Done and Dusted! TLDR at the bottom.
So, on Thursday, the finance guy calls me if I could drop-in at the dealership as the bank is needing some more paperwork. I said sure, but that I'd come on Saturday noon (i.e. today). Also, I made the first move. I told that him I'd want to cancel my GAP and Extended warranty as well. He immediately asked why, told the golden words "I realized I don't need it anymore, so want to cancel it". He said, "Okay, come to the dealership we will discuss it there.."
So, I go today. Guess what?
The bank themselves wanted me to cancel the GAP as I have put a good enough downpayment. Okay great. But then he started to say I could put this 1000$ as maintenance fee, etc. I said "I can take care of it when needed". Lol, why would a PHEV need 1000 dollars of maintenance?
He then said, "let me check for college grad discount" and came back with an offer for 600$. I said no thanks. LOL
Then it starts, the main game for the warranty. He started telling all sorts of crap like "I am a Computer Engineer, I should know how many electronics this car has, I get covered for 6 years, blah blah..."
He kept trying me to put a price. One of the first quotes he gave me was 1800$. My mind voice was like, "dude, you didn't even budge a bit from 2900$ when I asked you a week back?" He tried to convince in all sorts of ways to make me say that price was the problem here and somewhere deep in my heart I wanted warranty.
Good thing, I practiced a couple of lines foreseeing those offers. I said, "I realized I can take care of any expenses then and there, and not paying for warranty gives me peace of mind". He finally ended the negotiation by saying "Interesting.. ha ha ha" as if I was making a blunder of my life. He did say the first time when I was sitting with him, things like "If you end up canceling the warranty, It is like shooting yourself on your leg" blah blah...
Another good part was since bank had not yet processed my loan request yet( they needed me to cancel GAP and wanted a better pic of my grad Diploma), I guess my monthly payments reverted back to the original one without any of these warranties and GAP. Sweet.
I collected my Honda charger, which was missing when I took my delivery and left happily.
TLDR: Bank themselves wanted me to cancel GAP. Told the guy, no price would make me buy the warranty. He gave up. The loan was reset to just the car payments, nothing else
Really an interesting first experience for me dealing with these car dealers. I will pass on this knowledge to whomever I can and also be better prepared in case I step into the dealer again, in the near future.
I thank each and every one of you here for the encouragement and words of wisdom to go prepared and help me talk to the F&I guy. Much love