QuestionTo whom it may concern,
From Ontario, Canada
I recently signed a contract for a new automobile and felt under duress at the time of signing. I initially wanted a walk away lease arrangement at 3.3% which was advertised in the local newspaper. The salesperson called me the day after meeting with her to tell me I had been approved for the vehicle and that I was to come in to complete the transaction.
I had initially signed an agreement and put down $500 deposit subject to a leasing approval. There was no amendment for me to sign removing this condition.
When I returned to the dealership the financial consultant said I was not approved for the leasing deal but they could offer me a finance deal for 8.9% with residual buyback. They told me I could not walk away from the buyback as in a lease but that I could sell the vehicle.
I felt rushed when I signed the contract and when I got home felt uneasy about the 8.9% interest rate and also discovered that the warranty extension was for only one year.
I emailed the salesperson and said I was not happy with the deal at 8.9% and that I only had a one year extended warranty and that I was no longer interested in the deal and felt that I had been manipulated and signed under duress.
I followed the email with a registered letter stating my position and that I no longer wanted the car and wanted my deposit monies returned forthwith. All this took place within 48hours of my signing.
The salesman just emailed me and told me that there was not cooling off period and that they would not be sending me back my deposit.
Do I in fact have a legal cooling off period in Ontario, Canada and could you give me the references thereto.
The only thing that appealed to me about the deal was the low monthly payment and the fact they were offering me an extended one year warranty free. I had asked for 2 years extended warranty.
AnswerHi Robert
They are trying you on for size, 99% of questions I answer are from the US but I happen to be an Ontario residence and know the laws of this province like the back of my hand.
You are 100% in the clear for a refund and can damage the dealer by contacting " OMVIC " google the link.
Your deposit they will not send back is a joke, tell them you will be contacting OMVIC, " trust me every dealer in Ontario hate them, but they rule and can give heavy fines or take away a dealer or salesperson's licence.
I repeat again they are trying you on for size,,, Study my website for some pointers about the Industry http://www.usedcartips.org/ or my profile for qualifications about this matter.
If you need direct help with something you may not understand check the private box when you reply and leave your phone # and best time to call.
Ray
