FRS Financing Question - Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community

applekash · 06-22-2013, 03:19 AM

My Series 10 should arrive on the 24th. But I happen to be in the same town the dealership is in today, so I went ahead and completed the financing paperwork. As I am certain about getting this car (I have have an FRS already) I wanted to get this out of the way.

The Finance Manager I worked out all the details with sold me one particular additional insurance coverage (Mechanical Breakdown). However, now that I'm reviewing all the information I realize now I really don't want this coverage. I've already signed all the paperwork but have obviously not taken physical ownership of the car.

Do I still have the right to cancel this additional warranty? This was done earlier today. I'm an idiot for accepting it. That aside, any options at this point? Thanks.

humfrz · 06-22-2013, 03:38 AM

No reason you can't cancel the coverage you don't want.

Most states have a 3 day "buyer’s remorse" rule on most purchases.

humfrz

ihaskrayon · 06-22-2013, 05:46 AM

As far as I know, additional warranties can be canceled at any time. I'm not 100% about it, but that's what I've been told from several people

forzajuve · 06-22-2013, 06:08 AM

Perhaps, but maybe try reading the fine print in the warranty and see what your options are. That should give you the true answer you are looking for.

thill · 06-22-2013, 10:37 AM

Since you don't actually have the car, I don't see how they can hold you to the warranty. Just call the dealer up and tell him you decided you did not need the extra warranty. I am sure they will try to pressure you to keep it, but just be firm that you don't need it.

bestwheelbase · 06-22-2013, 12:51 PM

Good answers in this thread. Be sure you get new paperwork outlining your finance details without this coverage. So you have it in writing should there be any confusion down the line.

applekash · 06-22-2013, 03:08 PM

Got word today. Apparently I can get a refund for the amount spent on the additional warranty and have it applied to the loan. Still sounds like a good idea at this point...

TRD-X · 06-22-2013, 03:17 PM

You can request to have the contract change as you don't have physical possession of the car yet.

retrosmiths · 06-22-2013, 03:17 PM

Extended warranties should have a 30-day grace period to cancel it for the full amount (minus cancellation fee of about $50). Then, it will either go towards your financed amount (most common, you'll be able to pay your loan off earlier but your monthly payments won't decrease) or you will get issued a check.

Source: Cancelled mine. I'm in CA, it might change by state.

Jambi5150 · 07-12-2013, 07:54 PM

I got a MUCH better deal on gap insurance and extended warranty through my credit union, where I also got my loan. Dealer wanted something like 1200 for a 6yr/70k extended warranty and I got a 6yr/90k through my CU for 300 bucks. I'd suggest never buy any options from the dealer. They always seem like a ripoff and I believe that's just a huge profit lever for them.

Jambi5150 · 07-12-2013, 07:55 PM

Also, gap insurance was like $300 I think, Dealer wanted like 700-1k (cant remember)

06-22-2013, 03:19 AM	#1
applekash Member Join Date: Jul 2012 Drives: Series 10 FRS Location: South Texas Posts: 57 Thanks: 53 Thanked 21 Times in 8 Posts Mentioned: 1 Post(s) Tagged: 0 Thread(s)	FRS Financing Question My Series 10 should arrive on the 24th. But I happen to be in the same town the dealership is in today, so I went ahead and completed the financing paperwork. As I am certain about getting this car (I have have an FRS already) I wanted to get this out of the way. The Finance Manager I worked out all the details with sold me one particular additional insurance coverage (Mechanical Breakdown). However, now that I'm reviewing all the information I realize now I really don't want this coverage. I've already signed all the paperwork but have obviously not taken physical ownership of the car. Do I still have the right to cancel this additional warranty? This was done earlier today. I'm an idiot for accepting it. That aside, any options at this point? Thanks.

06-22-2013, 03:17 PM	#8
TRD-X Senior Member Join Date: May 2012 Drives: Da-Big Banana Location: Myrtle Beach SC Posts: 1,199 Thanks: 1,311 Thanked 955 Times in 534 Posts Mentioned: 24 Post(s) Tagged: 2 Thread(s)	You can request to have the contract change as you don't have physical possession of the car yet. __________________ Supratwins/TRD-X aka Jim Gone to a higher plane of existence!

