question and update on platinum warranty

Howdy ladies and gents,
New here to your forum, and new to the world of tacomas. Just got me a 2012 double cab v6 trd. Found a nice deal on a gently used trade in and was very pleased with the sales, until....... they walked me into a room with a pretty lady 5 hrs after test drives and negotiation. She sold me the warranty, for an outrageous price, and tried with the gap insurance and service plan, but I declined. I know about warranties and the bet hedging, but still wanted some coverage just in case. She told me this was a used warranty and had to be purchased that day. Went home later, did some research and fear I've been hoodwinked. My dealer claimed I had to buy the "Used Warranty" because it was a used car, even though it is still well within the 3 year/36000 factory. Called several dealers, including Jerry Johnson, and toyota, and they explained I was eligible for the 7yr 100,000. Went back to the dealer and the finance gal wouldn't budge. Didn't treat me mean, but wasn't that nice, said my info was flawed and she was certified by toyota. That I failed to tell people it was a used truck.

I know there are several other threads, some a little dated, and the subject is a bit beat, But Ill ask you all to comment anyway. I plan on returning the warranty, but first I want to make sure I can buy another one. Even though I am second owner of a newer used toyota, do I still qualify for the new platinum warranty?

PS, Jerry gave me some interesting info about toyotas warranty policy. He can sell me a warranty even though I do not live in his state. But as of the last few weeks, I must go and purchase it from him in person. He can no longer do phone and fax. a real bummer, but maybe worth it.

Nice to meet you all, thanks for the wealth of info on a great vehicle.

 

ALWAYS get gap if youre financing more than the truck would be worth next year. ALWAYS

 

Sounds like a dishonest sales pitch. You probably won't need a extended warranty (insurance) anyway. If you get your money back, bank it. You'll come out ahead. Same with gap insurance. Your payment plan should put you ahead of any "gap" (aka being upside down) in less than a year, if you got a good deal. Statistically speaking you won't total the vehicle in that time. That is why they can offer the plan. They come out way ahead on the deal.
Good luck.

 

Screw gap, unless you're living paycheck to paycheck and have a 7 year loan. Especially on a truck with residual value like the tacoma.

 

I agree. But 70% of american families do live paycheck to paycheck. Part of the reason they do, is because they buy this garbage.

 

i got nailed on a 3 month old bike without gap.. i was already 3k upside down.

got nailed in (ok i rolled it) a 6 month old tacoma, was covered with gap, would have been 3-4k upside down

statistics my ass, you never know whats going to happen. why take a multi-thousand dollar risk if you dont have to? whats gap anyways, a few hundo on the total loan amount?

obviously, if you buy a $30k vehicle and you can put down 10k.. gap is unnecessary. but if youre on a 5 year with little to no money down.. theres no reason not to have gap.


im still on the fence about these extended warranties.. i mean... how is it third party if toyota honors it? is 8 year 125k for real bumper to bumper? if it saves you even one major repair in those 8 years... the $1400-ish price tag would be worth it, right??

 

Get gap..cancel your warranty....sadly though you won't get the cash from your warranty unless you bought it with cash..will go to your lender and reduce your balance.

 

thx guys. I'm sure I can get gap from another location than this dealer, (any ideas) I know the warranty is a crap shoot. and its a tacoma.....right. For those thinking get a warranty......does it sound like toyota still thinks its a 'New" vehicle even though second owner?

 

No...it's not new.
but you can get a "new" type warranty when it is still within it's Bumper to Bumper factory warranty...which extends to the 2nd owner. See the risk is not as great on a car that is still within factory...that way the warranty company realizes they won't pay any claims..and most of the risk on a car is within the first 3 years 36k...because MOST...I said most, factory deficiencies show up within that period.

 

gap should be part of the financing, whomever you go through to borrow as i assume you are.

 

GAP insurance is available from your auto Insurance company at a significantly lower cost than through the Toyota dealer.

 

I bought a Toyota certified used vehicle,So I was able to buy the plantinum warranty of 7 years or 100,000.The previous owner had done some mickey mouse things to the truck that is why I bought it and I only paid $1050.00 so to me well worth it.