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OMVIC Blog: Car Buying Tips

A Key Protection for Ontario Car Buyers: OMVIC’s Compensation Fund!

Jan 20

Written by: OMVIC Communications
Friday, January 20, 2017  RssIcon

Protecting Ontario Car Buyers Since 1986

 

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 years of 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.

About the Compensation Fund:

  • A consumer protection program wholly financed by OMVIC-Registered Dealers
  • Available to consumers who have experienced a financial loss as a result of a trade (purchase/lease/consignment) with an OMVIC-Registered Dealer
  • The eligibility criteria is set out in the Motor Vehicle Dealers Act
  • Consumers who are eligible for compensation may qualify for up to $45,000 per vehicle transaction

Comp Fund

Making a Claim

  • It is important for a consumer to first contact the registered dealer in attempt to work out a reasonable solution. If the issue remains unresolved, the consumer may be eligible to make a claim to the Fund. For more information please review the Fund’s claim criteria here.

Since its creation in 1986, the Fund has paid more than six million dollars in compensation to consumers! As the oldest and largest fund of its kind in Canada, the Compensation Fund offers unparalleled protection for vehicle buyers in Ontario – but only to those who buy from a registered dealer. The protections it provides are one of the reasons OMVIC tells consumers that buying from a registered dealer is the safer way to buy a vehicle. For more information, visit omviccompfund.ca.

Comp Fund 2 

 


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