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Old 09-10-2012, 08:36 AM
476 posts, read 416,707 times
Reputation: 82


Hi all,

I bought a used Toyota camry over the weekend, and got suckered bad into buying an extended warranty. Basically I paid 3K for something that will cover me barely over a year. I desperately want out of this warranty, but I don't know if I'm at the mercy of the dealer. Is there any laws regarding this? I know in TX, you can easily cancel within 30 days.
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Old 09-13-2012, 04:59 PM
Location: Deer Creek/Edmond, OKla
661 posts, read 1,788,604 times
Reputation: 434
Have you checked with the "extended warranty" provider? Typically they have a clause that if you cancel within the first 30 or 60 days you will get a full refund. The dealer may tell you that you can't cancel it, and they are wrong. They just don't want you to cancel it because they don't want to give up their commission, which is probably 1/2 of what you paid for it.

Here is the info you are looking for:

Specifically: (bottom of page 3, top of page 4)
Contract termination
No motor vehicle service contract may be issued, sold, or offered for sale or delivery in this state unless the service contract conspicuously states that the holder is allowed to cancel the service contract:
(1) Within thirty (30) days of its purchase if no claim has been made, and receive a Motor Vehicle Service Contract Laws for Arkansas full refund of the service contract retail price, less any cancellation fee stated in the service contract not exceeding fifty dollars ($50.00); or
(2) At any other time, and receive a pro rata refund of the service contract retail price for the unexpired term of the service contract based on the number of elapsed months or miles, less any cancellation fee stated in the service contract not exceeding fifty dollars ($50.00).
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