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Extended warranty super package includes lo Jack and and Wheel and Tir


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We just got a new Honda CRV.. love it and it is our second one.. I just hate dealing with the dealers!

We just picked up the car yesterday...we were in a hurry (big mistake!!) as we had 20 people showing up at our house at 1PM

The fnance guy met with us around 9:30 and we thought for sure we would be up and out in plenty of time.--Instead he chatted us up --told funny stories and informed us the financing we got would not be at the price quoted from the credit union because my husband is retired and they cannot take it out of his paycheck.. but! he was going to find us a better deal So got us 1.5 but came with strings.. we had to purchase the extended warranty with lo jack and wheel and tire hazard protection.. but never actually gave us a bottom line price.. just kept talking about how with the savings in interest its such a great deal.. he gave me two numbers one with and one without the programs and the difference was 51 dollars.. (8 yrs of protection) My H and I had agreed we were not going to get the extended warranty from the dealer if at all.. but the more he talked the more my h was interested.. and the 51 extra a month in financing worked out to be 1800 for all three things (based on what he said) well I gave in but then when he printed up the contract the bottom line was an additional 3700! I was floored and asked him how he got to this number.. he gave me some fancy mumbo jumbo about interest ect..wich over the life of the loan is only 300 as we borrowed very little.. at that point we had been there for 3 hrs.. had not eaten had to leave to get home for our guests.. everything else had been done --I wanted to say no way but my h was waivering because he really did not have all the facts--anyway we signed.. I was so upset.. angry with myself for not sticking to my guns and saying no way which would have meant rip up the contracts and start all over again. .oh btw at that point they had already installed the lojack so no way we would have gotten out of there for a few more hours --it was a bit of a mess. so here is my question has anyone ever gotten this package? Each item says I can cancel it and I am calling the bank tomorrow to find out about the interest rate change if we drop all the coverage... I do not believe the rate is connected to buying the I know we made a bad decision---he was good at his job and my bad for not just digging in the heels and saying no..

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Almost all states have a grace period for canceling contracts of any variety. Check the fine print on your agreement. Usually you have to send them something in writing within the first X days and it can be undone.

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thanks most of the contracts say 60 days to cancel however since this was all a package deal rolled into a finance agreement via the dealer I fear we will have to go through the dealer to unbundle---it will be a fight i am sure.. so i just want to know my rights before getting into a fight with them. I can call and cancel the programs purchased I think directly from the programs but my contract has all these programs payments built into them so I am not sure how this is all going to get resolve... thanks

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Well, if the price you are paying are all contingent on the programs it might just lead to unravelling the entire vehicle purchase. You might get your wish of not buying the car in the first place. In the mean time I wouldn't drive that car. The closer it is to the exact mileage as when you bought it (provided it is used) the easier it would be to try and return it. If it is new that is a different beast.

 

Not to sound like a jerk, but I am going to climb up on my soapboax now: You should pay cash for your vehicles and you will not need to mess with this ever again. If setting aside enough to pay cash just isn't going to happen the next best thing is to procure a vehicle loan from your bank (or any bank you like, has best rates, etc) in advance. You go in, tell the bank what your 'target' vehicle is (this can be very general and isn't set in stone, you can buy something else as long as the vehicle you buy is within the acceptable age and mileage range the bank will allow). The bank will pre-qualify you for an amount, say $20,000 and they hand you a blank check. You are now free to buy any car you want as though you are paying with cash. When you write the check that becomes your loan amount and when you get the title you send it to the bank. Your rates will never be as competitve as the dealers offer, but as you have just found out the dealer rates come with a lot of baggage.

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live and learn... yes we had a loan already secured.. and did not plan to get the warranty.. we paid cash for most of it.. but we were not aware that the rate would change from the credit union since my husband had retired.. anyway they said they could get us a better rate from one of the banks and did get us a better rate at Chase 1.4 -but the catch was which I know to be BS.. that we purchase this warranty package and bla blah you know the story.. the thing was he was throwing around numbers and double talking making it sound all like a really good deal and so we hesitated.. NEVER hesitate.. it just gave him an opening..anyway we too many things were not in our favor including needing to leave (we had been there for 3 hrs and they were stalling us) we said we needed to leave and so when we said ok to the package thinking it would be about a third of what the final numbers were oh well I can go on and on it was just bad all ways around and we know it so now just trying to fix this .. wanted to know if we had the right to go back in and make them undo it all.. I don't think we have to give back the car at this point.. we have driven it and we did a trade in and they have our car.. that would be too big of a mess for them and I don't think they would want to deal with that.. they would need to work it out somehow.. I hope

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