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Warranty cancel within 30 days - dealer or TFS?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by ab-76, Sep 4, 2009.

  1. Sep 4, 2009 at 7:27 PM
    #1
    ab-76

    ab-76 [OP] Member

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    After some rethinking, reevaluating, etc., I have decided to cancel the Toyota Extra Care extended warranty purchased with new '09 two weeks ago.

    Looks like there are 2 options - do it through dealer or through Toyota Financial Services. I've read conflicting information about exactly what happens when you cancel (get a check? monthly payments reduced?), but I SUSPECT that you just receive a check.

    Is this true? Anyone know how long it takes? I'd rather receive a check than have my monthly payments reduced or worse - I read somewhere that they may apply it at the END of your loan!

    If anyone has done a cancel within 30-days, I'd love to know the route you took (dealer vs TFS) and what to expect. What do you do if they insist on not sending a check?

    Many thanks for any comments, suggestions! :)
     
  2. Sep 5, 2009 at 1:36 PM
    #2
    98tacoma27

    98tacoma27 is gooder 'en chicken Moderator

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    Unless you paid for the warranty upfront, I suspect they will just reduce your payment.
     
  3. Sep 5, 2009 at 2:14 PM
    #3
    NikonRon

    NikonRon Well-Known Member

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    You won't get a check and they won't reduce your payment. The money is applied to the principal on your loan. Ron
     
  4. Sep 5, 2009 at 2:26 PM
    #4
    DTacoms

    DTacoms Well-Known Member

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    I agree to both of them. I'll just elaborate...my opinion...

    If you paid the extended warranty up front, separate from the loan, I think you will receive a check.

    If you included it in the loan, you will not get a check or a reduction in monthly payments. But since the principal/loan amount has reduced, the number of months will eventually decrease (by 2 months or so).

    If you want to reduce your monthly payments, you can refinance after a year.

    By the way, if you want a Toyota extra care later, you can always buy it online before reaching 35K miles. This is why I did.
     
  5. Sep 5, 2009 at 2:39 PM
    #5
    Janster

    Janster Old & Forgetful

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    Not sure if Toyota's works like this...

    When you cancel, the refund will be pro-rated back to the original day you purchased the truck. You won't get 100% refund for the extended warrantee. They'll take off 2 weeks worth of warrantee coverage - and whatever they figure that out to be in $$.

    It's stupid. Even if you purchase an extended warrantee when your truck is 3 years old...... you could cancel it only 2 weeks after having ordered it and they'll still pro-rate it back to the first day you owned the truck.
     
  6. Sep 5, 2009 at 2:45 PM
    #6
    NikonRon

    NikonRon Well-Known Member

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    There is a 25.00 cancellation fee and no it won't be pro rated. I know I cancelled mine.
     
  7. Sep 5, 2009 at 8:45 PM
    #7
    ab-76

    ab-76 [OP] Member

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    Thanks for all the replies!

    I decided to call TFS instead of going to the dealer. They did a mild attempt at trying to get me to keep the warranty but it was handleable. :)

    I do have a loan through TFS, therefore the refund will be applied to principle at the time of cancellation. It will be cancelled within 30 days, so the full amount will be refunded. They didn't say anything about the processing fee, but I won't be surprised if it's deducted from the refund.

    They also said you have to submit a letter in the mail stating that you want to cancel and that you understand the refund will be applied to principle blah blah.

    The letter thing makes me nervous but I figure I can send two copies from two different post offices on different days to make sure it gets there - or just send it with delivery confirmation @@.

    The whole process should take 2-3 weeks which is less than ideal, but ehh, no complaints.

    Thanks again for all the helpful repies![​IMG]
     
  8. Oct 26, 2009 at 7:25 PM
    #8
    ab-76

    ab-76 [OP] Member

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    OEM intermittent wipers woohoo!
    Mailed a letter on Sept. 11, TFS 'processed' it Sept. 19th, and the credit was received on 9/24. Not bad. Got almost the full amount - there was a $25.00 deduction for a 'processing fee.''
     
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