Ahh...so you financed the extended warranty. Yes, then it goes back on the loan.

You don't get money back, because you never put any money toward it - the bank did.

This is the way it is intended to work; your payment would never change once the terms of a loan are established.

About how much is your monthly payment?

 

Yea I never save money, so I finance everything!
My payment is around $600 a month. The warranty added about $40 a month.
I am not sure what to do now...

 

$600 a month. Wowzers. BMW 5 series range...

That's used to be my monthly rent many moon ago.

 

Well, ok, so you won't save any $ per month, but if you feel you overpaid for the warranty, then cancel it. Then you've reduced what you owe on the loan by the amount you paid (or overpaid) for the warranty. If you go full term on the loan, it will be paid off much sooner. Or, if you sell the car prior to it being paid in full, it wil have a lower payoff.

 

What rate and length did you get for your loan? You could always go refinance it if you can get a better rate.

I got financed through Toyota because they agreed to match the rate given to me by State Farm so that they could do the sale on Wed. instead of Saturday. Then my State Farm rep came back saying I had qualified for a lower rate. Once I get my loan number I am just going to finance through them.

 

I would have to look at my paperwork, but I think my rate is 6 or 7% and the length I think is 5 yrs
Thats what I get for not saving money!
I got the loan through Toyota financial. I think I will cancel it and wait a few months and just buy a warranty cheaper elsewhere.

 

How much are other peoples payments? I have the loan out for like 5 years I think, The only way to get it cheaper monthly would be to put a huge downpayment right? I looked at BMW's, they were in the 700-800 dollar range for me.

 

Mines going to be $455 for 72 months. I was going to do $550 for 60 but I got 5.58% for 72 months. It's about $1000 more in interest over the life of the loan if I calculated correctly. Also mine was an '07 with 11209 miles on it and fully loaded. If I can get a yearly MPG AVG of 37 then I will save about $1400 per year in gas.

 

I don't know my exact payments (~ 500) but I got 5.39% through Toyota Finance on my 09 TCH. I had been pre-qualified through Costco (CapitalOne) with 5.39 and the dealership Finance dept was happy to match that. Original offer was I think 5.99% ... Something else I learned with this purchase.

 

I normally don't buy extended warranties. I got it on the TCH since mine is a 2007, first model year. I am glad I did. I had the rear reading lights go out (I have a sunroof) and it cost toyota $8900 to fix. This included two tries at a wiring harness, and four of the five computers that have to talk to each other to "start" the car. It also included 35 days worth of rental car fee. This was all covered under the normal warranty, but my point is these cars are expensive to repair.

YMMV. I hope it does!

I don't have a car payment. I am alergic. ;-)