Know Your Rights
You deserve full disclosure under the Consumer Protection Act (Ontario). This includes written information on the amount being financed, the interest rate, and the total cost of borrowing.
If a dealer does not provide this information before you sign a deal, insist on it—or walk away. You have the right to make an informed choice.
Consumer Protection Act (Ontario) Guidelines
The Consumer Protection Act (Ontario) sets disclosure guidelines to protect you. These guidelines ensure you know the terms of the lease or loan you are entering into and help prevent exploitation when obtaining a bad credit car loan or lease.
The Consumer Protection Act is on Your Side
Before you purchase or lease a vehicle, the dealer must provide the following information in writing:
- Annual percentage rate of interest
- Loan or lease finance charge (total cost of financing)
- Implicit finance charge (including all items that may be viewed as interest)
- Total loan or lease cost
The Motor Vehicle Dealers Act, 2002 Provides Additional Protections
The Motor Vehicle Dealers Act, 2002 requires dealers to disclose information about the vehicle’s history and condition. For example, they must inform you if the vehicle was a rental, came from outside the province, or had body damage over $3,000. Buying a Used Car
If the dealer does not provide this information when you sign a loan or lease, you have rights under the Consumer Protection Act and the Motor Vehicle Dealers Act, 2002. These rights may help you avoid proceeding with the transaction or limit the amounts you may need to pay. The Ontario Motor Vehicle Industry Council can assist you in enforcing these rights.
www.omvic.on.ca
Buying a Used Car
Buying a Used Car?
You can find the best used car financing and leasing terms in London and Cambridge Ontario from us at ezeecredit.com