Cancellation of Mazda Extended Warranty

cool_aquarian

Hi All,

I bought a new 2015 Mazda3 sedan 3 days back. Special thanks to the awesome people on this forum.

During the purchase, I was not fully prepared for the meeting with finance manager, and he managed to sell me 9Yr/100K extended warranty(called Mazda Extended Confidence) for $2.2K in that moment after talking about all bad things that could happen to cars. He also offered 5Yr Maintenance package for $1.6K which I refused.

I did some research after coming home, and realized that extended warranty is not worth it, and also it was through some 3rd party called Warrantech, which does not have good reviews.

Its just been 3 days, and now I wish to cancel the Warranty, so I have two questions:

1. What are the usual cancellation terms on Mazda extended warranty, can I get full refund?
   
2. Since I have financed the Car, refund will be given to me or the financing company?
   

Thanks for help..

kyfdx

cool_aquarian said:

Hi All,

I bought a new 2015 Mazda3 sedan 3 days back. Special thanks to the awesome people on this forum.

During the purchase, I was not fully prepared for the meeting with finance manager, and he managed to sell me 9Yr/100K extended warranty(called Mazda Extended Confidence) for $2.2K in that moment after talking about all bad things that could happen to cars. He also offered 5Yr Maintenance package for $1.6K which I refused.

I did some research after coming home, and realized that extended warranty is not worth it, and also it was through some 3rd party called Warrantech, which does not have good reviews.

Its just been 3 days, and now I wish to cancel the Warranty, so I have two questions:

1. What are the usual cancellation terms on Mazda extended warranty, can I get full refund?
   
2. Since I have financed the Car, refund will be given to me or the financing company?
   

Thanks for help..

1) Check your paperwork for cancellation details. Doesn't sound like a Mazda warranty.
2) The refund will most likely go to the bank, to be applied to your loan balance. The net result is your car will be paid off in fewer months.

You really should head back to the dealership ASAP, and tell them you don't want that warranty. They will most likely try to delay you, saying the paperwork has to process first, etc, etc.. They make a lot of money off extended warranties and will try very hard to keep you from cancelling.. You'll have to insist.

If you go immediately, maybe you can get them to re-write the deal without the warranty and avoid a lot of hassle.

cool_aquarian

I am going to do that..
What about 5 year free maintenance package, is it worth it?
I've heard it can be brought down to $800-$900 after some bargaining.

ray80

I avoid those things

stever

I don't think they are worth it and they tie you in to one dealer. I like to keep my options open.

cmhj2000

I actually walked away from a dealer when he questioned my refusal to an extended warranty. Once I was out the door he came running but I kept walking.

cool_aquarian

Visited the dealership to meet the Finance Manager, and he gladly accepted my request to cancel the extended warranty after submitting a cancellation form. Refund amount will be either given to me or the financing institution within 30 days.

Apparently, there is a 30 day period to cancel the warranty if not desired.
::happy::

kyfdx

cool_aquarian said:

Visited the dealership to meet the Finance Manager, and he gladly accepted my request to cancel the extended warranty after submitting a cancellation form. Refund amount will be either given to me or the financing institution within 30 days.

Apparently, there is a 30 day period to cancel the warranty if not desired.
::happy::

Congrats.... stop back and let us know the final disposition.

cool_aquarian

I have benn told

kyfdx said:

Congrats.... stop back and let us know the final disposition.

I have been told that it will be a full refund. Now its wait and watch. will keep posted.