Final Review

Last-mile revision. When you’re short on time, this is the highest-yield material in the app.

0:00–0:20

→The MVDA is the law; OMVIC is the delegated administrator (delegated by the Ministry of Public and Business Service Delivery). The Registrar issues orders, refuses/suspends/revokes registration.
→Two regulations: General Regulation 333/08 and the Code of Ethics 332/08. The Code of Ethics IS law.
→The board has 9 members: 3 industry, 3 public, 3 minister-appointed.
→Appeals of the Registrar's decisions go to the independent Licence Appeal Tribunal (LAT).

0:20–0:45

→Salespeople register for 2 years; dealers for 1 year. A salesperson must be registered BEFORE any negotiation and be employed by a registered dealer.
→Notify OMVIC in writing within 5 days of key changes (address, officers/directors, hiring/departure of a salesperson, record destruction).
→Exemptions to know: wholesale auctions, wreckers, car rental (≤120 consecutive days), heavy-truck dealers (>21 tons / 19,050 kg GVW), lawyers, trustees, manufacturers (with conditions), charities, personal/family sales.
→Curbsider minimum fine: $5,000.

0:45–1:15

→All contracts written, Clear/Comprehensible/Prominent, signed by dealer + buyer + salesperson, copy given immediately, one contract per vehicle.
→Disclose damage over $3,000. Under $3,000 can still be a material fact. Always disclose: total loss (any amount), branding, structural damage, airbags missing/inoperative, odometer problems, out-of-province, previous police/taxi/daily-rental use.
→'SALE FINAL' in 14-pt bold beside the signature. CAMVAP statement on every contract. As-is statement must be bold AND initialled.
→You can't have both an as-is statement and an SSC on the same vehicle.

1:15–1:35

→Non-dealer buyer can rescind within 90 days of delivery if the dealer failed to disclose: previous daily-rental/police/taxi use, make/model/model-year, branding, or the distance driven (proper statements).
→Honest mistake is no defence. Mileage margin of error: the lesser of 5% or 1,000 km.
→No rescission if the customer leased the vehicle and then purchased it.

1:35–2:00

→Compensation Fund: consumers only, maximum $45,000. General Dealers & Brokers pay $324 once per location; salespeople pay $0.
→Extended warranties must be insured OR backed by a letter of credit to the Fund: $100,000 (selling/leasing dealer) or $500,000 (otherwise).
→Trust account for deposits over $10,000 and personal/family consignment money; reconcile monthly within 30 days.
→Open-end lease liability = P + (V − R), where realizable value R is the HIGHEST of actual sale price, 80% of residual, or residual − 3 payments.

2:00–2:30

→Never tell a customer OMVIC set or approved your commission. Explain contract terms before signing.
→Trade-in liens: pay them out immediately and give a release letter — failure means suspension/revocation.
→No cooling-off period exists for signed vehicle purchases. The '10-day myth' is false.
→Branding ladder: None → Salvage (repairable) → Rebuilt (passed structural inspection) → Irreparable (parts/scrap only). 'Stolen' is a status, not a brand.