I went to pick up my Fit today and of course had the appointment with the Finance guy. I went in there, fully intending on a 60 month payment plan at $244 a month. I had no intention of getting extended warranty, but he said with my commuting (270 a week or so for work- only 10 months a year cuz I'm a teacher, but I also drive alot to NY from NJ) it would make sense for me to get this. Somehow I let him talk me into it. Hours later, I realized I was stupid. For one thing, it's no longer a 60 month payment plan, it's 66 months. This hits me hours later!! I'm now paying $256 a month for 66 months for a warranty I never wanted...plus, the rate is now 6.6 rather than 5.8. It happened all so fast, and I'm mostly clueless with this stuff, so I didn't realize he moved it up to 66 months in order to make my payments lower.

What should I do? Can I cancel this? Should I cancel this? Are they gonna give me hell about it? I got about 3 years extended...is it REALLY worth it, or is it (as my dearly departed Dad always believed) just a way for Honda to make money?

I'm so mad at myself I could scream.

Help!!! Thanks!

 

if it is not what you want, yes, by all means cancel it.
did you take delivery?
if you have not taken delivery, take the contract and tear it up and walk away.

find a dealer who can meet your needs.

 

Well I spoke to my finance guy...he said he'll just cancel the warranty and I'll get a cancellation form in the mail. He said at this rate, I'll continue to pay $256 a month (even though I wanted less but oh well), but I'll be able to pay it off quicker as the warranty is no longer on the contract. I would personally rather come in and cancel the contract and start over to get my payments lower, but unforunately I'm pretty darn far from the dealer at this point. So at least it wasn't as much of a hassle as I thought it would be. Yes I'd prefer a lower payment but whatever...at least I'll pay it off sooner then, and I'm not wasting $$ on the warranty. He was really helpful and nice about it...very patient with me as I did not understand half of what he was telling me hahaha!

 

Extended warranties SUCK! ... until you need it...

 

Just curious, how long was the extended warranty for/how many miles? What did they charge you?

We have a thread going about service contracts here: https://www.fitfreak.net/forums/show...2364#post62364

This would give a good point a view as someone that did not research it before purchasing.

 

Ugh everyone has different perspectives on warranties...makes me wonder if I shoulda kept it! ha! Are they truly worth it? You just begin to become wary of this business...you know they're all about making money.

 

http://www.carbuyingtips.com/warranty.htm

http://www.carbuyingtips.com/car6.htm

 

Personally, I think the extended is worth it for peace of mind. It's less important with Hondas than other cars, but it's better to pay a little extra up front than a lot extra later on.

Regardless, though... that dealership sounds shady (or.. err.. typical). The scam is, they ask what you want to pay per month, then play with the rate and term to make it seem like a good deal. Sounds good at first until you realize adding six months just gave them another $500 in interest.

 

Your outta your league my friend. If you walked out of the finance office with a warranty you did not want and a interest rate almost a point higher than quoted then you have been made.

Not only that but I would bet that the warranty has not been cancelled and that you are continuing to pay for everything.

You have a couple of choices. First...Live and learn. We all make mistakes and only the idiots don't learn from them. While it may be an expensive lesson it is a lesson.

Second...If your state has a 3 day(72 hr)cancellation law then walk back in there and throw a freakin FIT!!! Demand a interest rate reduction and warranty cancellation NOW!!!! BE READY TO WALK AWAY FROM THE DEAL!!!

Just my two cents.

Weezer

 

ugh you guys got me all worried now....I was all stressed even when I put the deposit down, cuz I had this vibe from them that they were shady, wondering if they'd even call me if the car came in. They did, way before I expected. Maybe they're not as bad as I think they are? The finance guy was truly helpful, trying to get me to understand everything and was very patient. It's just very hard for me to go back in there and cancel it in person...although that's what I should have planned to do. I'm already out of state...ugh. Damnit damnit. I was so mad at myself, realizing all of this much later in the day. Maybe it is just a lesson to be learned...but I am praying this guy honestly cancels the warranty.

 

You do realize that if you just read the terms of the warranty agreement, it'll tell you how to cancel it yourself with no help from the dealer. It'll will also tell you the period of time that you have to cancel it and still get a 100% refund (I think the one I had on my Toyota was 30 days or so, if I remember) as most warranty's allow for that. Once you get your refund, send it in with your next payment and, bam, no need to worry anymore as the loan will be paid of sooner like the dlr said and no interest accrued for the warranty's portion.

 

You have 60 days to cancel it. If you decide you do want to keep it though, I would show them some other deals you've found online through College Hills or Hondacuraworld and see if they'll match those prices.

If you do decide to cancel I would make sure to look over the new paperwork so you are sure they give you your original financing and whatnot. They might tell you they are doing it all but really read over everything and if you have any questions at all I would ask someone you trust to look it over for you. The dealership may be far from you but wouldn't you make that drive to save the hundreds of dollars you'll pay in interest?

 

If you were quoted 60months at 224 per month and the only reason the payment and term changed is due to you purchaseing a Warranty, then when the warranty is cancelled you should be resigning a contract for the original terms stated. The change in rate will cost 8-10 dollares per month. If you did not resign a new contract you have every reason to believe that the Warranty is still in place.

These are the people who give us a bad rep. It may be out of your way but drive back and re-sign.

 

Oh god you are all making me so damn nervous. He had told me he was going to cancel it, and then he said he'd mail the confirmation to me. He also said it would show up on my statement. Should I truly not trust this guy? You really think I need to walk into that place and get it done? He said something about not being able to wait because he is supposed to give the contract to the bank right away. UGGGGHHHH. I can't believe I went in there, not intending on getting an etended warranty, and I still stupidly got him to talk me into it. I have never been so damn mad at myself.

 

it's ok. Don't get all stressed out about it. If you don't think he would cancel it for you call someone else there and they could help you with it.

I got the extended warranty for a piece of mind. IMO I'd rather pay an extra $30 dollars a year and have the warranty vs not having it.

 

the important part of any deal (car, furniture, etc.) is just to be as well-informed as possible. going in you should know what you want and how you want it. they are selling to YOU, which means that it's your choice what goes or doesn't go. as far as the warranty, if that guy ends up being sleazy, take it up with corporate (sorry if someone already said that, i didn't read all the posts). the problem is, these cars are so hot that the dealers think they can get away with things that they shouldn't be allowed to get away with. good luck!

 

A Honda extended warranty is an oxymoron. Ford's, Chrysler's and GM's truly need extended coverage.

 

dotseurat...don't delay! get in the fit and make the drive back to the dealer. this sounds like something you should clear up in person...and IF (and that's a big if) changes to the contract can be made there's usually a narrow window in which it's possible. good luck and don't beat yourself up! everyone makes mistakes.

 

oh... you mean the sales business. from mcdonalds to macy's, or ace hardware to a car dealership. im sure when you bought a hamburger for 99 cents, mcdonalds didnt make any money, they opened and served you out of the goodness of their heart and the wonderfulness of your personality.

get a clue...

 

Someone's a little defensive.


Guilty conscience? ;p