Automotive

FCCP Cancel Warranty

  • Last Updated:
  • Aug 7th, 2017 6:17 pm
[OP]
Member
Apr 29, 2017
291 posts
98 upvotes

FCCP Cancel Warranty

Recently bought a gmc truck. I have bad credit and the dealer new I didn't get approved anywhere else. As were doing up the paperwork she says she included a warranty and i had to buy it because we financed for 6 years.

I thought nothing of it and signed. We were just happy to get a truck. Two weeks later I took a closer look and they only included page 1 of 6 of my warranty contract and all the other pages are missing, nothing about cancellation. It's been 2 weeks, does anyone know if I can cancel or will the dealer lie and say the loan was conditional on the warranty? What is the best way to go about this if it isn't too late. In British Columbia by the way, paid $2200, $200 deductible which seems bad especially considering how hard it seems to make a claim. Thanks
14 replies
Deal Expert
User avatar
May 10, 2005
36455 posts
10770 upvotes
Ottawa
Is it cancelled or are you asking if you can cancel it? Your post is confusing.
Deal Addict
User avatar
Dec 12, 2006
4354 posts
578 upvotes
Messed Up Area
If it was condition of loan, I would contact the lender and not dealership and inquire. It maybe loosing battle as signed paperwork, etc. and vehicle in your possession already.

With the answer from lender I would then approach the dealerships sales manager and if not happy then dealerships manager.

And contact FCCP about cancelling ASAP, as no proper documentation from dealership and was forced upon you.
[OP]
Member
Apr 29, 2017
291 posts
98 upvotes
No I was just researching last night and can't find info about their cancellation policy. Feels strange why they left out the last 5 pages of the agreement. There was no talk of a warranty until all paperwork was in front of us and we had already agreed on price and everything, when she told us it was required by the bank.

The bank just sent me something about the loan so I'll look into it.

After some research I think the warranty is a terrible deal, $200 deductible and there isn't a whole lot that is actually covered.
[OP]
Member
Apr 29, 2017
291 posts
98 upvotes
I called the dealer today. They asked why I want to cancel and I said my brother got screwed bad by FCPP and I want out now. It was the other finance person who did the deal so they say they call back Tuesday, which I know probably won't happen. She said she is shocked to hear anyone had a bad experience with them and they are owned by GM, lie?
Deal Expert
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Jul 22, 2006
22341 posts
2982 upvotes
Most of the time the cost for extended warranty isn't worth it......
Sr. Member
Jan 12, 2013
660 posts
640 upvotes
Halifax
One of my previous vehicles was a '14 Sierra and at the time I bought the warranty, but later decided it was not worth the cost (within 2 months of ownership). I didn't have any conditions on my loan like you say the dealer mentioned to you, so maybe your situation is different. I had to contact the business manager (the person whom you actually signed the paperwork with) and ask to cancel warranty. Since the warranty cost was included in the original loan amount the dealership cut me a cheque for the full value of the warranty (since no claims were made). I then made a lump sump payment to the bank that issued my loan, but really, you can do whatever you want with the cheque. I have never heard of banks issuing loans dependent on extended warranties, but I have never been in a situation similar to yours either. Remember that the dealership and the business manager make quite a large commission off of the sale of extended warranties and you can almost never take what they tell you at face value. Contact the financial institution that issued your loan and ask if there are conditions on your loan (the only thing I can think of is if you own your home, they may have secured your loan against your home, which is fine and not related). If that checks out, contact the dealer to cancel warranty. If they refuse contact GM Canada.
Deal Expert
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Oct 13, 2009
21199 posts
10696 upvotes
Iqaluit, NU
I had a coverage one warranty with a $200 deductible. Paid like $5300 for it.

A $200 deductible isn’t bad when the repair bill comes to like $2-2.5k....
Re: Procurement, Life & RFD
nasa25: say you won it in a raffle. That's what I do with like 86% of my purchases
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[OP]
Member
Apr 29, 2017
291 posts
98 upvotes
It's a GMC Sierra, anyway, interest rate isn't great 5.9, since we don't have great credit and I didn't bargain on the price at all, but it was 20% off msrp sale. I'm going to be pretty upset with them if they don't cancel it, I'll go down there on a weekend.

I'll call the bank who issued me loan but I'm pretty sure I know what they will say. It just doesn't make sense that a bank would have those conditions, the only thing is they didn't give me all the warranty paperwork so I don't even know if I can cancel.
Deal Fanatic
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Mar 1, 2005
6197 posts
4058 upvotes
Toronto
I suggest you go in person. If they don't cancel the warranty, ask to borrow their phone and dial 416-226-4500.

Omvic is really toothless but some sales people are scare at hearing it mentioned.
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[OP]
Member
Apr 29, 2017
291 posts
98 upvotes
Thanks everyone. I'm not worried about not having a warranty 60-100km. There will be repairs but what are the odds it's a warranty item? With the commission these companies are giving away and seem to have no real value on their warranty (selling price goes up or down, as long as they get something) it seems unlikely they are paying out much.

I don't know what we have in BC like OMVIC, but I have no problem doing whatever it takes to fix this.
[OP]
Member
Apr 29, 2017
291 posts
98 upvotes
thanks
I know they were doing some shady things and I let them get away with it because they were the only dealership willing to help me with my credit. No arguing on price, already paying $6,000 in interest over 6 year term but fine. The warranty is going too far. I already put $15,000 down and if they want to re do the contract at higher interest I'll agree, but I will tell them I'm putting down another $20,000 and only owe $5,000 on the loan.
Newbie
Oct 7, 2016
89 posts
91 upvotes
An extended third-party warranty is absolutely not "mandatory" on a new vehicle purchase (or any purchase), whether it's leased, financed or bought outright. It's not even adviseable, especially on a new car - if you want extended coverage, buy the manufacturers extended care plan.
[OP]
Member
Apr 29, 2017
291 posts
98 upvotes
Yea, I realize now, I did research but obviously missed a few important things and tricks. They didn't even give me all of the pages of the contract to read when I signed it, my fault for not noticing that I guess. If they will not cancel it I'll change my reviews and maybe complain to GM.

Another thing is my contract says its financed for 6 years and any extra payments goes to interest before principle. Does this mean if I pay the whole thing off this year I have to pay the entire 6 years of interest?

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