service contract

I just bought my wife a new 2010 Prius III. We went to sign the papers and pick it up at 6pm but did not get out of there until 10-:30. We were both hungry and tired and just wanted to go home. After going through every thing with the salesman, then we had to go to the finance man. Arrrrrrrrrgggggggg. To make it short we signed without reading everything and are actually going to refinance it because there were a couple of things he did not point out to us that equaled over 750 dollars. What I want to ask though is about the service contract. Am I stuck with it once I sign, or can I drop it and buy one for a fair price somewhere else. When they said the car price was no haggle, I thought that meant everything. I did not know you could get the service contract somewhere else cheaper. I read on one site that you could cancel the contract but don't know for sure. Anyone have any advice besides being ready when I went in???????????

Ron

Are you talking about the extended warranty contract (like 7 yrs, 100000 miles, zero deduct) or the pre-paid maintenance agreement (like 2 years). The extended warranty can be cancelled for a full refund within 30 days. Just tell the dealer you don't want it, and he should take care of the paperwork.

Look at the fine print on the back on the service contracts you signed. You'll see that you have 30 days from the time you sign to cancel and get a full refund against the premium. Just go into your dealership and say you want to cancel, and it shouldn't be too big a hassle. I did the exact same thing as you; went back and talked to the same lady who sold me a whole bunch of stuff, and all it took was me signing one piece of paper, and the service contracts were canceled.

The way you put it makes it sound like only one can be canceled. They both can though, within 30 days, just to be clear.

Right but don't expect a check. The amount will probably be deducted from the principal of the loan.

Yes, if the warranty & maintenance contracts were financed the refund goes to the lender. If this is the case ensure your monthly interest is recalculated.