Financial February: no “cooling off”

| Consumer bulletins

February is the month for falling in love! Before you fall in love with your next vehicle, AMVIC wants you to keep in mind the financial costs of buying and owning a vehicle.

Commitment can seem scary but once you buy, you can’t change your mind! In Alberta, there is no “cooling off” period. That means once you sign, the vehicle is yours and you have contractually agreed to buy the vehicle.

So before you take that next big step, do your research and be sure it is truly the vehicle you want to buy. Most dealerships do not have a return policy so once you’ve entered into a contract, stop shopping around and do not sign another purchase contract. You don’t want to be stuck with paying for two vehicles.

Will you be putting down a deposit to hold the vehicle? A deposit usually means you are committed to buying that vehicle. If you find another vehicle, you may lose the deposit. Make sure you have in writing if the deposit is refundable or non-refundable. Print out AMVIC’s optional deposit agreement form to use as a guide to know what to look out before you put down that deposit.

Understand your consumer rights by visiting amvic.org.

Read the previous Financial February bulletins:

Fraud Prevention Month is coming!

March is fast approaching, which means Fraud Prevention Month is coming up. AMVIC will be joining the Competition Bureau’s Fraud Prevention Forum partners in committing to raising awareness on fraud and educating consumers and industry on how to recognize, reject and report fraud. Keep an eye on AMVIC’s Twitter, Facebook and Newsroom for tips and information.