When shopping for your next vehicle, consider what best suits your needs in both vehicle type and price. Are you looking for a larger family vehicle, or are you looking to downsize to a smaller vehicle that is economical on gas? What is your price range? Do you want to lease or buy?
If you’re going to buy, make sure you understand your rights as a consumer when applying for financing through an automotive business. Remember that not all places that offer financing charge the same interest rates. Check out financing options with various financial institutions and the automotive business. Don’t forget that under Section 68 of the Consumer Protection Act, you have the right to pay off any non-mortgage loan in full any time after you sign or to make an extra payment with any scheduled payments without penalty.
Take a copy of the advertisement with you to ensure the price on the bill of sale matches the advertised price. The only fee that can be added to the all-in advertised price is GST and any costs or charges associated with financing (if applicable).
If leasing sounds like a better option for you, make sure you understand what a lease is and what your obligations are before you sign on the dotted line.
Asking questions and doing research will help you to avoid buyers’ remorse. Remember, there is no cooling off period in Alberta; once you sign the contract, it is binding.
Understand your consumer rights by visiting amvic.org for free, easy to use consumer guides.