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    rotaz New Member

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    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?
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    Boo Boola Boola Member

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    How long ago did you purchase the extended warranty? If it was a day or two ago, I'd go to the dealer and try to cancel it in person and get a refund/credit on the spot (or get something in writing acknowledging the cancellation and stating that a refund/credit will be issued).

    Otherwise, if it's a genuine Toyota extended warranty, I think the rules are:

    1. If you cancel within 30 days after the car was put in service, you will get a full refund minus a small administration fee.

    2. If you cancel after 30 day, you will get a pro-rata refund minus a small administration fee.
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    rotaz New Member

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    Thanks Boo! I purchased the car yesterday 6-20-09, It was a genuine Toyota extended warranty that the finance guy pushed onto me 6yr/100,000.

    Can I cancel the Gap Insurance as well?
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    wvgasguy New Member

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    I read these comments all the time. You're an adult, obviously old enough to make a purchase decisios with a car so how (what did) the salesman do to swindle you? Do you also buy something everytime a telemarketer calls? Have you been putting out to every guy or gal since you started dating. Are you now hooked on drugs? Can you not simply say NO (more than once)?

    And yes you should be able to cancel. Look up the fine print and follow the directions immediately.
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    Dolce New Member

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    Most car buyers are already nervous or mentally stressed out when making a big purchase of a $23,000+, so the sales people do take advantage of your vulnerable mental state to push you to get other add ons. Guilt or fear is their favorite exploit. They will tell you that you just spend $25,000 on a car and you need to protect that investment with a warranty. This is why the crazy $500 under coating or some other invisible protection pitch works so well. Same goes for the Extended warranty pitch.

    I will acknowledge that some sales people are very professional and will inform but not push a buyer with the add on options. But you have to admit that the majority of the sales people in the car industry are not this type, and they are more of a pusher than an informer when it comes to earning a comission.

    Besides, if these dealers are so ethical, then they should have no problems giving the guy his money back for an extended warranty package a few days old that he has never used. The dealer does not lose anything other than his time to process the paperwork, which amounts to less than 3 minutes. They already wasted the buyer more than that much time with the sales pitch. So I say they are even.

    Also to be fair, I want to say that the extended warranty is not always a waste of money. For some car owners, it makes financial sense, depending on where you live and what your car is exposed to, and how you use your car. So the dealer is providing a useful service to some car buyers and they do deserve their comission on the sale. It is just that most dealers are trained to push these warranty on every customer regardless if it was right for them or not. I was fortunate to have a dealer that was straight forward with me. He gave me a run down on the real cost of the warranty and what I can expect from it, without any pushing. He just stay quite for a few minutes for me to consider what is right for me.
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    rotaz New Member

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    Thanks for your comment, but no need to be a prick about it. It was a mistake and I will never fall for it again. I am an honest guy and most of the people I deal with are honest. I asked the finance guy staight up if this was something that can purchased at a later time and he said "NO" and showed me a genuine Toyota finance book that stated that this warranty can only be purchased at the time of purchase. This document could have been fake or fraudulant, but I did see this print. I am pretty furious that he lied straight to my face. I will make sure to give him bad reviews!
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    wvgasguy New Member

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    You're right, I'm sorry. I realized that after I posted and didn't immediately change my post. There had to be a nicer way to say that.

    You didn't say what they charged you for the plan. Was it the Toyota Platinum Plan or another servicer? My dealer doesn't normally sell the Toyota Plan (better money in the third party plan I'm sure) For what it's worth I'll probably purchase the extended Toyota warranty, but won't pay more than the $1055 that you can get it for here on PriusChat. If my dealer will match it he will get my purchase. This will be my third hybrid and I have NO fear of the system. However even with a Toyota you can have an A/C go out or numerous other things. $1000 is a small amount for 100,000 miles of no worry.

    Didn't need it on my TCH, but still $1000 spread over the life of a car is not all that much. I'll lose more than that on the Nav in depreciation.
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    Willem Junior Member

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    My advice: Be firm when requesting your refund. Don't provide too much detail about "why" you want your money back. The more you talk, the more they are going to try to talk you out of getting your money back.

