Newbie wanting to cancel extended warranty

did the same thing. called the dealer to cancel the warranty and several other items he put in without my knowledge...they even have a form with all the items listed so its easier for you and them to cancel what you need to. but you have 30 days from day of purchase...call the dealer asap

 

Yep.. call the dealer. They don't need your paperwork to cancel it. Since you are within the 30 days, they "flat cancel" it. Did you finance? If you did, you do realize your payment isn't going to go down, right? You pay less total payments, but your payment will stay the same.

 

I would challenge them on that.

Unless your paperwork specifically states the 4.88% is contingent upon purchasing and retaining the warranty, I don't think they would have the right to cancel the loan or force you to refinance. Demand the 4.88, and say if they don't give it to you, you will finance elsewhere.

In this case, the parole evidence rule is in YOUR favor. You may have promised to buy the warranty, but if it ain't in writing, anything said before you signed the contract is VERY hard to enforce. Dealerships use the parole evidence rule in THEIR favor all the time (they can basically lie and get away with it, as long as it's in the contract).

That said, if you have good credit, Chase auto finance offers pretty good rates (though probably not as low as 4.88). Just check out www.chase.com.

-->Adam

 

Yeah, I believe they are BS ing about the lower percentage rate being tied to the warrantee purchase. They are telling you this because they make nearly as much money selling the contract for over $2000 than they make on the car. In fact. the MSRP for those contracts is only about $1500.

If the contract was included in the financing, they will need to send the refund to the lean holder, who will credit it against your priciple, likely keep your payments the same, and your loan will just pay off a little earlier.

 

You are welcome.

I also recently bought a used Prius and researched warranties in detail. If you are considering buying a replacement warranty, you may want to look at my thoughts in this thread:

http://priuschat.com/forums/prius-main-forum/62009-warrantshack-accusations.html

In short, I haven't bought one yet, I probably will buy one, and it won't be the Toyota warranty.

If you do end up buying a Toyota warranty, consider WarrantyShack. They will cost a few bucks (less than $100) more than some other dealers, but they support PriusChat. I can also attest to the fact that the guy who is in charge of it (forget his name) is very helpful. He provided me with a contract for review promptly, with no problem, and with no pressure.

-->Adam

 

I bought a 2009 Prius in Feb. and bought the extended warranty. After further research I decided to cancel it. I did not go through the dealer. I called Toyota financial and they asked me to fax them some information. Shortly thereafter I received a check in the mail for the full amount. Time is of the essence. Good luck. BTW you have 3 yrs or 36,000 miles to get an extended warranty. At this time I do not think I am going to get one.

 

I think I got the number of Toyota financial from the guy on this site that sells warrantys. I think it is called Warranty Shack.

 

Will I be able to cancel the extended warranty the finance guy swingled onto me during my purchase even if I signed all the paperwork already? I remember him saying on one of the line items during signing that once signed I can not come back later and say I didn't understand what I was purchasing.

I want to call Toyota Finances ASAP to get my refund.

Thoughts?

 

Yes, you can.

The Toyota Platinum Warranty has a recission period (read the warranty contract). You can cancel and get your money back.

That said, if the car is financed, they will send the money to the finance company and your monthly payment will NOT go down. However, it will be applied to the loan and you will have a couple fewer payments.

-->Adam

 

Thanks for the advice! I will call them tomorow to cancel the warranty. Should I call my dealership or call corporate to handle this in the easiest way possible?

I don't feel like putting up a fight to get my money back.

 

In short, you return to the dealer. They will, of course, try to talk you out of it. You can listen, depending on your purpose.
- If you want to cancel to buy a Platinum warranty cheaper from someone else, talk to them and see if you can cut a deal. They may have the ability to charge you less and change the terms of your loan, which has value. Otherwise, you are stuck getting no money immediately for the returned warranty, and having to cough up $1k or more in cash for another warranty.
- If you want to cancel and buy an aftermarket warranty, or just cancel it without buying a extended warranty, just demand the cancellation and proof the money was sent to your lender. Don't go into detail why, just be firm that you are exercising your rights in the contract.

If you are considering a replacement warranty, a few notes:
- The Prius is VERY reliable. Like most insurance products, it is unlikely that you will incur more claims than the policy costs. I estimate your odds of "winning" at about 10-20%. That said, they do protect you from catastrophic, several thousand $ losses.
- Consider aftermarket warranties. Many of them are better than the Toyota Platinum warranty. I discuss extended warranties in this thread: http://priuschat.com/forums/gen-ii-...yotas-extended-warranty-crock.html#post852792
- Almost all warranties can be purchased later. Toyota's can be purchased within the 3/36 standard warranty period. Others can be purchased anytime. However, don't try buying one after you have a problem - they'll all catch you if you try that. And, keep your maintenance records or they may deny claims.

 

hello,please share your inputs on how to cancel extended warranty from the dealership..Can I cancel thru toyota financial?is there a form I could download?Is there any other way to cancel it without going back to the dealer?thank you very much..