Hey all, Just had a quick questions since I feel that I have been duped by the good ol' stealership! We recently purchased our "Certified Used" 2007 Barcelona Red #2 from Toyota of Temecula. When going through all the numbers with the finance guy, my wife and I both decided to go ahead and get the Platinum Extended Warranty along with the GAP coverage. Well, after reading all the posts about TFS offering the same exact warranty for approx. $990, as well as Danny offering it for about the same, if not cheaper....am I able to cancel this and get my money back? At the time of purchase, the finance guy said that the decision regarding the Extended Warranty had to be made NOW! I am hoping that I can get my money back and purchase the warranty elsewhere! Thanks in advance, Mark
Hi IMHO, any warranty that is sold to anyone for anything that you MUST buy it right now, is a highly possible rip off ! As to canceling your purchased warranty, it probably depends on the time elapsed from purchasing. Good luck. Great name for your Dealership, Stealership ! Bill in FL
The warranty is through Toyota, not the dealership. They just sell it. Toyota will allow you to cancel at no cost within 30 days, as I recall. After that you can still cancel, but you only get back the part you haven't "used" (based on time). Talk to your dealership. Tell them you have been offered the warranty at the lower price, and if they don't lower their price you will cancel. Most dealerships will reimburse you to keep the business. They still make a nice profit even at the Priuschat price, considering there is virtually NO overhead!
Awesome! Thanks for the info! I purchased it on Jan. 5th, 2008! I will surely keep you updated! Cheers, Mark
So here's the deal. The finance guy told me that there is no way that the Platinum Extended Warranty (7yr/100k miles IIRC) would be sold for anywhere under $1000 for California. Also, I asked him about cancelling the extended warranty and he said that the credit will go to the leinholder, which in turn will eliminate a couple payments at the end of the term. Any thoughts or supporting evidence that I can show him to prove that there are options to purchase the Platinum Extended Warranty elsewhere for under $1k? Also, any way that I could get the difference or the whole amount back rather than have a couple payments taken off the back end. I intend on trading this car in within a few years and I know I will NOT pay it off. THANKS!
Your negotiation with your dealer is over. At best it is bad form to divulge the identity of the other dealer with the better price. At worst attention from the wrong places can force the on-line offer to be discontinued. If your loan included the warranty then the refunded amount goes to the holder. You will have to ask them how that will be refunded to you. State law will have some effect.
What Jim said! I went through the same deal. I just called TFS and they handled the cancellation. I didn't have to talk to the dealer. Toyota charges you a $25 fee to cancel (if your state allows it, mine does) and they credit your loan balance. Your monthly payment amount doesn't change to reflect the new lower balance. Your balance will of course decrease. Marv
I bought both a maintenance plan and the warranty, after 90 days I hadn't gotten any of the coupons in the mail for the maintenance plan, after the dealer kept ignoring my inquiries I called Toyota and got both the warranty and the maintenance plan canceled and refunded to the loan amount without a $25 cancellation fee. It sounds like the dealer used underhanded dealing tactics saying you had to make that choice at the time you purchased, I would call toyota and go with that if the dealer doesn't do what you want.
We did this in California. They were a bit less pushy and gave us a "deal" so my wife wanted to get it for the expensive stuff that could go. I could not convince her until we got it home and looked at the warranty booklet. After a month, she went back to the dealer and canceled it. They refunded the cost to TFS, so it cuts down on the term of your loan.
Since you plan to trade the car in "within a few years", it doesn't seem sensible to buy a 7 year extended warranty. Cancel the warranty and get the credit on your loan. You won't see the money now, but you'll see it when you trade in the prius.
I suggest that you talk with Troy before you cancel your present coverage. I am not sure he can sell you a plan for a previously owned or a used car.
