Here's an overview of the cooling-off period in Canada, specifically in Ontario:
1. Applicability: The 10-day right of rescission applies to the following types of purchases:
- Vehicles (cars, trucks, motorcycles, etc.)
- Boats
- Recreational vehicles (RVs, campers, etc.)
- Mobile homes
- Time-share interests
2. Timeframe: The cooling-off period begins on the day you sign the contract for the purchase or the day you take possession of the item, whichever is later. It lasts for 10 calendar days.
3. Conditions: To be eligible for the cooling-off period, the following conditions must be met:
- You must not have picked up or driven the vehicle off the lot (i.e., the odometer reading must not have increased since the time of purchase).
- You must not have made any changes or alterations to the vehicle.
- You must return the vehicle in substantially the same condition as when you purchased it.
4. Cancellation Process: To cancel the purchase, you must deliver written notice of cancellation to the dealer within the 10-day cooling-off period. The notice must include your name, address, the date of purchase, and a clear statement that you are canceling the contract. You can send the notice by mail, email, or fax to the address provided by the dealer in the purchase contract.
5. Consequences of Cancellation: If you cancel the purchase within the cooling-off period, the dealer must refund any amounts you paid, including the down payment, within 15 days of receiving the notice of cancellation. The dealer may deduct a reasonable fee for any damage to the vehicle that occurred while it was in your possession.
It's important to note that the cooling-off period may not apply in certain situations, such as if you purchased the vehicle from a private seller or if you signed a waiver of the right of rescission. However, the dealer must have obtained your express consent before you sign a waiver, and the waiver must also be in writing.
If you have any questions or concerns about the cooling-off period or consumer protection laws in Canada, you can contact your provincial or territorial consumer protection agency.
