Legal Question in Consumer Law in Virginia

My husband and I bought a 2010 Honda Fit in mid December. We chose the five year payment plan in order to be flexible for other monetary needs that may arise from having two kids as recent graduates from college looking for work. We listened to the extended warrenty talk feeling we probably didn't want it as we felt we were buying a car with a great record. But, we were told it was a now or never situation and that in particular we may want the GAP coverage that could only come with buying the extended warranty. So, we went with Gap and extended warrenty that we could cancel within 60 days. After two weeks, we decided to cancel the policy and for the first time heard it would not make a change in our monthly payment. We would be paying $ 50.00 more a month and after talking to the Honda Finance Dept. directly, found out that the extra would not be applied to the principle, but rather to the interest. I also found out that GAP coverage was a different company then them and could probably have been bought seperately if we wanted it. We were told the extra $50.00 would decrease our payment schedule from 60 mths to possibly 55 mths. By my figuring that's paying $ 2700.00 more for a five month savings.(?) If we had wanted a higher monthly payment, we could have gone with their 3 yr at 1.9% financing instead of the 2.9% at 5 yrs. We are willing to go ahead and do the higher monthly payment, if they will refinance it at 1.9%. Can we make them do this with no more cost to us? No closing fees to us specifically. What is their responsiblity in this and what is ours?

Thanks for your attention,

Joan Payne-Currier

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