Help me out /o/. I think I fucked up..
My Ford Exploder finally gave out and I did some shopping today and found a 2001 Silverado on craiggys with only 118k miles.
I went to the bank and got a small loan of 6500. They had several different packages to choose from. I opted for one with gap coverage and an extended warranty. She made it sound like that the warranty comes with the gap.
Now heres the fuck up.. I don't know anything about extended warranties and I didn't have time to research one. So I bought the damn thing. Turns out its gonna cost me some odd 1600 bucks. Fuck that. I read all the damn paperwork sitting there with her and never saw that number.
So now I've got 6500 cash in hand. I really want to just go back to the damn bank and pay off the loan now. They're only open until noon tomorrow. If they can't remove the stupid warranty I will just go to another bank and say fuck them.
I really am in a bind though. I need a set of wheels now. FUCK
/rant
tl;dr Has anyone ever bought a fucking extended warranty?
>>14444106
Doug demiro did
Dude why one earth would you get gap coverage on a $6500 loan? And as far as extended warranty yeah I bought it but my car was also much more expensive and more costly to maintain.
Go to the bank and tell them the truck sold and you want to return the money. They should charge you like $2.50 for one day of compounding interest.
>>14444150
>>14444106
This. You only get GAP on new cars ffs and you have to get details on those extended warrantys. A lot of them are for only 24 months/24k miles or something like that.
Also, before paying the loan back ask them if there is a early payoff penalty.
There are plenty of trucks out there for around 6k, just get on a online search site and look around.
>>14444106
How does a vehicle just give out? Unless the engine is blown, and sometimes even then, just fix it. What happened?
>buying gap coverage
Nigger detected.
>>14444215
>Ford
Obviously it was the transmission.
>>14444255
Head gaskets. Lasted 252k miles though
>>14444255
>>14444363
Let me elaborate. The headgaskets went bad a year ago and over time leaked enough coolant into the motor to make it start knocking like a bitch. I never bothered replacing the gaskets because I knew my bottom end was toast anyways.
>>14444363
That's like 1500 bucks tops. You could easily have to drop that much soon on your "new" truck if you pick the wrong one.
>>14444380
Nevermind. Saw the engine is fucked.
Post your Craigslist op
>>14444390
https://quadcities.craigslist.org/cto/5441318575.html
Yes it's 4x4
Yes its the 5.3
GAP is always a bad bet, it is literally only good for ~8 months assuming you get a 5 year or less loan, never get it. Extended warranty on a vehicle with 100k+ miles on it will probably pay off. Buy the truck and take it to a mechanic, tell them it has a warranty and to go wild, shit will pay itself real quick.
>>14444406
Really. It's a 15 year old truck. I bet a shop could run up 1600 bucks pretty quick.
who the fuck gets a loan on a $6500 car?
i can only imagine how ridiculous the interest rate is on that
>>14444401
That's a shitty truck. This for 5500 if possible.
https://quadcities.craigslist.org/cto/5445596910.html
>>14444483
Yeah well I'm poor so.
>>14444493
I was gonna offer him 55 and hope he bites or takes 6.
>>14444508
Or this. He says no rust. You're poor, so you shouldn't be picky on the brand.
https://quadcities.craigslist.org/cto/5444049207.html
>>14444543
>https://quadcities.craigslist.org/cto/5444049207.html
>2wd
And I'm a ford guy at heart by the way.
>>14444106
The bank offered you an extended warranty on a $6500 loan for an old ass truck with 100k+ miles? I'm a banker, and former car salesman, and that shit don't make no sense from either end. Please clarify.
>>14444556
4x4 is unnecessary.
>>14444561
What is there to clarify?
>>14444566
Well I dont know about that.. I find myself offroad alot. Sometimes on purpose
>>14444561
As a former car salesman, I can tell you "extended warranties" are for the financially retarded. Try calling to get that warranty work done - they will only have one shop that honors it, 100 miles away, and it only covers parts, not labor.
Only fucking illiterate idiots sign up for those. With most used cars (being sold) only being a few years old, most are still under factory warranty.
It's literally a tax on the dumb and poor for being dumb and poor.
>>14444106
Dude calmt he fuck down you have a vooling off period. Just cancel the warranty. Do none of you guys know your rights as a consumer? Fuck.
>>14444577
Cooling**
>>14444566
said no one ever. unless it is a work truck why on earth would you even bother with 2wd? get a freaking car
>>14444577
That sounds like a state law you retard. There is no federal cooling off period for an auto loan.
>>14444586
Yes there is you faggott. Industry standard is 30 days. I sell motor vehicle finance and extended warranties myself.
>>14444576
>>14444561
You guys must be fucking shit at your jobs to not know about the cooling off period. Also, they make perfect fucking sense, they cover cover certain componemts up to a certain cost. Eg $1000 per repair up to the value of the vehicle. That is unless you're just full of shit.
>>14444596
>Industry standard is 30 days
vs
>Laws and your rights as a consumer
How about you're full of fucking shit. Please link me to the relevant CFR page.
>>14444596
I just signed an auto loan and there was no mention of it anywhere. I even called the bank and they said the only way to terminate my loan would be to pay it back in full plus daily compounded interest. I call bullshit on you faggot
>>14444724
>daily compounded interest
>monthly payment
You're always gonna be poor at that rate pham.
