i bought a 2025 camry a week ago and decided i don’t want the extended warranty anymore. i called the finance guy to cancel it, and he said if i do, my interest rate will go up from 4.99% to 6.99%, and instead of my loan being $31,500, it would go up to $33,500.
how is this possible when i already signed all the paperwork and toyota financial approved me for 4.99% at $31,500 plus the $4,700 extended warranty i don’t want anymore
he’s lying to you. the rate has nothing to do with the warranty. he’s just mad because canceling it means he loses his commission.
nothing he told you is true. if he’s saying your rate will go up if you cancel, that’s called tied selling and it’s illegal.
if you cancel, the money goes back to your loan balance, reducing what you owe. your monthly payment won’t change, but you’ll pay off the loan faster.
finance guy is trying to scare you. cancel it and leave a bad review so others know.
you might be able to cancel it online without even dealing with them:
Quill said:
you might be able to cancel it online without even dealing with them:
https://tmisvpp.com/cancelrequest.html
this should be pinned at the top. you don’t even need to tell the dealership.
Quill said:
you might be able to cancel it online without even dealing with them:
https://tmisvpp.com/cancelrequest.html
appreciate this. i’ll try to cancel my gap coverage tomorrow.
he’s lying. also, toyota financial is a nightmare. if their website glitches and your payment doesn’t go through, your credit will take a hit. happened to me, and when i called, they told me the payment went through, but it didn’t. ended up just paying the car off to avoid the headache.
if you can, check with a credit union for a better loan. also, some dealerships are way less shady.
ask him to send everything in writing by email so you can go through the fine print yourself. if he refuses, ask for a manager. you have the right to cancel the warranty.
you can always buy the factory warranty later if you still want coverage. as long as you get it before your standard warranty runs out, you can buy it from any dealer, usually for a lot cheaper.
your apr should not change. he’s just making stuff up. canceling should lower what you owe but keep your payment the same. if he won’t do it, talk to someone else.
your loan contract and the sale receipt are separate agreements. the finance guy might just be confused, or he’s hoping you won’t question it.