I learned alot through the direct responses (thanks for the informative responses). Multiple posters have suggested that I cancel add-ons to at least lighten the load. I was looking on how to go about cancelling add-ons (there was no results from this forum), but the internet have some confusing answers. I’m posting this because the original post I had got closed before I got to post the following questions (hopefully a trusted hackr can merge it with the other post? Thanks!):
There was this obscure post about waiting a certain amount of days (usually 30) until the loan is consummated before cancelling so that the dealer cannot raise the monthly anymore, but the same post also mentioned that the add-on has to be canceled within 30 days… So how can I cancel within 30 days, but also wait for 30 days? What am I missing?
It said that I have to get the finance manager or the third-party vendor to cancel it. If the finance manager have to cancel it then they employ a delay tactic because it cuts into their commission. But given the 30 day window what would be the most productive way to cancel the add-on?
In the packet of paperwork you were given there should be information about the service contracts and any other add ons purchased. There should be cancelation information within.
If you cancel [say an extended warranty] in a lease , please be aware many manufacturers take off payments AT THE END, so your payment doesn’t go down, it just ends earlier.
That’s actually my follow-up question. If I cancel an add-on contract how do I know that HFS will actually lower my monthly? The contract says that the refund will be credited to the lienholder (HFS), so I will actually not see that refund unless HFS decides to do so. Right?
