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I just bought a 2013 Hyundai Sonata on 12/5. I am having some regrets but they are things I can hopefully fix like a new radio w/ backup camera and nav. We were at the dealership until 11:30pm doing paperwork and the finance guy was printing the paperwork and he brings up the extended warranty and shows me the brochure circling all the extras it covers. I didn't want it at first but then he said he would increase it to 120,000 miles, 10 years AND lower my interest rate to 2.99 and then he just kept pushing. The warranty would "only" be $10 more a month he said. I was tired and I looked to my boyfriend and he thought it sounded good so I agreed. I have been regretting it ever since because I have even higher payments than I wanted and could have gotten a better car if I was 'willing' to pay what I am now paying for just the car. My question is who should I talk to to cancel it and can they change the interest rate? I could qualify for 0% but they would not do a rebate and 0% financing so I am glad to have 2.99%. I have been reading and I know I got screwed because it is costing me $2725!!! He was a very nice man and made it sound like such a good thing since it is bumper to bumper coverage and admittedly my brain was tired and I didn't not think it through since I just wanted to get things done and go home.
 

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I just bought a 2013 Hyundai Sonata on 12/5. I am having some regrets but they are things I can hopefully fix like a new radio w/ backup camera and nav. We were at the dealership until 11:30pm doing paperwork and the finance guy was printing the paperwork and he brings up the extended warranty and shows me the brochure circling all the extras it covers. I didn't want it at first but then he said he would increase it to 120,000 miles, 10 years AND lower my interest rate to 2.99 and then he just kept pushing. The warranty would "only" be $10 more a month he said. I was tired and I looked to my boyfriend and he thought it sounded good so I agreed. I have been regretting it ever since because I have even higher payments than I wanted and could have gotten a better car if I was 'willing' to pay what I am now paying for just the car. My question is who should I talk to to cancel it and can they change the interest rate? I could qualify for 0% but they would not do a rebate and 0% financing so I am glad to have 2.99%. I have been reading and I know I got screwed because it is costing me $2725!!! He was a very nice man and made it sound like such a good thing since it is bumper to bumper coverage and admittedly my brain was tired and I didn't not think it through since I just wanted to get things done and go home.
You have to read the terms carefully, but most things like a specific interest rate and special dealer financing are tied to things like rebates, etc. so it's sort of a package deal. Normally you can't pick out the best parts w/o agreeing to other conditions and w/o knowing the specifics we can only guess at answering your questions.

Larry
 

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2725! That's more than "$10 a month"

I just bought mine with rebates and 2.9%. Those were the terms I told them I wanted and they had no issues doing it. But they could not do 0% and rebates for sure.
My extended warranty offer was 1300 and I said no so he offered it for 1050 and I still declined.
 

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Typical car dealer. The sales guys are not the bad ones nearly as much, now it's the finance guys. I also too an extended warranty on my hybrid, but it was nowhere that much. I doubt there's any way to cancel it, but if you could it it would be thru whatever company provided the warranty, not the dealer. I would say the loan and the warranty are 2 different companies, so if you could cancel it I don't think there would be any way for them to change the interest rate.
Find out what company carries the warranty and contact them.
 

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If you haven't picked up the car, yet, it's NOT a done deal! You DO NOT have to take delivery. I'd tell them, "You're #1!" Then I would hand them the papers, turn, and walk away. I'd have the salesman right there in my presence when I did it, too! But that's me. I'm a hateful old fart when I feel I've been taken advantage of...

If you've already driven it home, go back and cancel the extended warranty and demand a revised contract reflecting the new figures. Right in front of "the really nice man..." No problem with doing that, but do it quickly. He'll probably counter with dropping the price 1/3, or 1/2. What does that tell you? What you want to watch out for is this $2,725 price. They may try to take it off what you owe for the car...apply it to the loan. That doesn't help your monthly payment one iota.

He made a nice commish off that little add. As well as a piece of the action on the finance term. Most F&I guys that are worth their salt can gross $150K a year with no problem.

If there is a credit union, nearby, ask them to sell you one...if their policy allows it. Can't imagine why not, it's a money make for them, too. And about 1/3 of the price that your dealer is gouging you! they may even be able to beat that rate down. Just finance with them, and they, Credit Union, will take care of the rest of the hassle by paying off the original loan amount.
 

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I would bet you can cancel anytime and they will reduce your payment. I know quite a few on the Genesis Coupe forums have canceled out and got the money back. Probably will bump the interest up.
 

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Also calculate what your payment will be without the 2725. It's happened to me during my negotiation the finance guy had a different number then I did and I had him look until he found the issue. If I wasn't on top of it I would be paying an extra $25 a month for an error on their part.
 

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Extended warranty has nothing to do with loan interest and payment. Your finance guy connected the two because he wanted to sell you the warranty. So basically he scammed you. You can just call hyundai and cancel the warranty. They'll send you a check or cancel the payments depending on how it was processed.

Now, the financing - if you don't like the loan that you got, simply refinance. It takes a phone call and 15 minutes of your time. I did this in the past with DCU with no problems at all. They offered 2.99% for used cars and 1.99% for new cars.

