A B C D E F G H I J K L M N O P Q R S T U V W X Y Z - << Back to First Glossary Page
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Partial Payment
If the taking of a deposit is part of an agreement to purchase a specific vehicle when all the terms and conditions are known, it may be a partial payment and the consumer then has a vested interest in the vehicle
Parts and Labour Warranty
A limited warranty usually provided by the dealership to reduce the cost of future repairs to a used vehicle if it is repaired at the dealership.
Parts Only
A vehicle that is Not Suitable for Transportation. If a vehicle is sold as Parts Only it cannot be driven off the dealer’s lot and must be towed.
PDI
Pre-Delivery Inspection completed on a new vehicle by a dealership following delivery from the manufacturer.
Price Benefit or Advantage
An inducement to purchase a vehicle which results in an actual savings for a purchaser.
Private Sale
The sale of a vehicle to an individual from another individual who is selling their personal property.
Private Vehicle Inspection or PVI
An inspection done by a Designated Inspection Facility to determine if the vehicle meets the legal requirements under the Motor Vehicle Act and its regulation for such safety concerns as brakes, lights, horn, steering etc. see the report form
"Pro-Pac" or Protection Package
Optional service offered for an extra price and aimed at making on-going maintenance of the vehicle simpler and easier by professionally applying additional exterior and interior protection.
Provincial Safety Inspection
An inspection done by a Designated Inspection Facility to determine if a vehicle meets legal requirements under the Motor Vehicle Act for such safety concerns as brakes, lights, horn, steering etc. more info
Purchase Agreement
A legal document prepared by a seller (dealer) to a buyer (consumer), reporting that on a specific date, at a specific locality, and for a particular sum of money and/or trade, the seller sold to the buyer a specific vehicle of which he had lawful possession. It is a written instrument which evidences the transfer of title to personal property from the seller to the buyer.
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Rebuild or Rebuilt
A vehicle that was written off as a total loss by an insurance company, rebuilt and certified for use on the highway. This term does not describe a vehicle that has a new or repaired motor, transmission or other major part.
Recall
A vehicle recall is a campaign under which a manufacturer notifies all owners of a specific vehicle of a condition or defect that could affect safety or safe operation of the vehicle. Work dictated by a recall is completed at no charge to the vehicle owner.
Reconditioned
A term used to describe a vehicle that has been repaired or improved in some way. Not to be confused with Rebuild or Rebuilt.
Refundable
Condition under which monies paid are returnable. In regards to deposits, down payments, partial payments, etc. a dealer must outline, preferably in writing, terms under which the monies paid to the dealer are refundable.
Residual Value
The amount owed at the end of a lease which is an estimate of the fair market value of the vehicle/property at the end of the term.
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Safety Inspection
An inspection done by a motor dealer or mechanic indicating their opinion that a vehicle does or does not meet minimum safety requirements. Not all safety inspections meet the same standards or test the same things as the Private Vehicle Inspection or PVI. A vehicle that passes a safety inspection may or may not pass a Private Vehicle Inspection.
Sales Agreement
A legal document prepared by a seller (dealer) to a buyer (consumer), reporting that on a specific date, at a specific locality, and for a particular sum of money and/or trade, the seller sold to the buyer a specific vehicle of which he had lawful possession. It is a written instrument which evidences the transfer of title to personal property from the seller to the buyer.
Salesperson Advertisement
An advertisement placed by a salesperson regardless of who pays for the advertisement.
Salvage
A vehicle that has been written off as a "total loss" by an insurance company, is unsafe to drive, but is repairable and can be driven after re-inspection.
Security Deposit
Money collected at delivery for security on a lease. It is usually refunded at the end of the lease or applied against the buy-out amount.
Serial Number
Usually the Vehicle Identification Number or VIN, but for some vehicles, such as recreational vehicles, there may be an additional unique number for identification purposes.
Stock number
A unique number assigned to an individual vehicle in a dealer inventory.
Structural Integrity Assessment
A structural integrity assessment (SIA) is the second of two tests required for a rebuilt vehicle to pass in order to be deemed roadworthy and insurable in British Columbia. A rebuilt vehicle must also pass the Private Vehicle Inspection (PVI). The SIA tests a vehicle’s frame, alignment and other structural safety components (ie. doors and welds) to ensure its structure meets the performance requirements originally set by the manufacturer. A rebuilt vehicle’s rust protection is also assessed to ensure it meets the manufacture’s specifications.
