Hi everyone, I am new to this site (I know it is obvious), and just realized that I was sold the " 6 year/75000 miles Toyota Extra Care Vehicle Service Agreement" for $2800 which is by far higher than what I should have paid for, and to add insult to injury, I do not get any service for my vehicle. I pay for all of the maintenance( oil change, tire rotations, etc.). I was reading through a thread that mentioned trying to get some portion of that amount back (prorated) and purchase a more reasonably priced plan.

I would like to get some advice on this so that I could know what steps to take. I purchased the vehicle on September 13, 2006 without properly researching about a new vehicle purchase. Any help would be greatly appreciated. Thanks.

 

TYpically these warrantys can be refunded at a pro-rated charge. You might want to check on that.

 

Wow, you did get raped. I don't think you can do a thing.

 

Incorrect. You are not screwed. Just take a deep breath and follow these instructions.

If you read the fine-print of the service contract, it says you can refund it for a pro-rated amount at any time during the life of the contract. You will not get a full refund because it is past 30-days since you purchased the contract. However, since it has only been a few months/miles into the contract, the refund will still be a very significant amount and worth pursuing, as you will still save over $1500 in the long run. I think since you are past your initial 30-days, you now have to cancel the contract directly with Toyota Financial Services. Again, read the fine-print on the contract, there are clear instructions what to do.

Once you get your refund from TFS, purchase the extended contract from one of the service dealers mentioned in the other "extended warranty" threads. I personally recommend Midwest Superstore Toyota who had the 7y/100k/$0 Platinum for $990 the last time I looked (back in Aug 06). There is no rush on this, you can purchase the extended warranty anytime before your factory 3y/36k warranty expired, however there is no guarantee that the price of the service plan will not increase.

FINANCIAL IMPLICATIONS - Note that if you rolled your original service plan into your lending note, they will apply the contract refund to your outstanding balance on the note, but they will not reduce your monthly payment. You will simply pay off the note a couple of months early. That means that when you go to purchase the new service plan from another dealer, you will have to buy it with "new money" out of your pocket. You will save money in the long run, but just realize that you have to put out this extra money in advance, which maybe not everyone can afford to do.

Don't worry, you aren't the only one that was fooled into this con, I also bought the Platinum plan from my dealer for $2200, but I learned what to do from this forum before my 30-days were up and managed to get a full refund. The dealer will give you all kinds of excuses and run-arounds about not being able to cancel your contract, because they are about to lose a big chunk of profit. But TFS will treat you fairly, because there is no real gain for them to not cancel your contract per your request.

Let us know how it turns out.

 

It is HORRIBLE how much dealers make off of this. I will tell you that I was offered 4 differnt plans. I took the cheapest and mine was $1100 8yr 100,000 mile. The plan changes for different areas of the country. Do you know if you just have the basic plan?

Did you pay out of pocket for the warranty or is it rolled into financing? If it is rolled into financing you are going to have to pay out of pocket for the new one.

 

Thank you so much guys, I'll post updates as time goes on. Once again, thank you, thank you, I am so grateful. I always knew something was fishy. Not only did they do that to me, they also gave me only $3000 for my trade in car which was a hyundai xg 300 with less than 60k miles. I'll have to blame it on the fact that I was very tired on that day, and I all I wanted to do was drive away with the car.

Everyone out there please beware of Toyota of the Bronx, a.k.a. Bronx Automotive Group!!!!! They are ripoffs!!!!

 

I forgot about that. It was told to me that If we did not use the warranty at the end we would get a refund, but none told me I could cancel and get a refund. I do recal reading that somewhere now.

 

Now that is a bunch of lies. They told you that you could get a refund after the warranty runs out? You are buying "insurance", and you don't get your insurance premiums back if you never cash in. What they probably really meant was that you can get a pro-rated refund if you sell the car before the warranty expires.

 

Not necessarily. I never purchased an extended warranty and was saying no to the usual sales pitch. They then said that if I didn't use it I get my money back.

I was skeptical, but read through the fine print and it's true. If I never use it I get it all back minus I believe about $50. If I cancel it prior to the term expiring I only get a prorated refund.

BTW, mine is a third party warranty - not one from Toyota. So I of course have to hope they're still around in seven years.

 

Just remember to read before you sign