Extended Warranty Cancellation Question

[jegreenwood]

Extended Warrantey question:

I ended up buying a 100k mile bumper to bumper extended warranty, when I bought my Runner a few months ago.

I added it to my payment, because I didn't know what exactly I was getting into, when buying the Runner. Since it was used, I took the cautious route and elected to go with the warranty.

It tacked on about $2000 to the out the door price. After owning the Runner for 2 months, I now see that it is in great shape (it was a certified pre owned, but can never be too sure).

I feel like I won't have any problems with the Runner before the 100k mile mark.. so the extended warranty seems like a waste of money. Not to mention, there is a $50 deductible for every repair done under warranty.

Has anyone here bought a warranty, then cancelled it? Is it even possible? I am only like 4k miles into my warranty, lol.

OR, would it be advised to just keep the warranty since I have it. Kind of like 4x4. Better to have it and not need it, then to need it and not have it.


BTW, it would take my payoff price down $2k, and give me ~$7-8k of positive trade equity.

 

[Cndnmax]

Is this a Toyota extended warranty or a 3rd party one? The cancelation are usually found on the contract. Toyota will prorate, 3rd parties generally have a 30day cancelation.

 

[Kashoggio]

It’s possible, look at the fine print on the copy of the paperwork. Call them and see where you stand. usually you do not get the full amount back but a prorated amount. Just remember you monthly payment does not change, you finance what you financed. You will her a refund check

 

[4RN4FUN]

Extended Warrantey question:



I ended up buying a 100k mile bumper to bumper extended warranty, when I bought my Runner a few months ago.



I added it to my payment, because I didn't know what exactly I was getting into, when buying the Runner. Since it was used, I took the cautious route and elected to go with the warranty.



It tacked on about $2000 to the out the door price. After owning the Runner for 2 months, I now see that it is in great shape (it was a certified pre owned, but can never be too sure).



I feel like I won't have any problems with the Runner before the 100k mile mark.. so the extended warranty seems like a waste of money. Not to mention, there is a $50 deductible for every repair done under warranty.



Has anyone here bought a warranty, then cancelled it? Is it even possible? I am only like 4k miles into my warranty, lol.



OR, would it be advised to just keep the warranty since I have it. Kind of like 4x4. Better to have it and not need it, then to need it and not have it.





BTW, it would take my payoff price down $2k, and give me ~$7-8k of positive trade equity.

Service contracts can be cancelled, it’s a requirement by most states. Also, if you cancel within a certain time frame (60 days generally) you could get a full refund instead of a pro-rated amount as long as no claims have been made. Lastly, the refund will go to your lender since they hold the note on the vehicle. Good luck!


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[philsey]

@OP I think it hinges on which contract you have: a genuine Toyota or something 3rd party.

Genuine Toy usually rebateable, 3rd party who knows. You have to read the contract and talk to your dealer.

Your rebate will be a little complicated, as they'll not give it back to you, rather the loan holder. Hard to say how they'll apply it to your loan. You still have homework with that.

 

[jegreenwood]

Service contracts can be cancelled, it’s a requirement by most states. Also, if you cancel within a certain time frame (60 days generally) you could get a full refund instead of a pro-rated amount as long as no claims have been made. Lastly, the refund will go to your lender since they hold the note on the vehicle. Good luck!


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Thanks for the help. This is the actual warranty that I bought. The CPO platinum wrap warranty, that covers bumper to bumper 100k miles

 

[kcp1158]

Was your Toyota purchased at a Toyota dealer? If so the certified pre owned warranty Toyota offers free is a good deal. https://www.toyota.com/content/ebrochure/toyota-certified.pdf

If you bought your 4Runner somewhere else and as long as you maintain it, you shouldn't have issues. I don't like aftermarket extended warranties. ( Lost my A** on one because they went out of business.) I think you can sell off your extended warranty, check on a genuine Toyota extended warranty and still get money back. Check with different dealers because you'll find different prices on the same warranty.

 

[jegreenwood]

Was your Toyota purchased at a Toyota dealer? If so the certified pre owned warranty Toyota offers free is a good deal. https://www.toyota.com/content/ebrochure/toyota-certified.pdf

If you bought your 4Runner somewhere else and as long as you maintain it, you shouldn't have issues. I don't like aftermarket extended warranties. ( Lost my A** on one because they went out of business.) I think you can sell off your extended warranty, check on a genuine Toyota extended warranty and still get money back. Check with different dealers because you'll find different prices on the same warranty.

Yea, I bought a CPO from Toyota of Dallas. I think I am going to do what you were saying. Drop the MPP and either not pick up another warranty or just go with a genuine Toyota extended. I honestly don't see the 4Runner having any problems, but you never know. Just don't feel like I will have enough "warranty" work, to make the $2500 service contract justifiable.

Here are the items not covered under the MPP platinum wrap warranty. This might be the norm.. not really sure, as every vehicle I have owned, I sold/traded before the factory 36k mile warranty ran out.

Items not covered:
Unless required in connection with the repair of a Covered Part due to failure, the following are not covered under this agreement: engine tune-up, suspension/wheel alignment, wheel balancing, filters, lubricants, engine coolant, fluids, air conditioning recharging, spark/glow plugs, brake pads/brake linings/shoes, and manual clutch disc lining, or any maintenance services and parts described in the manufacturer’s maintenance schedule for your vehicle.

Other parts not covered (except as described under Care Coverage) are glass, lenses, tires, wheels, wheel covers, hard and soft trim, weather strips, convertible or vinyl tops, moldings,
bright metal, sheet metal, body panels, body parts, bumpers, chassis frame, cross members, body rails, body hinges, carpet, upholstery, paint, belts and hoses, exhaust system (except exhaust manifolds), catalytic converter, brake rotors and drums, shock absorbers, spark/glow/plug wires, batteries, hybrid/lithium/high voltage battery pack, battery cables, wiper blades or inserts, keys/key fobs/transponders/keyless remote switch. In addition, correction of air and water leaks, wind noise, squeaks and rattles, and contaminated fuel systems are not covered.

 

[jegreenwood]

Then the site says it covers this.. which makes no sense lol.

 

[philsey]

Well, it's not Toyota. You paid a SHIT_TON for it. The dealer finance guy should have given you four reach-arounds, 2 gift certificates for dinner, and lifetime oil changes. He/she loved you.

And getting a claim repair from another dealer would likely be complicated.

GFO. You'll be lucky if it's easy.

 

[SR5Bart]

^^ Yeah you paid that finance guys mortgage for this month. They shouldn't be selling a 3rd party warranty on a certified vehicle. He should have sold you the certified wrap.

If it was Toyota I would give you a number you can call and they would put the cancellation towards your payoff. Since its 3rd party I can not be much help

 

[jegreenwood]

^^ Yeah you paid that finance guys mortgage for this month. They shouldn't be selling a 3rd party warranty on a certified vehicle. He should have sold you the certified wrap.

If it was Toyota I would give you a number you can call and they would put the cancellation towards your payoff. Since its 3rd party I can not be much help

They had already given me $3k more on my trade, than any other dealer, so it cancelled itself out. I will call and cancel it. I don't think I will be in the 4Runner for much more than a year, anyway. I already have the itch to get another Tundra, lol.

 

[philsey]

I will call and cancel it.

Get Documented.

I don't think I will be in the 4Runner for much more than a year, anyway. I already have the itch to get another Tundra, lol.

Wow.