A common occurrence that can happen when an individual buys a vehicle is buyer’s remorse. What this means is that an individual will buy a vehicle new or used. Then after they made the purchase they wish they had not done so. There may be a variety of reasons why they are now thinking this way. Some individuals may have made the purchase on the spur of the moment. Others may feel after thinking about the vehicle more that it is not for them. This raises the question to whether car purchases are refundable.
Cooling Off Period Ontario
There are many that are under the impression that there is a cooling off period. That they can rely on based on their purchase. While this may be available in some provinces it is not available in Ontario.
What is a Cooling Off Period?
It means that an individual making a purchase will have a limited amount of time to change their mind.
When an individual buys a vehicle in Ontario whether it is new or used from a dealership, they are going to be bound by a contract. This contract is an agreement between the seller and the buyer. Unfortunately, many people do not read their contracts fully. If there were an option to return the vehicle in a specific period, it would get written into the agreement.
Car Purchase Agreement Cancellation
That doesn’t mean that every sale agreement for a vehicle cannot get cancelled. There may be circumstances that allow for the cancellation of the agreement. An agreement contains content that both parties must agree and abide by. If the seller is breaching something in the contract then they are not abiding by the agreement. This may be enough grounds to void the contract. Once the contract is void then the car can get returned. That doesn’t mean that there may not be a big fight on one’s hands. They may be able to return the vehicle. But that doesn’t mean that the dealer is going to give the back of the deposit that was put on the vehicle.
If one wants to protect themselves, they should first read the agreement contract. All the way through before signing it. Secondly, if they want to put in any conditions, then they should get these outlined with the seller. Then they can get included in the contract before signing.
New Car Return Policy Canada
Selling vehicles in Canada comes with some responsibilities. On the part of the seller. There are new car return policies that are in place. These policies may provide the grounds for the buyer that wants to return the vehicle. There has to be a reason for breaking the contract that is valid. Simply changing one’s mind is not going to cut it as a valid reason.
The responsibility of the seller of the vehicle has to provide specific information. That information also has to be accurate. It must include the history concerning the vehicle. Also, any key points about that vehicle that the seller should know. If there is information missing in the contract then the buyer does have an option to break the contract. This will have to get done within a 90 day period.
Some of the information that must be contained is as follows;
- The proper make model and year of the vehicle must be revealed.
- The history of the use of the vehicle needs disclosing. For example, some vehicles that are being sold may have been used as a taxi or a rental vehicle. They could even have been used for emergency services. It is up to the seller to make sure that the buyer is aware of this so they can make an informed decision.
- The reading from the odometer has to get submitted to the buyer. If for some reason this cannot be provided the seller must provide an accurate statement. Indicating that this information is not available.
Used Car Return Policy Ontario
The rules about purchases of a used vehicle and the used car return policy in Ontario is similar to that for new car purchases. The policy regarding the sale is only going to get regulated for those through a registered dealership. Individuals that are selling used vehicles as a business have some requirements. That are set on them. They must register with the Ontario motor vehicle industry Council. Plus, to this they must follow the rules and regulations of the motor vehicle dealers.
The information that must get provided by a dealer that is selling a used vehicle is as follows;
- If it has ever been used for emergency type services.
- If it has been used as a passenger vehicle for business such as a limousine or taxi.
- Also, if it has ever been exposed to some type of structural damage or change to the structure. This will include damage that is done by fire or flood.
Over and above this the seller must also be aware of what may be wrong with the vehicle. Or something that could play a part in the decision-making on behalf of the buyer.
This information makes up part of the contract. The one that will get drafted between the buyer and seller. Plus, to this, there is going to be extra information that must get added.
All the expenses such as the cost of the bill, and the taxes. If the dealer is going to provide any extras, these must get added in as well as the value of these extras.
The contract should show the full price of the vehicle. Along with what is being put down as a down payment and then the actual balance that is due.
The date that the vehicle gets sold. As well as the date it gets delivered.
All this is more information that needs to get added. The name of the salesperson and their specific registration number becomes part of the contract.
Back Out of Car Purchase Before Delivery
An individual decides sometimes to change their mind. They don’t want the vehicle and there has been no delivery yet. They can still not back out of the contract. Not unless it has breached some of the outline policies. If this is the case then they have within the 90 day period to be able to break the contract. They can even do this before delivery if they note that there has been an infraction of the policy rules.