Cancel 2008 Toyota Yaris 2-door Hatchback Overpriced Toyota Extended Warranty

[ToyotaYaris21]

Hi,

I bought a 6 year / 75,000 miles extended service agreement for $2,495. I know for a fact they ripped me off. I want to cancel it but I don't understand what prorated is. When I bought my "used vehicle" for $12,995, it had 12,127 miles on it. Right now, it has 14,357 miles. Personally, I think this is advantageous on my part because I don't drive that much and in six months I only drove 2,230 miles.

It has been six months now since October 13, 2008. Before I go to the dealership on Monday to cancel my extended service agreement (for my base vehicle), could you please tell me how much of my $2,495 will I get back? Will they send me a check in that amount?

My lender is the Toyota company, which they gave me a 5.4 % APR loan. Another reason why I want to cancel it is because I'm going to pay off my car this August.

In addition, and sorry if this is a long post, but I heard about "Troy." Is he a good person to purchase legitimate Toyota extended warranties from? How has your experience with him been so far (for those who bought VSAs from him)?

I'd appreciate your help. I'm a 20 year old college student and this is my first time buying a car. Please lend me your experience and wisdom on the subject. What should I know before going into the dealership this Monday?

[ToyotaYaris21]

Can anyone please help me? A fellow Yaris owner is in need of dire assistance!

[kenora]

Well if they charged you $2495 for 75000 mi coverage and its prorated (money divided by time) then it should be ....... about.......

$2495/72 months = $34.65 a month

you used up 6 months.... $34.65 x 6 = $207.90

$2495 - $207.90 = $2287

so that with some "screw you fees" and "early withdrawal fees", and whatever other kind of crap they can come up with should leave you around $2000....... methinks

[ToyotaYaris21]

Originally Posted by kenora

Well if they charged you $2495 for 75000 mi coverage and its prorated (money divided by time) then it should be ....... about.......

$2495/72 months = $34.65 a month

you used up 6 months.... $34.65 x 6 = $207.90

$2495 - $207.90 = $2287

so that with some "screw you fees" and "early withdrawal fees", and whatever other kind of crap they can come up with should leave you around $2000....... methinks

Wow! "Screw me fees" and "early withdrawal fees," that's reassuring.

I'm going to bring a recorder with me to make sure I get them on tape.

Nothing less than $2,000, right? By the way, do you have Toyota Insurance with Troy? I heard so much about him on this forum.

[kenora]

Nope I bought through the dealership....$1200 (Cdn) for 5 years 120000 km. No other options here in the frosty north.

[ToyotaYaris21]

Originally Posted by kenora

Nope I bought through the dealership....$1200 (Cdn) for 5 years 120000 km. No other options here in the frosty north.

Thanks. I sent Troy an email, and I will find out tomorrow what he says. People seem to trust him, so I'll give it a try.

Thank you for the information!

One last question, where can I find the "screw fees" and "early termination fees" in my contract?