DEALER FINANCE PRODUCTS YOU CAN CANCEL LATER

CAR DEALER PRODUCTS YOU CAN CANCEL LATER

DEALER FINANCE PRODUCTS YOU CAN CANCEL LATER

In dealer finance, there are several products that most often you can cancel after the purchase (after-the-fact). However, the ability to cancel and the process for doing so can vary based on the dealership’s policies, the specific product, and the terms of your contract. Here are common products that are eligible for cancellation:

• Extended Warranties/Service Contracts: These are often the most expensive add-ons and typically can be canceled. If you cancel within a certain period, you may receive a full refund. After that period, the refund may be prorated.
• GAP Insurance: This insurance covers the difference between the car’s value and the amount you owe on your loan if the car is totaled or stolen. GAP insurance is usually cancellable, with a prorated refund for the unused portion.
• Credit Insurance: This covers your car payments in certain situations, such as unemployment or disability. Like GAP insurance, credit insurance is usually cancellable with a prorated refund.
• Maintenance Plans: Prepaid maintenance plans can sometimes be canceled for a prorated refund of the unused portion.
• Tire and Wheel Protection: If you’ve purchased protection plans for your tires and wheels, these may also be cancellable.
• Paint and Fabric Protection: These are often sold as additional protective measures for your car’s exterior and interior. They might be cancellable, depending on the dealership’s policy.
• Theft Protection Products: These include things like etching the VIN on windows. If you decide you no longer want this service, it might be cancellable.

To cancel these products:

• Read Your Contract: Review the contract for specific cancellation terms, including time frames and the process for cancellation.
• Contact the Finance Office: Reach out to the dealership’s finance office for instructions on how to proceed with the cancellation.
• Provide Written Notice: Many dealerships require a written notice of cancellation. Make sure to keep a copy of this notice for your records.
• Understand Refunds: If you financed the car, any refund might be applied directly to your loan balance rather than given to you directly.
• Follow-Up: After submitting your cancellation request, follow up to ensure that the process is completed and that any refunds are appropriately handled.

Remember, each dealership and contract may have different terms, so it’s important to review your specific agreement and consult with the dealership for the exact procedures and opportunities for cancellation.

There’s no doubt that no dealer LIKES to have their customers come back later to cancel a finance product. However, you being firm and direct will most likely get it done. If you financed these products, the prorated refund will come off the end of the loan. If you paid cash, you will be due a prorated cash refund.