Wanting to Cancel My Extended Warranty

Bad Boy · 09-09-2014, 05:38 AM

I recently purchased a 2009 370Z from a Dodge dealership.
I opted for a Toyota Extended Warranty. However, after some thought, I have decided I want to cancel and get a pro rated refund or lower my car payment, which ever works.

Reason for canceling is because I feel I wont need it, and if I ever do need a repair, I fear they might give a reason to no pay for it out of warranty.

Has anyone had any experience with this?

Is this possible? I once had an extended warranty with Carmax and when I sold the car they gave me a pro rated refund.

kenchan · 09-09-2014, 08:29 AM

Yah, just call the number of the warranty broker. They will send you a check for the remaining balance of the term. Unless its non-cancellable or something in fine print.

zeeder · 09-09-2014, 09:24 AM

In the past I've gone to the dealership to cancel it and they refunded it to the loan. Payment didn't decrease but moved the payoff date closer.

Limeybastard · 09-09-2014, 11:19 AM

You fill face a lot of resistance when attempting to do this. I am speaking from experience using JM&A in Florida when I purchased an Acura a few years ago with extended warranty.

I too decided that I no longer wanted it ( about 2 weeks after signing for it ). It was a case of faxing over documents and letters to the dealer and for them to cancel it with the warranty folks. The follow ups and being passed around all the time and then being told to wait and nothing coming of it. Eventually I got the refund, which was paid to the lien holder but took a while.. Good Luck.

PS, Never again will I buy an extended warranty. A I never keep the car long enough and B I take my chances plus most warranties are not worth the paper theu are written on. I was hard pressed with GAP and probably wont get that in the future either, especially if you put down a large down payment, no need for GAP.

Akurei · 09-09-2014, 11:29 AM

It's only about $2,500-$3,000. You may see a $5-$15 decrease depending on how big your loan is, but there should be a decrease.

Limeybastard · 09-09-2014, 11:33 AM

Quote:

Originally Posted by Akurei

It's only about $2,500-$3,000. You may see a $5-$15 decrease depending on how big your loan is, but there should be a decrease.

I never saw a decrease at all, it was applied to the principle of the loan on my acura. payments remain the same.

7speed · 09-09-2014, 12:02 PM

Quote:

Originally Posted by Limeybastard

I never saw a decrease at all, it was applied to the principle of the loan on my acura. payments remain the same.

True, if you have a loan, then the refund of warranty is sent to the finance company. Payments will be same but your payoff will be lower, so probably will shorten loan by a few months.

I was going to cancel mine but still debating because I have needed to use mine a lot. But typically they want you to go to dealer in person and also have service give you odometer statement to show mileage at cancellation and fill out some 2 forms (At least for Nissan warranty).

R3V · 09-10-2014, 12:49 PM

To cancel any extended warranty you need to go into the dealership, sign the cancellation form, and depending on if the warranty usage has started or not (certain warranties only kick in ones the factory is over) yes you do a odometer statement.

With a warranty that you have active coverage, you receive the remaining percentage based on miles that you have not used.

The only time you receive money back is if the car is owned outright, any cancellation on a financed vehicle comes off the total vehicle balance and shortens the duration of the loan.

kenchan · 09-10-2014, 12:58 PM

Not in all cases.. just call the warranty broker for info

R3V · 09-10-2014, 01:26 PM

Quote:

Originally Posted by kenchan

Not in all cases.. just call the warranty broker for info

I've never seen any warranty/aftermarket coverage product that can be canceled for cash/check with an existing lien on the car.

Pie · 09-10-2014, 01:43 PM

Quote:

Originally Posted by kenchan

Yah, just call the number of the warranty broker. They will send you a check for the remaining balance of the term. Unless its non-cancellable or something in fine print.

this

also is that really you in your avatar?

Super Werty · 09-10-2014, 02:40 PM

So you bought a Toyota warranty at a Dodge dealership for a Nissan??? Haha!

Bad Boy · 09-10-2014, 03:15 PM

Quote:

Originally Posted by Super Werty

So you bought a Toyota warranty at a Dodge dealership for a Nissan??? Haha!

Lol

TheBoomSpoon · 09-10-2014, 07:47 PM

As I'm closing in on 55k miles I'm very happy I still have my extended warranty up 100th or 9/2018.

Just giving some love to the extended warranty. I may have that axle nut service bulletin prob, my car goes in on 20th to check it but I'm guessing that's covered without a warranty anyway but if not I'll be breathing a deep sigh of relief

tnav · 09-10-2014, 08:13 PM

Quote:

Originally Posted by zeeder

In the past I've gone to the dealership to cancel it and they refunded it to the loan. Payment didn't decrease but moved the payoff date closer.

