I would read the contract you signed and the paperwork that came with the warranty but it looks like this might be it (quick search)? -
http://assets.cobaltnitra.com/teams/...146efa6b30.pdf
Quote:
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If this Contract is canceled after the first sixty (60) days of the Purchase Date, and there has been no Claim, we will refund the pro rata portion of the purchase price except as otherwise specified in Section 10 of this Contract. The refund will be the lesser amount produced using either the number of days that have elapsed since the Purchase Date or the number of miles the Vehicle was driven prior to cancellation, less a cancellation fee of fifty dollars ($50), except as otherwise specified in Section 10 of this Contract.
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Looks like they are figuring out the prorated amount to refund based on when it was purchased not on when you could actually start using it. Works out pretty well for them, customer might be 3 years into the 6 year warranty and will get 50% back (then minus the $50) when there is no chance they had to pay.
EDIT - Just noticed you are in Texas -
Quote:
TEXAS:
Our obligations under this Contract are insured under a service contract reimbursement insurance policy. If you cancel this contract in accordance with Section 6, you may apply for reimbursement directly to the insurer if a refund or credit is not paid before the 46th day after the date on which the Contract is returned to the Provider. If you cancel this Contract within the first sixty (60) days of the Purchase Date, we will refund the entire Contract purchase price. A 10 percent (10%) penalty per month will be added to your refund amount if the refund is not mailed to you within forty-five (45) days of your return of your Contract to us.
You may contact the Texas Department of Licensing and Regulation, P.O. Box 12157, Austin, Texas, 78711, (800) 803-9202, if you have an unresolved complaint or have any questions regarding the regulation of service contract providers.
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