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Useless Non Honda Extended Warranty sold by Honda Dealer
Bought Honda CRV 2014 EXL in December mid with $27700 out of the door price in TX. I was good with that price but get trapped with extended warranty(Non Honda) of $2200. After 2 days from the date of purchase realized that this extended warranty is useless and approached Finance guy.
This guy didn't get ready to cancel extended warranty. According to him Honda Financing is not ready to give loan on 0.9% interest, so that they need to pay some money to lender to bring down the higher interest rate (Never did more than $10 grand transaction in past) to 0.9%.
At last honda agreed to finance CRV with 0.9%. After few days when reached him out again to cancel extended warranty, Whenever you pay off the loan policy can be cancelled at any time.
Paid 2 EMI and wanted to know from you guys, how to cancel this non honda warranty (ready to bare loss of $100 to $300 upon cancellation) now with out impacting my honda financing 0.9% interest and 3 years tenure.
Just wondering when honda dealer has sold this policy to me, how dealer can come into the picture when signed on agreed with third party to get extended warranty. Its obvious dealer must made $1000 to $1500 to sold out this warranty and may be bring down higher interest rate for me.
Please share your expert opinions to how to get out from useless warranty with out impacting loan terms.
Your advice is highly appreciated.