OMVIC Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

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.

True or false: If a dealer pays out a lien on a customer's trade-in, they must give the customer a copy of the release letter from the creditor.

True
False
Partially true
Not specified

The correct answer is: True

This is true because a release letter from the creditor serves as proof that the lien on the trade-in vehicle has been paid off. Giving the customer a copy of this letter is important for their records and to avoid any potential disputes in the future. Option B is incorrect because it states the opposite of the correct answer. Option C is incorrect because there is no partial truth to this statement - it is either true or false. Option D is incorrect because the question clearly specified that the dealer must give the customer a copy of the release letter, making it a specified requirement.