Just mailed letters to cancel my extended warranty and add-ons.

[loading_please_wait]

So I picked up my 2015 FR-S a week ago, January 24, 2015 in one of my favorite colors, red. I have been thoroughly enjoying it.

I was unfortunately sold overpriced warranties IMO:

• 7 yr/100k, $0 deductible extended warranty, administered by Fidelity Warranty Services - $2613
• 6 year, Tire Roation/Oil Change at every 10k miles, administered by Consumer Program Administrators- $390
• Dent Protection, 5 years, administered by DZAF, Inc. - $439 after some research, paintless dent remover companies in my area charge $50-$100 for up to 5 dents on a panel.
• Road Hazard, covers rims, stock tires, and replacement tires, 5 year, administered by Safe-Guard Products International - $429
• Gap, administered by Safe-Guard Products International - $799, ....... My insurance actually has a gap like program, loan/lease payoff, covers 25% of the total of the vehicle in the event of a total loss. This is $11 on my monthly insurance.

Total = $4670

The finance person spun it like this, "How would you like to have your same monthly payment and have all these wonderful warranties?" He never mentioned how much each of these were. This is an error on my part in hindsight for not being diligent. Basically he lowered my APR, and extended my loan to make it the same price after including these add on warranties. Started at:

• it started at 72/mo at $414, 5.9% apr
• with gap he said it was 72/mo $463 at 5.9 apr..... after doing some number crunching during the week the jump from adding $799 bucks worth of Gap did not add up to what would be a $463 payment at 5.9%apr.
• with the extra warranties mentioned above, he finally mentioned 75/mo $463 at 4.9% apr!

I took it, and in turn added $4670 to my principal balance. He used some very unscrupulous tactics. I voiced my concern to him later in the week and he said (paraphrasing), "Alright, we can take them off, no problem. We just have to wait 45 days so your first payment can get to the bank." This made me scratch my head, because all of my contracts state I can cancel anytime, and before 30 days it's a full refund of the price. I was told by others this is so he doesn't lose his commission.

Furthermore, in hindsight, I probably should have gotten pre-approved at a credit union before hand. My apr would have been lower per the finance person if I decided to finance by myself instead of adding my spouse who didn't have a credit history, she pays everything in cash or debit, but we decided we wanted to build her credit for future purposes.

I'm currently shopping around for reasonably priced extended warranties, hoping to pick one up before the 36k/3yr warranty expires and/or simply deposit the money I would spend for a warranty into savings or a good interest bearing account.

I also mentioned to him that I've been doing research on different warranty prices at different Toyota/Scion dealers, and I said that many dealers offer comparable warranty coverage for less than half the price. The finance person also said (paraphrasing), "Don't listen to them. They are lying. All warranty prices are state regulated and are all the same price across dealers." This put up a red flag in my head.

After some research and help I found this - http://www.myfloridacfo.com/division...m#.VMvV_2h4reE In Florida, warranty prices are not state regulated.

I mailed my cancellation letters this weekend for all my warranties. I think two of the five I may be receiving further instructions, the GAP and the 7yr/100k warranty.

I was so stressed this entire week regarding these warranties, and I think I made the right call for myself.

Otherwise, I love the car. There have been some issues that have been bugging me, minor - hard to shift from 1st to 2nd after cold starts. I'm learning more on how to remedy this. Today, I'm getting this clicking noise while braking in neutral which is odd. I'm trying to do more research on that.

[Teseo]

Cancel it, must delear will not cover warranties. The time you cross the door
and say "something wrong, its broken etc" the tech/manager will says you did it.
So why waste money on it?

[86geek]

Whoas! my extended warranty was only $1200.00. Hope everything works out for you.

[zeal86]

I let the finance guy sweet talk me too... then I was like "I'm going to mod the hell out of this ride" so I'm not going to need this. If I cause an issue I'll fix it myself. I canceled mine within a week!

However, money was applied toward my loan...that's all the finance guy said he could do... I was okay with that though.

projekt zeal86 build

[marky]

holy oil change every 10k.. they want you to blow your motor or what? 7500k under is what recommended to change oil.. i do mine under 7k..

omg someone correct me if im wrong

[Koa]

Originally Posted by loading_please_wait

Otherwise, I love the car. There have been some issues that have been bugging me, minor - hard to shift from 1st to 2nd after cold starts. I'm learning more on how to remedy this. Today, I'm getting this clicking noise while braking in neutral which is odd. I'm trying to do more research on that.

