OMVIC Practice Test

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Dive into the OMVIC Practice Test and test your knowledge on laws, regulations, and ethical practices in the automotive industry. Perfect for aspiring dealers and salespersons to validate their expertise!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

If a dealer agrees to pay out a lien on a customer's trade-in, the lien must be paid out:

Within five business days
Within two weeks
Any time before they sell the vehicle
Immediately

The correct answer is: Immediately

The lien on a customer's trade-in must be paid out immediately because it is a legal obligation. Waiting even five business days or two weeks would mean that the dealer is not fulfilling their legal responsibility and could potentially face consequences. Additionally, paying off the lien before selling the vehicle is not a guarantee and does not ensure that the customer will receive the funds to go towards their new purchase. It is important for the lien to be paid out immediately to protect the customer and avoid any complications or misunderstandings.