Tips on Buying Cars: Changing contract terms prior to delivery, extended warranty, service contract

Question
Hello, Last Saturday I signed a contract for a new car. It included a loan from the dealer, a extended warranty, and a service contract. I do not want the extended warranty or the service contract, and I would like to cancel the loan and pay cash for the car. I do not have the car yet, it was "at the dock" and should be in next week.  How can I renegotiate the deal. Am I obligated to the contract without taking delivery?

Answer
Scott,

Thanks for your question.  You are not obligated to anything until you take delivery of the vehicle.  ALL the loan terms can change since you have not taken delivery of the vehicle.  You can require that the dealership tear up the contracts (in your presence) and you can pay cash for the vehicle.  You are also not required to still purchase the service contract or the warranty.  They may try to tell you that they have already processed the paperwork, but they can rescend it at any time, and are required to by law if you have not taken delivery of the vehicle.  You are not the "legal" owner until you take delivery, and until you take delivery any and all the terms can change either on your part or the dealers part.

Hope this helps.

Thanks - JB