Upsold a 100,000 Mile Warranty in Finance Office

they have ALL DAY to "bring home the bacon" for car sales, but YOU only get ONE chance not lose your shirt on the deal. Screw them for laughing, I say you did the right thing.
when my Wife and I were buying our first new car ( and probably only new car ) after we agreed on the price and the salesman disappeared to see the sales manager, I turned to my wife and said "now I get to say no for the next 45min for all the add-on's"

ah well, now I can check off "owned a spankin new car" from my bucket list. Got 8 years out of that car, and traded it for some new rubber on my Taco.

 

Surprisingly the only time I have not had a dealer try this was when I bought my Tacoma. Almost walked out on my wife's Subaru sale due to BS. Spent about 30 minutes trying to upsell the 100k warranty. Eventually he got down to what if was only 7 bucks a month increase in your loan. I thought okay, not bad and said yes. So when I review final numbers I see a line item for 2700 for warranty. SO I say how the hell is that 7 bucks a month. Turns out he was moving numbers around. Actually made the loan term longer so it appeared t was only 7 a month. I had him redo all the paperwork again and insure the number was not on there

 

I bring a HP 12c on every financial deal I do.....Mortgage, personal loan, vehicle loan..etc.

You should have seen the look on the F&I guy's face when I whipped that puppy out ;-)

https://store.hp.com/us/en/pdp/hp-12c-financial-programmable-calculator-p-12c-aba--1

OP, no need to feel bad, you are up against professionals when in the F&I office. Those cats do more deals in an afternoon than you and I will do in our lifetime.

 

Have I had the dealer try to pull a fast one on me and try to add this shit onto my price? Yes.

Have I fallen for it? No.

I know what that truck should cost me when taxes and fees are totaled. If it's even $1.00 I'm going through the paperwork.

I would get them to refund you the $3,000 but the in future you need to know exactly what that truck is going to cost with taxes and fees. Pretty much they charge the agreed price, +$900 or so for a dealer fee, then add your taxes. You shouldn't be able to sign on the dotted line with a $3,000 discrepancy and not realize it.

 

Customer: We sat here right in this room and went over this and over this!
Jerry: Yeah, but that TruCoat--
Customer: I sat right here and said I didn't want no TruCoat!
Jerry: Yeah, but I'm sayin', that TruCoat, you don't get it and you get oxidization problems. It'll cost you a heck of lot more'n five hundred--

 

Here's a tip. I was a finance guy at a Harley shop. Works the same for cars. If you are financing a vehicle with the dealerships lenders, ask to see the rate sheet of the bank they sell you on and/or the banks approval if you don't want the rate bumped up by the dealer. The bank approves you at a rate and allows the dealer to mark it up .5, 1, 1.5, whatever is allowed. This is all dealer profit on the deal. Make them be the nice guy and show you they aren't marking it up. Smarter thing is go in knowing what your rate will be with a lender they use. A lot of the paperwork you sign is probably not necessary although they will tell you it is. You should have the contract, any transfer type paperwork for title (power of attorney), and odometer statements. If you finance there will be a bank contract. Say "what's this for" to every piece they throw in front of you. If it sounds bogus it probably is. Just adds to your confusion.

Finance guy gets a commission on every little extra you purchase. The warranties are HUGE mark ups. As I recall they were double the actual cost. That mark up was mine to keep. I could reduce the cost all the way down to actual cost if I wanted or I felt they were really going to need the warranty. It was a third party product so didn't cost the dealer anything.

 

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@aidenhardcore

 

It's all good OP. Nowadays it's easy to get a good price on the actual truck due to the resources out there. But as others mentioned the finance office is where they get you now.

With resources like TacomaWorld and other forums for other vehicles, it makes it a bit easier to figure out decent prices for extended warranties.

Manufacturer extended warranties are a must for me now after my experience with my last vehicle(not a Toyota) that I didn't get the extended warranty for. For the Tacoma, they pulled a last minute switch on me in the finance room too. My mistake for not getting the final numbers all written out before agreeing on the deal. But I was happy with the price of the trade in and the overall price for the truck, so wasn't going to worry about a couple of hundred dollar difference for that big of a purchase.

If it was a really big issue I figure I could always cancel it and get a refund as others mentioned.

But hopefully somehow the price for you balanced out. ie even though they may have gotten you on the warranty, you came out okay after factoring in price of truck, trade in, financing, etc. And if not, as others said, I believe you can always cancel it and I think may be able to shop around at various other dealers (Lexus dealers too) and maybe online too for a better price if you want to.

 

I will say first off that at a 44 years old I made my first brand new vehicle purchase and didn’t have any of the horror stories that the rest of you seem to have.

