OMVIC Chapter 4
On a purchase contract, what must be printed in 14 pt. bold font next to the buyer's signature?
Sales final
Contracts must have advisory or educational statements designed to inform purchasers/lessees about their rights and responsibilities and to ensure they know about the existence of certain agencies or organizations. What are these organizations/agencies?
The agencies are: • OMVIC • Motor Vehicle Dealers Compensation Fund • CAMVAP
What is an "as is" sale?
The vehicle is not represented as being in road worthy condition, mechanically sound or maintained at any guaranteed level of quality. May not be possible to register it in the current condition. MUST be clearly stated on contract
If a Safety Standards Certificate is issued for a vehicle, it means:
The vehicle met certain basic standards of safety on the date of inspection
List four items (different from those provided in your answer to question 2) that must be included in contracts for the sale of a used vehicle.
-Buyer's name and address, -Dealer's registered name (and legal name if different from registered name), address and registration number, -Salesperson's name and registration number -Date of sale and date of delivery, VIN, Make, model, model year and trim level of vehicle.
List four items that must be in a contract for the sale of a new vehicle.
-Salesperson's name and registration number -Date of sale and date of delivery, -Vehicle identification number (VIN), if known, Make, model, model year and trim level of vehicle
Other than the information that identifies the consignor, dealer and vehicle, List 3 details that must be included I consignment contract.
-The total amount that the dealer will charge the consignor on the sale of the vehicle -The term of the contract (if it can be extended or terminated before it expires)
True or False: A dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for the vehicle.
FALSE
If a dealer does not have a specific new vehicle in stock, but will locate the vehicle and bring it in, what must be disclosed to the purchaser regarding the mileage?
If the contract does not specifically identify a new vehicle (e.g., a vehicle which must be located, VIN unknown), the maximum distance that will be shown on the odometer at the time of delivery or a statement initialled by the buyer that there is no maximum
If customers give dealers a deposit but don't sign a contract, what rights do they have?
If there is no signed contract and a deposit or trade-in is given to the dealer, the purchaser can cancel the contract at any time and demand his or her deposit or trade-in back.
