Can it be that simple to cancel the car warranty?

Question

I purchased a used car with five year warranty yesterday: 06 Elantra and $1,500 warranty. The dealer pushed me a lot to buy the warranty then, and now he simply answered "yes" for my request to cancel the warranty. I did answers.com research on the matter, and learned car dealers make money from selling warranty. I asked him if I am charged with any cancellation fee, he said no. Is there any hidden fee to cancel the warranty?

Answer 1

Whatever you do, make sure you get it in writing, and yes warranty's are scams.  They make alot of money on them because they do not cover wearable parts.  

Answer 2

You can go in today and see if they will rewrite the contract without the warranty. That contract has not left the dealership and you may not even be approved for the loan yet.

If you cancel it in a week, the proceeds will be sent to the lender and applied to the loan.

Yes, there will be a cancellation fee ($25 to $100) and it may be prorated.