Undoing Insurance and Warranties
If you purchased additional items that were installed on your vehicle, such as a theft deterrent system or paint sealant, you probably won't be able to return, cancel or get a refund for those products.
If you regret buying an extended warranty or other coverage, such as gap insurance, a prepaid maintenance plan, or tire and wheel protection for your vehicle, it is possible to cancel the coverage and get a partial refund of your purchase price.
You can cancel optional coverage and insurance by contacting your dealership or the company that provides the service. You should be able to find the name of the company that administers your coverage or insurance on your sales contract.
Depending on the product you're canceling, you may need to provide documentation that has to be filled out in person at the dealership, such as an odometer mileage disclosure that would have to be verified by a dealership employee. You'll need to work with a sales manager or a person from the finance department to complete the cancellation. After the paperwork is completed, it can take a few weeks or months for the money to be refunded to you.
The refunded amount will be reduced from the balance of your car loan, and although the balance reduction won't lower your monthly payment, it will shorten the length of your loan. If, for example, canceling products nets you a refund of $1,000 and you have a monthly payment of $500, the term of your loan would be reduced by two months.