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This Act requires that before you are obligated to purchase or lease a vehicle, the following information must be provided to you in writing:Annual percentage rate, total cost of financing,Total Loan Cost, Implicit Finance Charge.
Any dealer must disclose to customers in a written document information about the vehicle’s history and condition. For example, they must tell you if the vehicle was a rental or registered out of province, or has had previous body damage over $3,000. If you are not provided with this information when you are asked to sign a loan or lease, you have rights under the Consumer Protection Act and the Motor Vehicle Dealers Act, 2002. These rights may assist you in not proceeding with the transaction or limiting the amounts you may be required to pay. The Ontario Motor Vehicle Industry Council can assist you in better understanding your rights.