Correct way for cancelling a extended warranty?

kn1ghtrydr

New member
What's up,
I just recently purchased a new 4R (black SR5) and I unfortunately was fooled by my local dealer into believing the 6 yr/100,000 mi platinum warranty he sold me was discounted to 1639 from 2000 dollars (great deal I thought), and after i got home with my new car I went online and saw how much I overpaid.
Fortunately I still had some paperwork to do (got my bank to finance me at a lower rate) so today while I was signing the new contract (I bought the car Saturday) I said i wanted to cancel the extended warranty. The finance guy told me that they already sent the paper work in so they couldn't take it out of the contract, but we could fill out a cancellation form. He then said that the refund check would go directly to the bank and it would take 4-6 weeks to see the difference in my amount owed to the bank. Does this sound right, or are they trying to trick me again? I do have a copy of the cancellation form though (signed and dated) and everything seems legit, but I just want to make sure!
Thanks for reading, and thanks again if you have any info on this matter.
Jake

Also is the prepaid maintance program good at any dealer? They charged me 60 dollars for it! If it isn't I'll have to drive way out to where i bought the car (don't want to waste my money)!
 
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Sounds like your bank could answer about the refund - might be you just skip first 2 months payments --- or more likely (to their benefit) the last 2! What kind of prepaid maintence can you get for $60? That's like 2 oil changes.
 
cool

What's up,
Yeah I'm going to call the toyota hotline with my policy number to make sure it's cancelled!
Thanks,
Jake
 
Sounds about right. I went back to the finance manager at the dealer and he submitted the paperwork for the cancellation. Canceling within 60 days is a full refund, after that it's prorated and a I think a $25 or $50 processing fee. My refund check came back from Toyota, I think it took a couple weeks.
 
sounds good...

What's up,
Thanks for the info Uneek! Suprisingly the financing guy didn't put up much of a fight to stop me from cancelling the warranty so I was kind of suspicious!
Jake
 

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