Cancelling a Vehicle Purchase Agreement in Ontario: What You Need to Know
Buying a car is a significant investment, and it`s not uncommon for buyers to experience buyer`s remorse, or simply change their minds. In Ontario, if you`ve signed a vehicle purchase agreement and want to cancel it, there are certain steps you need to take to ensure the process is legal and hassle-free.
Here`s what you need to know:
1. Review the Purchase Agreement
The first step in cancelling a vehicle purchase agreement is to carefully review the document. Make sure you understand all the terms and conditions, including the cancellation policy, before signing. If you have any questions or concerns, it`s best to raise them before signing the agreement.
2. Understand Your Rights
In Ontario, consumers have certain rights under the Consumer Protection Act (CPA). According to the CPA, consumers have a cooling-off period of 10 days after signing a contract to cancel it without any penalty or obligation. However, this only applies if the contract was signed at a location other than the seller`s place of business (e.g., at your home or workplace).
If the contract was signed at the seller`s place of business, there is no cooling-off period, and you may be subject to penalties or fees if you cancel the contract.
3. Notify the Seller in Writing
If you decide to cancel the purchase agreement, you must notify the seller in writing. Your notification should include your name, address, and the date you signed the contract, as well as your intention to cancel the contract. You should also request a confirmation of receipt.
It`s essential to keep a copy of your notification for your records and to have proof of when you sent it. You can send your notification by registered mail or email, but make sure you get a confirmation of receipt in either case.
4. Return the Vehicle and Get Your Money Back
If you`ve already taken possession of the vehicle, you`ll need to return it to the seller. Make sure you return it in the same condition as when you received it, and keep all the documentation related to the return (e.g., receipts, delivery confirmation).
The seller should refund the purchase price within 15 days of receiving the cancellation notice and the vehicle. If the seller refuses to refund your money or makes it difficult to return the vehicle, you should seek legal advice.
In summary, cancelling a vehicle purchase agreement in Ontario requires careful review of the agreement, understanding of your rights, and proper notification to the seller in writing. If you follow these steps correctly, you should be able to cancel the agreement without any penalty or obligation.
