The VSA's glossary of terms
|Dealership Mechanical Inspection||
An inspection completed by the dealership staff and provided to the buyer. Dealership inspections can be very limited or very comprehensive. Always request a copy if one is not provided.
At time of sale a dealership must declare: whether the motor vehicle has been used as a taxi, police or emergency vehicle or in organized racing; whether the motor vehicle has:
i)in the case of a new motor vehicle, sustained damage requiring repairs costing more than 20% of the asking price of the motor vehicle, or
ii)in the case of a used motor vehicle, sustained damages requiring repairs costing more than $2000; whether the motor vehicle has been used as a lease or rental vehicle; whether a used motor vehicle has been previously registered in another province or country; or whether the odometer of the motor vehicle accurately records the true distance travelled by the motor vehicle.
The motor dealer must also declare that the motor vehicle meets the requirements of the Motor Vehicle Act, or if it is not suitable for transportation, must state that in all written representations about that vehicle.
A vehicle that has been used by a motor dealer in the course of normal business operations and was acquired new. If the vehicle has never been registered to a new owner it is still considered a new vehicle.
it is taken in during a transaction, a deposit may be a separate agreement for a variety of services. It could be an agreement for services: to hold a vehicle; to locate a vehicle; to bring in a vehicle; and/or to arrange financing for a vehicle. Info from Consumer Affairs Victoria.
An optional insurance plan which covers the policy holder in cases of short and/or long term disability. The amount of coverage varies from plan to plan.
Any insurance company can designate a vehicle as Dismantle Only, which means that the vehicle cannot be repaired and driven.
|Documentation Fee or Doc Fee||
A fee charged for a service, such as administration, finance, registration, a lien check, vehicle history report, or any other fee for a service provided to a consumer that is included in the sale of a vehicle.
A sum of money to be paid by the buyer as an initial part of the purchase price.
|Estimated Residual Value||
A warranty that requires the purchaser to pay an additional cost, either directly or through an agreement to purchase some specified products or services. An extended warranty may be offered as a supplement to a manufacturer’s warranty to increase the coverage or the length of the warranty period on a new vehicle, or to provide warranty coverage on a used vehicle.
|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.
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