06-22-2013, 03:17 PM	#9
retrosmiths Senior Member Join Date: May 2013 Drives: Scion FR-S Whiteout Location: Hollywood, CA Posts: 962 Thanks: 297 Thanked 241 Times in 137 Posts Mentioned: 22 Post(s) Tagged: 0 Thread(s)	Extended warranties should have a 30-day grace period to cancel it for the full amount (minus cancellation fee of about $50). Then, it will either go towards your financed amount (most common, you'll be able to pay your loan off earlier but your monthly payments won't decrease) or you will get issued a check. Source: Cancelled mine. I'm in CA, it might change by state. __________________ 2013 Scion FR-S

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06-22-2013, 03:38 AM	#2
humfrz Senior Member Join Date: May 2013 Drives: 2013 FR-S, white, MT Location: Puyallup, WA Posts: 30,432 Thanks: 29,826 Thanked 32,845 Times in 16,844 Posts Mentioned: 715 Post(s) Tagged: 2 Thread(s)	No reason you can't cancel the coverage you don't want. Most states have a 3 day "buyer’s remorse" rule on most purchases. humfrz

06-22-2013, 05:46 AM	#3
ihaskrayon The Comedian Join Date: Jun 2012 Drives: SWP BRZ Limited Location: Irvine Posts: 969 Thanks: 94 Thanked 642 Times in 266 Posts Mentioned: 12 Post(s) Tagged: 0 Thread(s)	As far as I know, additional warranties can be canceled at any time. I'm not 100% about it, but that's what I've been told from several people

06-22-2013, 06:08 AM	#4
forzajuve Banned Join Date: Mar 2013 Drives: Ultramarine 86 - 6MT Location: California Posts: 533 Thanks: 184 Thanked 139 Times in 82 Posts Mentioned: 1 Post(s) Tagged: 0 Thread(s)	Perhaps, but maybe try reading the fine print in the warranty and see what your options are. That should give you the true answer you are looking for.

06-22-2013, 10:37 AM	#5
thill Senior Member Join Date: May 2012 Drives: 2020 SS1LE (previous 13 BRZ owner) Location: North Pole Posts: 2,753 Thanks: 328 Thanked 1,463 Times in 802 Posts Mentioned: 20 Post(s) Tagged: 0 Thread(s)	Since you don't actually have the car, I don't see how they can hold you to the warranty. Just call the dealer up and tell him you decided you did not need the extra warranty. I am sure they will try to pressure you to keep it, but just be firm that you don't need it.

06-22-2013, 12:51 PM	#6
bestwheelbase Join Date: Nov 2011 Drives: 1985 P-Type Location: Nashville, TN, USA Posts: 3,710 Thanks: 3,273 Thanked 2,058 Times in 1,098 Posts Mentioned: 50 Post(s) Tagged: 1 Thread(s)	Good answers in this thread. Be sure you get new paperwork outlining your finance details without this coverage. So you have it in writing should there be any confusion down the line.

06-22-2013, 03:08 PM	#7
applekash Member Join Date: Jul 2012 Drives: Series 10 FRS Location: South Texas Posts: 57 Thanks: 53 Thanked 21 Times in 8 Posts Mentioned: 1 Post(s) Tagged: 0 Thread(s)	Got word today. Apparently I can get a refund for the amount spent on the additional warranty and have it applied to the loan. Still sounds like a good idea at this point...

07-12-2013, 07:54 PM	#10
Jambi5150 Member Join Date: Jul 2013 Drives: FRS Firestorm 6spd Manual Location: So Cal Posts: 24 Thanks: 34 Thanked 10 Times in 5 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	I got a MUCH better deal on gap insurance and extended warranty through my credit union, where I also got my loan. Dealer wanted something like 1200 for a 6yr/70k extended warranty and I got a 6yr/90k through my CU for 300 bucks. I'd suggest never buy any options from the dealer. They always seem like a ripoff and I believe that's just a huge profit lever for them.

07-12-2013, 07:55 PM	#11
Jambi5150 Member Join Date: Jul 2013 Drives: FRS Firestorm 6spd Manual Location: So Cal Posts: 24 Thanks: 34 Thanked 10 Times in 5 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	Also, gap insurance was like $300 I think, Dealer wanted like 700-1k (cant remember)

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