The hard shift is due to today's performance oriented gearboxes having such tight tolerances. It's completely normal- don't worry. Here's a tip for when your gearbox is cold: when starting out, hold the gear in first a little longer to get some heat and oil though the synchros for second

You made the right call about canceling that warranty suite. What a bunch of garbage.
And this is an opinion, but extended warranties are near worthless if one doesn't factor in "peace of mind". Recent studies show that upwards of 90% of those types of extended auto warranties do not pay out more than the cost of the warranty.

[IDFWU 420]

Basically the same shit happened to me, same situation as yours. I went back the next day wanting to cancel my extended warranty and he then proceeded to tell me my APR % will go back up to what was originally discussed about the day before, I said fine, I don't care, take it off.

So he did, now my APR % was back at what it was originally at before he tried offering me stuffs to lower it down.... BUT guess what, within a few weeks later. I received an email from TD finance, the company I'm paying my monthly to said I'm automatically qualified for a lower APR % to exactly the same what the finance person offered me before, BUT only if I buy their add-ons.

So basically, the finance guy already knew in the first place my APR % would go down because I'm 100% sure he knew the workaround of this so then he would minipulate his sales tactic into thinking your APR % can only go down if you buy their add-ons shit.

Fuck you Toyota of Torrance !

[loading_please_wait]

Originally Posted by IDFWU 420

Basically the same shit happened to me, same situation as yours. I went back the next day wanting to cancel my extended warranty and he then proceeded to tell me my APR % will go back up to what was originally discussed about the day before, I said fine, I don't care, take it off.

So he did, now my APR % was back at what it was originally at before he tried offering me stuffs to lower it down.... BUT guess what, within a few weeks later. I received an email from TD finance, the company I'm paying my monthly to said I'm automatically qualified for a lower APR % to exactly the same what the finance person offered me before, BUT only if I buy their add-ons.

So basically, the finance guy already knew in the first place my APR % would go down because I'm 100% sure he knew the workaround of this so then he would manipulate his sales tactic into thinking your APR % can only go down if you buy their add-ons shit.

Fuck you Toyota of Torrance !

That's awesome. Good for you! I think that's nice that the finance guy you dealt with let you do the cancellation right away. When I talked to him, it was over the phone and he said it's a no can do before your first monthly payment. The bank won't allow it. I'm like what in the world? That's also good that you got your original apr!

Anyways, I'm going to call the warranty administrators in a week to see if they all got my cancellation letters. If they did, I think I'm going to drop by the dealership to let the finance person know I'm going through the motions of the cancellation process before that 45 day mark he mentioned. He may get mad, I'm not sure. I am told that doing it early like this affects commissions.

Like I said in my original post, I think I have to go back to get some signatures for some of the contracts for cancellation, so I'm not trying to be too rude about it.

Begin rant....

I wish the finance person was just straight up with me and told me the truth or gave me all the facts, but I guess that was an error on me due to my ignorance and attention to detail. Anyways, as time goes on, I keep uncovering his lies, half truths, and truth omissions. It's ridiculous! I just wanted to buy a car for a fair price with no BS.

I wish it was, here is the price of the car, here is the price of optional warranties line by line, here is the price of accessories..., here is the math and tables for all these combinations, including a loan amortization table. I digress. Weirdly enough, when an ex-girlfriend bought her Lexus and shopped BMW's and luxury brands she got better treatment and all that information I mentioned up front.

I know finance people and salespeople of these dealerships have to make money and eat and all that jazz, but I feel like there is a lack of accountability, oversight, idk... and then unsuspecting customers get shirked. These things becomes a strain when I could have just been enjoying the new car.

Also, You know what also grinds my gears, I believe in a system where competition from other dealers should drive down prices. I asked over the phone for their maintenance prices to shop around. The scheduler said she doesn't give that information over the phone. I was like. You've got to be kidding me. I got this experience from a few local dealers over the phone. When I lived in my old city, that information was readily available over the phone.

Sorry, ...end rant.

[Akari]

Yeah, it's unfortunate that finance people at dealerships are sales people instead of trying to save their customers money.

I got the same sales pitch and basically just said I'm not interested in any of it, you're only wasting your time.

[IDFWU 420]

Originally Posted by loading_please_wait

That's awesome. Good for you! I think that's nice that the finance guy you dealt with let you do the cancellation right away. When I talked to him, it was over the phone and he said it's a no can do before your first monthly payment. The bank won't allow it. I'm like what in the world? That's also good that you got your original apr!

