Canceling an extended auto warranty can be a tricky process, but it doesn't have to be. Knowing the right steps to take and understanding your rights as a consumer can help make the process easier. In this article, we'll provide a step-by-step guide on how to cancel your extended auto warranty. The first step is to contact the dealer where you purchased the warranty.
You may need to fill out a cancellation form, so be sure to get a copy signed by a dealer representative. Keep copies of your cancellation form or letter and any other relevant documents. Instead of a letter, a phone call could initiate the cancellation process. Contact the company, explain to them that you want to cancel, and follow the instructions on how to perform that task.
Expect the warranty company to try to keep your business. Later on, your call will be directed to a retention specialist whose job is to keep you as a consumer. If you cancel by phone, get the contact's name and a cancellation number. To cancel your car's warranty extension, you'll need to fill out a form specifying your mileage and the date of cancellation, and then you'll need to get a signed copy of the form from the dealer. The most direct way to cancel the extended warranty is to contact the dealer's accounting department.
The accounting department is usually responsible for processing cancellation and refund documentation, so this is the fastest way to complete the cancellation of the extended warranty. Be sure to write down the name and phone number of the associate who helped you. Even if you're happy with the warranty, there may be a time when you no longer need or want coverage, in which case it's time to cancel it. Here's some good news, as you'll most likely be able to cancel. The bad news is that companies don't always make things easy. The first and most important thing to remember when buying an extended warranty is that you may not need any warranty.
If your car is relatively reliable and you've proven that it's not a big money pool, the extra cost of an extended warranty could be a waste for you. If you've decided that an extended warranty is best, be sure to compare prices to find the coverage and prices that best suit you. Most warranty providers offer several levels of coverage so you can choose the policy that fits your needs. The bottom line is that you have as many rights as your warranty contract says. Your rights also depend on the laws of the state in which you purchased the policy.
If you bought an extended warranty and the contract says it's non-refundable, you might not be lucky. The same goes for transferability, which can vary from one provider to another. How the cancellation works depends on the company and how you decided to pay for the plan. If you pay monthly, you might not see any refund checks. For more information on this topic, take a look at the 10 best extended warranty companies in the industry here.
Toco Warranty Corporation is relatively new to the industry, but it's making a splash. They maintain a strong reputation with an A+ rating from the Better Business Bureau. Toco is known for offering affordable plans with no down payment and the ability to pay in monthly installments. First, make sure that the warranty you purchased can be canceled. Contact your warranty company and express your desire to cancel your service.
Be prepared to stand firm in your decision, as many warranty companies will work hard to keep you as a customer. Yes, but you need to know what you signed up for. If they tell you that you can't cancel, but your contract says otherwise, you'll need to be able to rely on facts to get what you want. Many guarantees are transferable, but you'll need to check your contract to make sure. You may be charged an administrative fee or a transfer fee, and you may need to complete documentation before the next person can take advantage of coverage. The best way to get a good price is to compare offers.
Most dealers will ask you to complete a physical cancellation form, which you can mail or take directly to the dealer for faster processing. If you are just a short drive from your dealer, we recommend that you bring it yourself for faster processing and obtain a copy of the letter with the dealer's signature. If buying an extended auto warranty was an impulse decision and now regret it, canceling it could put hundreds of dollars back in your pocket. That should give enough time and experience with your vehicle so that when evaluating if an extended warranty is worth investing in or not. If your extended warranty was provided by well-known manufacturers such as Ford, Honda or Audi then it's likely an OEM extended warranty. On top of all that if thinking about getting an extended warranty from third-party dealers then reconsidering might be worth it. If choosing to cancel the extended warranty within the fixed cancellation period then you'll receive a FULL refund.
First off contact the car dealer where you bought your car and let them know (most likely you'll talk with financial manager) that you want to cancel. Andy Meisler was offered an extended warranty when buying his Toyota Prius but he decided not to accept.
The process of canceling
the extended warranty isn't complicated but involves some waiting.
An extended auto warranty is great option
to guarantee coverage after
the factory one ends.
If following these steps then
you can be sure
to cancel without any problem.
It's true that being prepared and having peace of mind when...
