Is OMVIC fee mandatory?
Could I have not paid it?" OMVIC: All car dealers in Ontario must pay this money to OMVIC for every vehicle they sell or lease. Consumers will see the $10 itemized on a Bill of Sale as either the OMVIC fee or as a transaction fee.
What is the purpose of OMVIC?
OMVIC (Ontario Motor Vehicle Industry Council) administers and enforces the Motor Vehicle Dealers Act(MVDA), its regulations and code of ethics, as well as relevant sections of the Consumer Protection Act, on behalf of Ontario's Ministry of Government and Consumer Services (MGCS).
How do consumers benefit from OMVIC?
all-in price advertising. full disclosure of a vehicle's past-use, history and condition. rescission rights. access to the Motor Vehicle Dealers Compensation Fund.
How much assets does an OMVIC dealer need?
A General Dealer must have a trust account to hold any deposit of more than $10,000 received from a vehicle purchaser.