Car Dealer Made Me Buy Their Extended Car Warranty

Bill from New Jersey tells how the car dealer told him he must buy an extended car warranty and GAP car insurance from them...

"We just purchased a new vehicle. The total sticker price was $17,995.00. When we got home I noticed the price of the car was 1000.00 more. Shame on us! I was so happy I got a new car loan. Just getting back on my feet after my chapter 7 bankruptcy was discharged. Here is the best part...  we are in the finance managers office. He shows us that the bank will give me a loan at 3 points lower if we purchase gap and an extended warranty. So we take it. I call my insurance agent and he tells me that I have gap insurance for 2 years at no cost. After seeing I can't do a think about being overcharged for the 1000.00, I call a consumer fraud lawyer. He tells me the best thing is too cancel both policies within 30 days and get full credit. I did and boy did the dealer cry like a baby. By the way, I called the bank and they don't have a policy on mandatory gap and extended car warranties for lower rates. They might have gotten my extra 1000.00 but I learned for the next time."

My response...
Thats awesome that you looked at the paperwork and bailed on their expensive GAP car insurance and the overpriced car warranty that the dealer was offering you. By the way, getting an extended car warranty and GAP car insurance are really good things to do and are an excellent way to avoid your own car dealer horror story. However, you can save a lot of money GAP car insurance and extended car warranties if you buy them on your own from a source other than the car dealership.

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