The VSA's glossary of terms
|Federal Vehicle Inspection||
An inspection that is part of a federal program which regulates the import of passenger cars, trucks, vans, jeeps, chassis cabs, trailers, motorcycles, off-road vehicles and snowmobiles less than 15 years old and buses manufactured after January 1, 1971 from the USA. More info.
A written agreement to take out a loan to pay for a vehicle. See Financing above.
Means when you take out a loan in order to pay the dealer the full amount of a vehicle purchase. Typically you make a down payment, pay sales taxes in cash or roll them into your loan, and pay an interest rate determined by your loan company, based on your credit history.
Refers to a vehicle previously owned outside Canada, usually the USA.
When you import a car into Canada, you complete a Vehicle Import Form (Form 1), which will be provided to you by Canadian Border Services Agency (CBSA). This form requires a Canadian mailing address. When you pass your vehicle inspection, the inspection centre will stamp your Form 1, which you will have to present to your provincial or territorial licensing authority, which may have additional testing requirements.
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