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You can always cancel the extended warranty. Usually they will return any portion of the money for the contract that you did not use. In your case it should be at least 95% of the amount of the extended warranty. In some states there is a fee for canceling the warranty and some/all states have a grace period where you get a full refund without any fees. They will return your funds instead of lowering your monthly payment because the warranty is paid to a separate company than the car dealership. Even if the payment does drop, you should generally keep your payments as high as possible, since the interest is basically the same thing as getting charged extra for not having money.

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โˆ™ 2015-07-15 18:27:52
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Q: Can you cancel the extended warranty after 2 days and if so will your payment drop?
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Related questions

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Check the terms of your warranty. It should have a 30 day cancellation clause with NO penalty or minium penalty. After that some pro rata will apply.

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That question is totally dependant on the state it is sold in and the underwriters contract. In most cases you can cancel and get a full refund in the first 30 days only.

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When purchasing a vehicle from a dealership, one should speak with his or her salesperson about purchasing an extended warranty on the car being purchased. One may also purchase the extended warranty on a car up to 31 days after purchase.

If you purchased a new car with an extended warranty is there a grace period in which you can decline the warranty?

Possibly, depending on your state laws. Ask the dealer immediately. If it is an actual "warranty" - meaning it was included in the purchase price (not sold for an additional amount), then no, it is not declinable. If it is a "service contract" - meaning that you paid an additional amount for coverage, then yes, in most states you have 30 days or more to contact the service provider and cancel coverage.

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