Cancellation of Extended Warranty - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
 
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post #1 of 9 (permalink) Old 06-23-2015, 01:17 AM Thread Starter
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Question Cancellation of Extended Warranty

Hi All,

I finally bit the bullet and bought a new 2015 Mazda3 sedan. Special thanks to the awesome people on this forum.

During the purchase, I was not fully prepared for the meeting with finance manager, and he managed to sell me 9Yr/100K extended warranty(called Mazda Extended Confidence) for $2.2K in that moment after talking about all bad things that could happen to cars. He also offered 5Yr Maintenance package for $1.6K which I refused.

I did some research after coming home, and realized that extended warranty is not worth it, and also it was through some 3rd party called Warrantech, which does not have good reviews.

Its just been 3 days, and now I wish to cancel the Warranty, so I have two questions:
  1. What are the usual cancellation terms on Mazda extended warranty, can I get full refund?
  2. Since I have financed the Car, refund will be given to me or the financing company?
Thanks for help..

Last edited by cool.aquarian; 06-23-2015 at 01:23 AM.
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post #2 of 9 (permalink) Old 06-23-2015, 03:42 AM
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Those would be great questions for the dealership. They should be able to help you out.

I wish I cancelled mine to be honest.. Waste of money.. So far it saved me maybe a couple hundred in repairs.

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post #3 of 9 (permalink) Old 06-23-2015, 11:11 AM Thread Starter
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Originally Posted by black00betty View Post
Those would be great questions for the dealership. They should be able to help you out.

I wish I cancelled mine to be honest.. Waste of money.. So far it saved me maybe a couple hundred in repairs.
What about 5 year free maintenance package, is it worth it?
I've heard it can be brought down to $800-$900 after some bargaining.
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post #4 of 9 (permalink) Old 06-23-2015, 11:30 AM
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Don't a lot of auto manufacturers offer free maint these days? Thing I noticed is the maint intervals for free maint seem very long,much longer than what people would normally do.

For example, for a majority of "car enthusiasts,"
3k oil intervals are considered a little too frequent, 5k considered the sweet spot and 7.5 considered good for extended intervals, these are all using top quality synthetic oils etc.

I notice that people I know with the free maint seem to have 10k intervals on cheap oil


I'm pretty sure the suckered you with the extended, not sure if you can get out but you can try.
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post #5 of 9 (permalink) Old 06-23-2015, 01:24 PM
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Are you planning on adding mods or aftermarket parts? Most extended warranties have clauses excluding coverage with them. (I know people were talking about this recently in another thread). If really worried about car issues, throw a liitle bit of cash into a emergency repair coffee can fund every month.

2010 Mazda 3 2.5L S
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post #6 of 9 (permalink) Old 06-23-2015, 01:46 PM
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when you cancel a 3rd party extended warranty, they typically write you a prorated check. You probably had the cost swept into the loan. The bank would rather you get that money and keep owing them more money.


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post #7 of 9 (permalink) Old 06-23-2015, 09:19 PM Thread Starter
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Quote:
Originally Posted by itstillruns View Post
I'm pretty sure the suckered you with the extended, not sure if you can get out but you can try.
Quote:
Originally Posted by slow3 View Post
when you cancel a 3rd party extended warranty, they typically write you a prorated check. You probably had the cost swept into the loan. The bank would rather you get that money and keep owing them more money.
Folks,
I visited the dealership to meet the Finance Manager, and he gladly accepted my request to cancel the extended warranty after submitting a cancellation form. Refund amount will be either given to me or the financing institution within 30 days.

Apparently, there is a 30 day period to cancel the warranty if not desired (in my case I cancelled within 3 days).
::happy::
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post #8 of 9 (permalink) Old 06-23-2015, 09:56 PM
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Yeah, I was going to say there is generally a 30 day cancellation period which they use to suck people in and then hope they don't bother to cancel :P


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post #9 of 9 (permalink) Old 06-24-2015, 09:58 AM
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Sorry for the late reply.

For me the free maintenance package wasn't worth it. I miss changing my own oil and doing my own maintenance. Plus that way I know it's done right.. I've heard horror stories of places changing oil but no filter etc.

Also, they recommend changes every 7,000 km or 6 months. Well I currently have 60,000 km on the car over 4 years so it's pretty low mileage and although I'm changing the oil early (before 5,000km/3k miles) I would much rather save money, do my own oil and use better full synthetic instead of the blend Ford uses.

Plus then I don't have to worry about some kid mucking up my interior with muddy/dirty boots, kicking my door etc.

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