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Old 09-05-2007, 06:12 PM   #1
NuWest
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"Packing", Extended Warranty and GAP Insurance.

I recently bought a car, and I'm very unhappy about how things went down. It's the day after, and I'm almost feeling shell-shocked. Seems I was the victim of something called "packing"... this is where the sales people get you to agree to handling a certain monthly payment to get you financed. The number they get you to agree to is a higher number than what it is actually going to cost you to purchase just the car. After they get you to say OK to this number, they pad your sales contract with a alot of extras to take you up to your "OK'd" monthly payment. In my case, it was an extended warranty and GAP insurance which added almost $3,000 to the amount I was financing. Never in the course of our discussions, did they ask me if these were things I wanted. They just showed up on the contract. Anyway, I need to get rid of these two things ASAP. I expect that if I go back to the dealer I'm going to run into a lot of resistance, and maybe even downright lying to get me to keep this insurance. Due to the fact the sale isn't even 24-hours old yet, the policies haven't been issued. Should I go to both vendors (First Extended Service Corp. on the 36-mo. warranty, and GM Gap on the Gap Insurance) and tell them I don't want the coverage before they issue? Or, should I wait till the policies are issued and then cancel? Anyone had any experience with this?
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Old 09-06-2007, 12:02 AM   #2
'97ventureowner
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Re: "Packing", Extended Warranty and GAP Insurance.

Some states have laws which protect buyers in instances like this. It gives them either 48 or 72 hours to cancel a transaction. I'm not sure if your state has a similar law, but you could contact your local office of the State Attorney General and inquire. I'd tell them what went on and see if there is anything they could recommend you do.
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Old 09-06-2007, 03:45 PM   #3
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Re: "Packing", Extended Warranty and GAP Insurance.

No, unfortunately we do not have a cooling-off period at all here in Arizona.
A CSR at the Arizona Department of Financial Institutions told me I could cancel both policies. I've been trying to figure out the best way and time to do that... as I said, I don't have any evidence that either policy has been issued yet. I would like to see the deletion of both of these add-ons bringing down my monthly payment. But, I read elsewhere on the Net that it may have no affect on my monthly payments. Instead, I may get a refund, minus a cancellation fee, from the issuers of both coverages... which might not be bad either. Those refunds would cover my payments for up to 6 months.
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Old 09-06-2007, 07:48 PM   #4
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Re: "Packing", Extended Warranty and GAP Insurance.

even without the cooling off period, payment packing is almost always illegal, no matter the state your in, because of the fact that its considered a deceptive sales practice. I'd check with your local consumer affairs branch or better business Bureau.

The companies that represent the products you bought will give you refund, and charge back the dealer any profit they made on the deal, but you will still be paying interest on the extra money you ended up borrowing to purchase them in the first place. I'd go back to the dealer and, if you still want the car, make them re-write the contract.
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