>>14444735
Interest normally compounds that way, my rate is 3% APR which isn't bad considering my age, and I make over 75k a year. Fuck me for wanting to drive a nice BMW during my hour and half round trip commute. Please tell me more about your financial success living in your moms basement for free.
>>14444576
My extended warranty, sold by a dealership no less, covered parts and labor, at 2 random mechanics I went to.
>>14444639
California has no auto loan cooling off period.
>>14444946
>living in commiefornia
Pleb
>>14444735
>>14444708
Took me 5 fucking seconds to google.
"Under US federal trade commissions current law, any motorvehicle finance has a minimum 3 day cooling off period"
MOST COMPANIES have an extra 27 days on that. But hell, what do I care, stay poor you fumb fuck. Ignore the only advice you've recieved.
fill out a cancelation form you can request from the ftc and you are legally entitled to hand thay money back.
Fucking dumbass bitch.
>>14444966
He's right you know..
https://www.consumer.ftc.gov/articles/0176-buyers-remorse-when-ftcs-cooling-rule-may-help#exceptions
>>14444966
That guys wasn't OP. I'm OP. Im gonna go in tomorrow morning and pay the loan off and go to another bank.
>>14444966
>The FTC’s Cooling-Off Rule gives you a 3-day right to cancel a sale made at your home, workplace or dormitory, or at a seller’s temporary location, like a hotel or motel room, convention center, fairground or restaurant. It also applies when you invite a salesperson to make a presentation in your home. But not all sales are covered.
>Also exempt from the Cooling-Off Rule are sales that involve: automobiles, vans, trucks, or other motor vehicles sold at temporary locations if the seller has at least one permanent place of business;
Where/who are you buying vehicles from that this would EVER apply.
Hint: a private sale is not a business so none of this FTC stuff would apply to you.
http://www.consumer.ftc.gov/articles/0176-buyers-remorse-when-ftcs-cooling-rule-may-help
>>14444958
Trust me I want out of this hell hole. Hopefully in a year or 2 I will be in New Hampshire.
>>14444985
Read that again you dumb fuck,
"at temporary locations if the seller has at least one permanent place of business"
ARE YOU BORROWING MONEY FROM A GUY IN A CAR?
NO?
Go give them back their money then you fucking idiot.
>>14444995
>doesn't know what exempt means
>>14445001
Also exempt from the Cooling-Off Rule are sales that involve:
real estate, insurance, or securities;
automobiles, vans, trucks, or other motor vehicles sold at temporary locations if the seller has at least one permanent place of business;
arts or crafts sold at fairs or places like shopping malls, civic centers, and schools.
MY LORD I'M NOT EVEN THE ORIGINAL GUY WHO POSTED THAT AND YOU'RE ANNOYING ME WITH YOUR POVERTY AND STUPIDITY. READ THE WHOLE THING.
Note the *****IF*****
>>14445014
>raging this much over your own illiteracy
>>14444966
>Ignore the only advice you've recieved
You mean the incorrect advice from a poorfag who can't afford a car payment? Yeah, thanks a whole bunch.
>>14445017
No, just no.
Does the bank have a fixed address? Yes.
The exclusion is on Finance, Insurance, and securities. An extended warranty product according to current EFI regulations at the federal level is none of those things unless a contract explicitly stating the cost and purchase agreement of the product is signed.
Meaning he/you are entitled to back out of that purchase.
But what do I know, I sell these products every day, you can barely afford them. Congrats on your new truck, hope you stove it into the nearest deer you schmuck.
>>14445056
>>14445041
>Doesn't realize that the consumer hasn't signed a contract for the purchase of an extended warranty product. Only an agreement to undertake the purchase
>Can't read more than one sentence from an entire paragraph.
>calls me illiterate
This is why the poor and stupid stay poor and stupid.
>>14445080
The point was the auto loan not the fucking extended warranty you dumb mother fucker.
>>14445080
>The FTC’s Cooling-Off Rule gives you a 3-day right to cancel a sale made at your home, workplace or dormitory, or at a seller’s temporary location, like a hotel or motel room, convention center, fairground or restaurant.
So remind me why any of this would apply?
>>14445080
>>14445090
Beat me to it.
I'll say it one last time.
You are an illiterate fuckhead and you need to stop posting.
>>14445090
You can not and I never said you could back out of the finance, you can back out of the $1600 for the warranty product. Just give them back their money and they'll rewrite the contract to exclude the warranty product! It's illegal for them not to unless you've signed a separate document for the purchase!
> Turns out its gonna cost me some odd 1600 bucks. Fuck that.
> I read all the damn paperwork sitting there with her and never saw that number.
You apparently didn't read it very well. It should have been clear as day that there was a considerably larger amount on the loan than you asked for.
>>14445118
>maximum damage control
Pretty sure this >>14444966 is you.
>b-but I didn't say that
>>14445115
>>14445090
Dumb
Dumb
Also, the guy who posted that page wasn't me.
The cooling off rule does not explicitly apply to those scenarios. That header is not where the law ends.
But I WILL stop posting now, because I just don't care that you're going to be even poorer.
>>14445130
That isn't me.
>>14445152
Kek.
>gets BTFO and still calls others dumb
>will still reply
>>14445170
Are you retarded? You didn't even screenshot my post.
>>14445190
It's a screenshot of the original comment?
Iook one comment to the response underneath it. that'd say " you"
