Platinum warranty end of term Refund

We just cancelled the extended warranty on our CR-V because we traded it, not because it ended. But, we were also told that if we did not use it it would be refunded. I had to provide a copy of the Odometer Certificate we received from the dealer we sold it to and a copy of the title showing we owned the CR-V. We called the warranty company and they told us to go through the dealership we purchased from. We called the dealership and they requested the previously mentioned documents. We have not heard or seen anything from them yet, so I have no idea if we will get the full amount back or a prorated amount. We never used the warranty, so I hope we get a full refund because that's what they led us to believe would happen when they sold it to us... You may want to start by contacting the Finance Manager at the dealership you purchased it from...

 

So you're making a zero-interest loan to Toyota. Such a deal! :_>

 

I bought the platinum warranty via the dealership on my new 2010 GEN III Prius. it was about $1850.00 but with a guaranteed FULL refund (if UN used / UN-claimed ) within the time frames. I have it for 5 years and 100000 miles warranty.
Since I told the dealership, I will easily put 20k plus miles per year. and then the contract was modified accordingly and the price as well.

My loan term is also 5 years and YES with 0% APR. / INTEREST. :rockon:

 

I have never heard of Toyota refunding the purchase price of a warranty if a claim was never filed. I have cancelled warrantys and received a prorated refund. Usually it is only aftermarket warrantys that offer the refund. Are you sure it is a genuine Toyota warranty?

 

Certainly a whole lot better to give away 0% interest rather than give away 0% interest AND principal!

I think the trick here is that the latter contract is more expensive; and 2, a person who wants money back has to eat repair costs along the way. Tricky tricky.

 

When we bought our Matrix (used with 8,000 miles on it) we were told same thing on the extended warranty.

Drove it for just a few months over a year, put 40,000 miles on it, and then it got crashed.
Jumped through all their hoops to get the refund, and all i have gotten back so far was a letter telling me that I have not reached the 75,000 miles nor the 5 year out date for the contract to expire, therefore i am not eligible for a refund.

Even though it states in the event of a total loss, they will refund to the lein holder, and that in the even of a salvage title they will not cover it.

 

+1. Prorated refunds I've heard of, but it doesn't make sense to be entitled to a full refund. That's never how insurance works. After all, what's the point of our long debates over buying the extended warranty or not? If there was truly a refund of course everyone would buy it! Next time I wouldn't take the dealer's word.

 

Well they are counting on the fat that you'll be too lazy to jump through the hoops to get your refund, or that you till use the warranty on some stupid little $100 repair, and then they won't have to refund the $1600 to you (or i guess in my case you'll crash the car, and still no refund for you)

 

The finance maggot where I bought my car gave me that same story. Unfortunately, all that matters is what the contract says. The contract isn't that big a pile of paper so the OP should read his before he spends much time getting other paperwork together.

 

^ and the contract says?..... :/

 

The usual advice applies: if possible get the warranty canceled for a full refund. Use the money to pay down the loan, or bank it.

 

Just following up, we only received a pro-rated amount of our 100% full refund! So, buyer beware, I think they are all a scam! Richard has the right idea, bank it and have the cash on hand, then if you don't use it, it's sitting in your bank account earning money!

 

Well we bought the extended Platinum Warranty and when I went to call the number to start the refund it was a phone talk(i.e. sex site)/ Calling our dealer who sold the warranty they gave me a sob story about the company going bankrupt and the dealer losing money too...right, who paid the $1850 for the warranty listed as Toyota Platinum Warranty with refund if you did not use. I really feel like I was abused here, and you can bet that unless Toytota steps up and makes this right I will be driving a Honda in the future.

So don't count on a refund...this is a massive scam!!!!!!!!!!!!!!!!

 

In 2002 when I bought my RAV4 , dealer was barking a warranty showing TOYOTA
But under written by another company ,,, I gad the dealer write me a letter signed
By general manager and owner , that if the warranty company went out of business
The dealership would take ownership of the warranty ......

 

Exactly how much?
And what was the premium paid up front?
I'm just wondering why any business would refund money on an insurance policy after the fact?