I just got a 2021 Corolla the other day and after 5 hrs of waiting for everything to get finalized and signed the papers I only know realized they added a Gap Contract of $1200 and a TFS Platinum warranty of $,3785 without my permission or knowledge, and never included paperwork for any of this with my contract papers. I’m going to discuss this with them tomorrow but can I get feedback on this warranty if it’s even worth keeping? I don’t even know how long this warranty is for since there’s no paperwork.
I’ve been told both can be canceled since they were optional.
My dad works in a body shop btw and gets good deals at the mechanic shop there if the cats need fixing.
This seems real shady and underhanded doing this without telling me upfront. If I wasn’t so tired and hungry from waiting that long I might have given the paperwork a better look at.
You can definitely cancel it. You have 30 days for a full refund and if it’s after 30 days it’s refunded at a prorate. Go into the dealership and get every copy you don’t have. I had to drive an hour back there because they didn’t give my mom her copy of the contract which is the most important one. Weird how they included all the other copies except the contract. They fucked her on the warranty too. Hers was 6k and now it’s such a hassle to cancel. It’s been 2 weeks and my warranty isn’t even activated yet from Toyota cuz the dealership didn’t bother to send my paperwork as soon as possible to Toyota.
Toyota cars tend to be very reliable. Little chance that you’d get any use out of the warranty.
They snuck that in and it’s not good business practice. That being said you did sign the paperwork so you might be in a legal bind.
$5k extra and you didn’t notice? Yeah man get that cancelled asap.
Its nice to have, but they charged you way more than they should have, at that price, no its not worth it.
Depends on what the warranty includes. If it’s a wrap warranty that extends your comprehensive warranty to the length of the powertrain, or maybe even longer I would higher consider it. Mechanically speaking your Toyota should be solid. But electronics can be finicky, especially infotainment centers. Another thing to consider is the cost. IMO it shouldn’t cost much more than 10% of the purchase price of the vehicle.
Just call Toyota Financial Services and tell them you want to cancel the warranty. They have to refund this.
Nope. And you paid them a 50% commission on top of it
$5k is too Much for the platinum warranty. I paid $1400 for toyota platinum on our 2020 4Runner and $1200 for the 2018 Tacoma. Toyota cars are re very reliable but not infallible. I’ve had covered over $5k on the Tacoma and over $3k on the 4 runner. Both warranties well worth it. But $5k for coverage on a Corolla? No way, the price of these warranties is negotiable and they added this one in without telling you, shameful. Tell them to cut the cost of it in half or you will dump it.
Toyota just lost a big lawsuit for practices like this. Remind them of the lawsuit if they don’t let you cancel the warranty. You definitely don’t need it for a Corolla.
Cancel it immediately. How much did you end up walking out owing? Also, did you finance with a credit union? Reason I ask these questions, is to determine if you even need GAP, and conversely, if you did go through a CU, you can likely get GAP for $300.
Toyota got his with a massive lawsuit. It’s definitely worth looking into it.
Always read what you are signing. Always. Read the fine print and question anything that is off. If you signed it, it’s yours. But you should be able to at least cancel the warranty. They gap insurance may be a requirement from the lender
That’s $5,000 plus tax for both items. Even if you financed for 6 years it would be about $100 plus depending on interest rate. On maybe a $25K out the door car? No disrespect, but how does that happen? You need to cancel both and it gets credited to the loan.
The only warranty that I have had to use was for 2 unrepairable tires. Still cheaper than what you paid for the warranty