Extended Warranty Refunded after 4 years

[AWGD8]

Hi guys, I have a question regarding an extended warranty from Toyota?

Here is my story. I bought a brand new Rav4 V6 last April of 2008 and bought a Toyota extended warranty sold by the dealer. I think I paid about $1,300 or so. Then I found out this forum after a few days of owning the Rav4 and heard about Troy who sells the same extended warranty from Toyota for half the price I paid from the dealer.

So I called my dealer and cancelled the Warranty. I was also advised to call Toyota warranty services and got hold of the guy there and told me that they need the dealer to fax the cancellation paper. So I did everything they told me to. I even got a refund of $80 from the Tax they charged me from buying the extended warranty. The dealer said that the extended warranty refund will be deducted to my Toyota loan , since I bought the Rav4 and financed it through Toyota. So after that, I assumed they will deduct it from the loan.

After 5months of owning the Rav4, I decided to trade it in to another car with 0 percent interest vs the Rav4 6.9%. I may loss some money trading in the Rav4 but did get a 4k rebate on the new car, and it just break even with the loss.

Fast forward to Nov. 30, 2012. My wife got a surprised check refund from Toyota finance in the amount of $550 stating that it was from the extended warranty we bought 4 years ago.

My question is, I really do not remember or 100% verified 4 years ago if the extended warranty were refunded or deducted from my Toyota loan. I trused the Toyota Customer service guy that they will deduct it from the loan. Also, during the trade in process, the other dealership said that they will check it and take care of it. Now my big question is , should I have gotten a $1300 refund and not prorated to $550 after 4 years? I do not have proof if the refund 4 years ago did happened or not? If it was deducted from my loan.... My point is, I did cancel the Toyota Extended warranty 3 days after I bought it from the dealer, which means I am still within the cancellation period of 30 days and should be refunded the full price.

[doane2u]

What do they say about it?

[AWGD8]

Ok, I just get hold of the Toyota warranty dept. The guy looked it up and said that they cancelled the warranty less than 30 days after I bought the car. Good thing I still have the Rav4 papers and found out that I bought the warranty for $1700 and they refunded me $550 and the remaining balance was actually deducted to my loan 4years ago. I do not have written confirmation from them that it was deducted, but the cusomer service checked into it today and told me that they did. I guess they really did, but still I am a bit skeptical....

[doane2u]

PS: You can get 0% financing on most cars today.. pretty amazing, of course, you lose a huge chunk of money as soon as you drive it off the lot. I prefer to buy cars that are a few years old like I did a few months ago with this 2010

[Dr. Dyno]

Originally Posted by AWGD8

... the customer service checked into it today and told me that they did. I guess they really did, but still I am a bit skeptical....

You should request a printout of your loan history.

[doane2u]

Good idea, Dyno

[AWGD8]

Originally Posted by Dr. Dyno

You should request a printout of your loan history.

Will do! Thanks Dyno!

[movedtoomuch]

The only way to really know is to build your own spreadsheet with all costs, payments, etc to get to the final number.

Asking ANYONE is just a waste of your time. Getting their loan payout is a good start, and then compare to YOUR spreadsheet.

You could easily be talking about $1,000 here. Take the time to KNOW the answer.