Ford's ESP

I purchased ford's esp when I bought my raptor, it was financed with my truck. I just realized that I got ***** on it. Am I allowed to cancel it?

You can cancel it but the value depreciates so you won't get the whole amount back.

I was kind of wondering this too. About how much do you lose on say a truck bought a few months ago?

I've only had the truck a week. My question is if the esp was financed in with the loan, how would that work? would I have to sign new paperwork?

My understand is you can cancel & you will be refunded for the "unused" portion. Another factor is whoever writes the refund check might be required to send it to whoever financed your Raptor.

Snakedoctor said:

I've only had the truck a week. My question is if the esp was financed in with the loan, how would that work? would I have to sign new paperwork?

Click to expand...

If the ESP was financed with the vehicle loan then if you cancel the ESP they will apply the monies to the loan.

The money will go to the lien holder.

A pro rate will work like this

Take the total term of coverage (including factory) and you divide that by the price of the contract. This will determine the monthly cost of the contract. You then take the months in service and multiply by that the monthly cost of the contract, then you take this amount from the total price.

You will also have a cancellation fee as well (probably around $50)

Example

Purchase price= $2500 for 72 month total.

34.72 monthly amount

34.72x 3 months of ownership=104.16

2500-104.16=$2395.84

$2395.84-$50 cancellation fee

$2345.84 is your refund.

I work for an extended warranty company (motorcycles tav's etc) this is how we calculate the cancellations.

I guess the follow up question is how do you cancel it if you financed through Ford Credit?

Canceling is done by calling Ford ESP regardless of how it was financed.

Cancellations are actually handled by the selling dealership. Ford ESP will refer you to where you originally purchased the vehicle and your ESP. Dealerships may give you the run around because they share in the loss from the cancellation pro rate.

---------- Post added at 12:55 PM ---------- Previous post was at 12:53 PM ----------

The Ford ESP is cancellation anytime the prorated terms do not kick in until after the first 30 days. Please PM me if you have any issues... I would be happy to help.