Some bad info here where financing and refunds are concerned. Can you cancel your Extended Service Plan--YES! Will it lower your payments--NO. Will you be getting a check in the mail--NOPE! The money for your cancellation will be sent to the finance company and applied to the "back end" of the loan. You'll save interest, owe less, pay off sooner but your payments will remain the same. So don't go making plans on what you'll do with the check that isn't going to come your way. This is plainly spelled out in your finance paperwork as well as your ESP paperwork. I'll bet the name of the finance company is even shown on your ESP! BTW, I spent 37 years running and owning car dealerships, so I just possibly might maybe know what I'm talking about. You're probably better off keeping the ESP but as it's yours, that's up to you.

 

I don't remember it this way. In retrospect, financing the ESP was not smart, but if memory serves they just sent me a check. Payments/loan not affected. I could be wrong though.

 

Back when I sold Polaris ATVs we would could make a ton of money on extended warranties. Never had anyone use it.

 

I cancelled mine, and it took about a month for me to get my check after I sent my dealer the HD form with my letter to cancel via FedEx... but I paid cash for my bike.

 

So I called Harley ESP which directed me to call my purchasing dealer and I just got off the phone with finance and?...

Those who paid cash are not wrong in stating they got back checks but for those bikes that are financed?....the money does in fact go straight back to the lender where it will take about 4-6 payments off the end of your term but payments remain the same and BTW?....that process takes about 6 weeks.

To save 5 payments over 84 months?...I'm not quite as interested but I'm also not interested in $500 oil changes where BTW II is?...He told me with M8's?...they can void your warranty for not riding the bike because condensation builds up and water is "An Element"...that's how hinky HD's legal beagles have gotten.

 

Now you're not making sense.

 

Yea that's a new one for sure.

 

He provided the correct information on you ESP cancellation.

 

You information is correct. Since you financed the ESP in your contract, when you cancel it, the funds will go back to the dealer. You are intitled to a prorated amount of the contract. I am certain you are aware that built in that ESP contract is a portion that is paid to the dealer. Just for numbers sake, say the total cost was $3000. This might be represented by $2000 for the insurance and $1000 for the dealer. When they rebate you they will provide a certain percentage - so, you will get that percentage of the insurance portion as well as that percentage of the dealer's portion.

Those funds will be sent to your lender and what this actually does is appear to represent a principal reduction. Suce will save you some interest and thereby reduce your payment terms.

Put your numbers in an amortization schedule to see how much you save

 

If u can get your money back out of the ext warranty i would go for it. Im not sure how it all works because i would never use it. This is the coles notes on a friend of mine. I dont know all the early details.

Grew up with this guy, Hadnt seen him in 25 years until this july. We go for a ride and he's riding a 17 cvo breakout, Bought it used with 5000KM on it. He went to the dealer, near me and got the ext. warranty on it. He tells me its going thru oil and its going to the dealer July 18th to have it looked at. The bike now has 40,000km on it. Harley dealer gets a hold of him and says the rings were installed incorrect from the factory and they will replace the cylinder and piston. So harley will do half a rebuild on there f*ck up. The dealer was kind enough to say for a $1000 they would hone the rear and ring it. The cylinder still hasnt showed yet and he was to go to sturgis.

I guess my point is, is the ext. warranty worth it. Half a rebuild, waiting for parts and miss the summer or pay for aftermarket with warranty money and be on the road.