Cancelling an extended warranty?

[Brazos]

I bought a new 4wd 4-Runner last weekend. After a lot of research (this site was a big help) I chose the 4-Runner. I did well on the price. MSRP was $33,313 and I bought it for $26,000. I had to walk out of several dealerships but in the end I think I did ok. When signing the papers I got hit up for the extended warranty and though I refused it my wife was with me and made me buy it (7/75000 miles) for $1049. I knew it was a bad deal but did not want to make a scene with my wife so I rolled on it. Of course when we got home my wife said she wished she had not said anything about the warranty after thinking about it. My question is can I cancel it and get my money back (one week old, 150 miles on the vehicle). I have seen elsewhere on this forum people are buying 7/100,000 Platinum + Toyota warranties in the $780-$870 range. I would rather cancel what I have and spend less money for a better warranty.

Thanks,

Brazos

 

[dkovac]

yes you can call TFS and get all the info

 

[toto]

I believe you can cancel those warranties at any time and receive a pro-rated refund. So, it's not a matter of getting out, but whether you'll be able to get out with a full refund. Since it's only been a week, a pro-rated deduction can't cost that much.

I'd go back and talk to the dealer. If the pro-rated refund turns out to be a big cut, then maybe you can get the dealer to swap for a better warranty without any money changing hands. You know that if you can get it somewhere else at a better price, then your dealer can also offer you the better price.

 

[Brazos]

Thanks. When I get home I will find the paperwork and figure out who to call. Hopefully if it is prorated it won't be much. It shouldn't be anything since it is new and the extended warranty has not taken effect yet.

Brazos

 

[Uneek]

If you got the warranty through the dealer, the dealer will be the done that does the cancelling. I cancelled the Platinum warranty on my Tacoma after 45 days, decided I didn't need it. There isn't any proration within the first 60 days. After that, it's prorated and a $25 documentation processing fee. This was in 2005 when I cancelled mine, so somethings could've changed.