Do I get money back from my extended warranty of my car?

Question

I purchased a Ford Extended Warranty when I bought my car new.

My car was stolen, and I was upside down on the loan, but I have gap insurance. the gap will reimburse the lien holder for any moneys owed.

BUT.. I did cancel my extended warranty through ford, and when you do that they pro-rated and return a certain amount back.

My question is: Who gets the money from the cancelled extended warranty? Me, or the Lien Holder, or the Gap Insurance Company?

Answer 1

If your extended warranty through Ford was part of your loan, then the gap company or the Lien Holder will get it. Because it was part of the loan, whatever amount is left on your extended warranty will be deducted from the remaining loan. Just like if you canceled the warranty and still had the loan, the lien holder would take the refund money and apply it to whatever you owe. If you paid cash for the extended warranty and it is not included in your lien, then you will get the refund. Don't go and think that since you put so much down on your car, that that paid for your warranty. If the warranty was included in your loan agreement, then basically the lien holder will get it back. If you paid for the warranty separately, which means you will have a separate invoice from the dealership then you will get any refund.

Answer 2

you bought a product that is no longer needed so you get the refund.