OMVIC Practice Test

Which organizations or agencies must contracts inform purchasers/lessees about regarding their rights and responsibilities?

1. Better Business Bureau, Motor Vehicle Dealers Association, CAMVAP

2. Motor Vehicle Dealers Compensation Fund, CAMVAP, OMVIC

3. Consumer Protection Ontario, CAMVAP, Better Business Bureau

4. OMVIC, Better Business Bureau, Consumer Protection Ontario

The correct answer is: Motor Vehicle Dealers Compensation Fund, CAMVAP, OMVIC

CAMVAP is a must as it is a Canada-wide program which resolves disputes, through arbitration, between consumers and participating manufacturers. Motor Vehicle Dealers Compensation Fund (MVDCF) is a must for the protection of the consumers. The Fund only covers deposit monies and/or unapplied payments, dealer insurance claims, consumer state-funded deposit, and dealer reparation awards, when a dealer or an appointed regulated person goes out of business or becomes bankrupt. OMVIC is a must as it is the regulator of motor vehicle dealers in Ontario. It sets standards for the purchase and sale of vehicles (including new vehicle dealerships, used vehicle dealerships, private sellers and repair businesses) and protects consumers by enforcing the Motor Vehicle Dealers Act. Better Business Bureau is not a must as they are not a government agency and their purpose is to receive, investigate, and report on complaints against businesses and charities. They do not enforce any laws or regulations and do not have any power to take legal action against businesses.