How to cancel a TFS Extra Care and TFS Tire and Wheel Protection

A

Ant

New member
Hi guys,

I just purchased a 2021 TRD OP. My 2005 SR5 was getting tired and it was time.

I thought I had all the details set before I went into the finance office but I agreed to add the Toyota Financial Services tire and wheel and the extra care platinum package. I guess I was a little rusty being I last was in a finance office in 2007 LOL.

Anyway, I don't really think I need all that protection and want to cancel it. It has been less than 30 days. Tire and wheel was $855 and the Extra Care Platinum was $1,598. They added it to my payments by tacking on 3 more months for a total of 63 months but touted a lower interest rate.

Does anyone know the proper way to cancel? Can I go through Toyota Financial? I really don't want to have to go to the dealership and give them the opportunity to make it difficult for me to cancel it. That will just agitate me.

I assume my lender will just remove the cost from the tail end of the term and I will pay off the vehicle in 60 months instead of 63 leaving the monthly payments the same?

Any help on the proper way and what to expect is appreciated.

Thanks,
Ant
 
Register to hide this ad
I did this. You have to go thru the finance manager at the dealer. He/She has a form that you will jointly fill out. He/she then processes it and you either receive a check, or in the case of a financed vehicle, the check goes to the lien holder. In my case, there was no attempt at all to talk me out of it.

However, when you say "just", I'm not sure how recent your purchase was. If you mean like today or yesterday, they may not have processed the loan and it might go a little different. But, you still need to go thru dealer finance dept.
 
Last edited:
5thToy said:
I did this. You have to go thru the finance manager at the dealer. He/She has a form that you will jointly fill out. He/she then processes it and you either receive a check, or in the case of a financed vehicle, the check goes to the lien holder. In my case, there was no attempt at all to talk me out of it.

However, when you say "just", I'm not sure how recent your purchase was. If you mean like today or yesterday, they may not have processed the loan and it might go a little different. But, you still need to go thru dealer finance dept.
Click to expand...

5thToy,

Thanks for the info. I bought the truck on 12/23/20.
I guess I will call the dealership and make an appointment with the finance guy. That sucks, I was hoping to not have to go back there. They were nice and all I just don't like "returning" things as sometimes you are greeted with a less than pleasant attitude. And I tend to agitate easily when I sense that as lots of places these days have employees with piss poor attitudes.
 
No problem. I didn't make an appointment. I just walked in and asked to speak to the finance manager. Don't give them notice to have time for getting irritated or to come up with a pitch. Also, yes it will decrease the duration of your loan. They won't restructure it. Your payment will remain the same and you will pay it off early.
 
These are a scam, but try to get as much of your money back because they'll claim they'll issue you a "prorated" refund and act like one month is worth taking 25-50% off the top.
 
My extra care contract was a three year extension beyond the packaged two year maintenance that came with the original purchase. I realized immediately I was going to do my own fluid changes and lubrication. So, cancelling it well before the extension period started gave them no recourse claim any proration since it was outside the contract window and they had not performed any contract services at the time of cancellation. It sounds like Ant's situation should be similar.
 
LandCruiser said:
These are a scam, but try to get as much of your money back because they'll claim they'll issue you a "prorated" refund and act like one month is worth taking 25-50% off the top.
Click to expand...

This^

Total cost of the packages was $2,453. That cost spread out over 63 months is $38.94, or about $1.28 per day, assuming an average of 30.417 days per month. If you bought the car on 12/23/20, which was 14 days ago, they should only take $17.92 out of the reimbursement check ($1.28 * 14 days). Whenever you go in, just multiply $1.28 by the number of days it's been since the 23rd to get the value they should withhold from your refund. I wouldn't be surprised if they tried to charge you the $38.94 for one whole month, though.
 
The tire protection contract would be prorated over time as was just described. The service contract would not since it doesn't come in to play until two years is up.
 
If you financed through TFS it will be credited back to the loan, but in my last experience it counted towards monthly payments. Like I paid in advance. I still made my monthly payments, but by calling TFS and applying to principal to truly reduce the loan term and overall interest paid.
 
You don’t need to go to the dealership. Look at the fine print in the paperwork that they gave you.
It will tell you how to write a letter and where to send it to cancel your plan through toyota. You can also call them for more information.

I had a friend that bought all the addons and I went to the dealership with them to cancel it. Filled out the form and the dealer never canceled it. This wasn’t toyota but never trust a dealership to give you back your money.
 
Yes, I've been through that too. When I was with the dealer's financial manager, he also didn't even try to dissuade me from signing contracts. It was terrible, because now in order for me to terminate it unilaterally, I had to turn to professional specialists who are engaged in the termination of contracts. There really are such people, they help you close contracts if they can find loopholes in this very contract. I think you should think about it.
 
You must log in or register to reply here.

Similar threads

OutBreak
2019 Toyota Tacoma TRD Off-Road W/ Alu Cab $45,000 / 70,000miles / NOVA area
Replies
0
Views
2K
OutBreak
OutBreak
J
SOLD: 2017 TRD PRO, Barcelona Red – 15,121 mi – Puget Sound, WA - drop to $50K
Replies
1
Views
2K
runadun1220
R
Mark_BC
Snow and Sand: Mark_BC's Build Thread
2
Replies
26
Views
12K
Mark_BC
Mark_BC
B
Toyota Extra Care Protection - Is it worth?
Replies
0
Views
3K
Batang.Gapo
B
Johnny Utah
How auto dealers scam customers with inflated loans
Replies
15
Views
4K
3TonMike
3

Members online

Total: 3,383 (members: 1, guests: 3,382)

Forum statistics

Threads
278,316
Messages
3,554,123
Members
248,016
Latest member
Advally Service

Share this page

Trending content

Back
Top