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Difference between revisions of "Motor Dealer Act (11:VII)"
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Motor Dealer Act (11:VII) (view source)
Revision as of 18:08, 14 August 2020
, 18:08, 14 August 2020→B. Motor Dealer Customer Compensation Fund
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== B. Motor Dealer Customer Compensation Fund == | == B. Motor Dealer Customer Compensation Fund == | ||
An individual who suffers a loss as a result of purchasing a motor vehicle from a registered motor dealer may be entitled to compensation from the Motor Dealer Customer Compensation Fund Board (“the Board”). A consignor of a motor vehicle is also entitled to make an application – on similar grounds as a purchaser – for compensation for the loss of the consigned vehicle or the value of the vehicle. Individuals who have purchased a vehicle, primarily for personal or family use, from a registered motor dealer are eligible to apply to the Board for compensation. Before applying for compensation, the consumer must first make a demand against the motor dealer responsible for the loss. What constitutes an eligible loss is set out in s 5 of the ''Motor Dealer Customer Compensation Fund Regulation'', BC Reg 102/95. An eligible loss must be a liquidated amount arising from a trade-in, full payment, deposit or down payment or other liquidated amount in respect of the purchase of a motor vehicle. The cause of the loss must be related to the bankruptcy, insolvency, receivership, dishonest conduct, or failure of the motor dealer to provide clear title. | An individual who suffers a loss as a result of purchasing a motor vehicle from a registered motor dealer may be entitled to compensation from the Motor Dealer Customer Compensation Fund Board (“the Board”). A consignor of a motor vehicle is also entitled to make an application – on similar grounds as a purchaser – for compensation for the loss of the consigned vehicle or the value of the vehicle. Individuals who have purchased a vehicle, primarily for personal or family use, from a registered motor dealer are eligible to apply to the Board for compensation. Before applying for compensation, the consumer must first make a demand against the motor dealer responsible for the loss. What constitutes an eligible loss is set out in s 5 of the ''Motor Dealer Customer Compensation Fund Regulation'', BC Reg 102/95 [MDCCFR]. An eligible loss must be a liquidated amount arising from a trade-in, full payment, deposit or down payment or other liquidated amount in respect of the purchase of a motor vehicle. The cause of the loss must be related to the bankruptcy, insolvency, receivership, dishonest conduct, or failure of the motor dealer to provide clear title. | ||
Under the ''Motor Dealer Customer Compensation Fund Regulation'' an eligible loss may also arise from the unexpired portion of an extended warranty so long as it results from the bankruptcy, insolvency, receivership, or other failure of the motor dealer. Claims that will not be compensated include those based upon cost, value or quality, those based on an extended warranty or service if it is recoverable from an insurer, and those related to the portion of the operation of the motor vehicle claimed as a business expense. For further information about making an application for compensation from the Motor Dealer Customer Compensation Fund, call the Vehicle Sales Authority at (604) 574-5050 or visit http://mvsabc.com/compliance-and-claims/compensation-fund/. A claim against the Fund must be made within two years from the refusal or the motor dealer’s failure to pay for the losses. | Under the ''Motor Dealer Customer Compensation Fund Regulation'' an eligible loss may also arise from the unexpired portion of an extended warranty so long as it results from the bankruptcy, insolvency, receivership, or other failure of the motor dealer. Claims that will not be compensated include those based upon cost, value or quality, those based on an extended warranty or service if it is recoverable from an insurer, and those related to the portion of the operation of the motor vehicle claimed as a business expense. For further information about making an application for compensation from the Motor Dealer Customer Compensation Fund, call the Vehicle Sales Authority at (604) 574-5050 or visit http://mvsabc.com/compliance-and-claims/compensation-fund/. A claim against the Fund must be made within two years from the refusal or the motor dealer’s failure to pay for the losses. | ||