My motto in car buying is not to look into financing terms at all. Dealer's financing are not always the best for you. So I just buy the car, sign up for any apr they offer, and refinance it the next day if I find a better deal. And my goto place in the last 6 years is DCU.
 

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Why does purchasing/not purchasing an extended warranty affect the interest rate? That's crooked and sounds illegal. Your interest rate should be based soley on your credit worthiness.

Sorry but you got taken.
 

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He was a very nice man and made it sound like such a good thing since it is bumper to bumper coverage and admittedly my brain was tired and I didn't not think it through since I just wanted to get things done and go home.

Classic. That guy was nothing more than a very good actor. All he was after was your money and he got it. They'll do just about anything to get you to sign on the dotted line. Since you bought the car two weeks ago, its probably a done deal. You could try going back to the dealer to "return" the extended warranty but good luck with that. Bring your documentation and explain that you were misled into buying something you didn't want. Don't be nice about it either. Be prepared for fireworks. Good luck.
 

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Hold the phone, fellas! Dummy, here, has a question: If she bought the car last night at 11:30 PM on a Friday, the finance company hasn't even approved the loan, yet. Right? Does she legally own the car? Or is she riding around in a vehicle "subject to formal finance approval." Not until they open on Monday AM and drop down the rubber stamp of approval? Yes? Is there an out for her, even if she has "temporary" ownership until formal finance approval is given by the lender? I don't know. I'm asking for some expert opinions, here...
 

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Hold the phone, fellas! Dummy, here, has a question: If she bought the car last night at 11:30 PM on a Friday, the finance company hasn't even approved the loan, yet. Right? Does she legally own the car? Or is she riding around in a vehicle "subject to formal finance approval." Not until they open on Monday AM and drop down the rubber stamp of approval? Yes? Is there an out for her, even if she has "temporary" ownership until formal finance approval is given by the lender? I don't know. I'm asking for some expert opinions, here...
She purchased it 12/5 according to her first post.

Sent from my SCH-I535
 

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Thanks, I missed it! First mistake I've made all year. And to think I almost made it to the 31st, error free!!! :wink2:

Well, then, she's got one option available from where I sit: cancel the extended warranty and try to find one equal to it in benefits for a LOT less money. IF, that is, she still feels that having one is necessary for her particular needs.
 

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Discussion Starter #15
Thanks for the comments, I have had the car since Dec 5 and this has been bothering me a lot. I can't really enjoy the car thinking I paid more than I should have for a warranty. I admit I should have declined and said I would think about it but they are soooo good at their job and it was really late and I was tired. Thinking now I should have walked out earlier in the evening when they steered me into another car that I looked at and test drove at night. Granted its very nice but not exactly what I wanted - I have the 2013 limited with leather, sunroof, dual climate control but no navigation or backup camera. I paid $25,900 for the car and after the warranty, taxes and fees it ended up being $31089.15 with the price after my trade (which they really lowballed) and the rebates, the financed amount is $27564.15 which should be $24839.15 after they remove the warranty. I didn't think I had any recourse but read somewhere I can cancel within 30 days but as someone else had posted I am afraid of being railroaded into accepting another option but I just want to cancel it and will have to be firm. I am going in today to ask for the manager and tell him I want it canceled so all your positive comments will help me stand my ground. They financed me through a credit union.

The Customer relations manager was so nice to me for some other issues I had on the car the day after I bought it (scratches on the inside and a dead battery) and everyone there asked me several times to rate them highly on the surveys I would receive but when I got the survey for the car buying experience I answered honestly about what had transpired. Things were fixed but it took a few days. I responded positively on the 2 other surveys but she called upset that I did not give them all 10's as she had asked me on all the email surveys. I was too busy to get into it at the time and said I would have to call her back and I haven't yet. I just found some white paint spots on my blue hood and bumper that I want fixed and now this warranty issue; I hate buying large ticket items and confrontations but I spent a lot of money and I am not 100% satisfied with the whole process. My experience with the service department has been mostly good but I think it is horrible of the dealership to coerce positive reviews and feel it must somehow be tied to money for them.
 

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They financed me through a credit union.
Call THIS credit union since you already have an established relationship with them and ask about an extended warranty through them.
 

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If this is the standard Hyundai offered warranty it only kicks in after the various Hyundai warranties fall off. And they will allow you to cancel it at any time.

I have never seen an extended warranty be worthwhile. They usually try to weasel their way out of it or try to pin the blame on the owner for lack of records. After all it is just an insurance policy not a manufacturer's warranty.
 

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They usually try to weasel their way out of it or try to pin the blame on the owner for lack of records.
Like the Joker said in the original Batman movie: "Wait till they get a load of me!" Let them try that routine. I'm the "outlier" in that Bell Curve equation!
 

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Me too but good luck with an extended warranty. It is out of Hyundai's hands actually. They may handle it but the insurance company calls the shots.

And for $2750 + the interest you pay on that is a lot of repairs.
 

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They may handle it but the insurance company calls the shots.
I have an attorney to handle shots like that, usually over their bow as a first warning. He's currently in the process of bringing our homeowner's insurance company to their knees.

Amazing that we have to resort to such tactics. Also amazes me how quickly their hearing improves. Must be a direct connection to their eyesight. Seems to occur every time they read one of his letters. LOL
 
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