Structural Integrity Assessment Report
The report of a designated Structural Integrity Assessment (SIA) inspection facility indicating a vehicle has or has not passed an SIA. see the report
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Tax or Taxes
A tax is a financial charge or other levy upon an individual or legal entity by the Federal or Provincial Government. The required taxes for a motor vehicle sale are the provincial sales tax (PST), federal sales tax (GST), the air conditioning tax, the battery levy and the tire levy or tire recycling fee.
Technical Service Bulletin
A technical service bulletin is actually an advisory issued by a manufacturer for use by dealership service departments that addresses recurring problems and includes illustrated instructions for repair, a list of the parts needed, the warranty status and the labor charge.
Term
The term is the length of a lease or loan in months
Third Party Warranty
A warranty purchased from or provided by a dealer from an independent insurance company to insure against the cost of future repairs. In general, a third party warranty excludes existing problems and cannot be purchased unless the vehicle has had a mechanical inspection.
Tire Levy
Consumers are responsible for paying the Advance Disposal Fee of $4.00 per new tire, when purchasing a new vehicle. In addition, if new tires are placed on a used vehicle as part of the sale agreement, the purchaser is required to pay the Advance Disposal Fee of $5.00 per tire plus GST and PST. more info
Total Loss
If it is not economical to repair your vehicle, ICBC considers the vehicle to be a write off. In insurance terms, this is called a "total loss."
Total Price
The total price is the the total obligation or amount that is payable, given, undertaken or assumed by a consumer under a consumer transaction. On a new vehicle, it includes accessories or optional equipment physically attached to the vehicle; transportation charges; pre-delivery inspection services; and any non-negotiable dealer fees and options (see documentation fee and etching.)
Towing Capacity
The maximum allowable weight a vehicle can tow. Exceeding this limit may void warranties and create unsafe driving conditions. more info
Trade-in
The purchaser’s current vehicle, which is sold to the dealership for an agreed upon price as part of a new or used vehicle sales agreement.
Transfer Fee
This fee is paid to the Autoplan agent to transfer the ownership of the vehicle to the buyer.
Transfer Form
An APV9T Transfer/Tax Form is an ICBC form used to transfer a motor vehicle from one person to another. It includes a description of the vehicle, declarations, the purchase price, the names and addresses of the buyer and seller, both signatures, the date of purchase and information, such as the odometer reading, plus instructions for completing the form. This form must be completed within 10 days of a change in ownership. see sample form
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Unlicensed Dealer
An individual who poses as a private seller, but conducts business by selling vehicles for profit. Also known as a "Curber". Info from VSA, info from the BC Canadian Bar Association, info from the Automotive Retailers Association.
Unsafe Vehicle
A vehicle that does not meet the legal requirements under the Motor Vehicle Act for such safety concerns as brakes, lights, horn, steering etc. (VSA Vehicle buying!)
Used Vehicle
A vehicle that has previously been registered to and has been used by one or more individuals. A vehicle that does not meet the legal requirements under the Motor Vehicle Act for such safety concerns as brakes, lights, horn, steering etc. more info
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Vehicle
A motor vehicle as defined by the Motor Dealer Act and includes some non-motorized trailers.
Vehicle History Report
A detailed report searched using the VIN. Depending on the report selected it may show other provinces or countries that the vehicle has been registered in; any liens currently attached to the vehicle; and any damages that have been reported through insurance agencies. See CarProof.com, ICBC.com for more info
Vehicle Insurance
All motorists in B.C. must carry basic automobile insurance. For residents, it is provided through ICBC's Basic Autoplan
VIN or Vehicle Identification Number
The Vehicle Identification Number is a unique serial number that identifies a motor vehicle. It is found in multiple places on a vehicle and all numbers should match. It is 17 characters long and assigned by the vehicle manufacturer. The VIN number is needed to search vehicle histories.
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Warranty
There are many types of warranties (Manufacturer’s, Extended, Third Party, Limited or Parts and Labour, Implied), so it is important to know what kind of warranty you are purchasing or being provided with.
Worksheet
A rough draft of an agreement to purchase a vehicle. A worksheet gives the consumer a rough idea of the price of the vehicle, the price allowance for a trade- in, price of options, and applicable taxes and fees.
Write-Off
A vehicle that was written off as a "total loss" by an insurance company.
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