Arithmetic

iTrader: (9)

... is this a good idea?

I think I paid like 2k for it on top of my loan. I was told I could cancel my warranty and get that money back (not for sure how much it is), but is this a good idea? I know in the back of my head I'm thinking this is dumb, but I could use the money to fix up my car even more (I don't mean mods, I mean fix problems) since I'm not working full time anymore (back in school).

What do you guys think?

LithiumX

depends on how much you get back i never used my warranty could have but they were minor issues i didnt wanan leave teh car at the dealer for some reason it jsut evolves he problem ... i am at liek 70k also depends if you can get teh money back and use it to fix the car more efficiently than getting them to fix it if you cant get em to fix the care than just refund it

Arithmetic

iTrader: (9)

well if it depends on miles, I'm currently at 53k.

PR_Mivec

iTrader: (7)

why would you do that?

GotBoOst05

iTrader: (12)

u dont get back much

mrMTB

iTrader: (13)

It will generally be a pro-rated amount based on the remaining miles or time left in the extended warranty period. Based on what you said, I'd expect that you could get up-to 40% back.

One consideration, though, is that if you are still paying on your car, they might insist on sending the refund back to the leinholder on your vehicle instead of sending it to you...

DangerousDan

iTrader: (8)

Only if the warranty was financed though, and realistically if he purchased the warranty through the dealer and financed the whole amount through a 2nd party the dealer "could" refund the money to him instead of the second party. the loan isn't their problem.

sgand

iTrader: (32)

Yeah I don't understand. The dealer has been paid off. It's the bank who he owes money to, so why should the dealer give it to the bank?

mrMTB

iTrader: (13)

DangerousDan makes a point that's worth clarifying:

if you purchased the warranty, and financed it though the same instrument that finances your vehicle, the warranty company may insist that the refund be paid to the leinholder. While the dealership will be required to refund a portion of the commission back to the warranty company, they (the dealer) are generally not the party from whom you will receive the refund. (While you purchase the warranty from the dealership, they are not normally the company who holds the financial responsibility of that instrument- it is a third-party insurer.)

DangerousDan

iTrader: (8)

there you go, stuff I didn't know because I've never purchased an extended warranty

Arithmetic

iTrader: (9)

Wow, you learn something new everyday. Thanks people. Giving it to Capital One isn't a bad thing, but it isn't a good thing either. Guess ill call Mitsubishi tomorrow and find out.