First time auto loan... Questions/help/advice

[Anonymous]

No biggie on the warranty. You should be able to cancel it within 30 days,

 the money would go back into the back end of the loan!

The warranty doesnt do anything for the book on the car, but it DOES line the dealership's pockets!

but, most important, look at the actual cost of the warranty, with interest!!

you didnt pay 2000, you paid 2500+ with interest, on a 4 year note!

[Anonymous]

Yeah I totally misworded..    When I was posting I was kinda fresh off of buying it and being at the dealership for half a day.     I won't say they "tricked" me into buying it, but the strongly encouraged it.  And yes, they did tell me it would help the value of the car.  Considering that even with the warranty, I ended up financing it for right at book value, I feel I did ok.     I really do feel that overall, the guys at the dealership helped me way more than they tried to take advantage.. Sure, they wanted me to get that warranty because it does line their pockets..  That is just the way life is.. People want to make money.  But even the final finace guy I dealt with flat out told me to just get the basic warranty.. He didn't try to push the tire coverage, and all the other crap onto it.  He also took the time to really explain GAP coverage to me and help me understand exactly what it was and how it COULD benefit me..   He let me decide whether I got it or not with zero pressure.    So if they lied about anything, it was saying that the warranty would help the value of the car.      Honestly, since im a Cap one card holder, I bet if I pay this thing on time for a year they will refinance me way under the 8%.    

Again, I really do appreciate everyones help and insight..

[Anonymous]

After reading my paperwork on the warranty I can cancel it within 60 days at a charge of 50 bucks.      I haven't decided what im going to do yet.   As stated, I did still fincance the car WITH the warranty for book value or perhaps even a little under.     I plan on keep the car for awhile and it really does cover a lot of things that the manufacturer warranty wouldn't cover.    I understand if I cancel it the money comes off of the back end of the loan..   So Im going to think about it before decided what to do.   Thanks again for your input.

[C7LT1]

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@Anonymous wrote:

After reading my paperwork on the warranty I can cancel it within 60 days at a charge of 50 bucks.      I haven't decided what im going to do yet.   As stated, I did still fincance the car WITH the warranty for book value or perhaps even a little under.     I plan on keep the car for awhile and it really does cover a lot of things that the manufacturer warranty wouldn't cover.    I understand if I cancel it the money comes off of the back end of the loan..   So Im going to think about it before decided what to do.   Thanks again for your input.

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Like I said warranties are not always a bad thing. I just like to find the best deal on everything I buy. If it was me I would get in touch with a few warranty companies with good reps and request a quote. If the coverage and price was in line with what you paid and you want a warranty then keep what you have. If you can save a $1000 I would request a refund.

A few years back the finance guy a motorcycle dealer tried to charge me $900 for an extented factory warranty. I had already did my research and knew of another dealer that was selling the same thing at cost. I told the finance guy this and that I did not want his $900 warranty if I could buy it else where for $550ish. He said no problem and sold it to me at his cost. He didn't even check my source, he just changed the price on the spot. 

BTW that warranty has paid over $1500 in repairs and I still have 2 years left on the warranty. Again not all warranties are bad. 

Don't get to caught up in all of this, you got a good deal and the car you want.

Go out and enjoy it!