Anyways, I'm going to call the warranty administrators in a week to see if they all got my cancellation letters. If they did, I think I'm going to drop by the dealership to let the finance person know I'm going through the motions of the cancellation process before that 45 day mark he mentioned. He may get mad, I'm not sure. I am told that doing it early like this affects commissions.

Like I said in my original post, I think I have to go back to get some signatures for some of the contracts for cancellation, so I'm not trying to be too rude about it.

Begin rant....

I wish the finance person was just straight up with me and told me the truth or gave me all the facts, but I guess that was an error on me due to my ignorance and attention to detail. Anyways, as time goes on, I keep uncovering his lies, half truths, and truth omissions. It's ridiculous! I just wanted to buy a car for a fair price with no BS.

I wish it was, here is the price of the car, here is the price of optional warranties line by line, here is the price of accessories..., here is the math and tables for all these combinations, including a loan amortization table. I digress. Weirdly enough, when an ex-girlfriend bought her Lexus and shopped BMW's and luxury brands she got better treatment and all that information I mentioned up front.

I know finance people and salespeople of these dealerships have to make money and eat and all that jazz, but I feel like there is a lack of accountability, oversight, idk... and then unsuspecting customers get shirked. These things becomes a strain when I could have just been enjoying the new car.

Also, You know what also grinds my gears, I believe in a system where competition from other dealers should drive down prices. I asked over the phone for their maintenance prices to shop around. The scheduler said she doesn't give that information over the phone. I was like. You've got to be kidding me. I got this experience from a few local dealers over the phone. When I lived in my old city, that information was readily available over the phone.

Sorry, ...end rant.

Best of luck. Yeah, fuck the finance guy, all he's doing is trying to make comission off you. When the finance guy was rewriting my contract, you can tell he had a mad frown while I told him to take that shit off.

[PhantomX]

Gap isn't offered by insurance companies like finance companies do. Whether you finance in-house or through a bank, they offer gap to you for a reason, and it's not to line their pockets. In the event of a total loss accident, insurance companies will cover 100% (some will cover even less) of the current worth of the car. If you happen to owe more than what the car's worth, gap will cover the rest.

Originally Posted by marky

holy oil change every 10k.. they want you to blow your motor or what? 7500k under is what recommended to change oil.. i do mine under 7k..

omg someone correct me if im wrong

Non-synthetic oil = 5k
Synthetic oil = 10k

It used to be every 3k back in the day, but now it's longer.

Check-ups are every 5k with the major ones being at 30k intervals.

Info from a service advisor.

I personally think the extended service is worth it. It has nothing to do with whether or not your car is modded and it's not a warranty.

Extended warranties in the other hand... Pointless when you're modding and more than likely will void them.

[Akari]

Originally Posted by PhantomX

Gap isn't offered by insurance companies like finance companies do. Whether you finance in-house or through a bank, they offer gap to you for a reason, and it's not to line their pockets. In the event of a total loss accident, insurance companies will cover 100% (some will cover even less) of the current worth of the car. If you happen to owe more than what the car's worth, gap will cover the rest.

Isn't that exactly what GAP insurance sold by insurance companies is?

[PhantomX]

Originally Posted by Akari

Isn't that exactly what GAP insurance sold by insurance companies is?

Sorry. Yes. The pizza and hotwings are making me really tired and therefore my brain is not running at 100%. What I was trying to point out is gap is actually really important. The difference is you either pay for it now in full or you pay it over time with whatever company you go with. Just make sure you find out exactly to what extent they cover.

[TheVoiceOfReason]

Originally Posted by loading_please_wait

I know finance people and salespeople of these dealerships have to make money and eat and all that jazz, but I feel like there is a lack of accountability, oversight, idk... and then unsuspecting customers get shirked. These things becomes a strain when I could have just been enjoying the new car.

These things will continue to happen as long as people out there still fall for what the salespeople tell them (sorry, but that is forever probably). Everyone in this thread is smart enough to see why these extended warranties and such are not good for the customer, even if it wasn't while in the dealership. A "good" salesperson makes people believe they are getting a deal whether they are or not. If they didn't they wouldn't make as many sales, and wouldn't be "good." It makes more money, so they wont be held accountable for it. Most people drive off the lot, start paying their payment, and don't think twice about the extras they were talked in to in the price.

I also got the idea that the people at the dealership I went to didn't actually know all of the details about what they were trying to sell me anyway. They told me that VSC sport would hold my car flatter in the corners. So, they may not be able to be upfront with you if they don't actually know what they are talking about in the first place.