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.

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

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

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.

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.

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.

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...

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

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.

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.

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