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How to Refinance a Car Loan with a Bad Credit Rating

Dismantling warranties and insurance

Additional goods you purchased and had placed on your car, such as a theft deterrent system or paint sealant, are unlikely to be returnable, and you will not be eligible for a refund or cancellation.

If you change your mind about purchasing an extended warranty or additional coverage for your car, such as gap insurance, a prepaid maintenance plan, or tire and wheel protection, you can cancel the coverage and get a partial refund of your purchase price.

Optional coverage and insurance can be canceled by contacting your dealership or the firm that supplies the service you’ve purchased. On your sales contract, you should be able to locate the name of the firm that is in charge of administering your coverage or insurance.

In some cases, depending on the product you’re canceling, you may be required to submit documentation that must be completed in person at the dealership, such as an odometer mileage declaration that must be checked by a dealership employee. To finalize the cancellation, you’ll need to collaborate with a sales manager or someone from the finance department. Depending on how quickly the paperwork is done, you may have to wait several weeks or months before your money is repaid to you.

The amount of the refund will be deducted from the outstanding balance of your auto loan, and while the balance decrease will not lower your monthly payment, it will shorten the term of your loan by one year. If, for example, you receive a $1,000 refund after canceling items and you have a $500 monthly payment, the length of your loan would be decreased by two months.

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