VaultPay and Your Ontario HVAC Contract
A finance company that holds and collects on Ontario HVAC and home equipment contracts originated by separate sales organisations.
VaultPay is a finance company that holds and collects on long-term Ontario HVAC and home equipment agreements. VaultPay did not originate these contracts at the door; the underlying sales were made by separate installer organisations and the agreements were later assigned to VaultPay.
Under Ontario law, when the underlying agreement is challengeable because of how it was sold, the rights of the assignee are no greater than the rights of the original seller. A contract held by VaultPay can still be addressed.
Our position is not that VaultPay engaged in wrongdoing at the original sale. Our position is that the underlying agreement may have been unenforceable from the start under the 2018 amendments.
What These Contracts Typically Look Like
- Long terms — typically 10 years or more
- Payments collected by VaultPay after assignment
- Total obligations far in excess of the equipment's installed value
- Property registration on title placed at the time of the original sale
- Buyout amounts that remain high for most of the term
What We Hear from Homeowners
- Statements arriving from VaultPay without the homeowner realising the contract had been assigned
- Difficulty obtaining clear answers about ending the agreement
- Buyout figures disproportionate to the equipment's value
- Lien on title discovered at refinance or sale
Which 2018 Amendments Are Likely to Apply
The 2018 amendments to Ontario's Consumer Protection Act identify several practices that can render an HVAC agreement unenforceable. Where the underlying agreement (now held by VaultPay) was originated through any of these practices, the same conclusions apply:
Unconscionable Pricing
Pricing set in the original agreement remains subject to the 2018 amendments after assignment.
Unsolicited Contact
If the original sale was at the door, the agreement may be unenforceable, and that conclusion travels with the contract.
Misrepresented Energy Savings
Misrepresentations made at the original sale remain part of the contract record.
Only one of these grounds needs to apply for the agreement to be challenged successfully.
What to Do If VaultPay Is Collecting on Your Agreement
- 1Locate the original installer agreement, not just VaultPay statements.
- 2Photograph the data plates on the installed equipment.
- 3Check your title for any registration.
- 4Let us address VaultPay and the original installer on your behalf.
- 5Book a free, confidential review.
Is the Underlying Agreement Behind Your VaultPay Statements Enforceable?
If VaultPay is collecting on your HVAC contract, the underlying agreement may still be challengeable.