How to Cancel an Extended Auto Warranty
Cars are a wonderful way to get from one place to the other, but can also comes with strings attached if you aren't careful. When looking for a car, the employee helping you may suggest getting an extended auto warranty to cover parts and labor for another 50,000 to 100,000 miles. At first glance, the warranty sounds like a good idea, but pay close attention to the price. You may end up wanting to cancel the contract.
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Instructions
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Call the car dealership from which you purchased the car and find out the work schedule for the employee who sold you the warranty. This person is probably a finance manager. By calling you can save yourself an unnecessary trip to the dealership.
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Go to the dealership when the finance manager is working and request a short meeting. Hand them your warranty and ask to have it canceled. In most cases, the finance manager will get a cancellation contract for you both to sign; however if you have owed the car for a while or put many miles on it, you might find it harder to get out of the contract.
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Ask for a copy of the cancellation contract once it's been signed by both parties.
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Request the contract be processed immediately. This might require follow-up on your part since the dealership loses less money on the warranty as time passes.
Normally refunds take a few months to process.
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Tips & Warnings
If you financed your new vehicle, the warranty was probably included in the price. Your refund on the warranty should then be deducted from the total amount you owe on your car.
References
- Photo Credit car image by sasha from Fotolia.com
