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Good news, finally, the dealer gave the money back and was deducted from my principal loan amount, and I was able to refinance to a lower rate and shorter loan term.

I decided to cancel the extended service contract. I just got a letter recently from Mazda that they are providing certified pre-owned warranty for 7 years/100,000 miles for the powertrain, and 1 year bumper to bumper warranty. I immediately faxed a cancellation letter to the warranty company (...

HoloHolo, you make me feel less guilty now. :)

Jerry, thanks for the advice/info.

Jerry, if I refinanced to another bank, would that get rid of the contract, do I get the money back? Thanks.

Thanks for all the info guys, I went back over the weekend and talked to the finance guy, told him again to take that service contract out, this time he tried to scare me and said interest rate would go up two points to 5.99% and would be paying a lot more monthly, told me he wasn't a liar...

I'll be considering this option.

Its a third party warranty, I didn't see struts or shocks in the list, I'm gonna check how much is my deductible.

He also included Gap insurance.

The finance guy said exactly that if I remove the extended warranty the interest would go up to 5%, if I keep it the interest would be 3.99%. Looks like he tied it to the warranty. He told me I can refinance thru my credit union and get a better rate and get rid of the warranty.

Yes, that is right Evan78, all these interest cost jack up the price of the car, which made me think twice about my decision to buy used (hope I don't regret it), maybe should have bougth new with 0% for 60 months. But I already took the car home.

Hi Evan78, I can probably get a 2.99% rate (rate for used car) from my credit union and have the service contract removed, so that's $800 less plus the $1500 extended service contract for a total savings of $2300. I'm still thinking about it though.

Thanks hellbigtw, it is bumper to bumper (except for struts, shocks), the brochure (don't have it with me right now) says it covers the engine, transmission, electricals, drivetrain, etc, and it list the parts what are covered under each item, covered under electricals like seat motors, power...

Thanks for the info ceric, highly appreciate it. Mazda is indeed a reliable car, I guess it is a personal decision if I keep the coverage or not, will be thinking about it for the next few days until I forget about it, lol.

Hi, I just bought a used 2011 mazda cx-9 sport awd with only 7,000 miles and financed through the dealer. The finance guy gave me 3.99% interest for 60 months but he added a service contract for $1500, good for 7 years or 100,000 miles. I and my wife and son will put mileage on the car for...