    Just tell them, "I want to cancel this extra warranty." If they ask you why, just say "I have changed my mind; I no longer want it." If they persist, you can elaborate if you wish, but if I were doing it I would keep it neutral until I get the check in my hands. Also, be prepared for them to offer to knock off a couple hundred bucks to influence your decision.

    That's just my opinion. That's what I would do. Go forth (quickly) and stick to your guns.
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    wvgasguy New Member

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    and seriously, if you really don't want it, even at a discounted price, and you don't want to talk to the finance guy again, look at the fine print and it may be as easy as a certified letter to Toyota to cancel it.
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    rotaz New Member

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    I paid way too much 2400, so that's why I am pissed and want my money back.

    If they say we can't give you your money back is it best to call corporate?

    I want to cancel the GAP insurance as well, possible correct?
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    Boo Boola Boola Member

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    Sorry, I don't know anything about canceling the GAP coverage after you've picked up the car. I think it's worth going back to the dealer on that too.

    As someone said above, when going back to the dealer, stick to your guns. Yell and scream if you have to.

    * * * * * * * *

    Regarding becoming victimized by the "Closer" for the dealer -- it's real easy to do. I always tell friends and family that whatever you do, you should never feel stupid or beat yourself up about it. The Closer closes a deal one or several times a day, while you the consumer might be buying a new car for the first time ever or only once every 3 to 12 years. It's never a level playing field.
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    dogfriend Human - Animal Hybrid

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    The finance guy is always the best salesguy (biggest shark) at the dealership.
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    nineinchnail1024 New Member

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    You went into the serpent's lair unprepared, my friend. If you are firm, they can't tell you no. Both the gap insurance and the extended warranty are fully refundable.
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    LoveMyPriusIII New Member

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    I went into the finance office prepared not to accept any add ons. My wife and I started getting really upset when he said he could get us a better interest rate if we took some of the four add ons he was offering. He had the extended warranty, maintenance plan, Gap, and Lojack. When he realized what he was doing was bordering on blackmail and when he saw how upset my wife got he relented and said he could give us the low rate regardless. Next time I buy a car I think I'm going to tell them I don't want any add ons before they start talking because once they do it becomes really uncomfortable. Out of the two new cars we have bought this has always been the toughest part of the process.
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    dogfriend Human - Animal Hybrid

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    The way to counter this tactic is to arrange financing with your credit union or bank before you go in to buy the car. Then you can decide if you want the dealer finance rate or if you have a better deal through the credit union and the finance guy has no leverage.
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    zencat New Member

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    Call your insurance company and talk to them about the GAP. GAP is something you want to have. I too was offered GAP at the dealer. I called my insurance company on the spot and asked about their GAP coverage. They ran the numbers for me and said the Toyota GAP was actually better (and cheaper) than theirs. So I went with it.

    I also got talked into the Extended Warranty. It started at $2,400 and he ultimately lowered it to $1,500 and also lowered my rate (and threw in a year of oil changes for free), so I went for it. This was the only part of the deal that I felt queasy about and I'm also considering canceling and buying it later.
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    wvgasguy New Member

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    FYI, the extended warranty is advertised here at PC for $1055
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    zencat New Member

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    Yep. Saw that after the fact.
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    rotaz New Member

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    Thank you all for the input, and I appreciate your help!

    One more, thing we signed papers already, but the car wont arrive until July 2-10. We initially signed up for Toyota Financing, but I found a credit union that has a lower rate. Can I cancel Toyota Financing and go w/ a another Credit Union?

    FYI, I haven't made any payments yet, first payment is on 8/04/09.

    Sorry guys, I feel so embarressed I went in there so unprepaired.
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    wvgasguy New Member

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    You actually have a loan for a car the dealer doesn't even have yet? Never heard of that. Hope yours doesn't get wrecked offloading from the train like another posters (since you already own it)

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