First off when I made my first salesman contact I told him my timeline was in X number of months and I was fully willing to order in order to get exactly what I wanted. I then had him find me a manual transmission to test drive (closest was 4 hours away) and off I drove for my test drive. I had him find me the closest dealer for all of the colours I was interested in and drove off to check those out in person vs the ink on the brouchures. I then had him contact Toyota Canada to figure out which was accurate between the Toyota website and the Tacoma brochure because there were typos and inaccuracies between the two so I wanted to know each and every line item.

Before I actually committed to anything I had a copy of all of the deal numbers for a week. I knew to have a payment of X over X numbers of years I needed a $12,000 down payment. There was no funny business at all because my agreement was based 100% on numbers that were already on paper. My downpayment was in literal cash (watching the receptionist who also takes the payments was priceless). As I was about to make the initial signatures the GM of the dealership added in a couple of small discounts amounting to almost $1000.

Final signatures at the business managers office and my interest rate went down from advertised due to my credit rating. I had my numbers and knew what I was willing to add on (rust protection was the ONLY thing but that was added in the initial numbers from a week previous). She made at least a dozen attempts to get me to add window tint. I hate it and said as much. I left her office once to look at the UV only tint which I never wavered on. The last time she said anything tint related I looked her in the eye and asked her if I had made enough signatures to make the deal final. When she said no I said I can come back another day when she finally understands what no means and she can explain to the GM why he has half finished paperwork and still has this Tacoma on his lot. Working through the warrantee upgrade upsell went super quick with a few short not interested responses.

In the end I paid exactly what I agreed to before I withdrew my downpayment from the bank. Actually due to the extra discount and the lowered interest rate I paid less than I negotiated.

IMO the reason why many of you get “suckered” is you get emotional about your new vehicle. You want the vehicle and let your emotions sign the paperwork. In the middle of a signing a deal for a car for my wife we walked out because a number didn’t match up. The salesman tried to pull a fast one and jacked the term up by one year to get the numbers where he needed them. We walked out and the OWNER of the dealership came in on a Sunday morning to open the dealership to try and salvage the deal. I don’t play games. I don’t get excited or emotional. From moment one that I walk in I am in this for the long haul and let them know this is not an impulse buy which is why I let them know I will order to get what I want if required. I can and will walk away at any point without any fuss or confrontation. I don’t need to email 150 dealers. I don’t need to make demands. I don’t need to get excited. Either I get the deal I want or I don’t. There will be other vehicles and other lots but I won’t make a bad deal any more than I would stand outside the dealership doors and throw a thousand dollars in the air and watch it blow away. Time is you best negotiating tool. Don’t handicap yourself by putting your timeline in their hands.

I read everything. I ask everything. I control the timeline. I won’t even pick up the pen until I have read everything I need to sign. My answer is we can go back and sign everything when we are done. I am not bullshitting on this last one. If they protest on this then get up.

 

"IMO the reason why many of you get “suckered” is you get emotional about your new vehicle. You want the vehicle and let your emotions sign the paperwork."

Exactly. This is what I did because I was foolish to trust the guy in finance while buying a new truck. Albeit, I hadn't done it for 14 years and I just got blinded by "new truck fever".

I admit I'm a dumb shit.

 

They don't send you the money, they apply it towards your loan.

 

I did not read it all, but I will gove my advice for buying a car.
1. ALWAYS secure your own lending. If there is special manufacturer financing, still secure an approval on your own as a reference.
2. NEVER discuss the vehicle price in terms of "monthly payment." This is a sales trick. The numbers that matter are total price, Apr, and loan term. A dealer offering you "$400/mo" is not such a good deal if it's a longer term at a higher Apr.
3. Carry a pen, a calculator, scrap paper, and a Hi-lighter.
4. Be willing to walk at any point. Seriously. Unless you are buying a 1 of a kind custom built car, there are other cars out there. If you feel the dealer is being shady, just stand up and leave.
5. Eat before hand, take a snack and a water bottle. I get very impatient when hungry, and am prone to rushing decisions.

 

This guy gets it. Bravo!

 

It’s really a 40,000 mile warranty after the 60k Powertrain is over. A complete rip off

 

Always want to skip to the best part which is getting the goodies, understandable. As others have said it seems it’s refundable. Good excuse for mods after it’s refunded

 

Perfectly stated. You can cancel warranties/GAP and get refunds (pro-rated) at any point. I do this if I trade in a newer car. And Toyota? I honestly never get extended warranties.

 

Depends. I bought a 100,000 mils bumper to bumper warranty. This appeals to me because it was $1200, so I just need an alternator, a wheel bearing, and a window switch to go bad, and it was worth it. I'm thinking that's reasonable.

 

In that case it was worth it. But most people don’t use the warranty or sell or crash the vehicle before it’s even up