The VSA's glossary of terms
|National / Dealer Advertisement||
Also called a co-op ad, means any advertisement designed or approved by a manufacturer in which a specific dealer or group of dealers is named, regardless of whether the manufacturer, a dealer, or a group of dealers pays for some or all of the cost of the advertisement.
An advertisement for a new vehicle that has been designed or approved by a manufacturer and does not identify any local dealer.
The New Car Dealers Association of BC speaks on behalf of British Columbia’s new car industry to the public, media, and government, and deals primarily with the legal, environmental, and consumer issues relating primarily to new vehicle sales in British Columbia. Issues currently being addressed by the association include the reduction of greenhouse gasses generated by new vehicles, the advancement of new vehicle retailing regulations and standards (consumer protection), and the further promotion of new vehicle retailers in BC to the general public.
A vehicle that has not previously been registered and is new from the factory and has been driven very few miles.
|Non-Interest Finance Charge||
Any charge that a borrower is required to pay in connection with a credit agreement, other than: interest; a prepayment charge; a default charge; a charge for an optional service; a charge for an amount of money obtained or to be obtained or the cash price of a product obtained or to be obtained through the use of a credit card obtained under the credit agreement. Any of the following expenses, if the credit grantor incurred or is to incur the expense for the purpose of arranging, documenting, insuring or securing the credit agreement:
i) fees to a third party to record or register a document or information in, or to obtain a document or information from, a public registry of interests in real or personal property,
ii) fees for professional services required for the purpose of confirming the value, condition, conformity to law or location of property that serves as security for a credit agreement, if the borrower is given a report signed by the person providing the professional services and is free to give the report to third persons,
iii) premiums for casualty insurance on the subject matter of a security interest, if the borrower is a beneficiary of the insurance and the insured amount is the full insurable value of the subject matter, or
iv) premiums for any insurance provided or paid for by the credit grantor in connection with a credit agreement if the insurance is optional.
In the case of a credit sale, any charge that would also be payable by a cash customer.
Terms and conditions under which monies paid to a dealer for deposits, down payments, partial payments, etc. may be non-refundable. Simply stating the transaction is non-refundable with no other terms attached may be a deceptive act.
If a vehicle does not have a status of rebuilt, salvage or altered, it is considered to have a normal status. "Normal" is simply a term used for the purposes of vehicle registration.
A normal status does not mean the vehicle has never been damaged or is in good mechanical condition. Vehicle status alone does not fully describe a vehicle's mechanical condition or damage history.
|Not Suitable for Transportation||
A vehicle that is in a condition which prevents it from being insured for road use. If a vehicle is sold as not suitable for transportation it cannot be driven off the dealer’s lot and must be towed.
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