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Hi All~~

I picked up my new 2017 Honda Civic EX-L Cosmic Bue Metallic as built with 17 miles on it on December 5th. LOVE LOVE LOVE this CAR! My car is gorgous, sleek lines, the ride is smooth and grips the ground.. Feels solidly built. True to Civics nature, it is so fun to drive. Oh, I love all the technolgy!! The interior is spacious, loving the gray /stripped seats. This car turns heads!! I know this Civic was turning mine which is why I bought it LOL. I loved my beloved Accord but shoot this Civic is rockin it!!

However, I paid too much money for it. I had researched and everything but went in to the dearlership tired, hungry and desperate. Was without a car for almost 2 months prior, was bumming rides from co-workers and taking taxis.
So yeah I needed a ride. So I was vulnerable to all the tactics: intimidation, " I need to make a profit" blah blah. 4 hours of this back and forth, double teaming. I didn't listen to my instincts.

I paid more interest than I was pre-approved for and got that extended warranty for...what for it $2500!! I beat myself up all week and I am over it.

HAS THIS HAPPENED TO ANYONE ELSE? WHAT DID YOU DO?

Now what can I do to make the situation better?? Here are my thoughts:

1. Cancel extended warranty?? Won't change my payments up front but will apply to the principle on the last 6 months or so on the loan. Then use my own car insurance(Geico bumper to bumper extended $41 /month) or shop around for cheaper honda extended warranty?? I don't know.

2. Refinance the car loan for a lower rate?? I have no clue how to do that.


Please help. Thanks so much.

Oh and I looking forward to joining in conversations.
 

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Cancel the warranty, you should be able to get all your money back on that. It's unlikely that a Civic will need $2500 in repairs while you are making payments! I'd just set $50 aside every month into a "self warranty" account, and then if the car needs repairs out of warranty, you have the money already. If it doesn't need any repairs, you have a nice little bank account built up over 3 years of the B2B warranty term. Win/Win :)

What interest rate did you get? You should be able to go to your local bank and apply for a loan to refinance, but do the math first. I know my local bank charges a $150 loan fee, so the interest would have to be notably lower to make that back.
 

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Did you finance through Honda? Do they have a finance wing? I financed a car through GMAC years ago and I had to wait 90 days to re-fi.

Read all your docs carefully. There's mumbo jumbo in there, if you have a friend who's savvy to this stuff that would help.

Sometimes there are no limits, perhaps you could re-fi tomorrow.

I'd go to a trusted loan office (if such exists) at my credit union or bank and tell them my tale of woe and get their advice.

Also a complaint to the dealership owner and to American Honda, FWIW, MIGHT get some results. I'd say even an apology is iffy, but you never know until you knock on the door.
 

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Welcome to the forum,51 ain't so old.
 

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47 here and agree with (almost) everything you're saying about the Civic. Hard to believe it was a basic econobox back in the day, right?

The extended warranty and service crap can be cancelled and the refund applied to your balance, but make sure they apply it to the principal, not just the interest.
 

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Cancel the warranty. If you ever change your mind, you can always buy it before the manufacturer's warranty expires. From the car purchase date, you have between 30 and 90 days to cancel. Check the contract. After that, you can still cancel it but you won't get the full refund. Still better than nothing.

Actually, a dealer slipped the warranty on my dad's purchase without even telling us. I went back and cancelled it. No sir!
 
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