Lower My Payoff offers membership to the Inner Circle Club for people who feel they need additional help with the process of canceling their ancillary products. Take a look at how we can assist someone to get their biggest refunds.

What are Ancillary Products?

The most common cancellable ancillary products are

  • Extended Vehicle Warranty
  • Tire & Wheel Protection
  • Dent & Ding Protection
  • Windshield Repair & Replacement
  • VIN Etching/Anti-Theft Protection
  • Key Replacement Protection
  • Credit Life Insurance
  • Accident & Health Disability Insurance
 

 

These products all have a benefit and although they are optional and can be cancelled at any time, once cancelled, you will lose that benefit. This is the part where you must decide if you really need that product.   If you need help deciphering what the product is or does, we offer our Inner Circle Club.  We can help you evaluate its necessity.
 
Let’s examine a few of the products.

Extended Vehicle Warranties

This is probably the most common product sold, and usually the most expensive.  This is usually where you can get your biggest refund.   Don’t forget:  Dealers typically mark this up four to five times their cost.

Just for your information, Google says:  The global extended warranty market size was valued at $122.89 BILLION in 2021.  This number is projected to reach $274.94 BILLION by 2031.   
 
 Are you aware you have many choices of coverages?  Did you know each warranty offered has a time/mileage restriction?   Do you have the right warranty based on your driving habits?

HERE’S AN EXAMPLE

At your loan closing, you tell the Finance Manager you want a 100,000-mile extended warranty. Sounds like a great idea.

You got it. The Finance Manager was more than happy to oblige, and you bought a 3 year/100,000-mile extended warranty.

 

DID YOU GET THE RIGHT WARRANTY?

But you weren’t aware – you weren’t told — that there is not only a milage limitation on the warranty but also a year limitation as well.

Your driving habits are such that you only travel 20,000 miles a year, so three years down the road you now have 60,000 miles on your vehicle.

Guess what !! Your warranty has expired !! You don’t get to use the other 40,000 miles on your warranty.

You didn’t buy the right warranty.

 

DID YOU PAY THE RIGHT PRICE?

Did you know the costs also vary greatly?

Different dealers charge different amounts. In fact, most states don’t have any regulation on the mark-up of warranty pricing.  We have seen a warranty that cost the dealer $1,000 sell for $8,000, or even $10,000.

Imagine what that does to your car payment!

This may sound like we are against extended warranties.

Nothing could be further from the truth. If the warranty is priced fairly, that’s fine. That’s good business.

We have seen situations firsthand where, without the warranty, the vehicle would have ended up in a voluntary repossession. We’ve seen thousands of dollars in repair bills paid for by a warranty policy. This is great for the customer, and we are all for it.

What we DO have an issue with is the price of the warranty. In many states, there are no regulations on warranty pricing, so dealerships may charge any amount at any time to anyone.

 

SO WHO CAN YOU TRUST?

After exhaustive research, we found a warranty company that offers our customers a quality warranty at a wholesale price. We found a company that is completely transparent.

You just click on the button below and you can get quotes instantly with up-front pricing. No pushy salesperson, no hype – just information you need. You don’t have to talk to anyone on the phone unless you are interested in going forward.

This will let you compare. Maybe you have the right warranty at the right price, but you won’t know until you compare.

You might want to cancel the expensive warranty you have, credit your loan with the money, and then buy another more-applicable extended warranty at a lower price.

You just input your vehicle’s year, make and model, hit the Get An Instant Quote Button below and it will display plans that offer maximum, bumper-to-bumper coverage at a wholesale price.

 

GET AN INSTANT QUOTE

 

We have listed several other of the more common ancillary products and their descriptions. If you need help analyzing whether the ancillary products are still to your advantage, join the Inner Circle Club and we can help you make that decision.

Gap Insurance

This product will pay the difference between what you owe and what your insurance company pays in the event the vehicle is deemed a total loss.

This is fantastic coverage if you go into the loan with negative equity, and most people do have negative equity. But three years down the road, they will then have positive equity.

At this point, the Gap policy serves no purpose. You don’t need it anymore.

But no one will TELL YOU this policy has no benefit for you.

If you don’t know to cancel the GAP policy, the bank will keep the entire premium for the last two years. You get nothing.

 

Tire & Wheel Protection

This is a policy that says if you collide with something in the road that is not supposed to be in the road, this Tire & Wheel policy would pay to repair or replace said Tire or Wheel. (Curbs are supposed to be in the road and wouldn’t be covered.)

Most insurance companies, and many extended warranty companies cover this.

As with all ancillary products, a big determining factor is the original premium charged.

The amount charged for these products is not regulated and the dealer can charge whatever the market will bear.

We’ve seen Tire & Wheel policies sell for as much as $3,500.

 

IN CONCLUSION

So, to recap, ancillary products all have a benefit and a premium associated with it. You must
decide if the benefit is worth the premium.

All of these optional products are, for the most part, good, provided you were aware of the cost and were not bullied into buying them. Some of our customers didn’t even remember even buying them, far less the price being exorbitant.

We have heard so many stories. We have even heard the Finance Manager had told a buyer (because they had bad credit) that these products were mandatory and required by law !!

Once your signature is on the contract, it becomes a legally binding contract and nothing can change that. However, you can modify the contract, and this is where our Inner Circle Club comes in.

If you need some help, we offer help.

Join the Inner Circle Club, it’s very inexpensive compared to what you may be able to lower your loan payments by.  We will walk you through the process, even giving you the actual words to say to the auto dealership and/or the bank that carries your loan.  With membership to our Inner Circle Club, members will be able to download an instructional document explaining the entire process, with insider tips and tricks, and of course our great customer service to help you through the process.

The Inner Circle Club can save you thousands, yet it is priced at a low

$49.95

Join the Inner Circle Club and use our knowledge to save thousands of dollars in auto payoffs.