Basic Tips for Vehicle Purchases

If you sign an “Offer To Purchase” a vehicle, that is a legal contract, and you have bought the vehicle. There is no cooling off period where you have a time period to change your mind and return the vehicle. Some of the manufacturers will have programs where they will allow you to do this, but this is at their discretion. Also, if you sign an “Offer To Purchase” at one dealership, and then go to another dealership and sign another “Offer To Purchase” you have bought two vehicles!

Most dealerships will request a deposit, as the sale gets closer to finalizing. This shows good faith on the consumer’s part. This is not a damage deposit and as such, it is not refundable. It may, however, be subject to return if your financing is turned down, but this should be spelt out on the contract in advance. The same process applies when you are purchasing a house.

<<Return to the Consumer Information Page