The VSA's glossary of terms
|Advance Disposal Fee||
Consumers are responsible for paying a fee of $4 per new tire, when purchasing a new vehicle. However, if new tires are placed on a used vehicle as part of the sale agreement, the purchaser is required to pay the Advance Disposal Fee of $5.00 per tire plus GST and PST. Also known as the Tire Levy. More Info
Means any type of solicitation that is oral, written, visual, descriptive or any other representation or conduct by a dealer/salesperson, either directly or indirectly, which urges consumers to buy their vehicles, products, or services. This includes, but is not limited to a solicitation that is: on a vehicle; at the dealership; at promotional or marketing events or an off-site sale; on radio, television, the internet or distributed by other electronic means; a telephone solicitation or telemarketing; sent via mail or e-mail; published in a newspaper or a magazine; printed on a flyer, brochure, sign, poster, showroom display or other printed material.
Or aftermarket extended warranty, is a warranty provided by a third party on a used vehicle that requires the purchaser to pay an additional cost.
|Air Conditioning Tax||
An Air Conditioning tax of $100 may be payable when you purchase a new vehicle with air conditioning at less than Manufacturer’s Suggested Retail Price (MSRP). This tax does not apply to used vehicles.
Altered status is given to a vehicle that has been significantly modified after its manufacture. It is also used for homemade and some other constructed vehicles to indicate that they have been inspected and are structurally sound. The status is added after the vehicle passes inspection.
(Annual Percentage Rate) An interest calculation that represents an effective rate of interest accruing over a one-year period. The formula for calculating APR is found in the Disclosure of the Cost of Consumer Credit Regulation, under the Business Practices and Consumer Protection Act. Chapter 2, Part 5, Division 1.
APV9T Transfer/Tax Form is an ICBC form used to transfer a motor vehicle from one person to another. It includes a description of the vehicle, declarations, the purchase price, the names and addresses of the buyer and seller, both signatures, the date of purchase and information, such as the odometer reading, plus instructions for completing the form. This form must be completed within 10 days of a change in ownership. See Form Example
The Automotive Retailers Association is a not-for-profit organization formed in 1951 to promote the advancement of the automotive industry through education, representation and member services in order to maintain a high standard of professionalism among service providers, while protecting the safety and satisfaction of the motoring public in British Columbia.
A balloon payment is a large, lump-sum payment that is scheduled or due at the end of a series of considerably smaller periodic payments. It may be included in the payment schedule for a loan, lease, or other stream of payments.
When you purchase a new vehicle with a lead-acid battery, a provincial environmental battery levy of $5 is paid with only GST due. The levy does not apply to used vehicles, except when a new battery is placed in a used vehicle as part of the sale agreement. The purchaser is required to pay the levy and GST and PST are charged.
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