Dealer said my transmission is shot

I'll agree with that of course.
And I certainly hope that OP gets covered. With that mileage and solid maintenance records, they might even throw him a bone withOUT the extended warranty.
But the point remains that these insurance policies (its not really a warranty if you have to pay extra for it) *are* written up in a way that they are *profitable*, which means making them *seem* more valuable than they really are.

And Toyota isn't even the actual underwriter, even with their name on the contract.

 

It will be covered and he will get a loaner.

 

That will be the cheapest piece of paper the OP ever bought when it covers the full replacement of his transmission.

Of course warranties are a massive money maker , but they are at times life savers for those that buy them.

 

Sub'd so I can hear how this turns out. Good luck OP.

 

Sounds like your backpeddling to save face when he IS covered.

 

How much did that warranty cost? It must be pretty darn good if it's valid 9 years later.

 

Spitdog - you said "OP, I bet your happier then a fox in a chicken coop for buying that extended warranty now. Not many of us do, but your as smart as that fox now!"

Well, if they approve the claim, I'll be very happy. Smart? Maybe. Maybe not.

By the way, my warranty runs out on Dec 31st of this year.

 

They are mathematically guaranteed to cost more in the long run than paying for everything they pay out for. I get it when somebody has little savings and needs to be able to drive to... lets say work, and the payout lets them drive to work, but say that it costs $2500 for the insurance each vehicle (I have no idea what the number actually is), and 1 in 3 vehicles you get a $5000 payout. That means that you have to pay $7500 into it in order to get the $5000 payout. Just take the money and save it under your mattress and you end up ahead in the long run. Take all that money and invest it and you end up WAY ahead. What's the FV of the insurance cost at 5% for 10 years?

 

Life is all about timing

 

Nope.
Not even slightly.
According to the only document I've seen so far, he is NOT covered by that insurance.
And that all by itself doesn't mean that they won't take care of him.

 

Your just not reading, interpreting, or comprehending the warranty properly.

 

Your wrong again. It’s all about percentages. If they sell a certain percentage of extended warranties and only a a few percent need to make a claim they make money. Believe me they have done the math and know what works. Just like all insurance companies. More people buy them then use them. That’s there business model.

 

The fact that you think that and can't understand tells me that they have *very successfully* achieved their objective in writing it the way they did.
I'd suggest that you consult a competent lawyer to interpret it for you.

 

TheDevilYouLove - I bought an 8 year, 75000 mile warranty with an effective date of 12/30/2010. That's the date I bought the truck, not the date I bought the warranty. And how much did I pay way back then? $659. Was it money well spent? We'll see.......

 

Yeah $2,500 is crazy for a Tacoma.
Its all relative though.
Would I call my neighbor crazy after he told me spent close to 7K to buy an extended warranty on his GT3 ( gorgeous car for those that want one, ha). Hell no.

When I bought my truck, Toyota offered me a 7/100 platnum warranty for $800 ( and if I dont use it I get the full amount back).
I'm paying $100 a year on the very small off chance that something major happens. That $100 is cheap compared to the piece of mind it affords. Now if the dealer said you can get an extended warranty for $1500 a year, I would have balked.

 

My transmission was slipping around 60K miles; significantly slipping with accelerating from a stop on a hill. I did a drain and fill, and the slipping went away. I've been doing drain and fills every 50K since then. I'm currently at 250K on the stock automatic transmission and no issues whatsoever. Maybe just do a drain and fill and the issue of slipping will be gone.

The internals of this transmission has a fine mesh screen, no filter, so when you do drain it, there will be some very fine clutch material, but should be zero metal shavings.

Now, the issue with the dealership trying to screw you is another story. I'm thinking scare tactic into a costly, unnecessary repair. Hold your ground, they should honor that warranty. If not, ask for why and chase it up the chain with Toyota Corporate.

 

A request please for some decorum...please stop the bickering. It's not helping the OP feel any better about his situation.

 

He's a big boy, he'll be okay.

 

Are you sure there is no filter?

https://toyota.oepartshub.com/p/Toy...R-STRAINER-ASSY--OIL/49568114/3533060050.html

 

I guess I should have been more specific. That is the the mesh screen I am referring to. It's relatively coarse for a filter so there will be some finer material present when doing the drain and fill of the transmission fluid.