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Got ripped off on the extended warranty

Discussion in 'Newbie Forum' started by accoleon, Apr 30, 2015.

  1. accoleon

    accoleon New Member

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    I just bought a new 2015 Prius Three a few days ago from a local dealership, and though we got a $5100 discount off the msrp, I got talked into getting a 8year/75k extended warranty for $3260 (in Oregon).

    I didn't realize how expensive it was till I read some of the extended warranty prices here (usually less than $2000). Is it too late to cancel and get my money back?
     
    #1 accoleon, Apr 30, 2015
  2. PriusC_Commuter

    PriusC_Commuter Active Member

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    Yikes! Cancel that ASAP!
     
    #2 PriusC_Commuter, Apr 30, 2015
  3. The Electric Me

    The Electric Me Go Speed Go!

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    I think there is a window for cancellation.

    That does seem very steep. Cancel if you can.
     
    #3 The Electric Me, Apr 30, 2015
  4. xliderider

    xliderider Senior Member

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    Read the fine print on your extended warranty contract that you signed.
     
    #4 xliderider, Apr 30, 2015
  5. ncases

    ncases Senior Member

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    By law you have 3 days to cancel.
     
    #5 ncases, Apr 30, 2015
  6. bisco

    bisco cookie crumbler

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    i think you might have 30 days. unscrupulous.:mad:
     
    #6 bisco, Apr 30, 2015
  7. SageBrush

    SageBrush Senior Member

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    READ the contract to learn cancellation provisions. NOW
     
    #7 SageBrush, Apr 30, 2015
  8. accoleon

    accoleon New Member

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    The fine print on it states the VSA is cancellable and is not required for purchase, yada yada, but it also says "see Agreement terms" which we did not get "will be mailed to us later". So we did not actually get to see the whole agreement before we signed it.

    (E.g. we never saw the complete contract at all)
     
    #8 accoleon, Apr 30, 2015
  9. bisco

    bisco cookie crumbler

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    go back to the dealer, tell them you changed your mind and are canceling. be prepared to defend yourself against a barrage of hell fire. don't leave until they cancel or prove to you that it's too late.

    the fact that they didn't give you the terms is proof of fraud.
     
    #9 bisco, Apr 30, 2015
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  10. SageBrush

    SageBrush Senior Member

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    30 seconds on Google found this:
    Toyota Financial Services

     
    #10 SageBrush, Apr 30, 2015
  11. Okinawa

    Okinawa Senior Member

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    Go to the dealer in person ASAP and cancel it. If they refuse to cancel it, file a complaint with the Better Business Bureau, the State Attorney General and anyone else you can think of. Raise hell.
     
    #11 Okinawa, Apr 30, 2015
  12. accoleon

    accoleon New Member

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    Yeah, after you guys' help we do have a VSA and we can cancel it within 30 days, though we don't know the stipulations of the cancellation (which is going to be in the contract we have not received). We can't call Toyota financial services directly since it's likely they have not received the paperwork yet (we purchased on Saturday), so we're going to the dealership later today to try and cancel it.
     
    #12 accoleon, Apr 30, 2015
  13. SageBrush

    SageBrush Senior Member

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    Is this a TOYOTA VSA ?

    You should show us a photo of what you bought. Post 5 times so that you can upload a photo.

    IIRC, Toyota VSAs are not cancelled through the dealership, but through TFS in writing.
     
    #13 SageBrush, Apr 30, 2015
  14. accoleon

    accoleon New Member

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    Yeah, it is a Toyota VSA (e.g. Toyota Vehicle Service Agreement, Platinum Coverage, can't get a picture of it at the moment). The TFS link you posted earlier stated it is cancellable through TFS within the first 30 days and through the dealer after - so we have to call TFS to know what to do.
     
    #14 accoleon, Apr 30, 2015
  15. SageBrush

    SageBrush Senior Member

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    Right

    If they tell you to wait for your mail, that is OK. Just set a reminder to wrap this up by May 15th.
    And be sure to follow the cancellation instructions TO THE LETTER.
     
    #15 SageBrush, Apr 30, 2015
  16. SageBrush

    SageBrush Senior Member

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    By the way, take a couple of minutes and review the basket of warranties that come with the Prius. There are many more than just the 3yr/36k mile bumper to bumper. All the major car systems have their own warranties that extend far beyond 3yr/36k miles.

    You will laugh at extended warranties once you are informed.

    Oh, and FYI: if you rolled the warranty into a car loan, TFS will pay down your loan rather than send you cash. Your monthly payment amount will not change, but your pay-off date will shorten by the amount refunded. Depending on the loan language, you might be able to skip payments in the future if you want to, once you have accumulated enough paid-ahead money. If this topic is unclear to you, call TFS and ask this question:

    "If I pay two payments today when only one is due, can I skip a payment next month?" Since your monthly payment has the warranty cost built-in, the situation is analogous once the warranty is canceled.
     
    #16 SageBrush, Apr 30, 2015
    Last edited: Apr 30, 2015
  17. accoleon

    accoleon New Member

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    Well, wife called TFS, and received a set of instructions. TFS says the dealer keyed in for a 6yr/75k warranty instead of our expected 8yr/75k, though TFS haven't actually received the paperwork. This is ridiculous, why does TFS have different information from what the dealer told us?!
     
    #17 accoleon, Apr 30, 2015
  18. SageBrush

    SageBrush Senior Member

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    Who cares ? Both are awful.
    I suggest you focus on canceling the warranty -- whatever it is.

    Just a guess --- you will receive in the mail your warranty with attached registration #.
    You then write a letter that says "I want to cancel warranty, registration # ... ...."

    That letter you send registered to TFS, and you follow up one week letter with TFS so that you KNOW no hiccoughs have occurred. Not complicated, and TFS are not going to try and defraud you if you follow the instructions. Just be a good secretary.
     
    #18 SageBrush, Apr 30, 2015
    Last edited: Apr 30, 2015
  19. Jorge Zepeda

    Jorge Zepeda New Member

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    Looks like you didn't get a great deal. You can cancel it anytime and get a prorated refund that will be credited to your balance. You can buy it again anytime before the new car warranty expires and finance it same as cash for 18 months. Good luck!
     
    #19 Jorge Zepeda, May 1, 2015
    Last edited: May 1, 2015
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