Auto Warranty cancellation

[XJeep98]

What is the name of your state (only U.S. law)? Colorado

I purchased a used vehicle about two weeks ago, and I am planning on cancelling the extended warranty on Monday. The car was financed so I realize the refund will be sent to the lender.

I'm wanting to know if the lender is required to apply that refund to the principle?

 

[TheGeekess]

What is the name of your state (only U.S. law)? Colorado

I purchased a used vehicle about two weeks ago, and I am planning on cancelling the extended warranty on Monday. The car was financed so I realize the refund will be sent to the lender.

I'm wanting to know if the lender is required to apply that refund to the principle?

What does the contract say?

What did the lender say when you asked them your question?

 

[XJeep98]

The contract doesn't specify how the refund is used. The rep I spoke with (lender) asked if I had already submitted the cancel form. When I told her no, she insisted I contact the dealer ("who handles cancellations and refunds") and wouldn't give further details. The dealer simply told me I would need to come down to fill out the papers, as I expected. Not their deal.

I simply want to know if there are limitations or requirements regarding the refund and how it's to be applied, outside of the contract.