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.
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.
I called TFS a week after I bought my new Tacoma and they removed the warranty for me. It did go towards the loan balance just FYI
Just call Toyota Financial Services and tell them you want to cancel the warranty. They have to refund this.
Toyota cars tend to be very reliable. Little chance that you’d get any use out of the warranty.
$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.
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.
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.
Toyota got his with a massive lawsuit. It’s definitely worth looking into it.
Nope. And you paid them a 50% commission on top of it
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.
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.
Ok u/MichaelVonEerie listen to me. Go back and cancel both warranties immediately. They will give you paperwork to fill out. You will want to visibly watch them submit the cancellation in their system. Don’t yell. Don’t raise your voice. Just calmly tell them to cancel both warranties.
Tell them that if they don’t do this, you will contact your states attorney general and file a complaint. At the worst case scenario, the warranties will be refunded to your loan and not you personally. MAKE SURE YOU GET CANCELLATION PAPERWORK BACK FROM THE DEALER VERIFYING IT WAS CANCELLED.Federal law allows you three days to cancel a contract. I’m guessing your outside of this window? You can also google your states car sale cancellation laws. It may be more.
I’m guessing, and likely correctly, that they also hit you with a higher interest rate than what you actually qualified for. In no more than six months, refinance your loan. This will hit that fuckers commission and you’ll get a lower payment. Win-win!
Now, did you trade in a vehicle, and if so, we’re you upside down on its value? Meaning did you owe more than the trade value and if so, how much? GAP insurance protects you from having to pay the difference between the loan amount and car value should your car get totaled. As an example, if you owe $20k on a loan and your car insurance gives you $14k to cover your car for a total loss, GAP makes up the difference. That being said, $1,500 for GAP is an absolute theft. $3-500 at MOST for a $16,000 car. You can likely call your insurance company and purchase it from them.
JUST FYI my gap was only $400 and my loan was for $50k.
For a “full coverage” Corolla a 10yr 100,000miles $100 deductible warranty is $1,400. And that’s with a markup.
These guys made bank.
$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.