Dealers are required to ensure warranty contracts comply with all requirements under the new Motor Vehicle Dealers Act (MVDA).
An extended warranty is a contract whereby a person, other than a motor vehicle manufacturer, agrees to provide coverage of the costs associated with the repair or replacement of components of a motor vehicle, including the labour necessary to repair or replace those components, that is in addition to a warranty supplied by law or implied by the operation of law.
Dealers can only sell extended warranty products that are insured, or for which a letter of credit to the Compensation Fund has been provided.
Note: Letters of credit are drawn against in the event of a failure of the extended warranty provider which results in claims to the Compensation Fund. If the extended warranty provider is no longer in business and the letter of credit is exhausted dealers are responsible for any Compensation Fund claims paid out over and above the letter of credit. As a result, dealers need to make inquiries with their warranty providers on a frequent basis to check on the status of their security or insurance.
The following list is provided as a courtesy to dealers to assist them with compliance under the new MVDA requirements set out in Regulation 47. OMVIC does not regulate extended warranty providers nor will OMVIC recommend any particular extended warranty provider.
SECURED - LETTER OF CREDIT ON FILE
1159274 Ontario Ltd. o/a Bayview Auto Sales and Leasing/AAAP Warranty
1230906 Ontario Ltd. o/a Automax Centre
1353974 Ontario Inc. o/a Newstart Canada
1393151 Ontario Ltd. o/a Be Safe Warranty
1552799 Ontario Inc. o/a Suzuki of Newmarket
1716858 Ontario Inc. o/a Cambridge Kia/ My Car Deal Online
1757259 Ontario Inc. o/a Canadian Auto Warranty
A-Protect
Auto Motion Used Vehicles Inc.
Coast to Coast Warranty Corporation
Chris Taylor Auto Sales Ltd. o/a Automaxx Pre-Owned Car Centre
Davey Auto Sales Ltd.
First Canadian/Millenium
Haishang Investments Ltd. o/a Haishang Auto Sales
Haldimand Motors Ltd.
Lafreniere Auto Sales & Service Ltd.
Mark Wilson's Better Used Cars Limited
NAAWA Corp (Autogard)
Rideau Valley Motors Inc. o/a My Car/RVM Simply The Best Warranty
SAL Marketing Inc.
Wright Auto Sales Inc.
SECURED - INSURED THIRD PARTY WARRANTY COMPANIES
Automobile Protection Corporation (Easy Care)
Coast to Coast Dealer Services
Cornerstone United Ltd.
CoverageOne
Global Warranty
INDS CANADA Corp.
Integrated Warranty Systems Inc.
Lubrico Warranty
Lyndon-DFS Administrative Services Inc. (Protective-Asset Protection Division)
Nationwide Auto Warranty Corporation
Omni Warranty Corp.
People's Choice Warranty
Premier Dealer Services (Tricor Automotive Group)
Note: This list is deemed accurate as of April 23, 2012. Changes may occur in the meantime
so dealers should confirm the status of their extended warranty providers directly and periodically.
Extended Warranty Disclaimer
The companies above have provided the Ontario Motor Vehicle Industry Council ("OMVIC"), with sufficient evidence of full insurance from an insurer licenced under the Insurance Act in accordance with subsection 47 (1) (a) of the Motor Vehicle Dealers Act, 2002 (the "MVDA 2002"), or have provided the Motor Vehicle Dealers Compensation Fund with an irrevocable letter of credit as set out in subsection 47 (1) (b) of the MVDA 2002. Please note an issuer of a letter of credit may have the option not to renew the letter of credit upon 30-90 days written notice.
The list above is provided by OMVIC as a courtesy only and is current as of April 23, 2012. OMVIC does not make any representation or warranties of any kind whether express, implied, statutory or otherwise with respect to the extended warranties listed above and takes no responsibility for any claims, products, or services offered by the vendors of the extended warranties. Please direct any related questions to said vendors. In no event shall OMVIC be liable for any claims loss, demands or damages of any kind whatsoever with respect to the service, the material and the products offered by the vendors of the extended warranties including without limitation, direct, indirect, incidental or consequential loss or damages, whether arising from loss of profits, loss of revenue, and whether or not the possibility of such loss has been notified to OMVIC. The foregoing will apply whether such claims, loss or damages arise in tort, contract, negligence, under statute or otherwise. For more information please contact OMVIC. |
