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Recently I bought an Honda CRV-2013 from Hillside Honda Dealer in Jamaica. While trying to the final paper work about the financing, the manager was on top of me to take extended warranty. I should have sad no, but I did take enough breather to take a step back and so no. Instead, I took it and later felt I was stupid to take it since I don't use the car daily to work.
It has been more than 3 months I own the CR-V. Somehow I am not happy with current CR-V. My extended contract lasts till Sep 2019 and it is financed in the loan from dealer. I asked the dealer to cancel it and he says you can't. For me looks like he is not telling the truth and he is kind of misleading me.
Now I want to sell this CR_V and buy another car instead.
Question - if I want to sell this car, Do I have to pay the extended warranty amount for the remaining years and months on the day I decide to sell or it will be prorated?
Please help me with clarity on this. Thanks a lot!
GM
Contact the warranty company about cancellation. The dealer made 2-3X what he actually pays for the "extended warranty" so he doesn't want you to cancel and have to give back most of that money. The fact is you can cancel it and get a prorated refund (probably could have received a full refund within first 60 days). With having the exact term and start date/mileage a good estimate can be figured but based on the info you provided, based on date alone you would get about 93% refund minus any cancel fee. May be less depending on miles driven. The refund will likely go to the dealer first so they can add their refund to what the warranty company provides and then they will refund the lender.
Wouldn't hurt to get the refund amount in writing from the warranty company, since the dealer told you it can't be cancelled they would also likely short the refund to the lender hoping you wouldn't notice.
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