stlgrym3

iTrader: (4)

i purchased a new RX350 a week ago, and now having second thought on the prepaid maintenance plan i purchased at the time. i read on the Lexus financial site the prepaid maintenance plan can be cancelled for a full refund within 30 days. The prepaid amount is rolled into my monthly payment with interested added, how do they refund me me the full amount? are they going to cut me a check for the prepaid amount PLUS the interest i'm about to pay? i'm still waiting for dealer's finance guy to call me back. has anyone done it?

2nd question, i purchased the extended warranty along with the pre-paid maintenance, these were offered to me as a package, can i cancel the maintenance portion and still keep the extended warranty?

Humayun1

I am in the same situation as you. I bought my vehicle with prepaid maintenance , extended warranty and a tire protection package. I was aware of extended warranty but other two were sort of quietly slipped in the bunch of papers I signed. I went back to the dealer for cancelation of all three and heard a long story about how I should wait 3 months before it can be done. the problem is all 3 will become binding by then. Anyway, I came back home and called plan administrators of Tire maintenance and prepaid maintenance and canceled plans directly. They wanted me to send request in writing and fax the request which I did. Refunds will be sent to my lien holder directly and will reduce my principal as I financed my car loan. My monthly payment will not go down but duration of my loan will become less. I want to cancel extended warranty also but I have 60 days before I can cancel it. I will cancel it because when I looked through fine print , it seems like there are so many exceptions that getting anything out of this warranty will be very difficult. Plus fine print says that they may do repairs using aftermarket parts, or even used parts if they so choose. That is unacceptable to me.
My advice is to call plans directly and cancel. The whole process was easier than I expected. I made my calls last week and will follow up to make sure plans are actually canceled. This will save me about 6000 dollars. Plenty save for repairs. Good luck with your new car.
To answer your second question, each warranty in my case was separate and each could be cancelled individually. I am sure that may be the same with you.

dwoods801

It is totally ridiculous the games dealerships play and the venders who provide these products to the dealership. My neighbor recently bought a Camry and was telling me that her payoff was 6,000 higher than she was expecting when she got her first payment and was setting up the app to keep track of it on her phone. I asked her to get the paperwork for me. And she said they didn’t give her hard copies, but a special key that had all the copies on it. This was wonderful, a unique key that I didn’t recognize and have since leaned only the dealership has one to read it. The dealer refused to produce any copies of from her purchase. Finally her bank provided her with copies. They had added a 3800 warranty, 1000 for a 3 year sterilization plan! And $1200 for gap. I couldn’t believe anyone would even offer these products and at those prices! She claims that none of this stuff was supposed to be included. Her bank offered GAP for $200, and wouldn’t have recommended it before the payoff went up $6000. I didn’t know Camrys reproduced? So the sterilization plan was a real mystery then they explained that it was a popular product to prevent COVID. Once a year you can go to the dealer and they will sanitize the entire car, what a flat out joke! And this lady usually keeps a car 5 years and only goes about 7509 miles per year. So a 3800 warranty for a car that has a 5yr/75k power train warranty? So it seemed to make more sense to just cancel the products and get on with her life instead of hiring a lawyer and fighting. Except they wantt to play more games! The only way you can contact the warranty company is to mail them at a PObox, she didn’t get any info when she bought it and they deal directly with dealer if you file a claim. She mailed them and then 3 months later they mailed her a letter saying they needed copies of the paperwork before they can do anything! Something the dealer refused to give her but luckily the back had provided. So she sent that then they requested pictures of the odometer! And to have them mailed with a signed declaration that it’s correct. They refused to refund anything on the sterilization and pro rated the gap.
She still hasn’t actually seen her current loan amount reduced but it’s supposed get the balance from the company. They literally couldn’t have made this more difficult and then the people in the car business are mystified whenever their reputation is marked!