Credit Union Extended Warranty offer?

Hello all, I just joined the site and posted in new member area about getting rid of my new Ford and Taco. I know there is a thread about extended warranties already, but my question us a little different and I need to know soon so I can make a decision. I bought the 84 month/75k extended platinum warranty from Toyota doe $1,113 and that's lowest they would go. Much lower than they started. I went back and canceled it. I'm refinancing my truck for 1.9 at credit union this week and they are offering 10 years/125k bumper to bumper including road side assistance covering everything, even electrical. $987. Mazda and Volvo both use this company, so it's not some bs.

What should I do? Toyota would not give me more miles without increasing $$.

Thanks in advance.

 

...^^^... Which CU, if you don't mind me asking?

 

You don't say it but I'm assuming the warranty covers genuine Toyota parts. Make sure it does before buying.

 

The only warranty that I really trust is the Toyota OEM Platinum available in several configurations on time & mileage ...

These regional and dealer warranties I am not too sure ...

 

Also interested in what credit union you use. I just bought a truck and my credit union offered me one. I personally said no. However once my vehicle starts to get older I might look into a 3rd party extended warranty.

As long as the company the credit union uses is reputable it's probably not a bad idea. From my experience my credit union genuinely wants to help and isn't so much after a profit.

Side note check the coverage level. The one offered to me had 3 levels and stuff at the top level wasn't relevant to my truck. Also see what your deductible would be, a lower warranty cost generally means a higher deductible.

 

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I wonder who USAA or GEICO uses or if they self-insure on extended warranties.

 

Thanks everyone for the advice, I will be looking into details and when I find out more hopefully tomorrow I'll post. My credit union is United Heritage Credit Union in Austin, Texas. They are great and have always be super friendly and never tried to rip me off or pull one over on me unlike crappy BOA or Wells. I've always said no to extended warranties but with this being new drivetrain and reading complaints, peace of mind would be nice. And in big scheme of things is not going to hurt our finances at all by doing it. They told me I can go to any ASE certified mechanic, including Toyota.

 

That a fair offer. And as now being a member of the CU, you're paying yourself too.

 

Awesome deal !Let us know how it turns out...

 

Alright, I'm back with the info regarding credit union extended warranty. Name of company is First Guard. ?? Never heard if them. Did search and found BBB good ratings, but for life if me can't find crap about reviews or info. Guy says $987 10 year/125k has $100 deductible, or $1,132 no deductible.

Here's the deal...12 pages of crap! Doesn't state labor rates. Does pay $40 per day for rental first 7 days, roadside assistance, etc... . However, says will either pay auto repair place directly or reimburse. I told guy at credit union that was bs and he emailed me stating the only thing they reimburse is roadside assistance or hotel. He said he's had nothing but positive feedback from customers and shops love them, bs! I'm not buying this.

So, I now have no extended warranty because I cancelled. I'm thinking about waiting until I get close to 3 years/36,000 to buy. We will pay this truck off this year so I can easily buy one after he's paid if I choose to.

Thoughts??

 

Sounds good, will do. Thanks.

 

Hahaha. As a rule, shops hate these independent warranties because of the additional paperwork and time required to file a claim, delays in payment, etc. Some will flat out refuse to take you in unless you pay for the repair upfront.

 

I just posted this in the extended warranty thread. I went back and repurchased my $1,113 84 month/75k platinum wrap. 0 deductible. Thats $159 per year. Again, for those who think it's bad deal, you save your $13 per month and come repair time, dig in your piggy bank and cough it up, good luck. If you can easily afford it, why the hell not? But like I said in other post, I understand both arguments. The credit union warranty was crap after reading 12 pages of fine print. Toyota's is really damn good for the platinum.