Should I cancel my extended warranty?

I bought my 2014 Corolla S in December with 19k miles. It's now June and I'm right around 33k (commute 100 miles/day). When I purchased the car, I fell into the extended warranty trap as it was only ~$25 a month extra. The warranty is 4 year/120k. I will most likely hit the 120k before the 4 years, however relevant that is. The warranty at the time of purchase was $1380, I'm hoping if I were to cancel I would get $900-1000 back.

Reasons why I am thinking of cancelling:

• I'm trying to pay the car off ASAP. Hoping it have it paid off completely in 9 months. Getting another $1k towards that would be helpful and would knock off some time in my repayment plan.
• I've heard dealing with these extended warranties and the fine print can be very difficult to get anything covered.
• Now reading about the company (ASC), they have terrible reviews
• In order to get covered if I need to use it, all the maintenance prior has to be documented at a Toyota certified dealer. My main dealer for my other 2 vehicles is great to work with (Ford) and they are willing to do basic work for me on the Toyota, however that would most likely void the ASC warranty.

Reasons to keep:

• Somewhat opposite of my first point to cancel, $1000 really isn't that much in the main scope of things.. It would knock off around 1 month of payments on the plan I'm going.
• CVT scares me a little and I only have 27K miles (less than a year with my driving) of factory power train left.

Right now I'm leaning towards cancelling. At the end of the day, I chose a Corolla for long term reliability and I hope that to be true. However, deep down I am worried the CVT could go out before 120k.. If it does, will they cover it or will I get screwed like many others have with similar warranties?

Any thoughts? Thank you!!

Sound like you're still into the "peace of mind" argument" so work with that. Will a CVT repair be covered or how much would be a prorated refund for cancellation entirely depends on the fine prints of your contract so can't say more.

Check your warranty - inclusion or exclusion?
Meaning - does it list what is included or what is excluded. Obviously, exclusion is better.

Who sold you the warranty? A Toyota dealer or the clown on the corner(used car lot)?

Fine print lists what isn't covered. Which is mainly suspension components and other common wear items.

The warranty is not through a Toyota dealer. I am in the process of getting a refund quoted...which I need to get a notarized mileage amount for.

If you put the $1000 into saving, then you can use that for any repair needed, regardless (irregardless?) of any fine print.
That's piece of mind too.