New Car Payments and Cancellation Help!

[keenap]

I recently bought a new car and at the time, I purchased the extended warranty, gap coverage, and lojack. I was told that there was a 30 day period in which everything was cancellable. I was not told that if I DID cancel, the payments would remain the same. I was under the impression that they would return to the original amount before I added the extras. I was also NOT told that lojack was not cancellable.


The very next day, I decided I didnt want these things and went back to the dealership to cancel. At that time, I was told that since I was financing the vehicle and the contract was already at the bank, I could not cancel lojack. Also, I was informed that the payments would not reduce even though I cancelled these items. It would remain at the same amount and I would just pay off the car in a shorter period of time.

I am just wondering if there is anything I can do to make the payments go back to the original amount and also cancel lojack since it has NOT been installed on the car yet. I contacted lojack who said that as long as the unit was not installed on the vehicle, it was cancellable but since I was financing the vehicle, I had to talk to the dealership about rewriting the contract.

The dealership says that since the contract is already at the bank, they cannot rewrite the contract, only the bank can deal with the contract now. I want to know if that is accurate because my impression is that the dealership can simply rewrite the contract minus lojack and the extras and have my payment back to the original amount and then send the new contract to the bank to finance. That makes sense to me but the dealership has said they have nothing to do with the contract anymore. Is that true? Can they really NOT rewrite the contract or they just don't want to? Is it up to the bank to rewrite the contract?

Any advice or suggestions would help greatly. Thank you!

 

[unclemoon]

You can cancel the extras - insurance, extended service contracts, lojack, etc by completing forms in the finance office* and the premiums must be refunded to the bank. Unfortunately, if the loan has indeed been booked by the bank, your payments will remain the same unless you can negotiate something with the bank after all the refunds are accounted for and have been credited to your loan balance.

*The finance guy is going to give you tons of push-back because he'll be losing commissions, stick to your guns if this is really what you want to do.