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Terms and Conditions

Effective Date: Jan 1, 2025

1. Introduction

Welcome to Co-Own Motors. By registering, accessing, or using our website, you agree to these legally binding Terms and Conditions. Co-Own Motors serves as a facilitator for vehicle co-ownership by creating LLCs for groups of customers.

2. Definitions

  • Co-Owner: A participant in the LLC who owns a fractional share of a vehicle.
  • LLC: Limited Liability Company established to hold the title of the vehicle on behalf of the co-owners.
  • Website: The Co-Own Motors platform accessible via www.coownmotors.ca.

3. Eligibility

  • Be at least 18 years old (or the age of majority in your jurisdiction).
  • Provide accurate and complete personal, financial, and contact information.
  • Agree to the LLC’s operating agreement, which governs ownership and usage rights.

Co-Own Motors reserves the right to reject any applicant who does not meet these criteria.

4. Registration Fee

  • A non-refundable registration fee of $349 is required.
  • This fee is used to cover administrative costs, including account creation, LLC formation, and onboarding.
  • No refunds will be provided under any circumstances.

5. Co-Ownership Agreement

Vehicles are legally owned by an LLC, and all co-owners are members of that LLC.

  • Co-ownership entitles you to a 1/12 share of the vehicle and its associated rights and responsibilities.
  • The LLC’s Operating Agreement outlines the following:
    • Ownership rights
    • Voting rights
    • Dispute resolution mechanisms
    • Exit procedures

6. Payment Terms

  • Co-owners must pay 8.33% of the vehicle’s purchase price before the vehicle is purchased.
  • Payments must be made through secure methods provided on our website.
  • Non-payment will result in forfeiture of your application and removal from the co-ownership process.

7. Usage and Scheduling

  • Annual Access: Each co-owner is entitled to 30 days of car usage per year, divided as:
    • 20 weekdays
    • 10 weekend days
  • Booking System:
    • All scheduling is managed through the Co-Own Motors website.
    • Booking conflicts are resolved on a first-come, first-served basis.
  • Prohibited Usage: Co-owners are prohibited from using the vehicle for:
    • Illegal activities
    • Ride-sharing or commercial purposes
    • Excessive wear and tear beyond normal use

8. Maintenance and Insurance

  • Shared Costs: Maintenance, repairs, and insurance costs are equally divided among co-owners.
  • Insurance Coverage: Co-Own Motors arranges vehicle insurance; however:
    • Claims must be reported immediately.
    • Any deductibles are shared among co-owners unless caused by negligence.
  • Routine Maintenance: Scheduled by Co-Own Motors and funded by co-owner contributions.
  • Damage Responsibility: If you damage the vehicle during your usage period, you are liable for repair costs.

9. Liability and Indemnification

  • Limitation of Liability: Co-Own Motors is not responsible for:
    • Accidents, injuries, or damages occurring during vehicle use.
    • Disputes between co-owners.
    • Third-party delays (e.g., insurance or maintenance issues).
  • Indemnification: By using our services, you agree to indemnify and hold Co-Own Motors harmless from any claims, damages, or losses resulting from:
    • Your use of the vehicle.
    • Breach of these Terms and Conditions.
    • Negligence or misconduct.

10. Dispute Resolution

  • Between Co-Owners: Disputes must be resolved according to the LLC’s Operating Agreement.
  • Involving Co-Own Motors:
    • Any claims against Co-Own Motors must be submitted in writing.
    • Disputes will be resolved via arbitration in Ontario, Canada.

11. Exit and Termination of Membership

  • Voluntary Exit: Co-owners who wish to exit must provide written notice.
  • Involuntary Termination: Failure to adhere to these terms or the LLC agreement may result in termination.
  • Ownership Transfer: Ownership cannot be transferred without prior approval from Co-Own Motors and the LLC members.

12. Force Majeure

Co-Own Motors is not liable for delays or failures caused by events beyond its control, including but not limited to natural disasters, government actions, or technical failures.

13. Amendments to Terms

Co-Own Motors reserves the right to modify these terms at any time. Changes will be communicated via email or updates on the website. Continued use of our services constitutes acceptance of updated terms.

14. Governing Law

These Terms and Conditions are governed by the laws of Ontario, Canada. Any disputes will be resolved under the jurisdiction of Ontario, Canada.

15. Entire Agreement

These Terms and Conditions, along with the LLC Operating Agreement, represent the entire agreement between Co-Own Motors and its users.

16. Contact Us

If you have questions or concerns, please contact us: