The Motor Vehicle Sales Authority of British Columbia

The VSA's glossary of terms

All A B C D E F G H I L M N O P R S T U V W

Page: « Prev ... 2 3 4 5 6... Next »

Term	Definition
ICBC Vehicle Damage Inquiry	A report from ICBC detailing claims filed against the VIN. This report only details claims filed in BC through ICBC. The report will also show if the vehicle has a rebuilt status or has been imported into BC. This report is commonly called a ‘vehicle history report.’ There is a fee for this report. See Sample Report
ICBC Vehicle Status Inquiry	A limited, free ICBC report that shows if a vehicle has a status of normal, rebuilt, salvage or altered. More info
Implied Warranty	Under the Sale of Goods Act a vehicle is expected to have a reasonable amount of durability given the circumstances of the sale. As such there is an implied warranty on every vehicle purchase and no car is As Is unless it is sold for parts only, or the consumer expressly waives their specific Sale of Goods Act warranty on a used vehicle.
Independent Mechanical Inspection	A mechanical inspection and report prepared by a professional mechanic detailing the current mechanical condition of a vehicle. Differs from a Provincial Safety Inspection.
Insurance	There can be three types of insurance associated with a vehicle purchase. It is important to know what you are paying.
Interest-free Period	In reference to a credit agreement, means a period during which no interest accrues on money advanced to a purchaser to purchase a vehicle. This means that the dealer is not entitled to any interest for this period under any circumstances, even where the purchaser defaults on payments.
Lease or Lease Agreement	A written agreement under which a vehicle owner allows another party to use the vehicle for a specified period of time at a pre-determined monthly fee.
Lease Purchase Option	A Lease Purchase Option grants the lessee the right to purchase the vehicle during the term of the lease. The lessee can gain credit towards the purchase price with each lease payment.
Lemon	In the USA approximately 20 states have lemon laws. When a new vehicle has major problems and is bought back by the manufacturer, it may be marked by the state as a lemon car. A CarProof vehicle history report often will tell if a car has been branded a lemon in the U.S.
Lessee	A person who leases or rents a motor vehicle from a lessor for a period of time.