Protect yourself. Read these important car-buying tips before you sign!
Everybody has their own list of concerns when it comes to buying a car. These concerns can be as specific as whether the car colour comes in a matte or, if you’re buying used, how many owners the vehicle has had. OMVIC suggests you start with these tips to begin a conversation with the dealer and determine whether the vehicle you’re interested in will be a worthy investment.
It is important to note that all Ontario dealers and salespeople must be licensed by OMVIC. So, if you’re buying from a dealer in Ontario, confirm that you’re buying from a registered dealer – look for the OMVIC-Registered Dealer decal or use the “
Find a Dealer/Saleperson” search button at omvic.ca. Remember: Only when you buy from a registered dealer do you benefit from consumer protection. If you buy privately and encounter problems, OMVIC cannot assist.
Thinking about buying a used car? There is a lot of information out there, so paring down that information to what is essential can seem like a daunting task.
Once you have narrowed down your options on budget and brand of vehicle and are ready to start visiting dealerships, knowing about mandatory disclosure requirements is essential.
So what exactly is a lien?
A lien is a legal “encumbrance” registered on a person’s property to secure a debt the property owner owes to another person/business (commonly a bank/lender). In the case of a car loan, a bank (or finance company) will register a lien against the vehicle giving them the right to take possession of it should the borrower default on the loan and to sell the vehicle to recoup the outstanding debt.
So it’s really important you DON’T buy a vehicle with an outstanding lien!
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