OMVIC OMVIC Consumer Protection and Dispute Resolution

Question 1

Under OMVIC's consumer protection framework, what is the cooling-off period for most used vehicle purchases in Ontario?

Accepted Answer

There is no automatic cooling-off period

Answer

24 hours

Answer

3 business days

Answer

7 calendar days

Question 2

If a consumer has a complaint against an OMVIC-registered dealer, what is the first step they should take?

Accepted Answer

Contact OMVIC's complaints department

Answer

File a lawsuit in small claims court

Answer

Report the dealer to the police

Answer

Contact the Better Business Bureau

Question 3

What is the maximum compensation a consumer can claim from OMVIC's Compensation Fund per transaction?

Accepted Answer

$45,000

Answer

$5,000

Answer

$15,000

Answer

$100,000

Question 4

OMVIC's role in a dispute between a buyer and a dealer is best described as:

Accepted Answer

Investigating regulatory violations and enforcing the MVDA

Answer

Acting as a binding arbitrator

Answer

Representing the consumer in court

Answer

Negotiating settlement amounts

Question 5

Which of the following is NOT a ground for a consumer to access OMVIC's Compensation Fund?

Accepted Answer

A consumer simply changed their mind about the purchase

Answer

A dealer misrepresented the vehicle's history

Answer

A dealer absconded with a deposit

Answer

A dealer refused to return a trade-in

Question 6

A salesperson who misleads a consumer about a vehicle's accident history may face what regulatory consequence?

Accepted Answer

Suspension or revocation of their OMVIC registration

Answer

A written warning only

Answer

Mandatory retraining with no further action

Answer

A referral to the TSSAA