kingsofcrunk

Ok, I have a 2006 GT with a 5 year extended warranty through Virgina Surety Company. The car was bought from a division of Lithia motors, so no Ford issued warranty here.

Anyways, lately I've been thinking about canceling it, and getting the prorated portion returned to me (only had the car about 8 months) as I want really want to put LT's on, and sure they wouldn't like that. On top of it, the extra money would be nice as it would fund most of the project (so don't bring Magnason Moss into this, as money is the main concern).

Anyways, I've been told I can cancel at any time, but reading the fine print it seems like a PITA. It states I have to submit written request to the dealer including VIN, make, model, and an odometer disclosure statement or a notarized statement showing the mileage.

WTF?

Also it states:

"All refunds will be paid to the Lienholder if any, otherwise to you."

WTF X 2?

Ok, so I can't just call the SOB's and tell them to cancel? And on top of it, they will send the refund to the lienholder? So if there's still a loan (which there is, I owe about 17k), the bank will get the f**king money and apply it towards the balance?

Please let me know if any of you guys have canceled a warranty, and what happened. I may be reading to far into this, but it does seem like a huge PITA!

GrayPony

If the extended warranty was part of the financed price the check will go to the leinholder.

mygt500

Sorry that is true and the difference that comes off the total amt owed will not get you a lower payment to offset buying new LT headers...... I would still cancel the extended warranty though but that is JMO

Nuke

ANY amount of money you can put towards the loan up-front comes off the principal and not the interest so it's still a gain in your favor and probably saves you more in the long run than you realize. Cancel it anyway.

MADSCOTSMAN

In 2002, I purchased a new PT Cruiser (I know, I know). I had an extended warranty on the car that was included in the financing through chrysler financial. I decided one day to cancel the warranty, thinking I would get a nice refund of the money. WRONG, the money was sent to Chrysler Financial and taken off of the principal balance of my loan. I did not see a penny, nor did my monthly payment change. I traded that car in after 2.5 years of ownership with the factory warranty still intact.

157dB

Follow the fine print and you will get the refund
credited to you on your loan. Its not that hard
to jump thro the hoops. Dont expect the dealer
to do anything for you unless continously poked
and prodded to get the refund processed.
It took me 3 months from the start of the refund
process but I got 100% of it back because of the
delay of processing. They came to me and verifyed
the mileage and all I have to do was sign and continue
to follow up on it weekly until it was finally a done deal.
$1795 refunded to my Ford Credit.
2 1/2 years later and no regrets for not having the warranty.

kingsofcrunk

Well that sux, I was hoping to hear "NO THEY SEND YOU A CHECK FOR TWICE THE AMOUNT NEXT DAY AIR!"

So 157db, how did you exactly manage to get it back to you? I financed through Compass Bank in Dallas (even though we don't even have one of those here) so I'm guessing they would just apply it towards principal. Really sucks, because if they do that I might as well keep the damn thing. I mean, if I cancel it, sure I'll owe like 3 less payments, but hell thats 4 1/2 years from now. Plus that was gunna kinda pay for the headers, pipe, and most of the install. Any other ideas? OR does anyone wanna give me a free pair of headers and pipe and install them for a 30 pack

Nuke

And here I thought extended warranties simply screwed you up front. Little did I know they screw you from behind, too. Glad I'm not an advocate of extended warranties (and here come the flamers that swear they save you money...).

kingsofcrunk

This is the way I look at it...

I don't plan to use it for little stuff like alternators, starters, etc since it has a $200 deduct. It's pretty much a forced savings account for the tranny. If something happens down the road to it, I pretty much have it prepaid. Other than that, yea, they are waste of time and money unless you have a $0 deduct which I should have gone with.

deekum1627

when i canceled mine on my truck they send me a check with the money back aslo i would do it either way you savin money