Cancelling Extended Warranty on a Used Car Bought with Finance Agreement

John1678w

Hindsight is a wonderful thing, and when buying a used car yesterday I wish I had slowed down and read things more thoroughly....

I was pushed into buying an extended warranty I didn't really want, but I saw I could cancel within 14 days if not happy with it. I agreed to an extended warranty of 3 years for £495.

Having read the policy, the level of cover is poor, and I've decided to cancel. I contacted the warranty company, I can cancel no problem with no charge, and have arranged to go into the dealership on Monday to do so.

The problem is the car was bought on finance (through Barclays), and the warranty was put into this deal. Does anyone know how this will work when I go to sort out the refund, as it would be good to avoid the finance charges as well.

The sales invoice states:

Price of vehicle £5,000.00
Warranty £495.00
Less Deposit Paid £595.00 (paid on debit card)
Due from Finance Company £4,900

harveybobbles

Why did you finance the £495 over 3 years? lol... We would never do it this way for this reason. Some companies will want to cancel the whole deal and re issue the finance and could spack everything up.

Or the dealership could just give you a cheque for the £495 and continue with everything as it is.

worried_jim

harveybobbles wrote: »

could spack everything up.

lol- I haven't heard "spack" in ages.:rotfl:

bankhater_1965

on the average these warranties only serve as a bit more pocket money to the salesman or the garage , and if you read the small print or whats covered its a damm joke , i havent had any extended warranty for at least 15 years or more as i once had a car that was covered and the electronic motor on the door window had gone, that was covered but getting to it wasnt and cost me £100 plus , dont bother in future ! i call extended warranties a rip off personally