PLEASE NO JUDGMENTAL ANSWERS. I know I made the dumbest decision in my life so far, but please just answer if this is a good plan to lower the final cost of the car.

I am from Puerto Rico so cars tend to be pricier. I bought a 2012 Yaris Sedan, the priciest model for $19,295. I gave a 5,000 down payment plus a bonus $500 the dealer gave me. The remaining balance was around $13,795.

However, to that he ended up adding $2,717 in insurance and almost $1630 on extended warranty. So I basically financed 18,142, almost the original price tag. (299.69 for 6 years on 5.7% interest.) I calculated that my Yaris would end up costing me almost 27,000!!!!

So here's my plan, I'm going to cancel the $1,630 extended warranty and I'm going to pay in full the $2,717 on insurance ASAP. (So basically gave a $7,717 down payment) So If I do that I should end up financing the original $13,395. The car will end up costing $24,000 and my monthly payment should go down to $230 on the same rate and duration.

Will this work? I haven't even made my first payment yet. I bought the car Feb 24, 2012.