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.

True or false: If a consumer defaults on a loan after making two-thirds of the payments, the dealer must get permission from the court before they can take back the car.

False
True
Not Provided
Not Provided

The correct answer is: True

This statement is true. If a consumer defaults on a loan after making two-thirds of the payments, the dealer must get permission from the court before they can repossess the car. This is to protect consumers from unfair repossession and give them a chance to catch up on their payments before losing their car. Option A is incorrect because it states that the statement is false, which is incorrect. Option C and D are not provided, so they cannot be considered as possible answers. It is important to note that this rule may vary in different states and countries, and it's always best to consult a legal expert for specific cases.