While it’s easy to get caught up in the excitement and anticipation of buying a vehicle, it’s important to know that in Alberta, there is no “cooling off” period. That means once you sign on the dotted line, the vehicle is yours; you have contractually agreed to buy it.
Take these cautionary steps before you sign on the dotted line to help make sure you enjoy your purchase for years to come:
- Do your research and make sure it is truly the vehicle you want to buy.
- Stop shopping around after you have signed the purchase contract or bill of sale.
- Make sure you understand what a deposit is before putting one down, as a deposit usually means you are committed to buying the vehicle.
- If you do continue to shop and find another vehicle, you may lose your first deposit. Always get it in writing if the deposit is refundable or non-refundable and under what conditions.
- Print out AMVIC’s optional deposit agreement form to use as a guide to know what to look out for before you put down that deposit.
Visit amvic.org to learn more about your consumer rights.