Extended Warranty

So I recently bought a 17' Taco New and opted to get the 7 year bumper to bumper warranty on it. Has anyone else bought this option? How well do these warranties hold up, its through a third party that the dealership uses. Just trying to find out if i got scammed. Apparently I can cancel at anytime and get my money back. Just trying to figure out how it all works and if someone had any experience with these programs.

 

There is mixed opinions here on this . A lot depends on how much you paid for it , and the dealer you go to etc.

 

Well I paid some where in the neighborhood of 1600-1700 for the 7 year 75k mile bumper to bumper. I was told that it covers everything electrical and mechanical, I just don't want to one day have to fix something and they turn me away or stick me with the bill because its not "Covered".

 

Personally I would not trust a 3rd party warranty. I might consider it if the price was right. I would do some research on the company. Currently I have the Toyota VSA and I am considering canceling it. I have about a week to decide.

 

nope third party warranty sucks unless you were able to get the Factory Toyota Extended Platinum warranty... im just saying from personal experience. and by experience I mean i'm a technician and aftermarket warranty from third party almost never approve work

 

But the coverage is set.. how can they not approve work when its in the plan that they offer.

 

I would carefully read the contract to see what you are getting. Toyota offers an extended warranty through Toyota, not a third party. I would compare what you got vs the Toyota extended warranty. Sometimes trying to get things fixed with the third party can be a hassle. I would steer away from the third party and only use the toyota extended warranty if thats what you want.

 

My experience was when something happens , the dealer may tell you they will not know if the warranty will cover it until the take it apart to find out . If it is not covered , you will have to pay the bill . Then you have to decide to have them do it at Toyotas shop labor price , or take it to someplace else where it is cheaper etc. I was made to feel they "thought it may be covered...but if this or that caused it no "
Edit , this was a third party warranty as I did not buy the truck new .

 

Extended warranties are a gamble. You are betting that in 7 years that you will have more than the cost of the warranty in claims and the warranty company is betting that you won't. That is how they determine the price. On some vehicles, it is worthwhile. A friend bought one on a Range Rover for $5k which I thought was outrageous, but 4 years later he was on his second motor, a new transmission, a host of electrical components, seals, gaskets, buttons, etc. The dealer invoices totaled over $10K. With a year to go the warranty company offered to buy out his warranty for the full amount he paid. This of course is extreme and while he got over on the warranty company, he also was without his vehicle for several months.

On a Toyota, these warranties are much less because they break less. I would be shocked that within 7 years that you would see anywhere close to $1700 in claims. It is insurance and nothing more, and these warranty companies look for every way they can not to pay. If I were buying a Dodge, I would consider it, but with a Toyota, you are probably wasting your money. Think about that $1700 in financial terms. If you are financing the warranty, that will probably cost you $2500. If you have that to buy the warranty, you could probably turn that $1700 into $2500. It is only money!

 

My advice, you may have 30 days in most areas to cancel, go cancel asap, and if you feel you must have extended warranty at this time, get the factory platinum.

But if I were in your shoes, you have 3 yrs 36k miles bumper to bumper that you already paid for (hidden) when you bought the truck and you should use it first.
And by that I mean, you have 3yrs or 36k miles to "get" the factory warranty. But you must get it before that time expires last time I checked. You should verify in your case.

Why do that??
Well, suppose your life style changes, you no longer want a or need a truck two-three years from now, or you get a problem and they tell you it's "normal" and you decide to move on, or you wreck the vehicle on month 36, that's 36 months in premium you lost, gone!

I would shop around in month 35 for best factory warranty price and get it then. But that's just my .02 cents worth advice and its free, so keep that in mind lol!

Cheers!

 

I guess I will do more research on this company as they had a partnership with this dealer. I know the finance guy that sold it to me as he is a friend of one of my buddies, if he scammed me that's too bad cant be mad at him, business is business and he has to make his cut too. The price isn't my issue as I said I can cancel anytime and they will refund me the unused months of the warranty. I just dont want the headache of hearing my truck is covered bumper to bumper and when I do need to cash that warranty in I get a we cant cover you message.

I was told Toyota doesn't do bumper to bumper anymore I wasn't offered a extended Toyota warranty only that one company. I'll just do more research on this matter. Only thing from Toyota i got was that basic manufacture warranty for the 36mo for defects and so on and Toyota Care for 2 years.

 

I would look at the Toyota Platinum Warranty.

 

Most dealers don't even want to honor the factory warranty, what makes you think they'll pay out for an extended warranty? Get ready for multiple dealer trips, phone calls, getting corporate involved etc unless the issue is so obvious they can't shake it off with a straight face (ie. you roll in to the service bay and your transmission falls out the bottom of the truck).

Anything less and it's "normal". Don't give these guys another penny.

 

I bought a 3rd party warranty once, years ago. I actually had occasion to try to use it within the first year and was told that coverage was uncertain, until they could disassemble the affected area. Once taken apart, it was determined that there would be no coverage from the warranty. I cancelled it at that moment, and was refunded the unused balance of the warranty, about 75% of what I pad for it, based on the time I'd had it. That more than covered the repair. My current plan is to keep $2000-$2500 in an account for such issues. It's always covered.

 

I am able to do what you did with this plan, If I do get screwed you bet your ass theres going to be a angry Asian man going ballistic on the dealer for making me buy a extended warranty that does cover anything. Bumper to bumper means everything, even the screw on the transmission.

 

It is ultimately up to the company that owns the warranty to approve the work. Heres an example... if your strut is leaking.. but not alot......, the said company will consider it seeping and not a leak so it will not be covered.

Toyota does offer their own Extended warrnaty which is awesome. but dealers will not "offer" it because they will make more money selling you a aftermarket extended warranty then selling a factory one

This is true. Right now I have a Scion TC engine in my stall cause of an oil issue, and waiting on the customer for tear down time cause warranty has to send someone out to inspect the engine to make sure it wasn't due to negligence of maintenance before approving any repairs.

This right here is the BEST option.. trust me I enjoy getting a High mileage car or truck find all sorts of oil leaks or anything. then i dread the news that it has Toyota Platinum Warranty... FML now i get paid a quarter of the time to do all the repairs.

I specifically asked for the Toyota Platinum Extended Warranty when i purchased my truck.


kinda slow today at work so surfing the webs and waiting on warranty inspector to make his way out to me.....

 

Am I able to get rid of the third party warranty and ask for the Toyota platinum on mine? its been a month of ownership

 

If you can get a refund off the 3rd party warranty you will be good to go. You can purchase the Toyota Platinum Warranty anyime before the 3/36 Warranty expires. My Dealership tried to get me to buy a 3rd Party which I refused but I did by the Toyota Warranty.

 

Do you happen to know the price difference? if there is any?

 

Dealership gave me the 2 yr 24000 mile bumper to bumper warranty and I have the Toyota lifetime (unlimited years/miles) warranty for powertrain. Every problem that has ever been an absurd amount of money for me has been covered under powertrain for all vehicles I have ever had. The powertrain warranty is the reason I am not going to go to crazy with mods, nothing on the engine unless it is TRD Pro stuff because of the warranty.