So I puchased a 2007 accord 4cl se a couple weeks ago. I was a first time buyer and took the process on myself. I was told by the F&I guy that if I take an extended warranty they will lower my intrest rate two percent. So I ended up buying a 7/100k/0 warranty at a whopping price of 1855, compared to the prices on the net I paid 1k too much. I still have not gotten a copy of my contract, I am waiting on one coming in the mail. I then find out by looking at similar contracts that I can opt out within 30 days in NY without getting hit on fees.

In general, I was not happy about the process with the F&I guy, I almost got swindled on the terms of the loan until I voiced my displeasure with the intrest rate that was offered.

So I went down to Honda today and stated I wanted to cancel my warranty. Was told by the same F&I guy that they would not let me do that considering I was given a preferred rate due to me signing up for the warranty. I did not feel like going into it further with the guy because I felt like I had a lack of information.

From what I understand, it is illegal for car dealers to change intrest rates based on optional coverage. The question I have at this point is

If I do cancel the warranty if there anyway they could change the financing terms?

any input would be greatly appreciated.

No. If they want to change the terms from those on the contract you signed, they'd have to give you the option to return the car and undo the deal. And they're not going to do that. So cancel the warranty. Do everything in writing CMRRR.

You can cancel the warranty.

Then cannot change the financing terms.

The money for the warranty will be refunded to the lender.


roughly 1800 seems equitable for a warranty although I don't know what your service contract covers. In the State of Florida the prices for service contracts are fixed and are not negotiable.

I meant to reply to this earlier, but I was just leaving the airport club to catch a plane! NOW HONDACARE is a great product and the idoit that sold it to you in order to reduce the points, is crazy. YOU have to return to the selling dealer and request it to be cancelled and you must do this WITHIN 30 days of signing if not you will be proated and all that BS.



If you live in the state of FL, you can not get a HONDACARE warranty unless you get it from a FL dealership, I dunno why just one of those state regulations.

There is nothing in my documents in regards to having the intrest rate raised if I were to cancel the honda care, I have still not received the actual honda care contact though. The loan is with American Honda Finance and they are showing the note on their web site so it looks like it has been purchased. What recourse would an F&I possibly have? I dont see him going to AHFC stating that I cancelled honda care and my intrest rate should be raised two points.

I suppose 1800 is not bad but I have seen online honda dealers offering the same warranty at 1k less. I live in NY so I am not affected by the FL laws.

I was able to acquire a cancellation form and I am considering sending it to the GM of the dealer using Certified mail return receipt requested.

psssssssssst

let me save you a lot of time and effort.

The F&I Manager can NOT alter your contract. PERIOD.

Just go back to the dealership in PERSON and ask for the warranty to be cancelled if you don't want it. You will have to sign a form requesting cancellation and they will provide you with a copy of the form to be processed. The account should be credited within 4-6 weeks.

And you will be notified.