Legal

Terms of Service

Last updated

Introduction

These Terms of Service ("Terms") govern your access to and use of ratedrop.ca, the RateDrop application flow, and any related services (together, the "Service"), operated by RateDrop Financial Inc. ("RateDrop", "we", "us"). By using the Service or submitting an application, you agree to be bound by these Terms and by our Privacy Policy.

If you don't agree with any part of these Terms, please don't use the Service.

What RateDrop is (and isn't)

RateDrop is a loan broker and lead-matching service. We collect application information from Canadian consumers and introduce qualified applications to dealer and lender partners who may extend a financing offer.

RateDrop is not a lender, does not originate loans, does not set interest rates or terms, and does not approve credit. Any loan, financing agreement, or vehicle purchase that results from an introduction is a separate contract between you and the applicable lender and/or dealer. Their terms, disclosures, and consumer-protection regimes apply in addition to these Terms.

Eligibility

To use the Service you must:

  • Be a resident of Canada (excluding any province or territory where the Service is not offered).
  • Be the age of majority in your province or territory.
  • Have legal capacity to enter into a binding credit agreement.
  • Provide information that is accurate, current, and complete.

We may refuse, suspend, or terminate access to the Service for any applicant who does not meet these requirements or who misuses the Service.

No guarantee of approval

Submitting an application does not guarantee that a lender will offer you financing, or that you will be offered any particular rate, term, vehicle, or amount. Every lending decision is made by the lender based on its own credit criteria. Any rate examples, approval timelines, or illustrative figures on the Service are for general information only and are not offers of credit.

Representative example: $20,000 financed at 9.9% APR over 72 months = $370/month, total cost of borrowing $6,640. Your actual rate and terms may be materially different and depend on your full application and the lender's underwriting.

Our fees

RateDrop's brokerage service is free for applicants. We are compensated by our dealer partners when an introduction results in a completed vehicle transaction. You may still owe fees, taxes, interest, or charges directly to a lender or dealer under your loan or purchase agreement with them.

Your information and consents

By submitting an application, you represent that the information you provide is true, accurate, and complete, and you authorize RateDrop to:

  • Share that information with the dealer and lender partners we match you with so they can evaluate and respond to your application.
  • Obtain one or more credit reports about you from Equifax Canada and/or TransUnion Canada for the purpose of evaluating and routing your application.
  • Contact you by phone, SMS, and email about your application, offers, and related services, in accordance with Canada's Anti-Spam Legislation (CASL). You can unsubscribe from marketing emails at any time and can reply STOP to end SMS messaging.

Our full handling of your personal information is described in the Privacy Policy. You may withdraw consent at any time by writing to privacy@ratedrop.ca; doing so may make it impossible for us to continue providing the Service to you.

Acceptable use

When you use the Service, you agree not to:

  • Submit false, misleading, or fraudulent information, or impersonate another person.
  • Submit applications on behalf of someone else without their express authorization.
  • Use the Service to harvest leads, scrape content, or reverse-engineer any part of the site.
  • Attempt to probe, interfere with, or disrupt the Service or related infrastructure.
  • Use the Service in violation of any applicable law, including consumer-protection, anti-spam, anti-fraud, and sanctions laws.

Intellectual property

The Service, including its design, text, graphics, logos, and software, is owned by RateDrop or its licensors and is protected by Canadian and international intellectual property laws. We grant you a limited, revocable, non-exclusive, non-transferable licence to use the Service for its intended purpose. You may not copy, modify, distribute, or create derivative works from the Service without our written consent.

Third-party content and links

The Service may contain links to third-party websites, including dealer and lender partners. We don't control, and are not responsible for, the content, terms, or practices of those third parties. Your interactions with third parties are at your own risk and governed by their terms.

Disclaimers

The Service is provided "as is" and "as available", without warranty of any kind, whether express, implied, statutory, or otherwise. To the fullest extent permitted by law, RateDrop disclaims all warranties, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, and availability.

Nothing on the Service is legal, financial, tax, or insolvency advice. Consult a qualified professional for advice specific to your situation.

Limitation of liability

To the fullest extent permitted by applicable law, RateDrop and its officers, directors, employees, and agents will not be liable for any indirect, incidental, special, consequential, punitive, or exemplary damages, or for any loss of profits, revenue, data, or goodwill, arising out of or related to your use of the Service — even if we've been advised of the possibility of such damages. Our total aggregate liability for any claims arising out of or related to the Service will not exceed CAD $100.

Some jurisdictions don't allow certain limitations, so some of the above may not apply to you.

Indemnity

You agree to indemnify and hold harmless RateDrop and its affiliates, officers, directors, employees, and agents from any claim, liability, loss, or expense (including reasonable legal fees) arising out of your misuse of the Service, your breach of these Terms, or your violation of any law or the rights of a third party.

Termination

We may suspend or terminate your access to the Service at any time, with or without notice, for any reason, including if we believe you have violated these Terms. Provisions that by their nature should survive termination will survive, including those relating to intellectual property, disclaimers, limitation of liability, indemnity, and governing law.

Governing law and disputes

These Terms are governed by the laws of the Province of Ontario and the federal laws of Canada applicable there, without regard to conflict-of-laws rules. You and RateDrop agree to the exclusive jurisdiction of the courts of Ontario for any dispute arising out of or related to these Terms or the Service, subject to any mandatory consumer-protection rules of your province of residence that cannot be waived.

Changes to these Terms

We may update these Terms from time to time. The "Last updated" date at the top reflects the current version. If changes are material, we'll provide reasonable notice (for example, a banner on the site or an email). Your continued use of the Service after an update means you accept the updated Terms.

Contact us

Questions about these Terms can be sent to legal@ratedrop.ca.