Extended Warranty

What's your experience with extended warranties? Troy in MA is offering the 7 year/100,000 mile Platinum warranty extension for $805.

Do you think I'll have more than $800 worth of otherwise warranteed repairs somewhere b/t years 3 and 7?

 

Troy in MA, would that be the name of the dealership,Troy Toyota ?

I'd have to check that out.

 

Less than 10 % of Tacos need warranty. Perhaps less. That is why I bought one. Do the math.

 

Contact Troy Dietrich at Toyota of Greenfield.

Toyota of Greenfield
12 Olive Street
Greenfield, MA 01301
Phone - (413) 772-0231
http://www.toyotaofgreenfield.com/

 

Greenfield Toyota, Greenfield MA
I know over @ TN there are a few threads about his deals, haven't search here. That is where I got mine.

oops shame as above. somebody beat me to it.

 

There's another story out of Consumer Reports that extended warranties just buy "peace of mind".

I LIKE "peace of mind"...

 

i get insider information from my wife because she works for the finance department at a dealer in San Diego, you can cancel you extended warranty whenever you like, you will get your money back, they will just pro-rate it, noone knows because noone asks and the dealer of course do not say anything....another thing do all of you know what the GAP insurance it for new and used vehicles?

 

WOW!!

Actual 'cash' money in hand back? Or ?

 

well, a check but yes, i live in california you would need to check you state for different laws but in california you can cancel at any time and get a pro-rated amount back from the extended warranty company, you will never get the whole thing back, but some it good enough. I learned this because i traded in a silverado (for a Tacoma of course) and i still had about 2 years left in the extended warranty and my wife told me to cancel it and i got $643 back...not too shabby huh??

 

My 7-yr, 100,000 mile ran out on time last month. NEVER used it for even a small thing. The only thing I had the whole time was a small measure of comfort. That's it.

 

Thats cool. I just cancelled mine in May & will buy one from Troy if I still have the truck before the 3/36. The refund was applied to the principal of my loan. First I want to make sure whats covered especially with all this electronic stuff...

 

i bought a 6 year 75k warranty... and dont really think i need it anymore, however when i bought it they dropped the apr rate and my payment was only $3 more per month so its really not an issue i guess.

 

I covers the difference between resale value and how much you still owe on the vehicle - say you owe $22,000 and the value of the truck after a total was $20,000 - the GAP insurance would pay the $2000 difference.

 

Jeez I'll sell you all the peace of mind you want to buy. Be aware, however, that extended warranties are hugely profitable, because people end up buying much more peace of mind than they ever need. Plus, some dealer extended warrantees are not backed by Toyota, but fly by night firms.

My brother in law used to work at one such firm. His job was to find reasons to deny claims. Small claims they'd pay, but if a vehicle got expensive, they would just deny the claim and wait to be taken to 'small claims': they had no downside risk.

 

also... i remember when i bought a 2006 nissan maxima brand new, i opted for a 100k warranty and there was a deal where if i never used it, they would refund half the amount.

 

do you guys know that it costs $200 for as long as you have the vehicle financed. and that finance sells it to you at whatever they want...thats how they make their commission money, they tried selling it to me for $2500, i told them that my wife worked in finance for a dealer and right away i got a $2200 discount on it...they are. They gave it to me for the price $200 plus a $100 markup, way better than $2500...damn green-blood sucker, they try and bamboozle you

 

When I paid off my first truck I got the leftover money from my gap insurance. Still haven't recieved my money on my 100k mile warranty after I sold it though, they gave me the run around and I got tired of calling and checking on it. You really have to stay on their rears about it. Atleast I did.

 

Of course there's a profit margin for selling the warranty; I don't have a problem with that...

And I'm also willing to pay for some "peace of mind" - but at what price, that's the rub.

I bought my Mom a Honda CRV last summer (I owed her some $) and the dealer tried the "if you buy the warranty today, I can give it to you for $1700, if you wait until next week, it'll be $2,200". We shopped around on the internet and got her some ridiculous extension for about $900.

I AM willing to pay for peace of mind. If just one computer goes wrong, you're in it for $900.

Is there anyone out there who purchased the extended warranty AND who used it AND was glad they had it?

Please let me know!

 

It works too, my wife totaled her '07 Fronty and we were $3.5k upside down...GAP covered it and paid the finance company. I'd never get another vehicle without GAP.

 

Take this for what it's worth, my tailgate just failed, out of warranty, but the local dealer where I did NOT buy it from just told me they would replace it, yes there was a TSB, but I got no hassle. If I had to buy a new truck I would get it for the piece of mind. Toyota is a great company, and they make great vehicles, but our world is changing and not always for the better, I'm not saying Toyota is cutting cost or producing inferior products, but shit happens.