How exactly do you cancel a Vehicle Extended Warranty? Read below to find out how!
Finance managers tend to make quite a profit when it comes to any given auto extended warranty. As a consumer, you may have decided that you've gotten a raw deal. Whether it's because you think you're paying too much, you won't need the security buffer, or you would rather cover repair expenses yourself, you may want to cancel your warranty.
The good news is that you can cancel your auto extended warranty at any time, for any reason, and don't believe anyone who tells you otherwise. The bad news is that the previously mentioned finance managers don't want you to do so. Everyone involved in the car dealership business made a profit from you, and the finance manager may lose his profit or commission if you cancel your policy. Know your rights. You are allowed to cancel, and if it's within 30 days of purchase you can get the entirety of your money back. After 30 days you will get varying amounts depending on how long the coverage has been in effect and the mileage on the car.
The easiest way to cancel your auto extended warranty will be to go back to the dealership in person. You know that they're going to stall, wheedle and even just "forget." Bring all your paperwork with you and ask to speak to either the finance manager or the office manager. Cancel your policy and make sure that you ask for a copy of the paperwork. This is the most important thing to remember. The longer the dealership waits to send in your paperwork, the less money you will get in return. If you have a dated copy then you have proof of the day that you reached an agreement and it won't matter if the dealership "accidentally" loses your papers.
Once you have the signed and dated paperwork, you should be good. The process will take awhile, so maintain contact with the office or finance manager to make sure everything goes smoothly. After a month or maybe two, your auto extended warranty will be canceled and you'll know your money is safe.