Well, I guess I'm a really BIG fish since when I bought my TCH last week the dealer pressured me into the 7/100 warranty for (ready?...) $2K !!! Not to mention the pre-paid maint. for another $1,200 !!

Now in reading some of these posts - I'm really pissed at the dealer (and of course, myself)

I wonder If they can be sold back to the dealer and then re-purchased thru TMC ? I only got 300 miles on my car so far.

Anybody got a bridge for sale? I'm in the market.....

 

Yes you can cancel the policy. I think in the first 90 days you get nearly 100% back. After that it's prorated. You should be able to get one for half of what you paid. Check these forums. I got mine from Toyota of Greenfield.

 

Read your contract. It should say that you can cancel in the first 30 days and only pay a $25 processing fee. I will be starting that process tomorrow as I feel like I was also ripped off when I paid $1200 for the 7/75/0 a week ago.

Has anyone here gone through this process? I would like to know how long it takes to get the refund and how long I have to wait to buy the new one. I talked to the dealer in KS and they stated that I could do everything in parallel but somehow I think I should get my money back before I buy the new warranty.

 

BTW - from talking with an AutoCare rep, the refund goes to the lienholder (if you have one) rather than to you, meaning you have to go out-of-pocket to repurchase it from a more reasonably priced outlet.

I haven't actually done it, but that's what I was told.

 

When I traded in my 2 yr old Prius on the TCH they cancelled my 7/75 extended warrantee. They prorated the refund at about 70% what I paid for it. I think they prorate it down to actual month.
Since I refinanced the TCH the Prius got paid off but Toyota Financial still made the check out to me AND the former Lean holder Chase Bank. I got the check in a plain envelope with absolutely no explanation. The fact that Chase Bank was the co payee gave me a clue so I called the only phone number on the attached piece of paper and after getting transferred around a little bit they told me it was the refund on my cancelled policy.
To cash the check I needed to get a letter from Chase saying the loan was paid off. That was a simple call to Chase to get them to send me that. I was then "suppose" to get it endorsed by a local Chase branch but they were clueless. I ended up going to my bank, showing them the letter I got from Chase and explained how Chase was too stupid to endorse the check. My bank just put the check through without the Chase endorsement and all was fine.
It took about 6 weeks give or take to actually get the check. Another week for Chase to cough up the letter. And a wasted hour talking to a Chase moron at the local branch.
I could have also sent the check back to Toyota with the letter from Chase and they would have reissued the check in only my name. Not sure what the turnaround on that would have been.
Hope this helps.

 

Thanks for the info. Sounds like this isn't going to be easy. I think I'll try leaning on my dealer and see if they'll refund me a portion of my purchase price to get the final price close to the ones I've been quoted. That way I won't have to go through the trouble of cancelling and they won't lose the sale completely. I wish I had all of this forum information before I bought the car/warranty.

Wonder how this works with the dealer. If Toyota sends out the checks then wouldn't the dealer have to pay Toyota back the difference between the actual deal cost and profit?

 

I think the 7/75 warantee costs the dealer about $500 give or take. Probably less. What they sell it for is of no concern to Toyota Financial. The dealer sends TF a check for $500 regardless of what they sell it for. If they fudge the selling price of the car to offset the increased price of the warrantee they sold you it's all just number juggling.
Offer them $650 for a 7/75 or you'll buy it from a genuine Toyota dealer over the Internet for that price and cancel the one they raped you for. I'll bet you a dime to a donut they will come down in price FAST rather than loose an extended service policy sale.

 

That's my plan! I'll let you know how it works out.

My question about the dealer is if they send TF a check for $500 and then TF sends me a check back for the full payment amount ($1200) then somehow the dealer has to pay TF the other $700. Maybe that just all gets settled on their account.

 

Curious now.... can this warranty be purchased directly from Toyota ? Would they require a verification on miles, etc ya' think?

I'm a little leary (no, not Dennis) about cancelling a full warranty (and Pre-paid maintenance) only to be told I cannot get the warranty (orPPM) anymore.

Any GOOD sources would be appreciated.

Thanks!

 

I have gone through the process. I got suckered into paying 1800 for a 6/75/0 when i bought my hybrid. I initially financed it with 180 down payment and when I asked for the refund, my dealership told me that 155 of that was taxes and was not refundable, so I only got a 25 refund. So in the end I lost 155 in that dumb transaction.

The plus side is that I then called midwest superstores and payed 645 for a 7/75/0 , which was even more coverage than the original one. ....

NET result: 155 loss from initial transaction + 645 for second transaction = 800 paid , which is much better than paying 1800.

good luck.