They can walk you through the next steps and help you determine if you’ve been scammed. Possibly totaled the car? Some consumers choose to purchase an extended warranty when purchasing a car in order to have warranty coverage on the car beyond what the manufacturer provides or to cover a used automobile that no longer comes with a manufacturer’s warranty. Save my name, email, and website in this browser for the next time I comment. Address 1750 Velp Ave. #1 Green Bay, WI 54303. There are several reasons you may be seeking a warranty refund or a gap insurance refund for yourself. Also called vehicle service contracts, extended warranties cover repair costs after your manufacturer warranty ends. If you bought one on impulse and have since come to regret it, canceling your extended warranty could put hundreds of dollars back into your pocket. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Insure your classic car or race car at agreed value with Heacock Classic, but you’ll have to look elsewhere if you have recent claims or major violations. Cost: You decide that the extended warranty costs too much for your budget. As long as you didn’t transfer the warranty to someone, you are most likely entitled to a refund. I bought? While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Make a copy of paperwork that shows the sale date, trade-in date or date of the accident. Sometimes, you can deal directly with the automobile dealership, but other warranty companies require you to deal directly with the warranty company. If you are unsure, you should get independent advice before you apply for any product or commit to any plan. Warranties are often sold as a per-month purchase; some buyers later total the cost of the warranty over the length of the contract and discover it’s much more expensive than they were led to believe. Exclusions: Extended warranties don’t cover everything that can go wrong. The results of the 2013 survey, its most recent, showed that 55% of owners who purchased an extended warranty didn’t use it. If you do end up purchasing an extended warranty and decide that you’re probably not going to use it, then you can cancel it. Free Warranty Refund Calculator- Find out your Prorated Refund amount when you cancel your Extended Warranty, Gap Insurance, and more. When evaluating offers, please review the financial institution’s Terms and Conditions. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Some people would prefer to keep that money in their pocket — at least for now. Quickly compare multiple online lenders with competitive rates depending on your credit. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. We update our data regularly, but information can change between updates. 5 Reasons to Say No to 72- and 84-Month Auto Loans. An extended warranty on a new car won’t kick in until after the manufacturer warranty ends. Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Make a copy of paperwork that shows the odometer reading on your car at the time of trade-in, sale or accident to submit to the warranty company. Believe it or not, there is tens of millions of dollars in unclaimed refunds every month because auto consumers simply dont know they could be entitled to a refund. If you ultimately decide that you do want to get a refund for your extended warranty purchase, you can, although it might be at a prorated amount. For third-party warranties, you might need to call or write a letter to the company. And “those who did use it spent hundreds more for the coverage than they saved in repair costs,” on average, the survey found. If these products were purchased through a car dealer then the dealer is also required to refund a portion of the profit they earned on the transaction. Around 55% of people never use their extended warranty, according to a 2014 Consumer Reports study. Warranty exclusions: After reading the fine print and realizing that the warranty doesn’t cover everything, then you might decide that it’s not worth the extra cost. As long as you didn’t transfer the warranty to someone, you are most likely entitled to a refund. Get our weekly newsletter for the latest in money news, credit card offers + more ways to save. Join our mailing list to receive your refund updates from our team. Partial (pro rata) Refund Calculator. Sales teams bank on this by offering a low monthly payment in exchange for potential savings on repairs down the road. RELATED: Which Compact SUV Has the Best Warranty? You traded in or sold your vehicle to a dealership or private party. Get everything in writing: Remember to make a copy of the original contract and get the cancellation form in writing to keep as a record in case you don’t get a refund. The median cost of an extended warranty was around $1,200 in 2013 — despite most repairs costing less than that.