Quote:
Originally Posted by FL07THC
Wow, you did get raped. I don't think you can do a thing.
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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.