100% correct

09-09-2014, 05:38 AM	#1 (permalink)
Bad Boy Enthusiast Member Join Date: Aug 2014 Location: Orlando Age: 33 Posts: 295 Drives: 370Z 6SPD Touring Rep Power: 11	Wanting to Cancel My Extended Warranty I recently purchased a 2009 370Z from a Dodge dealership. I opted for a Toyota Extended Warranty. However, after some thought, I have decided I want to cancel and get a pro rated refund or lower my car payment, which ever works. Reason for canceling is because I feel I wont need it, and if I ever do need a repair, I fear they might give a reason to no pay for it out of warranty. Has anyone had any experience with this? Is this possible? I once had an extended warranty with Carmax and when I sold the car they gave me a pro rated refund. Last edited by Bad Boy; 09-09-2014 at 05:40 AM.

09-09-2014, 08:29 AM	#2 (permalink)
kenchan A True Z Fanatic Join Date: Aug 2009 Location: N/A Posts: 76,801 Drives: N/A Rep Power: 141521	Yah, just call the number of the warranty broker. They will send you a check for the remaining balance of the term. Unless its non-cancellable or something in fine print. DEpointfive0 and madwi like this.

09-09-2014, 09:24 AM	#3 (permalink)
zeeder Enthusiast Member Join Date: Jun 2011 Location: Columbia, MO Age: 47 Posts: 460 Drives: ‘13 370Z ST 6M Rep Power: 3428	In the past I've gone to the dealership to cancel it and they refunded it to the loan. Payment didn't decrease but moved the payoff date closer. __________________ Zack FI catback, HFC, and Start Button - Z1 Intake - Nismo S-Tune Spoiler - PasswordJDM V2 Shift Knob

09-09-2014, 11:19 AM	#4 (permalink)
Limeybastard A True Z Fanatic Join Date: Apr 2014 Location: FL and London UK. Posts: 1,514 Drives: 2014 370Z Sport. Rep Power: 17	You fill face a lot of resistance when attempting to do this. I am speaking from experience using JM&A in Florida when I purchased an Acura a few years ago with extended warranty. I too decided that I no longer wanted it ( about 2 weeks after signing for it ). It was a case of faxing over documents and letters to the dealer and for them to cancel it with the warranty folks. The follow ups and being passed around all the time and then being told to wait and nothing coming of it. Eventually I got the refund, which was paid to the lien holder but took a while.. Good Luck. PS, Never again will I buy an extended warranty. A I never keep the car long enough and B I take my chances plus most warranties are not worth the paper theu are written on. I was hard pressed with GAP and probably wont get that in the future either, especially if you put down a large down payment, no need for GAP. cigarclifford likes this. Last edited by Limeybastard; 09-09-2014 at 11:46 AM.

09-10-2014, 02:40 PM	#12 (permalink)
Super Werty Track Member Join Date: Jul 2013 Location: AZ Posts: 668 Drives: '13 Sport Rep Power: 13	So you bought a Toyota warranty at a Dodge dealership for a Nissan??? Haha! __________________ The Build

09-09-2014, 11:29 AM	#5 (permalink)
Akurei Enthusiast Member Join Date: Feb 2014 Location: California Posts: 319 Drives: 14 370z Rep Power: 11	It's only about $2,500-$3,000. You may see a $5-$15 decrease depending on how big your loan is, but there should be a decrease.

09-10-2014, 12:49 PM	#8 (permalink)
R3V Base Member Join Date: Jan 2014 Location: Orlando Posts: 180 Drives: 11 370Z Pearl White Rep Power: 11	To cancel any extended warranty you need to go into the dealership, sign the cancellation form, and depending on if the warranty usage has started or not (certain warranties only kick in ones the factory is over) yes you do a odometer statement. With a warranty that you have active coverage, you receive the remaining percentage based on miles that you have not used. The only time you receive money back is if the car is owned outright, any cancellation on a financed vehicle comes off the total vehicle balance and shortens the duration of the loan.

09-10-2014, 12:58 PM	#9 (permalink)
kenchan A True Z Fanatic Join Date: Aug 2009 Location: N/A Posts: 76,801 Drives: N/A Rep Power: 141521	Not in all cases.. just call the warranty broker for info

09-10-2014, 07:47 PM	#14 (permalink)
TheBoomSpoon Base Member Join Date: Feb 2014 Location: Charlotte, NC Posts: 223 Drives: 2009 370z 7at Rep Power: 11	As I'm closing in on 55k miles I'm very happy I still have my extended warranty up 100th or 9/2018. Just giving some love to the extended warranty. I may have that axle nut service bulletin prob, my car goes in on 20th to check it but I'm guessing that's covered without a warranty anyway but if not I'll be breathing a deep sigh of relief

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