Newbie wanting to cancel extended warranty

[Silver bullit]

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.

[rotaz]

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?

[alevinemi]

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

Originally Posted by rotaz

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?

[rotaz]

Originally Posted by alevinemi

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.

[alevinemi]

CANCELLATION:
Within sixty (60) days of receiving this Agreement for new vehicles, or thirty (30) days of receiving this Agreement for previously owned vehicles, if no benefits have been paid, You may cancel this Agreement and We will refund the Agreement Purchase Price.

Within sixty (60) days of receiving this Agreement for new vehicles, or thirty (30) days of receiving this Agreement for previously owned vehicles, if benefits have been paid, You may cancel this Agreement and We will pay a pro rata refund based on elapsed time from the Agreement Application Date or elapsed mileage from the Agreement Application Mileage, whichever refund dollar amount is less.

In all other cases, You may cancel this Agreement and We will pay a pro rata refund based on elapsed time from the Agreement Application Date or elapsed mileage from the Agreement Application Mileage (whichever refund dollar amount is less), minus a $25 processing fee or 10% of the Agreement Purchase Price (whichever
dollar amount is less). All such refunds will be computed based upon the date the Administrator receives notice of the cancellation request.

To cancel this Agreement and request a refund, return this original Agreement to Your selling dealer. If that is not possible, send this original Agreement, with a letter signed by You requesting cancellation including the date of cancellation and current odometer reading on the vehicle, to the Administrator at the address shown above. If the Administrator has notice of a Lienholder or Lessor
and a Release of Lien is not provided, any refund will be paid either to the Lienholder/Lessor or jointly to You and the Lienholder/Lessor at the discretion of the Administrator. The cancellation effective
date You request cannot be more than thirty (30) days prior to receipt by the Administrator.

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: Toyota's Extended Warranty is a Crock!
- 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.

[choco_03]

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..