Extended warranty cancellation?

The warranty cancellation and the payoff are usually seperate steps - so I will detail them seperately. I purchased my Prius outright so I am speaking from my experiences with Volkswagen Credit and BMW Financial Services.

For the warranty cancellation, the cancellation terms will be listed in the paperwork you signed before taking delivery of the car. Some warranties are not cancel-able, so if that's the case - your stuck. If it IS cancel-able, the steps required will be listed on the extended warranty paperwork.

Usually on your purchase paperwork, you are given contact information for the creditor (in this case, most likely, Toyota Credit). Call the number listed for them in the paperwork, you usually will have a contract number on the paperwork which can be used to identify you in case they did not give you a payment book when you took delivery of your vehicle. When speaking with them, request a payoff quote - they will usually supply you the instructions of how to payoff the loan early, as well as the calculated amount owed at that particular moment for payment (they need to figure out the total without the interest for this).

After the payoff amount has been paid, they will release their lien on the title - allowing you to take sole ownership of the vehicle. This process can take a few weeks, varying on location, but it's a pretty satisfying moment to look at that title and see 'No Security Interests' listed.

 

You should have 30 days to cancel an extended warranty. They will try to talk you out of it and offer you a longer warranty for the same price, but they probably won't match what you can get one for here on PC!

As for the payoff, once the loan is established, write them a check, if it's done within 30 days of the loan start date, there should be no interest charged!