as you have the receipt”. And while those return policies are set by the retailer (that’s right they’re not mandated by law) there are some purchases that have a legally mandated ‘cooling-off period’ – a chance to cancel and get out of the contract. Gym memberships and door-to-door sales are two such examples. So, some would assume the same applies when buying a car. There’s got to be 24 or 48 hours in which you can change your mind, cancel the deal and get back your deposit, right? Wrong—In Ontario, there is no cooling-off period when purchasing a vehicle from a registered dealer.
“The cooling-off period is a common misconception” explained Terry O’Keefe, OMVIC Director of Communications and Education. “In fact, recent surveys have shown 83% of Ontarians are either misinformed or uninformed when it comes to their ability to cancel a vehicle purchase contract”. This is why the law now requires contracts for the purchase of a vehicle from a registered dealership to prominently disclose that sales are final when the contract is signed. In other words, Sales are FINAL.
It is vitally important consumers not sign a purchase agreement unless they’re certain they want to complete the deal. Remember, once you sign a vehicle purchase contract, you have entered into a legally binding contract — There is “No Cooling Off Period”, Period.
To learn more about OMVIC, visit www.omvic.ca
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