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As pointed out by the others - its pure BS.
The F&I guy is hoping you don't know that he can NOT require a warranty to obtain the financing. I have had the same thing happen where they actually argue with you and they all claim that the lender requires it. It is not true. In fact, I bet if you read the contract it will specifically state that the warranty is optional. Read the contract, point it out to him and then don't sign the contract unless he removes all the garbage and extra fees. In fact, the best thing to do is to buy from someone else at another dealership. If he is playing this old trick on you (its been around forever) then what else has he pulled on you?
You know, i think that is what happened to me a year ago. GRRRRRRRRRRRRRRRRRRRR
Makes me want to go find the contract dangit..
Question now arises, if i go refinance do i have to refinance that warranty charge (whats left of it) or do I get that back ?
I think they financed it
You Don't HAVE to be a Victim When Purchasing a Car
Your car dealer must be related to my car dealer because the same scenario happened to me. Here's what I did to eliminate the possibility of a ripoff.
I called my credit union, Digital Federal Credit Union (DCU). I spoke to the consumer loans department and asked for their process to obtain a loan. Then I went to their website to be certain that the information that I received over the phone was the same as indicated on the website. It was. Next, I visited their forum and looked at all of the 1 and 2 star comments to see where others had gone wrong and c/p those comments into a word document. I learned from their mistakes and incorporated steps to insure success. I called the consumer loans department back and explained that I am old-fashioned and needed a pdf copy of the loan application instead of applying digitally.
DCU emailed me a copy of the application. I used the typewriter function in Adobe Acrobat and typed directly into the pdf. You can fill it out by hand if you choose. Along with the app, I turned in the following documentation as suggested by the forum: 1) the Retail Agreement for a Motor Vehicle which I obtained from the dealership that contained the Year, Make, Model and VIN # of the car that I was purchasing; 2) Earnings Statement or copy of a pay stub; 3) copy of my current Financial Responsibility ID card for car insurance, 4) my driver's license-front and back and a Fax Cover Sheet that listed each document in the package.
Then I made sure that each page in the package had the following information hand written on the top of each page:
Auto Loan Application, Current Date
My Name, Member #
My Telephone #, Page # (Page 1 of 6)
One hour after faxing the loan package, I called to verify receipt. I had already been approved for a 65 month loan at 1.99%.
The credit union required NO WARRANTY. Tax, title and all other fees were included on the purchase order or Retail Agreement for a Motor Vehicle do they were rolled into the loan. I asked the credit union to email me a copy of the check which I promptly printed and provided a copy to the dealer. They were stunned.
I walked out with the car that same day as they let me "test drive" the car until the check arrived. Five days later, we closed on the car and I am ONE HAPPILY EMPOWERED NEW CAR OWNER.
I really hope that this helps you take back control. Call your bank or credit union and win on your own terms.
I will be on the way to the Nissan Dealership today. The finance guy told me that in order for TD Auto to finance the car, they required me to get a 24month/2 yr warranty. I called and confirmed with TD Auto about it.
Wished i was here last year lol. Love it how a post can help ! The lady at TD Auto said that the Nissan Dealership would write a check and send it to TD Auto to go against the blance of the car.